Goldman Sachs (GS) Stock Climbs After Blowout Q1 Earnings Beat

TLDR

• Goldman Sachs reported Q1 net earnings of $5.63 billion, up 19% year-over-year
• EPS of $17.55 beat analyst estimates of $16.47; revenue of $17.23 billion topped the $17 billion forecast
• Equities revenue hit a record $5.33 billion, up 27%, while fixed income fell 10% to $4.01 billion
• Investment banking fees surged 48% to $2.84 billion, with Goldman leading global M&A market share
• Assets and wealth management revenue rose 10% to $4.08 billion; Goldman completed its acquisition of Innovator Capital Management

Goldman Sachs kicked off earnings season on a strong note, reporting first-quarter net earnings of $5.63 billion — a 19% jump from the same period last year.

Earnings per share came in at $17.55, well ahead of the analyst consensus of $16.47. Net revenue of $17.23 billion also cleared the $17 billion estimate, according to FactSet data.

The results were driven by a record quarter in equities trading. Revenue from equity trading and financing climbed 27% to $5.33 billion — the highest the firm has ever posted for that business.

The Goldman Sachs Group, Inc., GS

Fixed income, currencies and commodities was the one soft spot, slipping 10% to $4.01 billion.

Market volatility tied to the ongoing Iran war has pushed clients to reposition portfolios and hedge risk, which tends to benefit trading desks. Goldman was well placed to capture that activity.

Investment Banking Leads the Way

Investment banking fees were the other big story. They surged 48% year-over-year to $2.84 billion, fueled by a resilient M&A market.

Global M&A volumes hit $1.38 trillion in Q1, per Dealogic data. Analysts at Jefferies noted that Goldman led the pack in market share as global M&A proxy fees rose 19% to $11.3 billion.

Goldman advised on some high-profile deals in the quarter, including Unilever’s planned merger of its food business with McCormick to create a $65 billion company, and Equitable’s proposed tie-up with Corebridge to form a $22 billion insurer.

The IPO pipeline also looks active. Goldman secured a role as a lead bank on SpaceX’s anticipated June IPO, which could raise $75 billion at a $1.75 trillion valuation. The firm also helped manage PayPay’s $880 million U.S. listing.

Wealth Management Holds Steady

The assets and wealth management division posted revenue of $4.08 billion, up 10%. Goldman has been building this business out to generate more predictable income alongside its more cyclical trading and banking revenues.

The firm’s private credit fund held up through an industry-wide wave of redemptions last quarter. Investors sought to redeem just under 5% of the fund — within the cap — as AI-related fears rattled private credit markets more broadly.

Goldman also completed its acquisition of Innovator Capital Management, an active ETF provider, earlier this month. That brings its total ETF assets under supervision to $90 billion.

GS stock has risen over 3% so far in 2026, following a 53% gain in 2025.

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