Goldman Sachs shares fell nearly 4% in early trading following the release of first-quarter 2026 results. Net earnings attributable to common shareholders were $5.40 billion, up 18% year over year. This growth was driven by record net revenues in Equities of $5.33 billion, a 27% increase from a year ago, and a rise in investment banking fees, which jumped 48% to $2.84 billion. Advisory fees specifically saw an 89% increase, fueled by higher completed mergers and acquisitions volumes. Overall net revenues were $17.23 billion, which beat the consensus mark by 1.5%. The firm reported earnings per share of $17.55, topping the Zacks Consensus Estimate by 7.4%.
Operating expenses rose 14% year over year to $10.43 billion, attributed to higher transaction-based expenses and compensation and benefits costs. Provision for credit losses also increased to $315 million, up from $287 million in the year-ago quarter, primarily due to growth and impairments related to wholesale loans. Despite these headwinds, the efficiency ratio remained essentially unchanged at 60.5%.
S&P 500 earnings beat miss
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