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The Goldman Sachs Group, Inc. (GS)

Net revenues $17.23B, EPS $17.55 and ROE 19.8%; second-highest quarterly EPS and net earnings

The upside came from a healthier mix than a simple volatility spike: advisory snapped back, Equities financing hit a record, AWM fees kept compounding and Platform Solutions stopped overwhelming consolidated results. That mix matters more than the headline because it suggests Goldman can exceed through-the-cycle return targets even before a full capital or regulatory tailwind arrives.

FY2026 / Q1 2026Released 2026-04-1326 nodes5 levels
Quarter Timeline

Current

FY2026 / Q1 2026

Previous

FY2025 / Q4 2025

Root Thesis

The upside came from a healthier mix than a simple volatility spike: advisory snapped back, Equities financing hit a record, AWM fees kept compounding and Platform Solutions stopped overwhelming consolidated results.

Next earnings 2026-07-14

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The Goldman Sachs Group, Inc. · GS

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InvestmentLevel 1Path reader

1Q26 says Goldman can post near-20% ROE without a full FICC boom, which matters because the earnings base is broadening beyond pure trading beta

Net revenues $17.23B, EPS $17.55 and ROE 19.8%; second-highest quarterly EPS and net earnings

The upside came from a healthier mix than a simple volatility spike: advisory snapped back, Equities financing hit a record, AWM fees kept compounding and Platform Solutions stopped overwhelming consolidated results. That mix matters more than the headline because it suggests Goldman can exceed through-the-cycle return targets even before a full capital or regulatory tailwind arrives.

Source

S1,S2,S4

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BusinessLevel 2Path reader

Global Banking & Markets drove the beat, but the important point is that advisory and financing did the work while FICC intermediation was still soft

GBM revenue $12.74B, +22% QoQ and +19% YoY

The quarter was not just a volatility windfall. Investment banking fees rose 48% year over year and Equities rose 27%, while FICC was still down 10% because rates, mortgages and credit intermediation were weak. That mix argues the franchise is monetizing client activity across both strategic and market businesses rather than depending on one macro tape.

Recent Quarters

Q2'25

Q3'25

Q4'25

Q1'26

Source

S1,S2

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FinancialLevel 3Path reader

Advisory finally converted the strategic-activity backdrop into revenue, which is why the quarter matters more than a normal capital-markets bounce

Investment banking fees $2.84B; Advisory $1.49B, +89% YoY

Completed M&A volumes stepped up materially, which turned Goldman’s long-standing advisory leadership into actual P&L. Management’s strategy is that M&A is a franchise multiplier because it pulls through financing, hedging and AWM opportunities, so the quality of this rebound is better than a one-off underwriting burst.

Recent Quarters

Q2'25

Q3'25

Q4'25

Q1'26

Source

S1,S2,S4

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RiskLevel 4Path reader

The constraint is that backlog did not re-accelerate with the print, so investors still need proof that pipeline refill can keep pace with revenue recognition

Investment banking fees backlog decreased slightly vs. end-2025

A strong quarter can monetize previously built pipeline faster than new mandates arrive. If backlog refill stays only flat to down, the advisory beat becomes a good quarter rather than a reset to a sustainably higher fee run-rate.

Source

S1,S2

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ScorecardLevel 5Path reader

The scorecard is backlog rebuild, completed-M&A conversion and whether debt underwriting keeps offsetting episodic leveraged-finance weakness

Debt underwriting $811M, +16% QoQ and +8% YoY

Goldman already showed it can win advisory when boards transact. The next debate is whether financing follow-through broadens the fee pool enough to keep investment banking above the 2025 run-rate even if M&A completion normalizes.

Source

S2,S4

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SEO Narrative

1Q26 says Goldman can post near-20% ROE without a full FICC boom, which matters because the earnings base is broadening beyond pure trading beta

The upside came from a healthier mix than a simple volatility spike: advisory snapped back, Equities financing hit a record, AWM fees kept compounding and Platform Solutions stopped overwhelming consolidated results. That mix matters more than the headline because it suggests Goldman can exceed through-the-cycle return targets even before a full capital or regulatory tailwind arrives.