The Goldman Sachs Group, Inc. today reported net revenues of $17.22 billion and net earnings of $5.98 billion for the first quarter ended March 31, 2026. Diluted earnings per common share (EPS) reached $17.55, a significant increase compared to $11.58 for the first quarter of 2025 and $5.48 for the fourth quarter of 2025. The performance reflects a robust environment for capital markets and the firm’s continued execution of its strategic priorities across its core business segments.
Global Banking & Markets generated net revenues of $10.85 billion during the quarter. Within this segment, Investment Banking fees rose to $2.45 billion, supported by a resurgence in advisory services for completed mergers and acquisitions and strong performance in both debt and equity underwriting. Fixed Income, Currency, and Commodities (FICC) net revenues were $4.22 billion, while Equities net revenues reached $4.18 billion, driven by high levels of client activity in both intermediation and financing services.
The Asset & Wealth Management division reported net revenues of $4.39 billion, marking a record for the segment. This growth was primarily attributed to record management and other fees, which totaled $2.65 billion. Assets under Supervision (AUS) increased to a record $3.12 trillion, benefiting from continued net inflows and market appreciation. Private banking and lending revenues also contributed $740 million to the segment's total, reflecting higher loan balances and favorable deposit spreads throughout the quarter.
Operating expenses for the first quarter were $9.45 billion, resulting in an efficiency ratio of 54.9%. The firm’s compensation and benefits expenses were $4.62 billion. Goldman Sachs reported a Return on Average Common Equity (ROE) of 18.2% and a Return on Average Tangible Common Equity (ROTCE) of 19.6% for the period. The firm’s book value per common share increased to $345.12, representing a 9% increase over the past twelve months, while the Common Equity Tier 1 (CET1) capital ratio stood at 14.8% under the Standardized approach.
Chairman and Chief Executive Officer David Solomon stated that the results demonstrate the strength of the firm’s client franchise and the successful integration of its long-term strategy. Solomon noted that the firm remains well-positioned to navigate the evolving macroeconomic landscape while continuing to deliver value to shareholders. During the quarter, Goldman Sachs returned $2.5 billion to shareholders, including $1.0 billion in common stock repurchases and $1.5 billion in dividends. The Board of Directors declared a dividend of $3.00 per common share to be paid on June 29, 2026, to shareholders of record as of June 1, 2026.