Goldman Sachs’ (GS) profits climbed in the first quarter, fueled by jumps in M&A dealmaking and record equity trading.
The Wall Street bank reported that net earnings rose 19% to $5.6 billion in the first three months of 2026. That came through as $17.55 per share, exceeding the $16.34 per share that analysts forecast.
Goldman said revenue in its markets division rose 8.6% to $9.3 billion, driven by record revenue in the bank’s equity trading business. Dealmaking fees jumped 48% to $1.5 billion over the same period, driven by its M&A advisory unit.
Total net revenue increased 14% to $17.22 billion over the period, while analysts expected $16.95 billion.
“Goldman Sachs delivered very strong performance for our shareholders this quarter, even as market conditions became more volatile,” Goldman CEO David Solomon said in a earnings release statement.
“The geopolitical landscape remains very complex — so disciplined risk management must remain core to how we operate,” Solomon added.
Goldman’s stock was roughly flat in early Monday trading. Shares are up 3% year to date as of Friday’s close.
The Wall Street bank kicked off the industry’s first quarter earnings season, where analysts expect the giants to report sturdy fundamentals following a reset in their stock prices from record highs hit at the beginning of January.
The first three months of 2026 were marked by rapid change and elevated volatility amid the onset of the US-Israeli war with Iran, which spiked commodity prices.
Other pockets of the markets also faced uncertainty as investors wondered how much and how quickly artificial intelligence advancements could disrupt the existing software industry and the world of private credit witnessed a shakeout.
This coming week, other big banks will report results, including JPMorgan (JPM), Wells Fargo (WFC), and Citi (C) on Tuesday.
