Goldman Sachs kicked off earnings season on a strong note, reporting first-quarter net earnings of $5.63 billion — a 19% jump from the same period last year.
GOLDMAN SACHS $GS Q1’26 EARNINGS HIGHLIGHTS
Revenue: $17.23B (Est. $16.97B)
; UP +14% YoY
; DOWN -10% YoY
— Wall St Engine (@wallstengine) April 13, 2026
Earnings per share came in at $17.55, well ahead of the analyst consensus of $16.47. Net revenue of $17.23 billion also cleared the $17 billion estimate, according to FactSet data.
The results were driven by a record quarter in equities trading. Revenue from equity trading and financing climbed 27% to $5.33 billion — the highest the firm has ever posted for that business.
The Goldman Sachs Group, Inc., GS
Fixed income, currencies and commodities was the one soft spot, slipping 10% to $4.01 billion.
CEO David Solomon struck a cautious tone despite the strong numbers. “The geopolitical landscape remains very complex — so disciplined risk management must remain core to how we operate,” he said in a statement.
Market volatility tied to the ongoing Iran war has pushed clients to reposition portfolios and hedge risk, which tends to benefit trading desks. Goldman was well placed to capture that activity.
Investment banking fees were the other big story. They surged 48% year-over-year to $2.84 billion, fueled by a resilient M&A market.
Global M&A volumes hit $1.38 trillion in Q1, per Dealogic data. Analysts at Jefferies noted that Goldman led the pack in market share as global M&A proxy fees rose 19% to $11.3 billion.
Goldman advised on some high-profile deals in the quarter, including Unilever’s planned merger of its food business with McCormick to create a $65 billion company, and Equitable’s proposed tie-up with Corebridge to form a $22 billion insurer.
The IPO pipeline also looks active. Goldman secured a role as a lead bank on SpaceX’s anticipated June IPO, which could raise $75 billion at a $1.75 trillion valuation. The firm also helped manage PayPay’s $880 million U.S. listing.
The assets and wealth management division posted revenue of $4.08 billion, up 10%. Goldman has been building this business out to generate more predictable income alongside its more cyclical trading and banking revenues.
The firm’s private credit fund held up through an industry-wide wave of redemptions last quarter. Investors sought to redeem just under 5% of the fund — within the cap — as AI-related fears rattled private credit markets more broadly.
Goldman also completed its acquisition of Innovator Capital Management, an active ETF provider, earlier this month. That brings its total ETF assets under supervision to $90 billion.
GS stock has risen over 3% so far in 2026, following a 53% gain in 2025.
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