Goldman Sachs has reported net earnings of $5.6bn for the first quarter of 2026, up 19% from the same period a year earlier.
Diluted earnings per common share came in at $17.55 for the first quarter of 2026, versus $14.12 in the first quarter of 2025.
Total net revenues increased by 14% year-on-year to $17.23bn.
Asset & Wealth Management recorded net revenues of $4.08bn, up 10% from the first quarter of 2025 but down 14% from the preceding quarter.
Compared with a year earlier, the rise mainly reflected higher Management and other fees, partly offset by lower net revenues in Private banking and lending.
Platform Solutions posted net revenues of $411m in the first quarter of 2026, compared with $610m a year earlier and $(1.68) bn in the fourth quarter of 2025.
The dip was mainly due to markdowns on the Apple Card loan portfolio after it was moved to “held for sale” status, noted the bank.
Global Banking & Markets generated net revenues of $12.74bn, which was 19% higher than in the first quarter of 2025.
Within that division, net revenues in Fixed Income, Currency and Commodities (FICC) were $4.01bn, down 10% year on year.
The decline reflected lower net revenues in FICC intermediation, due to significantly lower net revenues in interest rate products and mortgages and lower net revenues in credit products, partly offset by significantly higher net revenues in commodities and currencies.
Net revenues in Equities rose to $5.33bn, up 27% from the first quarter of 2025.
The increase was due to significantly higher net revenues in Equities financing, primarily driven by significantly higher net revenues in prime financing, and higher net revenues in Equities intermediation, primarily driven by higher net revenues in cash products.
Net revenues in Other were $561m, compared with $200m in the same quarter of 2025, with the increase mainly reflecting significantly higher net gains from direct investments.
Investment banking fees were $2.84bn, up 48% from a year earlier, mainly because of significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes.
Provision for credit losses was $315m in the first quarter of 2026, compared with $287m in the first quarter of 2025 and a net benefit of $2.12bn in the fourth quarter of 2025.
Provisions for the first quarter of 2026 primarily reflected growth and impairments related to wholesale loans. Provisions for the first quarter of 2025 primarily reflected net provisions related to the credit card portfolio, which was transferred to held for sale in the fourth quarter of 2025.
Operating expenses amounted to $10.43bn in the first quarter of 2026, 14% higher than a year earlier and 7% above the fourth quarter of 2025.
The increase in operating expenses compared with a year earlier primarily reflected significantly higher transaction-based expenses and higher compensation and benefits expenses, reflecting improved operating performance.
The board of directors declared a dividend of $4.50 per common share, to be paid on 29 June 2026 to common shareholders of record on 1 June 2026.
During the first quarter of 2026, the firm returned $6.38bn of capital to common shareholders. That included $5bn of common share repurchases, covering 5.4 million shares at an average cost of $923.49, and $1.38bn in common stock dividends.
