Q4 26 EPS
$14.01
BEAT +19.13%
Est. $11.76
Q4 26 Revenue
$13.45B
vs S&P Since Q4 26
-8.9%
TRAILING MARKET
GS -4.7% vs S&P +4.2%
Full Year 2026 Results
FY 26 EPS
$51.32
BEAT +5.09%
Est. $48.84
FY 26 Revenue
$58.28B
MISS 0.29%
Est. $58.45B
Market Reaction
Did GS Beat Earnings? Q4 2026 Results
Goldman Sachs closed out 2025 with a standout fourth quarter, posting earnings per share of $14.01 against a consensus estimate of $11.76, a beat of 19.13%, even as reported revenue of $13.45 billion reflected a 58.3% year-over-year decline driven la… Read more Goldman Sachs closed out 2025 with a standout fourth quarter, posting earnings per share of $14.01 against a consensus estimate of $11.76, a beat of 19.13%, even as reported revenue of $13.45 billion reflected a 58.3% year-over-year decline driven largely by the firm's exit from the Apple Card program, which produced a $2.26 billion reduction in net revenues from portfolio markdowns and contract termination obligations. The headline revenue drop, however, obscured the underlying strength: a $2.48 billion reserve release in provision for credit losses more than offset those charges, and bank earnings lifted markets broadly on the report. Record equities net revenues of $16.54 billion, up 23% for the full year, and investment banking fees of $9.34 billion, up 21%, anchored the firm's second-highest annual results on record. Looking ahead, CEO David Solomon pointed to a significantly enlarged advisory backlog and the firm's new "One GS 3.0" AI initiative as catalysts for 2026, with Goldman reaffirming through-the-cycle targets of mid-teens ROE and a roughly 60% efficiency ratio.
Key Takeaways
- • Record Equities net revenues driven by significantly higher financing and intermediation revenues
- • Record FICC financing revenues driven by mortgages and structured lending
- • Investment banking fees up 25% YoY on significantly higher M&A advisory volumes
- • Record management and other fees of $3.09 billion in Q4 from higher average AUS
- • Net interest income of $3.71 billion in Q4, up 58% YoY reflecting lower funding costs and higher interest-earning assets
- • Provision for credit losses was a net benefit of $2.12 billion driven by Apple Card reserve release
GS Forward Guidance & Outlook
Goldman Sachs expects momentum to accelerate in 2026, with CEO David Solomon citing high levels of client engagement activating a flywheel of activity across the entire firm. The investment banking fees backlog increased significantly versus year-end 2024 and rose quarter-over-quarter, primarily driven by Advisory. The firm set through-the-cycle firmwide targets of mid-teens ROE (14-16%) and a ~60% efficiency ratio. For Asset & Wealth Management, the firm updated medium-term targets (3-5 year horizon from year-end 2025) to high-teens returns and ~30% pre-tax margin, with new targets for ~5% annual growth in long-term fee-based net inflows in wealth management, double-digit annual alternatives management & other fee growth, and $75-100 billion in annual alternatives fundraising with a goal of $750 billion alternatives AUS by 2030. The firm sees forward catalysts from strategic M&A activity, supportive capital markets, innovation and AI, accelerating sponsor-led transactions, and a more balanced regulatory backdrop.
GS YoY Financials
Q4 2026 vs Q4 2025, source: SEC Filings
GS Revenue by Segment
With YoY comparisons, source: SEC Filings
GS Revenue by Geography
With YoY comparisons, source: SEC Filings
“Since our first Investor Day where we laid out our comprehensive strategy, the firm has grown its revenues by 60%, improved returns by 500 basis points and delivered total shareholder returns of more than 340%. We continue to see high levels of client engagement across our franchise and expect momentum to accelerate in 2026, activating a flywheel of activity across our entire firm. While there are meaningful opportunities to deploy capital across our franchise and to return capital to shareholders, our unwavering focus remains on maintaining a disciplined risk management framework and robust standards.”
— David Solomon, Q4 2026 Earnings Press Release
GS Earnings Trends
GS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GS EPS Trend
Earnings per share: estimate vs actual
GS Revenue Trend
Quarterly revenue: estimate vs actual
GS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $11.76 | $14.01 | +19.13% | $13.45B | — |
| FY Full Year | $48.84 | $51.32 | +5.09% | $58.28B | -0.29% |
| Q1 26 | — | — | — | — | — |
| Q3 25 BEAT | $11.09 | $12.25 | +10.49% | $15.18B | +6.55% |
| Q2 25 BEAT | $9.68 | $10.91 | +12.71% | $14.58B | +7.71% |
| Q1 25 BEAT | $12.27 | $14.12 | +15.07% | $15.06B | +2.38% |