GS

Beat

Earnings Call

Apr 13, 2026

Q1 FY2026

EPS Estimate

16.47

EPS Actual

17.55

Post-Earnings Close

$890.79

Earnings Reaction

-1.9%

Overview

Goldman Sachs posted its second-best quarter in firm history, generating net revenues of $17.2 billion, net earnings of $5.6 billion, and EPS of $17.55, a substantial beat against consensus estimates in the mid-$16 range. Return on equity reached 19.8% and ROTE hit 21.3%, underscoring the breadth and durability of the franchise. The headline numbers alone would make this a notable quarter, but the composition of the results is arguably more important: Global Banking & Markets produced record revenues of $12.7 billion with an ROE north of 22%, driven by a record equities quarter and a robust advisory business, even as sponsor-driven activity remained subdued and FICC intermediation in rates and mortgages faced a tougher backdrop.

Key Themes

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Notable Quotes

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Chief Executive Officer

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Report generated on Apr 13, 2026

AI-generated earnings analysis. Not investment advice.

Q&A Summary

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.

GS

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Overview

Q&A Summary