Goldman Sachs Group Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 13 April 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Net revenues up 28% on fourth quarter: Net revenues were $17.23 billion, 14% above the first quarter of 2025 and 28% above the fourth quarter. Net earnings were $5.63 billion and pre-tax earnings $6.49 billion. Source
• Diluted EPS of $17.55: Diluted EPS was $17.55, against $14.12 a year earlier and $14.01 in the fourth quarter. The release puts the tax benefit on employee share awards at about $895 million, adding $2.91 to diluted EPS. Source
• Global Banking & Markets up 19%: Global Banking & Markets net revenues were $12.74 billion, 19% above a year earlier and 22% above the fourth quarter, with higher Equities and investment banking fees. Source
• Advisory and equity underwriting up: Investment banking fees were $2.84 billion, 48% above a year earlier, mainly on Advisory, where completed mergers and acquisitions volumes rose significantly. Advisory net revenues were $1.49 billion. Source
• Industry Ventures added $5 billion: The Industry Ventures acquisition brought $5 billion of long-term assets under supervision inflows, recorded in alternative investments. Source
• Operating expenses up 14% on year: Operating expenses were $10.43 billion, 14% above a year earlier and 7% above the fourth quarter. The efficiency ratio was 60.5%, against 60.6% a year earlier. Source
• CET1 ratio fell to 12.5%: The standardized CET1 ratio was 12.5%, down from 14.3% at year-end, as risk-weighted assets rose to $812 billion from $727 billion. The advanced-rules ratio was 13.4%, down from 15.1%. Source

“The increase compared with the first quarter of 2025 primarily reflected higher net revenues in Global Banking & Markets.”

Goldman Sachs Group Inc., press release

Guidance

What changed from last quarter

• New: The Industry Ventures acquisition brought $5 billion of long-term assets under supervision inflows in the quarter. Source

Results and growth drivers

• Net revenues up 28% on fourth quarter: Net revenues were $17.23 billion, 14% above the first quarter of 2025 and 28% above the fourth quarter. Net earnings were $5.63 billion and pre-tax earnings $6.49 billion. Source
• Diluted EPS of $17.55: Diluted EPS was $17.55, against $14.12 a year earlier and $14.01 in the fourth quarter. The release puts the tax benefit on employee share awards at about $895 million, adding $2.91 to diluted EPS. Source
• Book value and ROE: Annualized ROE was 19.8%, on average monthly common equity of $108.90 billion. Book value per common share rose 1.0% in the quarter to $361.19. Source

Segments and regions

• Global Banking & Markets up 19%: Global Banking & Markets net revenues were $12.74 billion, 19% above a year earlier and 22% above the fourth quarter, with higher Equities and investment banking fees. Source
• FICC down 10% on intermediation: FICC net revenues were $4.01 billion, with lower interest rate products and mortgages in intermediation, partly offset by commodities and currencies. FICC financing was slightly higher. Source
• Asset & Wealth Management up 10%: Asset & Wealth Management net revenues were $4.08 billion, 10% above a year earlier and 14% below the fourth quarter. Lower Private banking and lending, on lower Marcus deposit spreads, partly offset higher management fees. Source
• Platform Solutions swung on Apple Card: Platform Solutions net revenues were $411 million, against $610 million a year earlier and a $1.68 billion loss in the fourth quarter. Net markdowns on the Apple Card loan portfolio drove the year-on-year decline. Source
• Asia share of revenue climbs: Americas was 60% of net revenues, EMEA 22% and Asia 18%, against Asia at 11% a year earlier. Americas revenues were $10.42 billion. Source

“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”

Goldman Sachs Group Inc., press release

Investment banking and markets activity

• Advisory and equity underwriting up: Investment banking fees were $2.84 billion, 48% above a year earlier, mainly on Advisory, where completed mergers and acquisitions volumes rose significantly. Advisory net revenues were $1.49 billion. Source
• Debt underwriting higher on IG and ABS: Debt underwriting net revenues were $811 million, up on investment-grade and asset-backed activity, partly offset by significantly lower leveraged finance revenue. Source
• Other gains from direct investments: Net revenues in Other were $561 million, against $200 million a year earlier, mainly on significantly higher net gains from direct investments. Source

Assets under supervision and deals

• Industry Ventures added $5 billion: The Industry Ventures acquisition brought $5 billion of long-term assets under supervision inflows, recorded in alternative investments. Source
• Market depreciation offset inflows: Net market depreciation of $43 billion offset part of the quarter's net inflows, while liquidity products added $25 billion of net inflows. Source
• Management and other fees up 14%: Management and other fees were $3.08 billion, flat on the fourth quarter and 14% above a year earlier. Incentive fees were $183 million. Source

Costs, margins and tax

• Operating expenses up 14% on year: Operating expenses were $10.43 billion, 14% above a year earlier and 7% above the fourth quarter. The efficiency ratio was 60.5%, against 60.6% a year earlier. Source
• Transaction and pay costs rose: The rise reflected significantly higher transaction based expenses and higher compensation, which the release ties to improved operating performance. Transaction based expenses were $2.52 billion. Source
• Litigation provisions of $42 million: Net provisions for litigation and regulatory proceedings were $42 million, compared with a net benefit of $11 million a year earlier. Source
• Effective tax rate 13.2%: The effective income tax rate was 13.2%, down from 21.4% for full-year 2025, mainly on higher tax benefits from employee share-based award settlements, partly offset by lower other permanent tax benefits. Source

Capital, liquidity and shareholder returns

• CET1 ratio fell to 12.5%: The standardized CET1 ratio was 12.5%, down from 14.3% at year-end, as risk-weighted assets rose to $812 billion from $727 billion. The advanced-rules ratio was 13.4%, down from 15.1%. Source
• Leverage ratio at 4.6%: The supplementary leverage ratio was 4.6%, down from 5.2% at year-end, per preliminary estimates. Source
• Global core liquid assets averaged $494 billion: Global core liquid assets averaged $494 billion in the quarter, up from $479 billion in the fourth quarter of 2025. Source
• $5.00 billion of buybacks: Common share repurchases were $5.00 billion, for 5.4 million shares at an average cost of $923.49, and common dividends were $1.38 billion. Source
• Balance sheet grew to $2.06 trillion: Total assets were $2.06 trillion, up from $1.81 trillion at year-end, with trading assets at $760 billion and deposits at $561 billion. Source

Provisions, net interest and headcount

• Provision for credit losses $315 million: Provisions were $315 million, against $287 million a year earlier and a net benefit of $2.12 billion in the fourth quarter. The charge reflected loan growth and impairments in wholesale loans. Source
• Net interest income up 23%: Net interest income was $3.56 billion, 23% above the first quarter of 2025 and 4% below the fourth quarter of 2025. Source
• Headcount near year-end level: Headcount was 47,000 at March 31, 2026, against 47,400 at year-end and 46,600 a year earlier. Source

Coming up, as management said on 13 April 2026

• Form 10-Q may revise preliminary figures: Preliminary estimates for assets under supervision, capital ratios, balance sheet data, liquidity and VaR may be revised in the Form 10-Q for the period ended March 31, 2026. Source

Figures management reported

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.