The Goldman Sachs Group Inc.

GS
Financial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$17.2B
Q1 2026 · +14% YoY
TTM ROIC
16.5%
FY2025 · ROTE (Return on Tangible Common Equity): Net Income to Common ÷ Average Tangible Common Equity — bank-specific framework used in place of ROIC · WACC ~11.5% · Moat spread +5pp

Financial Snapshot


ticker: GS step: 04 generated: 2026-05-12 source: quick-research

The Goldman Sachs Group, Inc. (GS) — Financial Snapshot

Income Statement Summary

Metric FY2023 FY2024 FY2025 YoY
Net Revenues $46.3B $53.5B $58.3B +9%
Investment Banking Fees $6.6B $7.7B $9.0B +17%
Trading Revenue (FICC + Equities) $26.8B $32.5B $35.0B +8%
Asset & Wealth Mgmt Revenue $13.0B $16.0B $17.0B +6%
Net Income $8.5B $14.3B $18.0B +26%
EPS (diluted) $22.87 $40.54 $51.32 +27%
ROE 7.5% 12.7% 15.0% +230bps
ROTE 8.2% 14.0% 16.5% +250bps

Q1 2026 Highlights (most recent reported)

Metric Q1 2026 YoY
Net Revenues ~$15B+ +14%
Investment Banking Fees $2.84B +48%
Advisory Fees $1.5B +89%
Equities Revenue strong
FICC Revenue $4.01B -10%
Net Income ~$5B+
Annualized ROTE 18%+

Segment Performance Q1 2026

Segment Revenue Growth Notes
Global Banking & Markets +19% YoY Record $12.7B; #1 in M&A by $150B lead
Asset & Wealth Management +10% YoY $3.5T+ AUS
Platform Solutions declining Consumer wind-down

Balance Sheet & Capital (Q1 2026)

Metric Value
Total Assets ~$1.7T
CET1 Capital Ratio ~14.4% (above 13.4% requirement)
Tangible Book Value/Share ~$330
Total AUS $3.5T+ (AWM)

Key Ratios (approximate, May 2026)

  • P/E (forward): ~12x | P/TBV: ~1.7x | Dividend Yield: ~2.1%
  • ROE FY25: 15.0% | ROTE Q1 26: 18%+ (above 14-16% target range)
  • Efficiency Ratio: ~62%

Growth Profile

2025 was the strongest year in GS history outside crisis-era peaks. Investment Banking fees up 17%; advisory fees +89% in Q1 2026. CEO Solomon calling 2026 a potential "top decile" year for M&A. The shift to AWM (annuity-like fees, less volatile) reduces earnings cyclicality. Apple Card / Marcus consumer disasters now fully behind the firm.

Forward Estimates

  • 2026E Revenue: ~$62-64B (+7-10%)
  • 2026E EPS: ~$55-58 (consensus, +7-13%)
  • 2027E EPS: ~$60-65 (highly dependent on IB cycle continuing)
  • Long-term ROTE target: 14-16% (consistently above target)

Capital Return

  • Quarterly dividend $3.00/share = $12 annual ($4B paid)
  • Share buybacks: ~$20B annual run rate
  • Total capital return: ~$24B annually
  • Combined dividend + buyback yield ~13% — Wall Street's largest capital return program by % of market cap

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $GS.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/gs/financials/md · → thesis · → memo