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First Quarter 2026
Earnings Results
Media Relations: Tony Fratto 212-902-5400
Investor Relations: Jehan Ilahi 212-902-0300
The Goldman Sachs Group, Inc.
200 West Street | New York, NY 10282
First Quarter 2026 Earnings Results
Goldman Sachs Reports First Quarter Earnings Per Common Share of $17.55
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Financial Summary
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Net Revenues
1Q26
$17.23 billion
Net Earnings
1Q26
$5.63 billion
EPS1
1Q26
$17.55
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Annualized ROE2
1Q26
19.8%
Book Value Per Share
1Q26
$361.19
NEW YORK, April 13, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $17.23 billion and
net earnings of $5.63 billion for the first quarter ended March 31, 2026.
Diluted earnings per common share (EPS)1 was $17.55 for the first quarter of 2026 compared with $14.12 for the first quarter
of 2025 and $14.01 for the fourth quarter of 2025.
Annualized return on average common shareholders' equity (ROE)2 was 19.8% for the first quarter of 2026.
Book value per common share increased by 1.0% during the quarter to $361.19.
1
Goldman Sachs Reports
First Quarter 2026 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
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Net Revenues
Net revenues were $17.23 billion for the first quarter of 2026, 14% higher than the
first quarter of 2025 and 28% higher than the fourth quarter of 2025. The increase
compared with the first quarter of 2025 primarily reflected higher net revenues in
Global Banking & Markets.
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Net Revenues
$17.23 billion
Global Banking & Markets
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Net revenues in Global Banking & Markets were $12.74 billion for the first quarter of
2026, 19% higher than the first quarter of 2025 and 22% higher than the fourth
quarter of 2025.
Investment banking fees were $2.84 billion, 48% higher than the first quarter of 2025,
primarily due to significantly higher net revenues in Advisory, reflecting a significant
increase in completed mergers and acquisitions volumes. Net revenues in Equity
underwriting were also significantly higher, primarily reflecting significantly higher net
revenues from convertible offerings. Net revenues in Debt underwriting were higher,
reflecting higher net revenues from investment-grade and asset-backed activity,
partially offset by significantly lower net revenues from leveraged finance activity. The
firm’s Investment banking fees backlog3 decreased slightly compared with the end of
2025.
Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.01 billion,
10% lower than the first quarter of 2025, reflecting lower net revenues in FICC
intermediation, due to significantly lower net revenues in interest rate products and
mortgages and lower net revenues in credit products, partially offset by significantly
higher net revenues in commodities and currencies. Net revenues in FICC financing
were slightly higher.
Net revenues in Equities were $5.33 billion, 27% higher than the first quarter of 2025,
due to significantly higher net revenues in Equities financing, primarily driven by
significantly higher net revenues in prime financing, and higher net revenues in
Equities intermediation, primarily driven by higher net revenues in cash products.
Net revenues in Other were $561 million compared with $200 million for the first
quarter of 2025, with the increase primarily reflecting significantly higher net gains
from direct investments.
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Global Banking & Markets
$12.74 billion
Advisory
$1.49 billion
Equity underwriting
$535 million
Debt underwriting
$811 million
Investment banking fees
$2.84 billion
FICC intermediation
$2.95 billion
FICC financing
$1.06 billion
FICC
$4.01 billion
Equities intermediation
$2.72 billion
Equities financing
$2.61 billion
Equities
$5.33 billion
Other
$561 million
Goldman Sachs Reports
First Quarter 2026 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Asset & Wealth Management
Net revenues in Asset & Wealth Management were $4.08 billion for the first quarter
of 2026, 10% higher than the first quarter of 2025 and 14% lower than the fourth
quarter of 2025. The increase compared with the first quarter of 2025 primarily
reflected higher Management and other fees, partially offset by lower net revenues in
Private banking and lending.
The increase in Management and other fees primarily reflected the impact of higher
average assets under supervision. The decrease in Private banking and lending 
reflected the impact of lower deposit spreads related to Marcus deposits, partially
offset by higher deposit balances. Incentive fees were higher, primarily driven by
performance, and net revenues in Investments were also higher.
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Asset & Wealth Management
$4.08 billion
Management and
other fees
$3.08 billion
Incentive fees
$183 million
Private banking and
lending
$638 million
Investments
$180 million
Platform Solutions
Net revenues in Platform Solutions were $411 million for the first quarter of 2026,
compared with $610 million for the first quarter of 2025 and $(1.68) billion for the
fourth quarter of 2025. The decrease compared with the first quarter of 2025
primarily reflected net markdowns recognized in net revenues related to the Apple
Card loan portfolio, which was transferred to held for sale in 2025.
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Platform Solutions
$411 million
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Provision for Credit Losses
Provision for credit losses was $315 million for the first quarter of 2026, compared
with $287 million for the first quarter of 2025 and a net benefit of $2.12 billion for the
fourth quarter of 2025. Provisions for the first quarter of 2026 primarily reflected 
growth and impairments related to wholesale loans. Provisions for the first quarter of
2025 primarily reflected net provisions related to the credit card portfolio, which was
transferred to held for sale in the fourth quarter of 2025.
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Provision for Credit Losses
$315 million
3
Goldman Sachs Reports
First Quarter 2026 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
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Operating Expenses
Operating expenses were $10.43 billion for the first quarter of 2026, 14% higher than
the first quarter of 2025 and 7% higher than the fourth quarter of 2025. The firm's
efficiency ratio3 was 60.5% for the first quarter of 2026, compared with 60.6% for the
first quarter of 2025.
The increase in operating expenses compared with the first quarter of 2025 primarily
reflected significantly higher transaction based expenses and higher compensation
and benefits expenses (reflecting improved operating performance).
Net provisions for litigation and regulatory proceedings were $42 million for the first
quarter of 2026, compared with $(11) million for the first quarter of 2025.
Headcount was essentially unchanged compared with the end of 2025.
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Operating Expenses
$10.43 billion
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Efficiency Ratio
60.5%
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Provision for Taxes
The effective income tax rate for the first quarter of 2026 was 13.2%, down from the
full year rate of 21.4% for 2025, primarily reflecting an increase in tax benefits on the
settlement of employee share-based awards4, partially offset by a decrease in other
permanent tax benefits, for the first quarter of 2026 compared with the full year of
2025.
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Effective Tax Rate
13.2%
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Other Matters
▪On April 10, 2026, the Board of Directors of The Goldman Sachs Group, Inc. declared
a dividend of $4.50 per common share to be paid on June 29, 2026 to common
shareholders of record on June 1, 2026.
▪In the first quarter of 2026, the firm returned $6.38 billion of capital to common
shareholders, including $5.00 billion of common share repurchases (5.4 million
shares at an average cost of $923.49) and $1.38 billion of common stock dividends.3
▪Global core liquid assets3 averaged $494 billion for the first quarter of 2026, compared
with an average of $479 billion for the fourth quarter of 2025.
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Declared Quarterly
Dividend Per Common Share
$4.50
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Common Share Repurchases
5.4 million shares for $5.00 billion
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Average GCLA
$494 billion
Goldman Sachs Reports
First Quarter 2026 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a
large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in
1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current
conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently
uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may
differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements.
For information about some of the risks and important factors that could affect the firm’s future results, financial condition and
liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31,
2025.
Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,
balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking
statements and are subject to change, possibly materially, as the firm completes its financial statements.
Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking
statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and
related net revenues may not be realized or may be materially less than expected. Important factors that could have such a
result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international
trade policies, including the imposition of tariffs, the continuation or worsening of the war in the Middle East, volatility in the
securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory
transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with
respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important
factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item 1A of the firm’s Annual
Report on Form 10-K for the year ended December 31, 2025.
Conference Call
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will
be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the
U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes
prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor
Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For
those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three
hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs
Investor Relations, via e-mail, at gs-investor-relations@gs.com.
Goldman Sachs Reports
First Quarter 2026 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
$ in millions
THREE MONTHS ENDED
% CHANGE FROM
MARCH 31,
DECEMBER 31,
MARCH 31,
DECEMBER 31,
MARCH 31,
2026
2025
2025
2025
2025
GLOBAL BANKING & MARKETS
Advisory
$
1,494
$1,356
$792
10%
89%
Equity underwriting
535
521
370
3
45
Debt underwriting
811
700
752
16
8
Investment banking fees
2,840
2,577
1,914
10
48
FICC intermediation
2,949
2,021
3,390
46
(13)
FICC financing
1,062
1,086
1,045
(2)
2
FICC
4,011
3,107
4,435
29
(10)
Equities intermediation
2,718
2,178
2,547
25
7
Equities financing
2,608
2,128
1,645
23
59
Equities
5,326
4,306
4,192
24
27
Other
561
421
200
33
181
Net revenues
12,738
10,411
10,741
22
19
ASSET & WEALTH MANAGEMENT
Management and other fees
3,077
3,092
2,701
—
14
Incentive fees
183
181
129
1
42
Private banking and lending
638
776
725
(18)
(12)
Investments
180
670
156
(73)
15
Net revenues
4,078
4,719
3,711
(14)
10
PLATFORM SOLUTIONS
Net revenues
411
(1,676)
610
N.M.
(33)
Total net revenues
$
17,227
$13,454
$15,062
28
14
Geographic Net Revenues (unaudited)3
$ in millions
THREE MONTHS ENDED
MARCH 31,
DECEMBER 31,
MARCH 31,
2026
2025
2025
Americas
$
10,416
$7,680
$9,866
EMEA
3,767
3,690
3,491
Asia
3,044
2,084
1,705
Total net revenues
$
17,227
$13,454
$15,062
Americas
60%
57%
66%
EMEA
22%
27%
23%
Asia
18%
16%
11%
Total
100%
100%
100%
6
Goldman Sachs Reports
First Quarter 2026 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
In millions, except per share amounts and headcount
THREE MONTHS ENDED
% CHANGE FROM
MARCH 31,
DECEMBER 31,
MARCH 31,
DECEMBER 31,
MARCH 31,
2026
2025
2025
2025
2025
REVENUES
Investment banking
$
2,844
$2,579
$1,916
10%
48%
Investment management
3,179
3,201
2,759
(1)
15
Commissions and fees
1,326
505
1,226
163
8
Market making
5,461
3,669
5,723
49
(5)
Other principal transactions
862
(208)
543
N.M.
59
Total non-interest revenues
13,672
9,746
12,167
40
12
Interest income
20,637
20,379
19,383
1
6
Interest expense
17,082
16,671
16,488
2
4
Net interest income
3,555
3,708
2,895
(4)
23
Total net revenues
17,227
13,454
15,062
28
14
Provision for credit losses
315
(2,123)
287
N.M.
10
OPERATING EXPENSES
Compensation and benefits
5,412
4,665
4,876
16
11
Transaction based
2,515
2,224
1,850
13
36
Market development
186
216
156
(14)
19
Communications and technology
583
589
506
(1)
15
Depreciation and amortization
495
527
506
(6)
(2)
Occupancy
254
249
233
2
9
Professional fees
379
474
424
(20)
(11)
Other expenses
602
778
577
(23)
4
Total operating expenses
10,426
9,722
9,128
7
14
Pre-tax earnings
6,486
5,855
5,647
11
15
Provision for taxes
856
1,238
909
(31)
(6)
Net earnings
5,630
4,617
4,738
22
19
Preferred stock dividends
227
233
155
(3)
46
Net earnings applicable to
common shareholders
$
5,403
$4,384
$4,583
23
18
EARNINGS PER COMMON SHARE
Basic3
$
17.74
$14.21
$14.25
25%
24%
Diluted1
$
17.55
$14.01
$14.12
25
24
AVERAGE COMMON SHARES
Basic
303.8
307.3
320.8
(1)
(5)
Diluted
308.0
312.9
324.5
(2)
(5)
SELECTED DATA AT PERIOD-END
Common shareholders' equity
$
109,079
$109,819
$109,147
(1)
—
Basic shares3
302.0
307.1
317.1
(2)
(5)
Book value per common share
$
361.19
$357.60
$344.20
1
5
Headcount
47,000
47,400
46,600
(1)
1
7
Goldman Sachs Reports
First Quarter 2026 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)3
$ in billions
AS OF
MARCH 31,
DECEMBER 31,
2026
2025
ASSETS
Cash and cash equivalents
$
179
$164
Collateralized agreements
386
334
Customer and other receivables
209
186
Trading assets
760
657
Investments
238
194
Loans
253
238
Other assets
37
36
Total assets
$
2,062
$1,809
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
$
561
$501
Collateralized financings
353
305
Customer and other payables
293
232
Trading liabilities
312
263
Unsecured short-term borrowings
81
70
Unsecured long-term borrowings
315
285
Other liabilities
24
28
Total liabilities
1,939
1,684
Shareholders’ equity
123
125
Total liabilities and shareholders’ equity
$
2,062
$1,809
8
Capital Ratios and Supplementary Leverage Ratio (unaudited)3
$ in billions
AS OF
MARCH 31,
DECEMBER 31,
2026
2025
Common equity tier 1 capital
$
101.7
$104.3
STANDARDIZED CAPITAL RULES
Risk-weighted assets
$
812
$727
Common equity tier 1 capital ratio
12.5%
14.3%
ADVANCED CAPITAL RULES
Risk-weighted assets
$
758
$691
Common equity tier 1 capital ratio
13.4%
15.1%
SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio
4.6%
5.2%
Average Daily VaR (unaudited)3
$ in millions
THREE MONTHS ENDED
MARCH 31,
DECEMBER 31,
2026
2025
RISK CATEGORIES
Interest rates
$
85
$60
Equity prices
55
48
Currency rates
15
17
Commodity prices
31
18
Diversification effect
(74)
(63)
Total
$
112
$80
Goldman Sachs Reports
First Quarter 2026 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3,5
$ in billions
MARCH 31,
DECEMBER 31,
MARCH 31,
2026
2025
2025
ASSET CLASS (as of period-end)
Alternative investments
$
429
$420
$355
Equity
954
951
771
Fixed income
1,341
1,334
1,207
Total long-term AUS
2,724
2,705
2,333
Liquidity products
926
901
840
Total AUS
$
3,650
$3,606
$3,173
ROLLFORWARD (for the three months ended)
Beginning balance
$
3,606
$3,452
$3,137
Net inflows / (outflows):
Alternative investments
11
27
4
Equity
24
11
11
Fixed income
27
28
14
Total long-term AUS net inflows / (outflows)6
62
66
29
Liquidity products
25
50
(5)
Total AUS net inflows / (outflows)
87
116
24
Net market appreciation / (depreciation)
(43)
38
12
Ending balance
$
3,650
$3,606
$3,173
Footnotes
1.Diluted EPS includes the effect of instruments that are convertible into common shares if such conversion would be dilutive. The impact of applying
this was a reduction in diluted EPS of $0.02 for the three months ended March 31, 2026.
2.Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’
equity. Average monthly common shareholders' equity was $108.90 billion for the first quarter of 2026.
3.For information about the following items, see the referenced sections in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in the firm’s Annual Report on Form 10-K for the year ended December 31, 2025: (i) Investment banking fees backlog –
see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision – see “Results of Operations – Asset & Wealth Management –
Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital
Management and Regulatory Capital – Capital Management,” (v) global core liquid assets – see “Risk Management – Liquidity Risk
Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk
Management – Market Risk Management.”
For information about the following items, see the referenced sections in Part II, Item 8 “Financial Statements and Supplementary Data” in the firm’s
Annual Report on Form 10-K for the year ended December 31, 2025: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20
“Regulation and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have
non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”
Represents a preliminary estimate for the first quarter of 2026 for the firm’s assets under supervision, capital ratios, risk-weighted assets,
supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form
10-Q for the period ended March 31, 2026.
4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first quarter of 2026 of
approximately $895 million, which increased diluted EPS by $2.91 and annualized ROE by 3.1 percentage points.
5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better
reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation.
6.Includes $5 billion of inflows in long-term assets under supervision (in alternative investments) in connection with the acquisition of Industry Ventures
for the three months ended March 31, 2026.
9