Filing Flows › Goldman Sachs Group (GS) › Q1 2026
Goldman Sachs Group (GS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Goldman Sachs Group (GS) reported revenue of $17.2B for the first quarter 2026 (Q1 2026), +14% from a year earlier and +28% from the quarter before. Operating margin was 37.7%, net earnings $5.6B (32.7% of revenue).
Goldman Sachs Group, Q1 2026: revenue $17.2B (+14% year over year), operating margin 37.7%, net earnings $5.6B, operating cash flow −$31.9B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.2B | +28% | +14% |
| Operating profit | $6.5B | +11% | +15% |
| Net earnings | $5.6B | +22% | +19% |
| Operating cash flow | −$31.9B | — | — |
What changed
Revenue was $17.2B in Q1 2026, up 14% year over year and up 28% from the previous quarter. Global Banking & Markets was the largest line at 74% of revenue. Global Banking & Markets added $2.0B year over year (up 19%), 92% of the total change. Platform Solutions declined 33%.
Operating profit was $6.5B, a 37.7% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 39% reached operating profit, above the 37% margin then. Total costs grew 14% against revenue growth of 14%. Net earnings were $5.6B, up 19% year over year. The effective tax rate was 13.2%.
Operating cash flow was −$31.9B. Non-cash charges added back $0.49B of depreciation and amortization and $2.5B of share-based compensation. Working capital and other items used $40.5B. Capital expenditures of $0.56B exceeded it, leaving free cash flow of −$32.4B.
Questions
What was Goldman Sachs Group's revenue in the first quarter 2026?
Goldman Sachs Group (GS) reported revenue of $17.2B for the first quarter 2026 (Q1 2026), +14% from a year earlier and +28% from the quarter before.
Was Goldman Sachs Group profitable in the first quarter 2026?
Operating profit was $6.5B (37.7% of revenue) and net earnings $5.6B.