The Goldman Sachs Group, Inc. (GS) Earnings
The Goldman Sachs Group, Inc. is expected to report next earnings on July 14, 2026 (in NaN days), with a consensus EPS estimate of $13.71. GS has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +8.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 13, 2026 | $16.47 | $17.55 | +6.6% | $17.2B | +1.4% |
| Jan 21, 2026 | $11.52 | $11.95 | +3.7% | $30.1B | — |
| Oct 14, 2025 | $11.03 | $12.25 | +11.1% | $15.2B | +7.5% |
| Jul 16, 2025 | $9.65 | $10.91 | +13.1% | $14.6B | +8.0% |
| Apr 14, 2025 | $12.32 | $14.12 | +14.6% | $15.1B | +2.0% |
| Jan 15, 2025 | $8.03 | $11.95 | +48.8% | $13.9B | +12.2% |
| Oct 15, 2024 | $6.89 | $8.40 | +21.9% | $12.7B | +7.9% |
| Jul 15, 2024 | $8.34 | $8.62 | +3.4% | $12.7B | +3.1% |
| Apr 15, 2024 | $8.56 | $11.58 | +35.3% | $14.2B | +9.8% |
| Jan 16, 2024 | $3.51 | $5.48 | +56.1% | $11.3B | +14.7% |
| Oct 17, 2023 | $5.31 | $5.47 | +3.0% | $11.8B | +1.4% |
| Jul 19, 2023 | $3.18 | $3.08 | -3.1% | $10.9B | +0.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 13, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Strong first quarter performance with net revenues $17.2B, net earnings $5.6B, EPS $17.55. • Macro environment had volatility but global franchise helped. • Large-scale client calls and elevated digital channel engagement. • Global Banking and Markets had record revenues with strong client flows. • Investment Banking #1 M&A adviser globally. • Asset & Wealth Management had $62B long-term inflows, closed Innovator acquisition. • Focus on risk discipline and long-term investment. • One Goldman Sachs 3.0 investment for long-term growth.
Guidance
• Expect full-year tax rate ~20%. • Continue to dynamically deploy capital to support client franchise and return to shareholders. • Encouraged by Basel III finalization and G-SIB surcharge re-proposals as positive for banking system. • See potential for constructive backdrop with fiscal stimulus, AI investment, and balanced regulatory agenda. • Private credit business growing with good secular construct but not a huge growth channel.
Segment performance
Global Banking & Markets: Record quarterly revenues of $12.7 billion, ROE over 22%. Advisory revenues $1.5B (+89% YOY), #1 in M&A globally. Equity underwriting $535M (+45% YOY), debt underwriting $811M (+8%). FICC net revenues $4B, with lower rates and mortgages but better currencies and commodities. Equities net revenues record $5.3B, financing revenues $2.6B (+59% YOY). Asset & Wealth Management: Revenues $4.1B. Management and other fees $3.1B (+14% YOY). Incentive fees $183M. Private banking and lending $638M. Total assets under supervision $3.7T with $62B long-term net inflows. Alternatives: $429B AUM, $26B gross fundraising, $10B private credit. Platform Solutions: $411M, down YOY due to Apple portfolio move.
Risks & headwinds
• Geopolitical landscape complexity. • Impact of higher energy prices on inflation and growth. • Cybersecurity risks, though Goldman has invested in resources. • Potential slowdown in IPO activity due to geopolitical uncertainty. • Uncertainty in private credit market with retail outflows in some peer funds. • Volatility in markets affecting sentiment and client activity.
Analyst Q&A
Q: Expand on balance sheet strategy, deposit strategy, and ROE impact of lending deployment.
A: Denis Coleman discussed deploying capital for client franchise, deposit growth for funding, and lending activity generating attractive ROEs.
Q: Thoughts on private credit impact on sponsor activity, M&A, IPO, and AI risks to banking.
A: David Solomon said private credit has spreads becoming lender friendly, institutional inflows, but watch retail noise; AI cybersecurity is a focus with investments.
Q: Comment on provisions in Global Banking Markets, CET1 ratio, Fed capital proposals.
A: Denis Coleman explained provisions from growth, impairments, and environment; CET1 ratio at 12.5% with Fed proposals being watched.
Q: Expense outlook, efficiency ratio, AI investments.
A: Denis Coleman talked about non-compensation expenses from transaction-based activity, efficiency focus on 60% ratio, and AI investments for long-term efficiencies.
Q: Asia strategy progress, FICC financing exposure, AWM long-term flows.
A: Denis Coleman said progress in Asia with more to do, FICC financing diversified, AWM long-term flows tracking above target with good client engagement.