Goldman Sachs Group · Earnings release · 8-K Exhibit 99

EX-99.1 2 a1q26gsearningsresults.htm EX-99.1 1Q26 GS Earnings Results Exhibit 99.1 First Quarter 2026 Earnings Results Media Relations: Tony Fratto 212-902-5400 Investor Relations: Jehan Ilahi 212-902-0300 The Goldman Sachs Group, Inc. 200 West Street | New York, NY 10282 First Quarter 2026 Earnings Results Goldman Sachs Reports First Quarter Earnings Per Common Share of $ 17.55 Financial Summary Net Revenues 1Q26 $ 17.23 billion Net Earnings 1Q26 $ 5.63 billion EPS 1 1Q26 $ 17.55 Annualized ROE 2 1Q26 19.8% Book Value Per Share 1Q26 $ 361.19 NEW YORK, April 13, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $ 17.23 billion and net earnings of $ 5.63 billion for the first quarter ended March 31, 2026.

Diluted earnings per common share (EPS) 1 was $ 17.55 for the first quarter of 2026 compared with $14.12 for the first quarter of 2025 and $14.01 for the fourth quarter of 2025. Annualized return on average common shareholders' equity (ROE) 2 was 19.8% for the first quarter of 2026. Book value per common share increased by 1.0% during the quarter to $ 361.19 . 1 Goldman Sachs Reports First Quarter 2026 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Net Revenues Net revenues were $ 17.23 billion for the first quarter of 2026, 14% higher than the first quarter of 2025 and 28% higher than the fourth quarter of 2025.

The increase compared with the first quarter of 2025 primarily reflected higher net revenues in Global Banking & Markets. Net Revenues $ 17.23 billion Global Banking & Markets Net revenues in Global Banking & Markets were $ 12.74 billion for the first quarter of 2026, 19% higher than the first quarter of 2025 and 22% higher than the fourth quarter of 2025. T1Investment banking fees were $ 2.84 billion, 48% higher than the first quarter of 2025, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes. Net revenues in Equity underwriting were also significantly higher, primarily reflecting significantly higher net revenues from convertible offerings.

Net revenues in Debt underwriting were higher, reflecting higher net revenues from investment-grade and asset-backed activity, partially offset by significantly lower net revenues from leveraged finance activity. The firm's Investment banking fees backlog 3 decreased slightly compared with the end of 2025. T2Net revenues in Fixed Income, Currency and Commodities (FICC) were $ 4.01 billion, 10% lower than the first quarter of 2025, reflecting 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, partially offset by significantly higher net revenues in commodities and currencies. Net revenues in FICC financing were slightly higher. T3Net revenues in Equities were $ 5.33 billion,  27% higher than the first quarter of 2025, 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 $ 561 million compared with $ 200 million for the first quarter of 2025, with the increase primarily reflecting significantly higher net gains from direct investments. Global Banking & Markets $ 12.74 billion Advisory $ 1.49 billion Equity underwriting $ 535 million Debt underwriting $ 811 million Investment banking fees $ 2.84 billion FICC intermediation $ 2.95 billion FICC financing $ 1.06 billion FICC $ 4.01 billion Equities intermediation $ 2.72 billion Equities financing $ 2.61 billion Equities $ 5.33 billion Other $ 561 million 2 Goldman Sachs Reports First Quarter 2026 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Asset & Wealth Management Net revenues in Asset & Wealth Management were $ 4.08 billion for the first quarter of 2026, 10% higher than the first quarter of 2025 and 14% lower than the fourth quarter of 2025.

The increase compared with the first quarter of 2025 primarily reflected higher Management and other fees, partially offset by lower net revenues in Private banking and lending. T4The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. T5The decrease in Private banking and lending   reflected the impact of lower deposit spreads related to Marcus deposits, partially offset by higher deposit balances. Incentive fees were higher, primarily driven by performance, and net revenues in Investments were also higher. Asset & Wealth Management $ 4.08 billion Management and other fees $ 3.08 billion Incentive fees $ 183 million Private banking and lending $ 638 million Investments $ 180 million Platform Solutions T6Net revenues in Platform Solutions were $ 411 million for the first quarter of 2026, compared with $ 610 million for the first quarter of 2025 and $ (1.68) billion for the fourth quarter of 2025.

The decrease compared with the first quarter of 2025 primarily reflected net markdowns recognized in net revenues related to the Apple Card loan portfolio, which was transferred to held for sale in 2025. Platform Solutions $ 411 million Provision for Credit Losses Provision for credit losses was $ 315 million for the first quarter of 2026, compared with $287 million for the first quarter of 2025 and a net benefit of $2.12 billion for 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.

Provision for Credit Losses $ 315 million 3 Goldman Sachs Reports First Quarter 2026 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Operating Expenses Operating expenses were $ 10.43 billion for the first quarter of 2026, 14% higher than the first quarter of 2025 and 7% higher than the fourth quarter of 2025. The firm's efficiency ratio 3 was 60.5% for the first quarter of 2026, compared with 60.6% for the first quarter of 2025. The increase in operating expenses compared with the first quarter of 2025 primarily reflected significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance). Net provisions for litigation and regulatory proceedings were $42 million for the first quarter of 2026, compared with $(11) million for the first quarter of 2025.

Headcount was essentially unchanged compared with the end of 2025. Operating Expenses $ 10.43 billion Efficiency Ratio 60.5% Provision for Taxes The effective income tax rate for the first quarter of 2026 was 13.2% , down from the full year rate of 21.4% for 2025, primarily reflecting an increase in tax benefits on the settlement of employee share-based awards 4 , partially offset by a decrease in other permanent tax benefits, for the first quarter of 2026 compared with the full year of 2025. Effective Tax Rate 13.2% Other Matters ▪ On April 10, 2026, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $ 4.50 per common share to be paid on June 29, 2026 to common shareholders of record on June 1, 2026. ▪ T7In the first quarter of 2026, the firm returned $ 6.38 billion of capital to common shareholders, including $ 5.00 billion of common share repurchases ( 5.4 million shares at an average cost of $ 923.49 ) and $ 1.38 billion of common stock dividends. 3 ▪ Global core liquid assets 3 averaged $ 494 billion for the first quarter of 2026, compared with an average of $479 billion for the fourth quarter of 2025.

Declared Quarterly Dividend Per Common Share $ 4.50 Common Share Repurchases 5.4 million shares for $ 5.00 billion Average GCLA $ 494 billion 4 Goldman Sachs Reports First Quarter 2026 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Cautionary Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S.

Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm's control. It is possible that the firm's actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm's future results, financial condition and liquidity, see "Risk Factors" in Part I, Item 1A of the firm's Annual Report on Form 10-K for the year ended December 31, 2025.

Information regarding the firm's assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements about the firm's Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies, including the imposition of tariffs, the continuation or worsening of the war in the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval.

For information about other important factors that could adversely affect the firm's Investment banking fees, see "Risk Factors" in Part I, Item 1A of the firm's Annual Report on Form 10-K for the year ended December 31, 2025. Conference Call A conference call to discuss the firm's financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call.

The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm's website, www.goldmansachs.com/investor-relations . There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm's website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com . 5 Goldman Sachs Reports First Quarter 2026 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Segment Net Revenues (unaudited) $ in millions THREE MONTHS ENDED % CHANGE FROM MARCH 31 , DECEMBER 31 , MARCH 31 , DECEMBER 31 , MARCH 31 , 2026 2025 2025 2025 2025 GLOBAL BANKING & MARKETS Advisory $ 1,494 $ 1,356 $ 792 10% 89% Equity underwriting 535 521 370 3 45 Debt underwriting 811 700 752 16 8 Investment banking fees 2,840 2,577 1,914 10 48 FICC intermediation 2,949 2,021 3,390 46 (13) FICC financing 1,062 1,086 1,045 (2) 2 FICC 4,011 3,107 4,435 29 (10) Equities intermediation 2,718 2,178 2,547 25 7 Equities financing 2,608 2,128 1,645 23 59 Equities 5,326 4,306 4,192 24 27 Other 561 421 200 33 181 Net revenues 12,738 10,411 10,741 22 19 ASSET & WEALTH MANAGEMENT Management and other fees 3,077 3,092 2,701 — 14 Incentive fees 183 181 129 1 42 Private banking and lending 638 776 725 (18) (12) Investments 180 670 156 (73) 15 Net revenues 4,078 4,719 3,711 (14) 10 PLATFORM SOLUTIONS Net revenues 411 (1,676) 610 N.M. (33) Total net revenues $ 17,227 $ 13,454 $ 15,062 28 14 Geographic Net Revenues (unaudited) 3 $ in millions THREE MONTHS ENDED MARCH 31 , DECEMBER 31 , MARCH 31 , 2026 2025 2025 Americas $ 10,416 $ 7,680 $ 9,866 EMEA 3,767 3,690 3,491 Asia 3,044 2,084 1,705 Total net revenues $ 17,227 $ 13,454 $ 15,062 Americas 60% 57% 66% EMEA 22% 27% 23% Asia 18% 16% 11% Total 100% 100% 100% 6 Goldman Sachs Reports First Quarter 2026 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Consolidated Statements of Earnings (unaudited) In millions, except per share amounts and headcount THREE MONTHS ENDED % CHANGE FROM MARCH 31 , DECEMBER 31 , MARCH 31 , DECEMBER 31 , MARCH 31 , 2026 2025 2025 2025 2025 REVENUES Investment banking $ 2,844 $ 2,579 $ 1,916 10% 48% Investment management 3,179 3,201 2,759 (1) 15 Commissions and fees 1,326 505 1,226 163 8 Market making 5,461 3,669 5,723 49 (5) Other principal transactions 862 (208) 543 N.M. 59 Total non-interest revenues 13,672 9,746 12,167 40 12 Interest income 20,637 20,379 19,383 1 6 Interest expense 17,082 16,671 16,488 2 4 Net interest income 3,555 3,708 2,895 (4) 23 Total net revenues 17,227 13,454 15,062 28 14 Provision for credit losses 315 (2,123) 287 N.M. 10 OPERATING EXPENSES Compensation and benefits 5,412 4,665 4,876 16 11 Transaction based 2,515 2,224 1,850 13 36 Market development 186 216 156 (14) 19 Communications and technology 583 589 506 (1) 15 Depreciation and amortization 495 527 506 (6) (2) Occupancy 254 249 233 2 9 Professional fees 379 474 424 (20) (11) Other expenses 602 778 577 (23) 4 Total operating expenses 10,426 9,722 9,128 7 14 Pre-tax earnings 6,486 5,855 5,647 11 15 Provision for taxes 856 1,238 909 (31) (6) Net earnings 5,630 4,617 4,738 22 19 Preferred stock dividends 227 233 155 (3) 46 Net earnings applicable to common shareholders $ 5,403 $ 4,384 $ 4,583 23 18 EARNINGS PER COMMON SHARE Basic 3 $ 17.74 $ 14.21 $ 14.25 25% 24% Diluted 1 $ 17.55 $ 14.01 $ 14.12 25 24 AVERAGE COMMON SHARES Basic 303.8 307.3 320.8 (1) (5) Diluted 308.0 312.9 324.5 (2) (5) SELECTED DATA AT PERIOD-END Common shareholders' equity $ 109,079 $ 109,819 $ 109,147 (1) — Basic shares 3 302.0 307.1 317.1 (2) (5) Book value per common share $ 361.19 $ 357.60 $ 344.20 1 5 Headcount 47,000 47,400 46,600 (1) 1 7 Goldman Sachs Reports First Quarter 2026 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) 3 $ in billions AS OF MARCH 31 , DECEMBER 31 , 2026 2025 ASSETS Cash and cash equivalents $ 179 $ 164 Collateralized agreements 386 334 Customer and other receivables 209 186 Trading assets 760 657 Investments 238 194 Loans 253 238 Other assets 37 36 Total assets $ 2,062 $ 1,809 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 561 $ 501 Collateralized financings 353 305 Customer and other payables 293 232 Trading liabilities 312 263 Unsecured short-term borrowings 81 70 Unsecured long-term borrowings 315 285 Other liabilities 24 28 Total liabilities 1,939 1,684 Shareholders' equity 123 125 Total liabilities and shareholders' equity $ 2,062 $ 1,809 8 Capital Ratios and Supplementary Leverage Ratio (unaudited) 3 $ in billions AS OF MARCH 31 , DECEMBER 31 , 2026 2025 Common equity tier 1 capital $ 101.7 $ 104.3 STANDARDIZED CAPITAL RULES Risk-weighted assets $ 812 $ 727 Common equity tier 1 capital ratio 12.5% 14.3% ADVANCED CAPITAL RULES Risk-weighted assets $ 758 $ 691 Common equity tier 1 capital ratio 13.4% 15.1% SUPPLEMENTARY LEVERAGE RATIO Supplementary leverage ratio 4.6% 5.2% Average Daily VaR (unaudited) 3 $ in millions THREE MONTHS ENDED MARCH 31 , DECEMBER 31 , 2026 2025 RISK CATEGORIES Interest rates $ 85 $ 60 Equity prices 55 48 Currency rates 15 17 Commodity prices 31 18 Diversification effect (74) (63) Total $ 112 $ 80 Goldman Sachs Reports First Quarter 2026 Earnings Results The Goldman Sachs Group, Inc. and Subsidiaries Assets Under Supervision (unaudited) 3 , 5 $ in billions MARCH 31 , DECEMBER 31 , MARCH 31 , 2026 2025 2025 ASSET CLASS (as of period-end) Alternative investments $ 429 $ 420 $ 355 Equity 954 951 771 Fixed income 1,341 1,334 1,207 Total long-term AUS 2,724 2,705 2,333 Liquidity products 926 901 840 Total AUS $ 3,650 $ 3,606 $ 3,173 ROLLFORWARD (for the three months ended) Beginning balance $ 3,606 $ 3,452 $ 3,137 Net inflows / (outflows): Alternative investments 11 27 4 Equity 24 11 11 Fixed income 27 28 14 Total long-term AUS net inflows / (outflows) 6 62 66 29 Liquidity products 25 50 (5) Total AUS net inflows / (outflows) 87 116 24 Net market appreciation / (depreciation) (43) 38 12 Ending balance $ 3,650 $ 3,606 $ 3,173 Footnotes 1.

Diluted EPS includes the effect of instruments that are convertible into common shares if such conversion would be dilutive. The impact of applying this was a reduction in diluted EPS of $0.02 for the three months ended March 31, 2026. 2. Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders' equity. Average monthly common shareholders' equity was $ 108.90 billion for the first quarter of 2026. 3. For information about the following items, see the referenced sections in Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the firm's Annual Report on Form 10-K for the year ended December 31, 2025: (i) Investment banking fees backlog – see "Results of Operations – Global Banking & Markets," (ii) assets under supervision – see "Results of Operations – Asset & Wealth Management – Assets Under Supervision," (iii) efficiency ratio – see "Results of Operations – Operating Expenses," (iv) share repurchase program – see "Capital Management and Regulatory Capital – Capital Management," (v) global core liquid assets – see "Risk Management – Liquidity Risk Management," (vi) basic shares – see "Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics" and (vii) VaR – see "Risk Management – Market Risk Management."

For information about the following items, see the referenced sections in Part II, Item 8 "Financial Statements and Supplementary Data" in the firm's Annual Report on Form 10-K for the year ended December 31, 2025: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 "Regulation and Capital Adequacy," (ii) geographic net revenues – see Note 25 "Business Segments" and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 "Earnings Per Common Share." Represents a preliminary estimate for the first quarter of 2026 for the firm's assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR.

These may be revised in the firm's Quarterly Report on Form 10-Q for the period ended March 31, 2026. 4. T8The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first quarter of 2026 of approximately $895 million, which increased diluted EPS by $2.91 and annualized ROE by 3.1 percentage points. 5. Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation. 6. Includes $5 billion of inflows in long-term assets under supervision (in alternative investments) in connection with the acquisition of Industry Ventures for the three months ended March 31, 2026. 9