The Goldman Sachs Group Stock Earnings Reports

Goldman Sachs reported a very strong Q1 2026: net revenue $17.2B, net earnings $5.6B, EPS $17.55 — all the second-highest in firm history — producing a 19.8% ROE (21.3% ROTE). Key drivers were record Global Banking & Markets revenues ($12.7B) led by exceptional equities results and increased financing (prime/equities/Asia focus), strong M&A/advisory (ranked #1 globally), and continued Asset & Wealth Management momentum (record $3.7T AUM/AUS, $62B long-term fee-based inflows; $26B alternatives fundraising including $10B in private credit). The firm is selectively deploying balance sheet into client-facing financing (prime brokerage, acquisition financing, private wealth lending) while also returning capital ($6.4B to shareholders, including $5B buybacks). Capital: CET1 was 12.5% (110 bps above current requirement). Expenses rose (operating expense $10.4B; efficiency ratio 60.5%) with transaction-based costs tied to activity and accelerated investments in cloud, data and AI (One Goldman Sachs 3.0) to boost long-term operating leverage. Credit: modest provision build ($315M) driven by loan growth, a few single-name impairments and macro adjustments; management reiterated a long track record and disciplined private credit underwriting while noting heightened industry scrutiny and the importance of institutional investors. Risks called out: rising volatility, AI-related disruption, sector-specific uncertainty (software), parts of private credit, geopolitical tensions (Middle East) and potential inflation effects from energy prices. Management view: diversified global franchise, confident in positioning to navigate volatility and to capture medium-term upside from AI-driven productivity gains and client activity recovery (notably M&A and IPOs when conditions normalize).