# The Goldman Sachs Group Inc. (GS) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GS/thesis · /stocks/GS/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/GS/fundamental

## Navigation

- Overview: /stocks/GS
- Financials (this page): /stocks/GS/financials
- Thesis: /stocks/GS/thesis
- Investment Memo: /stocks/GS/memo
- Coverage universe: /stocks