Q1 2026 Goldman Sachs Group Inc Earnings Call Transcript
Key Points
- The Goldman Sachs Group Inc (GS) reported strong financial performance with net revenues of $17.2 billion, net earnings of $5.6 billion, and earnings per share of $17.55, marking the second highest in the company's history.
- The company achieved a return on equity (ROE) of 19.8% and a return on tangible equity (ROTE) of 21.3%, reflecting robust profitability.
- Global Banking & Markets segment delivered record revenues of $12.7 billion, driven by strong client engagement and strategic capital deployment.
- Asset & Wealth Management saw $62 billion in long-term fee-based inflows, demonstrating strong client trust and investment performance.
- The acquisition of Innovator added $31 billion in assets under supervision, positioning GS among the top 10 global active ETF providers.
- Increased macroeconomic volatility, driven by AI disruption, private credit uncertainty, and geopolitical tensions, weighed on market sentiment.
- FICC net revenues were impacted by a tougher market-making environment, particularly in rates and mortgages.
- The provision for credit losses increased to $315 million, reflecting growth and impairments in the wholesale lending portfolio.
- Non-compensation expenses rose to $5 billion, driven by higher transaction-based expenses, impacting the efficiency ratio.
- The regulatory environment remains complex, with ongoing adjustments needed to align with Basel III finalization and G-SIB surcharge reproposals.
Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs first quarter 2026 earnings conference call. On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the Investor Relations page of the Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures.
This audio cast is copyrighted material of the Goldman Sachs Group Inc. And may not be duplicated, reproduced or rebroadcast without consent. This call is being recorded today, April 13, 2026. I will now turn the call over to Chairman and Chief Executive Officer, David Solomon; and Chief Financial Officer, Denis Coleman. Thank you.
Mr. Solomon, you may begin your conference.
Thank you, operator, and good morning, everyone. Thank you all for joining us. In the first quarter, we delivered a very strong performance, generating
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
