The Goldman Sachs Group (GS) Q1 2026 earnings summary

Executive summary

• Net revenues reached $17.23 billion in Q1 2026, up 14% year-over-year and 28% sequentially, with net earnings of $5.63 billion and diluted EPS of $17.55, marking the second highest quarterly results.

• Annualized ROE was 19.8% and ROTE 21.3%, with book value per share up 1% to $361.19.

• Record net revenues in Global Banking & Markets, driven by strong investment banking fees and record equities revenues.

• Completed acquisitions of Industry Ventures in Q1 2026 and Innovator Capital Management in April 2026.

• $6.38 billion was returned to shareholders via $5 billion in share repurchases and $1.38 billion in dividends.

Financial highlights

• Net revenues increased 14% year-over-year to $17.23 billion, with net earnings up 19% to $5.63 billion and diluted EPS up 24%.

• Global Banking & Markets net revenues were $12.74 billion, up 19% year-over-year; investment banking fees rose 48%, equities revenues up 27%, FICC down 10%.

• Asset & Wealth Management net revenues were $4.08 billion, up 10% year-over-year, with management fees up 14% and pre-tax margin at 23%.

• Platform Solutions net revenues declined 33% year-over-year to $411 million, reflecting markdowns on the Apple Card loan portfolio.

• Operating expenses rose 14% year-over-year to $10.43 billion; efficiency ratio was 60.5%.

Outlook and guidance

• Management remains confident in business positioning despite volatile and complex geopolitical and market conditions, emphasizing disciplined risk management.

• The economic outlook remains uncertain due to geopolitical tensions, inflation, and central bank policy concerns.

• IPO activity slowed in March due to geopolitical uncertainty but is expected to rebound if market resilience continues.

• Asset and Wealth Management expected to return to high double-digit growth in 2027 as deposit competition moderates.

• The firm targets a through-the-cycle ROE of 14–16% and ROTE of 15–17%.