Goldman beats estimates

Goldman Sachs opened earnings season with a stronger first quarter than Wall Street expected, powered by dealmaking and record stock-trading revenue. (goldmansachs.com; cnbc.com) The bank reported net revenue of $17.23 billion and net earnings of $5.63 billion for the quarter ended March 31, 2026. Diluted earnings per share came in at $17.55, ahead of the $16.49 analyst estimate tracked by London Stock Exchange Group. (goldmansachs.com; cnbc.com) Annualized return on average common shareholders’ equity reached 19.8%, up from 16.9% a year earlier, while book value per common share rose to $361.19. Goldman said first-quarter revenue was 14% higher than a year earlier and 28% above the fourth quarter of 2025. (goldmansachs.com; goldmansachs.com) The biggest lift came from Global Banking and Markets, where revenue rose to $12.74 billion. Investment banking fees jumped 48% to $2.84 billion as completed mergers and acquisitions picked up, and equities revenue hit a record as financing and trading activity increased. (goldmansachs.com; goldmansachs.com) That mix matters because Goldman has spent the past several years trying to lean harder on its traditional strengths after pulling back from parts of its consumer push. In the first quarter, the old formula of advising on corporate deals and serving institutional traders produced what Goldman called its second-highest quarterly revenue. (cnbc.com; goldmansachs.com) The quarter also showed where investors still saw softness. Goldman said fixed income, currency and commodities revenue fell from a year earlier because client intermediation was weaker, even though financing revenue was slightly higher. (goldmansachs.com; goldmansachs.com) That split helped explain the early market reaction. CNBC reported that Goldman shares fell after the release as investors focused on the weaker fixed-income showing despite the earnings beat. (cnbc.com) Chief Executive David Solomon said the results showed clients were turning to Goldman during a period of heavy market and geopolitical uncertainty. The bank also reported record assets under supervision of $3.65 trillion and its 33rd straight quarter of long-term fee-based net inflows. (goldmansachs.com) For now, Goldman’s first quarter offered a simple picture: corporate deal activity improved, stock-trading desks stayed busy, and one weak trading line was not enough to stop a beat on both profit and revenue. (goldmansachs.com; cnbc.com)