10-QPeriod: Q1 FY2026

GOLDMAN SACHS GROUP INC Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 1, 2026For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

Goldman Sachs Group, Inc. reported strong financial results for the first quarter of 2026, with net earnings of $5.63 billion, a significant increase from $4.74 billion in the prior year's quarter. Diluted EPS also saw a healthy rise to $17.55 from $14.12. Net revenues grew 14% year-over-year to $17.23 billion, primarily driven by a robust performance in Global Banking & Markets, which benefited from higher revenues in Equities and Investment Banking. Asset & Wealth Management also showed growth, with increased management and other fees. Platform Solutions experienced a decline in net revenues, largely due to markdowns on the Apple Card portfolio. The company maintained a strong capital position, with its CET1 capital ratio at 13.3% under Advanced Capital Rules, and returned substantial capital to shareholders through share repurchases and dividends.

Financial Highlights

35 data points
Beta

Net Income

$5.63B

EPS (Diluted)

$17.55

Total Assets

$2.06T

Cash & Equivalents

$179.53B

Free Cash Flow

-$32.43B

Financial Statements
Beta
Net Income$5.63B
EPS (Basic)$17.74
EPS (Diluted)$17.55
Shares Outstanding (Basic)303.80M
Shares Outstanding (Diluted)308.00M

Key Highlights

  • 1Net earnings increased 19% year-over-year to $5.63 billion.
  • 2Total net revenues grew 14% year-over-year to $17.23 billion.
  • 3Global Banking & Markets saw a 19% increase in net revenues, driven by strong performance in Investment Banking fees and Equities.
  • 4Asset & Wealth Management net revenues increased by 10%, supported by higher management and other fees.
  • 5Return on average common shareholders' equity (ROE) improved to 19.8% from 16.9% in the prior year's quarter.
  • 6The firm returned $6.38 billion to shareholders via dividends ($1.38 billion) and share repurchases ($5.00 billion).
  • 7Common Equity Tier 1 (CET1) capital ratio remained strong at 13.3% under Advanced Capital Rules.

Frequently Asked Questions

The 14% year-over-year increase in net revenues to $17.23 billion was primarily driven by a strong performance in the Global Banking & Markets segment, which saw a 19% increase in net revenues. This growth was fueled by higher revenues in Investment Banking fees (up 48%), particularly in advisory due to increased M&A activity, and in Equities (up 27%), driven by higher prime financing and cash products revenues. Asset & Wealth Management also contributed positively with a 10% increase in net revenues, mainly from higher management and other fees.

Goldman Sachs maintained a robust capital position, with a CET1 capital ratio of 13.3% under Advanced Capital Rules. The firm demonstrated a strong commitment to returning capital to shareholders, returning a total of $6.38 billion in the first quarter of 2026. This included $1.38 billion in common stock dividends and $5.00 billion in common share repurchases.

Operating expenses increased by 14% year-over-year to $10.43 billion. This rise was primarily attributed to significantly higher transaction-based expenses and increased compensation and benefits expenses, reflecting the firm's improved operating performance and higher discretionary compensation accruals.

Global Banking & Markets was the standout performer, with net revenues increasing by 19% to $12.74 billion and pre-tax earnings growing by 15% to $5.48 billion. Asset & Wealth Management saw a 10% increase in net revenues to $4.08 billion, with pre-tax earnings up 11%. Platform Solutions' net revenues decreased by 33% to $411 million, primarily due to markdowns related to the Apple Card portfolio, resulting in pre-tax earnings of $75 million.