Goldman Sachs 8-K

Summary

Q1 2026 results. Net revenues rose 14% Y/Y to $17.2B, driven primarily by Global Banking & Markets; diluted EPS was $17.55, up 24% Y/Y. Record Equities revenue and higher investment banking fees were partly offset by weaker FICC intermediation.

Key Figures

• Global Banking & Markets revenue was $12.7B, up 19%; investment banking fees rose 48% to $2.84B, and record Equities revenue increased 27% to $5.33B. FICC revenue fell 10% to $4.01B, primarily on weaker intermediation. Asset & Wealth Management revenue rose 10% to $4.08B; Platform Solutions fell 33% to $411M, primarily reflecting Apple Card portfolio markdowns.
• Operating expenses increased 14% to $10.4B, driven by higher transaction-based expenses and compensation. The 13.2% effective tax rate included ≈$895M in tax benefits from employee share-based awards, adding $2.91 to diluted EPS and 3.1 percentage points to annualized ROE; ROE was 19.8%, up 2.9 percentage points Y/Y.
• Returned $6.38B to common shareholders: $5.00B for 5.4M repurchased shares at an average $923.49 and $1.38B in dividends. Period-end basic shares were 302.0M, down 5% Y/Y; book value per share was $361.19, up 1% Q/Q. Cash was $179B vs $164B at year-end, and unsecured long-term borrowings were $315B vs $285B. Standardized and advanced CET1 ratios were 12.5% and 13.4%, down from 14.3% and 15.1%; the supplementary leverage ratio was 4.6% vs 5.2%.

Guidance

No guidance in this filing.

Investor Takeaways

• The 4/13 conference call is scheduled to discuss outlook; watch for any quantified forward outlook.
• The firm says Q1 balance-sheet, capital, assets-under-supervision and liquidity figures are preliminary and may change in its Q1 10-Q.
• Investment banking fees backlog decreased slightly Q/Q; watch backlog conversion and FICC intermediation in the next quarter.