Goldman Sachs Group Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +8.19%.
Did GS Beat Earnings? Q1 2026 Results
Goldman Sachs delivered a strong first quarter for fiscal 2026, posting diluted earnings per share of $17.55, beating the consensus estimate of $16.39 by 7.06%, while net revenues of $17.23 billion edged past the $16.93 billion forecast by 1.74%. The headline driver was a record performance in Global Banking & Markets, where investment banking fees surged 48% year-over-year to $2.84 billion, powered by advisory revenues that nearly doubled to $1.49 billion on significantly higher completed M&A volumes. Equities net revenues climbed 27% to $5.33 billion, helping lift firmwide net earnings to $5.63 billion, up 19% from a year ago, with return on equity reaching 19.8%. Goldman also returned $6.38 billion to shareholders through buybacks and dividends during the quarter. Looking ahead, CEO David Solomon cautioned that the geopolitical landscape remains complex, with trade policy shifts, tariff uncertainty, and Middle East tensions among the key risks, and noted the firm's investment banking backlog edged slightly lower compared to year-end 2025, with advisory activity softening.
- Significantly higher completed M&A volumes driving 89% YoY growth in Advisory revenues
- Record Equities net revenues up 27% YoY, led by significantly higher prime financing revenues
- Higher management and other fees from record AUS of $3.65 trillion
- 33rd consecutive quarter of long-term fee-based net inflows totaling $62 billion
- Significantly higher net revenues from convertible offerings in equity underwriting
- Significantly higher net gains from direct investments
- Net interest income of $3.56 billion, up 23% YoY from higher interest-earning assets and lower funding costs
- Lower effective tax rate of 13.2% due to ~$895 million in tax benefits from employee share-based award settlements
“Goldman Sachs delivered very strong performance for our shareholders this quarter, even as market conditions became more volatile. Our clients continue to depend on us for high quality execution and insights amid the broader uncertainty, and we remain confident in how we've positioned our businesses. The geopolitical landscape remains very complex – so disciplined risk management must remain core to how we operate.”
Goldman Sachs CEO, on the earnings call
Forward Guidance & Outlook
The investment banking fees backlog decreased slightly compared with the end of 2025, driven by a decrease in Advisory, partially offset by an increase in Debt underwriting. CEO David Solomon noted the geopolitical landscape remains very complex and that disciplined risk management must remain core to operations. Forward-looking risk factors cited include changes in international trade policies including tariffs, the continuation or worsening of the war in the Middle East, volatility in securities markets, and uncertainty around the transition of the Apple Card program.
GS YoY Financials
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GS Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.