GOLDMAN SACHS GROUP INC Earnings Summary — Q1 2026

• Revenue reached a multi-year high of $17.23 billion in Q1 2026, a 14.4% increase year-over-year.
• Transaction-based revenues showed significant strength, growing to $7.35 billion, up from $6.29 billion in the previous quarter.
• The firm demonstrated strong sequential momentum with Net Income rising 21.9% compared to Q4 2025.
• Net interest income remains robust at $3.56 billion, reflecting effective balance sheet management in the current rate environment.
• Operational expenses rose alongside revenue, with cost of revenue increasing to $7.93 billion from $6.89 billion in the prior quarter.
• Basic shares outstanding continued to decline to 304 million, benefiting from ongoing share repurchase programs.
• The exit from consumer banking (Marcus) allows a refocus on the core 'One Goldman' institutional and advisory model.

Management is prioritizing the expansion of durable, recurring fees from Assets Under Management (AUM) to mitigate transactional volatility. The strategic shift back to core investment banking and institutional services is central to the 2025-2030 vision.

Improving

Earnings performance demonstrates successful execution in a recovering capital market environment following a strategic pivot back to core strengths.

The firm is positioned to benefit from increased deal-making activity and market-making opportunities. Management expects the wind-down of the consumer business to simplify the firm's profile while targeting higher ROE through the end of the decade.