In the first quarter, we delivered a very strong performance, generating net revenues of $17.2 billion, net earnings of $5.6 billion and earnings per share of $17.55. All 3 of which were the second highest in the history of Goldman Sachs.
— David Solomon
03Detailed Report
GS-PK
Company GS-PK
Period
Q1 2026
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 27, 2026
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Executive Summary
The first quarter of 2026 showcased Goldman Sachs’ ability to navigate a volatile macro backdrop with a diversified business model. Net revenues totaled $17.2 billion, net earnings $5.63 billion, and diluted EPS $17.55, marking the second-highest levels in the firm’s history and delivering ROE of 19.8% and ROTE of 21.3%. Global Banking & Markets (GBM) revenues reached a record $12.7 billion, driven by strong client engagement across fixed-income, currencies, and equities, with advisory and underwriting benefiting from elevated activity. Asset & Wealth Management (AWM) posted $4.1 billion in revenues, supported by long-term fee-based inflows totaling $62 billion for the quarter. Long-term AUS rose to $3.7 trillion, with institutional demand and private credit strategies underpinning growth. The firm returned $6.4 billion to shareholders (buybacks of $5.0 billion and $1.4 billion in dividends) and maintained a resilient CET1 ratio at 12.5% with a substantial 110 basis point cushion above an 11.4% requirement. Management emphasized One Goldman Sachs 3.0 as a driver of operating leverage, resilience, and efficiency improvements, alongside continued AI-enabled productivity enhancements. Despite a robust backlog (highest level in four years at year-end 2025) and strong Asia momentum in client engagement, the firm highlighted macro uncertainties, regulatory transition dynamics, and ongoing geopolitical risks as factors to monitor. Overall, Goldman remains well-positioned to grow cash-generating activities, expand private credit, and leverage its global platform to deliver durable returns over the medium term.
Key Performance Indicators
Revenue
Decreasing
17.23B
QoQ: -45.40% | YoY: -44.30%
Gross Profit
Increasing
16.91B
98.17% margin
QoQ: 14.46% | YoY: 35.85%
Operating Income
Increasing
6.49B
QoQ: 14.86% | YoY: 65.63%
Net Income
Increasing
5.63B
QoQ: 18.83% | YoY: 85.01%
EPS
Increasing
17.74
QoQ: 24.49% | YoY: 103.21%
Revenue Trend
Margin Analysis
Financial Highlights
Key quarterly metrics (USD):
- Revenue: 17.27 billion (-44.3% YoY; -45.4% QoQ)
- Gross Profit: 16.912 billion (+35.9% YoY; +14.5% QoQ)
- Operating Income: 6.486 billion (+65.6% YoY; +14.9% QoQ)
- Net Income: 5.63 billion (+85.0% YoY; +18.8% QoQ)
- EPS (Diluted): 17.55 (+103.2% YoY; +24.5% QoQ)
- ROE: 19.8%; ROTE: 21.3%
- Efficiency Ratio: 60.5% (operating expenses 10.4B on total revenue 17.2B)
- Compensation Ratio (net of provisions): 32%
- Tax Rate (effective): 13.2% for the quarter; full-year guidance ~20%
- Common Equity Tier 1 (CET1) ratio: 12.5% with 110bp cushion above 11.4%
- Capital returns: $6.4 billion to common shareholders (buybacks $5.0B; dividends $1.4B)
- Cash & liquidity: Cash & cash equivalents $179B; short-term investments $760B; total cash & STIs $939B
- Balance sheet: Total assets $2.062 trillion; total liabilities $1.939 trillion; total stockholders’ equity $123B; net debt ~$217B
- Asset under supervision (AUS): $3.7 trillion; long-term net inflows $62B; wealth inflows $22B
- Alternatives/AUS fundraising: $429B AUS; $26B third-party fundraising; Platform Solutions revenue $0.411B
- GBM segment highlights: Global Banking & Markets revenue $12.7B; Advisory $1.5B (+89% YoY); Equity underwriting $535M (+45% YoY); Debt underwriting $811M (+8% YoY); FICC net revenues $4.0B; Equities net revenues $5.3B; Equities financing $2.6B (+59% YoY); Asia-driven financing momentum; FICC financing $1.1B
- Platform Solutions: $411M (seasonal decline due to held-for-sale Apple portfolio)
- PCL (Provision for Credit Losses): $315M (growth-driven by lending expansion and impairments)
- Loan portfolio: $253B at quarter end (growth vs Q4)
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
17.23B
-44.30%
-45.40%
Gross Profit
16.91B
35.85%
14.46%
Operating Income
6.49B
65.63%
14.86%
Net Income
5.63B
85.01%
18.83%
EPS
17.74
103.21%
24.49%
Key Financial Ratios
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