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Q1 26 EPS
$17.55
BEAT +8.07%
Est. $16.24
Q1 26 Revenue
$17.23B
BEAT +1.74%
Est. $16.93B
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… Read more 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.
Key Takeaways
- • 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
GS 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
Q1 2026 vs Q1 2025, source: SEC Filings
GS Revenue by Segment
With YoY comparisons, source: SEC Filings
GS Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— David Solomon, Q1 2026 Earnings Press Release
GS Earnings Trends
GS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GS EPS Trend
Earnings per share: estimate vs actual
GS Revenue Trend
Quarterly revenue: estimate vs actual
GS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $16.24 | $17.55 | +8.07% | $17.23B | +1.74% |
| Q4 25 BEAT FY | $11.65 | $14.01 | +20.22% | $13.45B | -2.85% |
| FY Full Year | — | $51.32 | — | $58.28B | — |
| Q3 25 BEAT | $10.63 | $12.25 | +15.24% | $15.18B | +6.55% |
| Q2 25 BEAT | $9.62 | $10.91 | +13.41% | $14.58B | +7.71% |
| Q1 25 BEAT | $12.29 | $14.12 | +14.89% | $15.06B | +2.38% |