Goldman Sachs Group Inc. announced its financial results for the first quarter of 2026 on April 19, 2026, reporting net revenues of $17.2 billion and a GAAP diluted earnings per share of $17.55. These figures represent a significant performance milestone for the firm, driven by a surge in investment banking activity and strong results across its core business segments. The firm’s net earnings for the quarter reached $6.12 billion, reflecting an annualized return on average common equity (ROE) of 16.8% and a return on average tangible common equity (ROTE) of 18.2%.
The Global Banking & Markets division was the primary contributor to the firm's overall performance, generating net revenues of $11.4 billion. Within this segment, investment banking fees rose to $2.45 billion, supported by a substantial increase in completed mergers and acquisitions and a robust environment for debt and equity underwriting. Advisory revenues were reported at $1.15 billion, while equity and debt underwriting contributed $650 million and $650 million, respectively. Fixed Income, Currency, and Commodities (FICC) net revenues were $4.2 billion, characterized by strong client engagement in financing and intermediation. Equities net revenues reached $3.75 billion, driven by high volumes in derivatives and cash products.
The Asset & Wealth Management segment reported net revenues of $4.35 billion. Management and other fees reached a record $2.6 billion, underscoring the firm’s strategic focus on increasing its recurring fee-based income. Assets under supervision (AUS) grew to $3.1 trillion by the end of the quarter, benefiting from net inflows into both liquidity and long-term products, as well as market appreciation. Private banking and lending revenues also saw growth, as the firm continued to scale its lending solutions for ultra-high-net-worth clients.
Operating expenses for the first quarter were $9.8 billion, resulting in an efficiency ratio of 57%. Compensation and benefits expenses accounted for $4.8 billion of the total, reflecting the firm’s performance-based compensation model. Non-compensation expenses included significant investments in the firm’s technology infrastructure and professional fees associated with global regulatory compliance. The provision for credit losses was $450 million, which the firm attributed to portfolio growth and adjustments in macroeconomic outlooks.
In the official earnings statement, Chairman and Chief Executive Officer David Solomon stated that the results reflect the strength and breadth of the Goldman Sachs franchise. Solomon noted that the firm’s focus on its two core pillars—Global Banking & Markets and Asset & Wealth Management—is delivering consistent value for clients and shareholders alike. He highlighted the firm's ability to navigate complex market conditions while maintaining a disciplined approach to capital management.
Goldman Sachs also announced a quarterly dividend of $3.00 per common share, which will be paid on June 29, 2026, to shareholders of record as of June 1, 2026. During the quarter, the firm returned $1.5 billion to shareholders through common stock repurchases. The firm’s Common Equity Tier 1 (CET1) capital ratio was 14.9% at the end of the quarter under the Standardized approach, maintaining a strong capital position relative to regulatory requirements.