The Goldman Sachs Group Inc.
GSFinancial 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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