GSGoldman Sachs GroupQ1 FY2026Earnings Analysis

SolidFundamentals score7 / 10

How is this scored?

Base score5
Net income up more than 10% YoY+2

Total7 / 10

Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.

Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →

AI Takeaway

Goldman Sachs delivered a strong Q1 FY2026 with net income rising 18.8% YoY to $5.63B and diluted EPS of $17.55, driven by robust balance sheet growth and shareholder returns.

EPS (Diluted)

$17.55

+24.29% YoY

Filed May 1, 2026 · Analysis updated Jun 21, 2026 · Source: SEC EDGAR 10-Q filing

Next GS earnings expected Oct 13, 2026

Revenue Growth, Margins & Profitability

Source: SEC XBRL

Goldman Sachs Group (GS) used $31.87B of cash in operations in Q1 FY2026. GS's fiscal Q1 FY2026 corresponds to calendar Q1 2026.

GS vs Analyst Expectations

Last 4 quarters: 4 beats

Quarter	Actual EPS (USD)	Consensus (USD)	Result
Jun 2026	20.98	14.91	Beat +40.7%
Mar 2026This filing	17.55	16.99	Beat +3.3%
Dec 2025	14.01	12.02	Beat +16.5%
Sep 2025	12.25	11.33	Beat +8.1%

Reported EPS of $17.55 versus the $16.99 analyst consensus — a +3.3% beat for Mar 2026.

GS Q1 FY2026 Management Discussion Highlights

Compiled by AI from this SEC filing

Strong Earnings Growth

Net income increased 18.8% YoY to $5.63B in Q1 FY2026, while diluted EPS surged 24.3% to $17.55, reflecting improved profitability and a reduced share count from buybacks.

Source: 10-Q Income Statement

Significant Balance Sheet Expansion

Total assets grew 16.6% YoY to $2.06T, reflecting increased business activity and deployment of capital across Goldman's core businesses, though total liabilities rose 18.0% to $1.94T, outpacing asset growth.

Source: 10-Q Balance Sheet

Shareholder Returns Accelerated

Goldman Sachs returned capital aggressively, paying $1.59B in dividends (up 42.4% YoY) and repurchasing $5.0B in shares (up 14.7% YoY), signaling management confidence in the firm's financial position.

Source: 10-Q Cash Flow Statement

Financing Activity Surge Offsets Operating Cash Outflows

Financing cash flows surged 143.5% YoY to $104.3B, largely offsetting operating cash outflows of -$31.9B (improved from -$37.2B) and heavy investing outflows of -$56.3B, which worsened 147.5% YoY.

Source: 10-Q Cash Flow Statement

Stockholders' Equity Slight Decline

Despite strong earnings, stockholders' equity edged down 1.2% YoY to $122.8B, likely reflecting the impact of significant share buybacks and dividends exceeding retained earnings additions.

Source: 10-Q Balance Sheet

GS Q1 FY2026 Risk Factors

Compiled by AI from this SEC filing · 2 high, 2 medium, 1 low

High Leverage and Debt-to-Equity Ratio

high

Goldman Sachs operates with a debt-to-equity ratio of approximately 15.8x, which is characteristic of large investment banks but exposes the firm to significant financial risk in adverse market conditions. A sudden tightening of credit markets or liquidity stress could amplify losses relative to equity capital.

Source: 10-Q Balance Sheet, Key Ratios

Negative Operating Cash Flow

medium

Operating cash flow was -$31.9B in Q1 FY2026, though this improved from -$37.2B in the prior year. For a financial institution, sustained negative operating cash flows can indicate elevated working capital demands or trading book fluctuations, requiring careful monitoring.

Source: 10-Q Cash Flow Statement

Rapidly Expanding Liabilities Outpacing Assets

high

Total liabilities grew 18.0% YoY to $1.94T, slightly faster than total assets at 16.6%, compressing the equity cushion. This trend, if sustained, could pressure capital adequacy ratios and regulatory compliance.

Source: 10-Q Balance Sheet

Heavy Investing Cash Outflows

medium

Investing cash flows deteriorated sharply to -$56.3B from -$22.7B in the prior year, a 147.5% increase in outflows. This suggests significant capital deployment into investments or acquisitions, which may not generate near-term returns and could strain liquidity.

Source: 10-Q Cash Flow Statement

Low Return on Assets

low

ROA stands at approximately 0.27%, reflecting the thin margin typical of large financial institutions operating on massive asset bases. Any deterioration in net income or asset quality could quickly erode this already slim return metric.

Source: 10-Q Key Ratios

GS Financial Charts & Detailed Metrics

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Key Metrics

Income Statement

Metric	Current	Previous	YoY Change
Net Income $B	5.63 $B	4.74 $B	+18.83%
EPS (Basic) $	17.74 $	14.25 $	+24.49%
EPS (Diluted) $	17.55 $	14.12 $	+24.29%

Balance Sheet

Metric	Current	Previous	YoY Change
Total Assets $T	2.06 $T	1.77 $T	+16.65%
Total Liabilities $T	1.94 $T	1.64 $T	+18.00%
Stockholders' Equity $B	122.78 $B	124.30 $B	-1.22%
Cash & Equivalents $B	179.53 $B	167.41 $B	+7.24%

Cash Flow

Metric	Current	Previous	YoY Change
Operating Cash Flow $B	-31.87 $B	-37.23 $B	+14.40%
Investing Cash Flow $B	-56.31 $B	-22.75 $B	-147.54%
Financing Cash Flow $B	104.29 $B	42.83 $B	+143.53%
Dividends Paid $B	1.59 $B	1.12 $B	+42.42%
Share Buybacks $B	5.00 $B	4.36 $B	+14.68%

Key Ratios

Metric	Current	Previous	YoY Change
ROE	4.6%	—	—
ROA	0.3%	—	—
Debt to Equity	15.78	—	—

GS Q1 FY2026 Earnings FAQ

Answers draw on this SEC filing and the data on this page

How did Goldman Sachs perform in Q1 FY2026 earnings?

Goldman Sachs reported strong Q1 FY2026 results with net income of $5.63B, up 18.8% YoY, and diluted EPS of $17.55, up 24.3% YoY. Total assets expanded 16.6% to $2.06T, reflecting significant business growth during the quarter.

What were the key takeaways from GS Q1 FY2026 earnings?

The key takeaways include robust earnings growth (net income +18.8%), aggressive shareholder returns with $5.0B in buybacks and $1.59B in dividends, and a major balance sheet expansion to $2.06T in total assets. However, liabilities grew faster than assets, and investing cash outflows surged 147.5% YoY to -$56.3B.

Did Goldman Sachs increase its dividend in Q1 FY2026?

Yes, Goldman Sachs paid $1.59B in dividends in Q1 FY2026, a significant 42.4% increase compared to $1.12B in the prior year period. This was accompanied by $5.0B in share buybacks, up 14.7% YoY, reflecting strong capital return commitments.

What risks did Goldman Sachs highlight in its Q1 FY2026 report?

Based on the financial data, key risks include a high debt-to-equity ratio of 15.8x, negative operating cash flow of -$31.9B, and rapidly expanding liabilities outpacing asset growth. The sharp increase in investing outflows to -$56.3B also raises questions about near-term capital deployment returns.

What is Goldman Sachs's financial health after Q1 FY2026?

Goldman Sachs maintains a strong earnings profile with $5.63B in net income and $122.8B in stockholders' equity, supported by $179.5B in cash and equivalents. However, its leverage remains elevated at 15.8x debt-to-equity, and the firm relies heavily on financing activities ($104.3B inflows) to fund its operations and investments.

When is the next GS earnings date?

Goldman Sachs Group (GS) is next expected to report earnings on Oct 13, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.

More GS Earnings Reports

GS Q2 FY2026

Goldman Sachs' net earnings more than doubled in Q2 FY2026, driven by record trading and investment banking fees, while it continued to wind down its consumer credit card business.

GS FY2025

Goldman Sachs delivered a strong FY2025 with net income surging 20.3% to $17.2B and diluted EPS jumping 26.6% to $51.32, driven by robust business performance, while total assets grew 8.0% to $1.81T and the firm returned $17.6B to shareholders via buybacks and dividends.

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GSGoldman Sachs GroupQ1 FY2026

SolidFundamentals score7 / 10

How is this scored?

Base score5
Net income up more than 10% YoY+2

Total7 / 10

Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.

Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →

AI Takeaway

Goldman Sachs delivered a strong Q1 FY2026 with net income rising 18.8% YoY to $5.63B and diluted EPS of $17.55, driven by robust balance sheet growth and shareholder returns.

Quarter

Actual EPS (USD)

Consensus (USD)

Result

Jun 2026

20.98

14.91

Beat +40.7%

Mar 2026This filing

17.55

16.99

Beat +3.3%

Dec 2025

14.01

12.02

Beat +16.5%

Sep 2025

12.25

11.33

Beat +8.1%

Metric

Current

YoY Change

Net Income $B

5.63

+18.83%

EPS (Basic) $

17.74

+24.49%

EPS (Diluted) $

17.55

+24.29%

Metric

Current

YoY Change

Total Assets $T

2.06

+16.65%

Total Liabilities $T

1.94

+18.00%

Stockholders' Equity $B

122.78

-1.22%

Cash & Equivalents $B

179.53

+7.24%

Metric

Current

YoY Change

Operating Cash Flow $B

-31.87

+14.40%

Investing Cash Flow $B

-56.31

-147.54%

Financing Cash Flow $B

104.29

+143.53%

Dividends Paid $B

1.59

+42.42%

Share Buybacks $B

5.00

+14.68%

Metric

Current

YoY Change

ROE

4.6%

—

ROA

0.3%

—

Debt to Equity

15.78

—