The Goldman Sachs Group Inc.

04/13/2026 | Press release | Distributed by Public on 04/13/2026 05:41

Goldman Sachs Reports First Quarter Earnings Per Common Share of $17.55 (Form 8-K)

Goldman Sachs Reports First Quarter Earnings Per Common Share of $17.55
Financial Summary
Net Revenues
1Q26
$17.23 billion
Net Earnings
1Q26
$5.63 billion
EPS1
1Q26
$17.55
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
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.
Net Revenues
$17.23 billion
Global Banking & Markets
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.
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
2
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.
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.
Platform Solutions
$411 million
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.
Provision for Credit Losses
$315 million
3
Goldman Sachs Reports
First Quarter 2026 Earnings Results
The Goldman Sachs Group, Inc. and Subsidiaries
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.
Operating Expenses
$10.43 billion
Efficiency Ratio
60.5%
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.
Effective Tax Rate
13.2%
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.
Declared Quarterly
Dividend Per Common Share
$4.50
Common Share Repurchases
5.4 million shares for $5.00 billion
Average GCLA
$494 billion
4
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.
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