Goldman Sachs Earnings Show Q1 Strength

Goldman Sachs earnings showed broad strength as the bank reported stronger first-quarter results on April 13, 2026, led by record equities revenue and a rebound in M&A that boosted the Global Banking & Markets division and raised annualized return on equity.

Quarterly Results and Profitability

Goldman Sachs said in a press release on April 13, 2026, that net revenues for the quarter ended March 31 were $17.2 billion, up 14.0% year-over-year and 28.0% from the prior quarter. Net earnings were $5.6 billion, and diluted earnings per share rose 24.0% from Q1 2025 to $17.55, surpassing consensus estimates. The year-over-year increase mainly reflected higher net revenues in Global Banking & Markets.

Global Banking & Markets generated $12.7 billion in net revenues, up 19.0% year-over-year and 22.0% sequentially. The unit posted record equities revenue, including financing, and the bank ranked first in announced and completed M&A and equity offerings. This concentration of capital-markets activity accounted for much of the quarter’s improvement.

Operating expenses rose 14.0% year-over-year to $10.4 billion, while the efficiency ratio remained stable at 60.5%, compared with 60.6% a year earlier. The firm recorded a provision for credit losses of $315 million. The near-stable efficiency ratio alongside sizable revenue gains indicates operating leverage driven more by revenue growth than cost cuts.

Annualized return on equity was 19.8% for the quarter. Book value per common share increased 1.0% sequentially to $361.19. Net earnings applicable to common shareholders were $5.4 billion. The company completed its purchase of Industry Ventures in Q1 2026. Management said in the earnings presentation, "Goldman Sachs delivered very strong performance for our shareholders this quarter, even as market conditions became more volatile."

The earnings release and presentation included no forward guidance. A conference call to discuss the results was scheduled for April 13, 2026.

Taken together, the results reflect stronger trading and advisory franchises driving growth while profitability measures—return on equity and book-value gains—improved despite rising operating expenses. The upcoming call will allow investors to assess the sustainability of momentum across markets and deal activity.