Goldman Sachs (GS) Q1 2026 (USD): EPS 17.55 (exp. 16.41), Revenue 17.2bln (exp. 16.95bln)
- Equities sales and trading revenue 5.33bln (exp. 4.9bln).
- FICC sales and trading revenue 4.01bln (exp. 4.87bln).
- Global banking and markets net revenue 12.74bln (exp. 12.5bln).
- Advisory revenue 1.49bln (exp. 1.27bln).
- Provision for credit losses 315mln, +9.8% Y/Y (prev. net benefit of 2.12bln Q/Q). Provisions for the first quarter of 2026 primarily reflected growth and impairments related to wholesale loans.
- NII 3.56bln (exp. 3.52bln).
- Net revenues in Asset & Wealth Management 4.08bln, -14% Q/Q, +10% Y/Y.
- Operating expenses 10.43bln, +14% Y/Y, +7% Q/Q; increase primarily reflected significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance).
- Efficiency ratio 60.5% (prev. 60.6%).
Context
Goldman Sachs reported better-than-expected EPS and revenue for Q1 2026, beating estimates on key metrics including equities sales and trading revenue, which suggests strong performance in its core operations. The mixed results in FICC and a significant increase in provisions for credit losses, despite revenue growth in other segments, indicate potential risks ahead but also resilience in ECM. Overall, these results could prompt a reassessment of market positions in financials, particularly in equities and credit sectors.
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