Goldman Sachs reported a strong start to 2026, with net revenues of $17.2 billion, net earnings of $5.63 billion and diluted EPS of $17.55 in QQ1 2026—the second highest quarterly results in the firm’s history. ROE reached 19.8% and RO TE 21.3%, underscoring a well-diversified franchise that delivered record Global Banking & Markets (GBM) revenues of $12.7 billion. Asset & Wealth Management (AWM) generated $4.1 billion in revenues, supported by $62 billion of long-term fee-based inflows and a record $3.7 trillion asset under supervision. The quarter benefited from robust client engagement, strong M&A backlog, and ongoing monetization of private markets, including private credit, where the firm highlighted its long track record and institutional demand. The company also advanced One Goldman Sachs 3.0, accelerating investments in cloud migration and data resilience to enhance AI-enabled productivity, while maintaining a disciplined approach to capital deployment. Management signaled a constructive near-term backdrop given Basel III finalization, potential G-SIB surcharge adjustments, and a more balanced regulatory environment, though elevated macro uncertainty remains due to geopolitical and energy-price dynamics. The balance sheet remained well-capitalized with a CET1 ratio of 12.5% and a ~110 bp cushion above the 11.4% requirement, while the firm returned $6.4 billion of capital to shareholders (including $5.0 billion in share repurchases). Looking ahead, Goldman expects growth in durable revenue streams from GBM and AWM, continued expansion in private credit, and a gradual efficiency improvement toward the 60% target, albeit with near-term headwinds from higher transaction-based costs and deposit funding dynamics.