Goldman Sachs Reports 14% Revenue Growth to $17.23 Billion in Q1 2026

**Goldman Sachs Reports First Quarter 2026 Results**

The Goldman Sachs Group, Inc. (GS) reported net revenues of $17.23 billion for the quarter ended March 31, 2026, a 14% increase compared to $15.06 billion for the same period in 2025. This growth was primarily driven by higher revenues in Global Banking & Markets. Net earnings applicable to common shareholders were $5.40 billion, or $17.55 per diluted share, compared to $4.58 billion, or $14.12 per diluted share, in the first quarter of the previous year. The firm's provision for credit losses was $315 million, up from $287 million in the prior year, reflecting portfolio growth and impairments related to wholesale loans.

Global Banking & Markets reported non-interest revenues of $10.55 billion and net interest income of $2.19 billion, resulting in total net revenues of $12.74 billion. Asset & Wealth Management's non-interest revenues were $3.37 billion, with net interest income contributing $0.70 billion, for total net revenues of $4.08 billion. Platform Solutions reported non-interest revenues of negative $255 million and net interest income of $0.67 billion, resulting in total net revenues of $411 million. The firm's operating expenses totaled $10.43 billion, a 14% increase from $9.13 billion in the first quarter of 2025, primarily due to higher transaction-based expenses and compensation and benefits.

Key balance sheet figures as of March 31, 2026, include total assets of $2.06 trillion, deposits of $561.26 billion, and unsecured long-term borrowings of $315.43 billion. The firm's Common Equity Tier 1 (CET1) capital ratio was 12.5% under the Standardized Capital Rules and 13.3% under the Advanced Capital Rules. During the quarter, Goldman Sachs repurchased 5.4 million shares of its common stock at an average cost of $923.49 per share, for a total cost of $5.00 billion. The firm also declared a dividend of $4.50 per common share.

Strategic developments during the quarter included the acquisition of Industry Ventures, a venture capital platform, for approximately $360 million in cash, $315 million in equity, and contingent consideration. Subsequent to the quarter's end, Goldman Sachs completed the acquisition of Innovator Capital Management, an exchange-traded fund sponsor, for $1.50 billion in cash, $400 million in equity, and contingent consideration. The firm also announced the redemption of all outstanding shares of its Series T 3.80% Fixed-Rate Reset Non-Cumulative Preferred Stock. The firm's headcount at the end of the quarter was 47,000.