# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0000886982-26-000096
**Filing Date:** 2026-4
**Character Count:** 59204
**Document Hash:** 5f82cb17e6627dfb9cb4039f4a404bfd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000886982-26-000096.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0000886982-26-000096

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260413

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260413

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS GROUP INC
- **CENTRAL INDEX KEY:** 0000886982
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134019460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14965
- **FILM NUMBER:** 26856470

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS GROUP INC/
- **DATE OF NAME CHANGE:** 20010104

?xml version='1.0' encoding='ASCII'? gs-20260413

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**Form 8-K**

CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 13, 2026

**The Goldman Sachs Group, Inc.**

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

---

| | |
|:---|:---|
| Delaware | 13-4019460 |
| (State or other jurisdiction of<br>incorporation) | (IRS Employer<br>Identification No.) |
| 200 West Street, New York, NY | 10282 |
| (Address of principal executive offices) | (Zip Code) |

---

(212) 902-1000

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol | Exchange<br>on which<br>registered |
| Common stock, par value $.01 per share | GS | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A | GS PrA | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C | GS PrC | NYSE |
| Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D | GS PrD | NYSE |
| 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II | GS/43PE | NYSE |
| Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III | GS/43PF | NYSE |
| Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. | GS/31B | NYSE |
| Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. | GS/31X | NYSE |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**TABLE OF CONTENTS** 

---

| |
|:---|
| <u>[Item 2.02 Results of Operations and Financial Condition](#i072d15f9d78c4cd0a9069f7b4488cdb3_10)</u> |
| <u>[Item 7.01 Regulation FD Disclosure](#i072d15f9d78c4cd0a9069f7b4488cdb3_13)</u> |
| <u>[Item 9.01 Financial Statements and Exhibits](#i072d15f9d78c4cd0a9069f7b4488cdb3_16)</u> |
| <u>[SIGNATURE](#i072d15f9d78c4cd0a9069f7b4488cdb3_19)</u> |
| <u>[Exhibit 99.1: PRESS RELEASE](a1q26gsearningsresults.htm)</u> |
| <u>[Exhibit 99.2: PRESENTATION](a1q26gsearningsresultspr.htm)</u> |

---

------

**Item 2.02 Results of Operations and Financial Condition.** 

On April 13, 2026, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the first quarter ended March 31, 2026. A copy of Group Inc.'s press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.** 

On April 13, 2026, at 9:30 a.m. (ET), the firm will hold a conference call to discuss the firm's financial results, outlook and related matters. A copy of the presentation for the conference call is attached as Exhibit 99.2 to this Report on Form 8-K.

**Item 9.01 Financial Statements and Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d)Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 99.1 | <u>[Press release of Group Inc. dated](a1q26gsearningsresults.htm)[April](a1q26gsearningsresults.htm)[1](a1q26gsearningsresults.htm)[3](a1q26gsearningsresults.htm)[, 2026 containing financial information for its f](a1q26gsearningsresults.htm)[irst](a1q26gsearningsresults.htm)[quarter](a1q26gsearningsresults.htm)[ended](a1q26gsearningsresults.htm)[March](a1q26gsearningsresults.htm)[31, 202](a1q26gsearningsresults.htm)[6](a1q26gsearningsresults.htm)[.](a1q26gsearningsresults.htm)</u> |
| Exhibit 99.1 shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (Exchange Act). | Exhibit 99.1 shall be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (Exchange Act). |
| 99.2 | <u>[Presentation of Group Inc. dated](a1q26gsearningsresultspr.htm)[April](a1q26gsearningsresultspr.htm)[1](a1q26gsearningsresultspr.htm)[3](a1q26gsearningsresultspr.htm)[, 2026, for the conference call on](a1q26gsearningsresultspr.htm)[April](a1q26gsearningsresultspr.htm)[1](a1q26gsearningsresultspr.htm)[3](a1q26gsearningsresultspr.htm)[, 2026.](a1q26gsearningsresultspr.htm)</u> |
| Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form 8-K and the information included therein shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act.  | Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form 8-K and the information included therein shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act.  |
| 101 | Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting Language).  |
| 104 | Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).  |

---

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | THE GOLDMAN SACHS GROUP, INC. <br>(Registrant) | THE GOLDMAN SACHS GROUP, INC. <br>(Registrant) |
| Date: April 13, 2026 | By: | /s/ Denis P. Coleman III |
|  |  | Name: Denis P. Coleman III |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![g903229g62t25.jpg](g903229g62t25.jpg)

**First Quarter 2026**

**Earnings Results**

Media Relations: Tony Fratto 212-902-5400

Investor Relations: Jehan Ilahi 212-902-0300

**The Goldman Sachs Group, Inc.**

**200 West Street \| New York, NY 10282**

First Quarter 2026 Earnings Results

**Goldman Sachs Reports First Quarter Earnings Per Common Share of $17.55**![a2.jpg](a2.jpg)

**Financial Summary**

![a3.jpg](a3.jpg)

![a3.jpg](a3.jpg)

![a3.jpg](a3.jpg)

---

| | |
|:---|:---|
| **Net Revenues** | **Net Revenues** |
| **1Q26** | **$17.23 billion** |

---

---

| | |
|:---|:---|
| **Net Earnings** | **Net Earnings** |
| **1Q26** | **$5.63 billion** |

---

---

| | |
|:---|:---|
| **EPS**<sup>1</sup> | **EPS**<sup>1</sup> |
| **1Q26** | **$17.55** |

---

![a3.jpg](a3.jpg)

![a3.jpg](a3.jpg)

---

| | |
|:---|:---|
| **Annualized ROE**<sup>2</sup> | **Annualized ROE**<sup>2</sup> |
| **1Q26** | **19.8%** |

---

---

| | |
|:---|:---|
| **Book Value Per Share** | **Book Value Per Share** |
| **1Q26** | **$361.19** |

---

NEW YORK, April 13, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $17.23 billion and

net earnings of $5.63 billion for the first quarter ended March 31, 2026.

Diluted earnings per common share (EPS)<sup>1</sup> was $17.55 for the first quarter of 2026 compared with $14.12 for the first quarter

of 2025 and $14.01 for the fourth quarter of 2025.

Annualized return on average common shareholders' equity (ROE)<sup>2</sup> was 19.8% for the first quarter of 2026.

Book value per common share increased by 1.0% during the quarter to $361.19.

Goldman Sachs Reports

**First Quarter 2026 Earnings Results**

 **The Goldman Sachs Group, Inc. and Subsidiaries**

![a2.jpg](a2.jpg)

**Net Revenues**

Net revenues were $17.23 billion for the first quarter of 2026, 14% higher than the

first quarter of 2025 and 28% higher than the fourth quarter of 2025. The increase

compared with the first quarter of 2025 primarily reflected higher net revenues in

Global Banking & Markets.

![a3.jpg](a3.jpg)

---

| |
|:---|
| **Net Revenues** |
| **$17.23 billion** |

---

**Global Banking & Markets**

![line.jpg](line.jpg)

![line.jpg](line.jpg)

Net revenues in Global Banking & Markets were $12.74 billion for the first quarter of

2026, 19% higher than the first quarter of 2025 and 22% higher than the fourth

quarter of 2025.

Investment banking fees were $2.84 billion, 48% higher than the first quarter of 2025,

primarily due to significantly higher net revenues in Advisory, reflecting a significant

increase in completed mergers and acquisitions volumes. Net revenues in Equity

underwriting were also significantly higher, primarily reflecting significantly higher net

revenues from convertible offerings. Net revenues in Debt underwriting were higher,

reflecting higher net revenues from investment-grade and asset-backed activity,

partially offset by significantly lower net revenues from leveraged finance activity. The

firm's Investment banking fees backlog<sup>3</sup> decreased slightly compared with the end of

2025. Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.01 billion,

10% lower than the first quarter of 2025, reflecting lower net revenues in FICC

intermediation, due to significantly lower net revenues in interest rate products and

mortgages and lower net revenues in credit products, partially offset by significantly

higher net revenues in commodities and currencies. Net revenues in FICC financing

were slightly higher.

Net revenues in Equities were $5.33 billion, 27% higher than the first quarter of 2025,

due to significantly higher net revenues in Equities financing, primarily driven by

significantly higher net revenues in prime financing, and higher net revenues in

Equities intermediation, primarily driven by higher net revenues in cash products.

Net revenues in Other were $561 million compared with $200 million for the first

quarter of 2025, with the increase primarily reflecting significantly higher net gains

from direct investments.

![gbmresultsbox-erdoc.jpg](gbmresultsbox-erdoc.jpg)

---

| | |
|:---|:---|
| **Global Banking & Markets** | **Global Banking & Markets** |
| **$12.74 billion** | **$12.74 billion** |
| **Advisory** | **$1.49 billion** |
| **Equity underwriting** | **$535 million** |
| **Debt underwriting** | **<u>$</u><u>811</u> <u>million</u>**  |
| **Investment banking fees** | **$2.84 billion** |
| **FICC intermediation** | **$2.95 billion** |
| **FICC financing** | **<u>$</u><u>1.06</u> <u>billion</u>** |
| **FICC** | **$4.01 billion** |
| **Equities intermediation** | **$2.72 billion** |
| **Equities financing** | **<u>$</u><u>2.61</u> <u>billion</u>** |
| **Equities** | **$5.33 billion** |
| **Other** | **$561 million** |

---

[2](#ia6bf73cfab284da48aac2943705037a2_7)

Goldman Sachs Reports

**First Quarter 2026 Earnings Results**

**The Goldman Sachs Group, Inc. and Subsidiaries**

**Asset & Wealth Management**

Net revenues in Asset & Wealth Management were $4.08 billion for the first quarter

of 2026, 10% higher than the first quarter of 2025 and 14% lower than the fourth

quarter of 2025. The increase compared with the first quarter of 2025 primarily

reflected higher Management and other fees, partially offset by lower net revenues in

Private banking and lending.

The increase in Management and other fees primarily reflected the impact of higher

average assets under supervision. The decrease in Private banking and lending

reflected the impact of lower deposit spreads related to Marcus deposits, partially

offset by higher deposit balances. Incentive fees were higher, primarily driven by

performance, and net revenues in Investments were also higher.

![awmresultsbox-erdoc.jpg](awmresultsbox-erdoc.jpg)

---

| | |
|:---|:---|
| **Asset & Wealth Management** | **Asset & Wealth Management** |
| **$4.08 billion** | **$4.08 billion** |
| **Management and** <br>**other fees**<br>| **$3.08 billion** |
| **Incentive fees** | **$183 million**  |
| **Private banking and** <br>**lending**<br>| **$638 million** |
| **Investments** | **$180 million** |

---

**Platform Solutions**

Net revenues in Platform Solutions were $411 million for the first quarter of 2026,

compared with $610 million for the first quarter of 2025 and $(1.68) billion for the

fourth quarter of 2025. The decrease compared with the first quarter of 2025

primarily reflected net markdowns recognized in net revenues related to the Apple

Card loan portfolio, which was transferred to held for sale in 2025.

![a3.jpg](a3.jpg)

---

| |
|:---|
| **Platform Solutions** |
| **$411 million** |

---

![a4.jpg](a4.jpg)

**Provision for Credit Losses**

Provision for credit losses was $315 million for the first quarter of 2026, compared

with $287 million for the first quarter of 2025 and a net benefit of $2.12 billion for the

fourth quarter of 2025. Provisions for the first quarter of 2026 primarily reflected

growth and impairments related to wholesale loans. Provisions for the first quarter of

2025 primarily reflected net provisions related to the credit card portfolio, which was

transferred to held for sale in the fourth quarter of 2025.

![a3.jpg](a3.jpg)

---

| |
|:---|
| **Provision for Credit Losses** |
| **$315 million** |

---

Goldman Sachs Reports

**First Quarter 2026 Earnings Results**

 **The Goldman Sachs Group, Inc. and Subsidiaries**

![a2.jpg](a2.jpg)

**Operating Expenses**

Operating expenses were $10.43 billion for the first quarter of 2026, 14% higher than

the first quarter of 2025 and 7% higher than the fourth quarter of 2025. The firm's

efficiency ratio<sup>3</sup> was 60.5% for the first quarter of 2026, compared with 60.6% for the

first quarter of 2025.

The increase in operating expenses compared with the first quarter of 2025 primarily

reflected significantly higher transaction based expenses and higher compensation

and benefits expenses (reflecting improved operating performance).

Net provisions for litigation and regulatory proceedings were $42 million for the first

quarter of 2026, compared with $(11) million for the first quarter of 2025.

Headcount was essentially unchanged compared with the end of 2025.

![a3.jpg](a3.jpg)

---

| |
|:---|
| **Operating Expenses** |
| **$10.43 billion** |

---

![a3.jpg](a3.jpg)

---

| |
|:---|
| **Efficiency Ratio** |
| **60.5%** |

---

![a4.jpg](a4.jpg)

**Provision for Taxes**

The effective income tax rate for the first quarter of 2026 was 13.2%, down from the

full year rate of 21.4% for 2025, primarily reflecting an increase in tax benefits on the

settlement of employee share-based awards<sup>4</sup>, partially offset by a decrease in other

permanent tax benefits, for the first quarter of 2026 compared with the full year of

2025. ![a3.jpg](a3.jpg)

---

| |
|:---|
| **Effective Tax Rate** |
| **13.2%** |

---

![a2.jpg](a2.jpg)

**Other Matters**

▪On April 10, 2026, the Board of Directors of The Goldman Sachs Group, Inc. declared

a dividend of $4.50 per common share to be paid on June 29, 2026 to common

shareholders of record on June 1, 2026.

▪In the first quarter of 2026, the firm returned $6.38 billion of capital to common

shareholders, including $5.00 billion of common share repurchases (5.4 million

shares at an average cost of $923.49) and $1.38 billion of common stock dividends.<sup>3</sup>

▪Global core liquid assets<sup>3</sup> averaged $494 billion for the first quarter of 2026, compared

with an average of $479 billion for the fourth quarter of 2025.

![a3.jpg](a3.jpg)

---

| |
|:---|
| **Declared Quarterly** <br>**Dividend Per Common Share**<br>|
| **$4.50** |

---

![a3.jpg](a3.jpg)

---

| |
|:---|
| **Common Share Repurchases** |
| **5.4 million shares for $5.00 billion** |

---

![a3.jpg](a3.jpg)

---

| |
|:---|
| **Average GCLA** |
| **$494 billion** |

---

[4](#ia6bf73cfab284da48aac2943705037a2_13)

Goldman Sachs Reports

**First Quarter 2026 Earnings Results**

**The Goldman Sachs Group, Inc. and Subsidiaries**

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a

large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in

1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

**Cautionary Note Regarding Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private

Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current

conditions, but instead represent only the firm's beliefs regarding future events, many of which, by their nature, are inherently

uncertain and outside of the firm's control. It is possible that the firm's actual results, financial condition and liquidity may

differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements.

For information about some of the risks and important factors that could affect the firm's future results, financial condition and

liquidity, see "Risk Factors" in Part I, Item 1A of the firm's Annual Report on Form 10-K for the year ended December 31,

2025. Information regarding the firm's assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,

balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking

statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements about the firm's Investment banking fees backlog and future results also may constitute forward-looking

statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and

related net revenues may not be realized or may be materially less than expected. Important factors that could have such a

result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international

trade policies, including the imposition of tariffs, the continuation or worsening of the war in the Middle East, volatility in the

securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory

transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with

respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important

factors that could adversely affect the firm's Investment banking fees, see "Risk Factors" in Part I, Item 1A of the firm's Annual

Report on Form 10-K for the year ended December 31, 2025.

**Conference Call**

A conference call to discuss the firm's financial results, outlook and related matters will be held at 9:30 am (ET). The call will

be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the

U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes

prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor

Relations section of the firm's website, *<u>www.goldmansachs.com/investor-relations</u>*. There is no charge to access the call. For

those unable to listen to the live broadcast, a replay will be available on the firm's website beginning approximately three

hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs

Investor Relations, via e-mail, at *<u>gs-investor-relations@gs.com</u>*.

[5](#ia6bf73cfab284da48aac2943705037a2_16)

Goldman Sachs Reports

**First Quarter 2026 Earnings Results**

 **The Goldman Sachs Group, Inc. and Subsidiaries**

**Segment Net Revenues (unaudited)** 

*$ in millions*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **% CHANGE FROM** | **% CHANGE FROM** |
| | **MARCH 31,** | **DECEMBER 31,** | **MARCH 31,** | **DECEMBER 31,** | **MARCH 31,** |
| | **2026** | **2025** | **2025** | **2025** | **2025** |
| **GLOBAL BANKING & MARKETS** | **GLOBAL BANKING & MARKETS** |  |  |  |  |
| Advisory | $**1494** | $1356 | $792 | 10% | 89% |
| Equity underwriting | **535** | 521 | 370 | 3 | 45 |
| Debt underwriting | **811** | 700 | 752 | 16 | 8 |
| Investment banking fees | **2840** | 2577 | 1914 | 10 | 48 |
| FICC intermediation | **2949** | 2021 | 3390 | 46 | (13) |
| FICC financing | **1062** | 1086 | 1045 | (2) | 2 |
| FICC | **4011** | 3107 | 4435 | 29 | (10) |
| Equities intermediation | **2718** | 2178 | 2547 | 25 | 7 |
| Equities financing | **2608** | 2128 | 1645 | 23 | 59 |
| Equities | **5326** | 4306 | 4192 | 24 | 27 |
| Other | **561** | 421 | 200 | 33 | 181 |
| **Net revenues** | **12738** | 10411 | 10741 | 22 | 19 |
| **ASSET & WEALTH MANAGEMENT** | **ASSET & WEALTH MANAGEMENT** |  |  |  |  |
| Management and other fees | **3077** | 3092 | 2701 |  | 14 |
| Incentive fees | **183** | 181 | 129 | 1 | 42 |
| Private banking and lending | **638** | 776 | 725 | (18) | (12) |
| Investments | **180** | 670 | 156 | (73) | 15 |
| **Net revenues** | **4078** | 4719 | 3711 | (14) | 10 |
| **PLATFORM SOLUTIONS** |  |  |  |  |  |
| **Net revenues** | **411** | (1676) | 610 | N.M. | (33) |
| **Total net revenues** | $**17227** | $13454 | $15062 | 28 | 14 |

---

**Geographic Net Revenues (unaudited)**<sup>3</sup>

*$ in millions*

---

| | | | |
|:---|:---|:---|:---|
| | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
| | **MARCH 31,**<br>**2026** | **DECEMBER 31,**<br>**2025** | **MARCH 31,**<br>**2025** |
| Americas | $**10416** | $7680 | $9866 |
| EMEA | **3767** | 3690 | 3491 |
| Asia | **3044** | 2084 | 1705 |
| **Total net revenues** | $**17227** | $13454 | $15062 |
| Americas | **60%** | 57% | 66% |
| EMEA | **22%** | 27% | 23% |
| Asia | **18%** | 16% | 11% |
| **Total** | **100%** | 100% | 100% |

---

Goldman Sachs Reports

**First Quarter 2026 Earnings Results**

**The Goldman Sachs Group, Inc. and Subsidiaries**

**Consolidated Statements of Earnings (unaudited)**

*In millions, except per share amounts and headcount* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **% CHANGE FROM** | **% CHANGE FROM** |
|  | **MARCH 31,** | **DECEMBER 31,** | **MARCH 31,** | **DECEMBER 31,** | **MARCH 31,** |
|  | **2026** | **2025** | **2025** | **2025** | **2025** |
| **REVENUES** |  |  |  |  |  |
| Investment banking | $**2844** | $2579 | $1916 | 10% | 48% |
| Investment management | **3179** | 3201 | 2759 | (1) | 15 |
| Commissions and fees | **1326** | 505 | 1226 | 163 | 8 |
| Market making | **5461** | 3669 | 5723 | 49 | (5) |
| Other principal transactions | **862** | (208) | 543 | N.M. | 59 |
| **Total non-interest revenues** | **13672** | 9746 | 12167 | 40 | 12 |
| Interest income | **20637** | 20379 | 19383 | 1 | 6 |
| Interest expense | **17082** | 16671 | 16488 | 2 | 4 |
| **Net interest income** | **3555** | 3708 | 2895 | (4) | 23 |
| **Total net revenues** | **17227** | 13454 | 15062 | 28 | 14 |
| **Provision for credit losses** | **315** | (2123) | 287 | N.M. | 10 |
| **OPERATING EXPENSES** |  |  |  |  |  |
| Compensation and benefits | **5412** | 4665 | 4876 | 16 | 11 |
| Transaction based | **2515** | 2224 | 1850 | 13 | 36 |
| Market development | **186** | 216 | 156 | (14) | 19 |
| Communications and technology | **583** | 589 | 506 | (1) | 15 |
| Depreciation and amortization | **495** | 527 | 506 | (6) | (2) |
| Occupancy | **254** | 249 | 233 | 2 | 9 |
| Professional fees | **379** | 474 | 424 | (20) | (11) |
| Other expenses | **602** | 778 | 577 | (23) | 4 |
| **Total operating expenses** | **10426** | 9722 | 9128 | 7 | 14 |
| Pre-tax earnings | **6486** | 5855 | 5647 | 11 | 15 |
| Provision for taxes | **856** | 1238 | 909 | (31) | (6) |
| **Net earnings** | **5630** | 4617 | 4738 | 22 | 19 |
| Preferred stock dividends | **227** | 233 | 155 | (3) | 46 |
| **Net earnings applicable to** <br>**common shareholders**<br>| $**5403** | $4384 | $4583 | 23 | 18 |
| **EARNINGS PER COMMON SHARE** | **EARNINGS PER COMMON SHARE** |  |  |  |  |
| Basic<sup>3</sup> | $**17.74** | $14.21 | $14.25 | 25% | 24% |
| Diluted<sup>1</sup> | $**17.55** | $14.01 | $14.12 | 25 | 24 |
| **AVERAGE COMMON SHARES** | **AVERAGE COMMON SHARES** |  |  |  |  |
| Basic | **303.8** | 307.3 | 320.8 | (1) | (5) |
| Diluted | **308.0** | 312.9 | 324.5 | (2) | (5) |
| **SELECTED DATA AT PERIOD-END** | **SELECTED DATA AT PERIOD-END** |  |  |  |  |
| Common shareholders' equity | $**109079** | $109819 | $109147 | (1) |  |
| Basic shares<sup>3</sup> | **302.0** | 307.1 | 317.1 | (2) | (5) |
| Book value per common share | $**361.19** | $357.60 | $344.20 | 1 | 5 |
| Headcount | **47000** | 47400 | 46600 | (1) | 1 |

---

Goldman Sachs Reports

**First Quarter 2026 Earnings Results**

 **The Goldman Sachs Group, Inc. and Subsidiaries**

**Condensed Consolidated Balance Sheets (unaudited)**<sup>3</sup>

*$ in billions* 

---

| | | |
|:---|:---|:---|
| | **AS OF** | **AS OF** |
|  | **MARCH 31,** | **DECEMBER 31,** |
|  | **2026** | **2025** |
| **ASSETS** |  |  |
| Cash and cash equivalents | $**179** | $164 |
| Collateralized agreements | **386** | 334 |
| Customer and other receivables | **209** | 186 |
| Trading assets | **760** | 657 |
| Investments | **238** | 194 |
| Loans | **253** | 238 |
| Other assets | **37** | 36 |
| **Total assets** | $**2062** | $1809 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |
| Deposits | $**561** | $501 |
| Collateralized financings | **353** | 305 |
| Customer and other payables | **293** | 232 |
| Trading liabilities | **312** | 263 |
| Unsecured short-term borrowings | **81** | 70 |
| Unsecured long-term borrowings | **315** | 285 |
| Other liabilities | **24** | 28 |
| **Total liabilities** | **1939** | 1684 |
| Shareholders' equity | **123** | 125 |
| **Total liabilities and shareholders' equity** | $**2062** | $1809 |

---

**Capital Ratios and Supplementary Leverage Ratio (unaudited)**<sup>3</sup>

*$ in billions*

---

| | | |
|:---|:---|:---|
| | **AS OF** | **AS OF** |
|  | **MARCH 31,** | **DECEMBER 31,** |
|  | **2026** | **2025** |
| Common equity tier 1 capital | $**101.7** | $104.3 |
| **STANDARDIZED CAPITAL RULES** |  |  |
| Risk-weighted assets | $**812** | $727 |
| Common equity tier 1 capital ratio | **12.5%** | 14.3% |
| **ADVANCED CAPITAL RULES** |  |  |
| Risk-weighted assets | $**758** | $691 |
| Common equity tier 1 capital ratio | **13.4%** | 15.1% |
| **SUPPLEMENTARY LEVERAGE RATIO** |  |  |
| Supplementary leverage ratio | **4.6%** | 5.2% |

---

 **Average Daily VaR (unaudited)**<sup>3</sup>

*$ in millions*

---

| | | |
|:---|:---|:---|
| | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** |
| | **MARCH 31,** | **DECEMBER 31,** |
|  | **2026** | **2025** |
| **RISK CATEGORIES** |  |  |
| Interest rates | $**85** | $60 |
| Equity prices | **55** | 48 |
| Currency rates | **15** | 17 |
| Commodity prices | **31** | 18 |
| Diversification effect | **(74)** | (63) |
| **Total** | $**112** | $80 |

---

Goldman Sachs Reports

**First Quarter 2026 Earnings Results**

**The Goldman Sachs Group, Inc. and Subsidiaries**

**Assets Under Supervision (unaudited)**<sup>3</sup><sup>,</sup><sup>5</sup>

*$ in billions* 

---

| | | | |
|:---|:---|:---|:---|
| | **MARCH 31,** | **DECEMBER 31,** | **MARCH 31,** |
| | **2026** | **2025** | **2025** |
| **ASSET CLASS (as of period-end)** |  |  |  |
| Alternative investments | $**429** | $420 | $355 |
| Equity | **954** | 951 | 771 |
| Fixed income | **1341** | 1334 | 1207 |
| Total long-term AUS | **2724** | 2705 | 2333 |
| Liquidity products | **926** | 901 | 840 |
| Total AUS | $**3650** | $3606 | $3173 |
| **ROLLFORWARD (for the three months ended)** |  |  |  |
| Beginning balance | $**3606** | $3452 | $3137 |
| Net inflows / (outflows): |  |  |  |
| Alternative investments | **11** | 27 | 4 |
| Equity | **24** | 11 | 11 |
| Fixed income | **27** | 28 | 14 |
| Total long-term AUS net inflows / (outflows)<sup>6</sup> | **62** | 66 | 29 |
| Liquidity products | **25** | 50 | (5) |
| Total AUS net inflows / (outflows) | **87** | 116 | 24 |
| Net market appreciation / (depreciation) | **(43)** | 38 | 12 |
| **Ending balance** | $**3650** | $3606 | $3173 |

---

**Footnotes**

1. Diluted EPS includes the effect of instruments that are convertible into common shares if such conversion would be dilutive. The impact of applying

this was a reduction in diluted EPS of $0.02 for the three months ended March 31, 2026.

2. Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders'

equity. Average monthly common shareholders' equity was $108.90 billion for the first quarter of 2026.

3. For information about the following items, see the referenced sections in Part II, Item 7 "Management's Discussion and Analysis of Financial Condition

and Results of Operations" in the firm's Annual Report on Form 10-K for the year ended December 31, 2025: (i) Investment banking fees backlog –

see "Results of Operations – Global Banking & Markets," (ii) assets under supervision – see "Results of Operations – Asset & Wealth Management –

Assets Under Supervision," (iii) efficiency ratio – see "Results of Operations – Operating Expenses," (iv) share repurchase program – see "Capital

Management and Regulatory Capital – Capital Management," (v) global core liquid assets – see "Risk Management – Liquidity Risk

Management," (vi) basic shares – see "Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics" and (vii) VaR – see "Risk

Management – Market Risk Management."

For information about the following items, see the referenced sections in Part II, Item 8 "Financial Statements and Supplementary Data" in the firm's

Annual Report on Form 10-K for the year ended December 31, 2025: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20

"Regulation and Capital Adequacy," (ii) geographic net revenues – see Note 25 "Business Segments" and (iii) unvested share-based awards that have

non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 "Earnings Per Common Share."

Represents a preliminary estimate for the first quarter of 2026 for the firm's assets under supervision, capital ratios, risk-weighted assets,

supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm's Quarterly Report on Form

10-Q for the period ended March 31, 2026.

4. The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first quarter of 2026 of

approximately $895 million, which increased diluted EPS by $2.91 and annualized ROE by 3.1 percentage points.

5. Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better

reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation.

6. Includes $5 billion of inflows in long-term assets under supervision (in alternative investments) in connection with the acquisition of Industry Ventures

for the three months ended March 31, 2026.

## Exhibit 99.2

![](a1q26gsearningsresultspr001.jpg)

First Quarter 2026 Earnings Results Presentation April 13, 2026 Exhibit 99.2

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![](a1q26gsearningsresultspr002.jpg)

1 Quarterly Highlights Results Snapshot Net Revenues 1Q26 $17.23 billion Net Earnings 1Q26 $5.63 billion EPS1 1Q26 $17.55 Annualized ROE2 1Q26 19.8% Annualized ROTE2 1Q26 21.3% Book Value Per Share 1Q26 $361.19 (+1.0% YTD) "Goldman Sachs delivered very strong performance for our shareholders this quarter, even as market conditions became more volatile. Our clients continue to depend on us for high quality execution and insights amid the broader uncertainty, and we remain confident in how we've positioned our businesses. The geopolitical landscape remains very complex – so disciplined risk management must remain core to how we operate." — David Solomon, Chairman and Chief Executive Officer Record AUS4 of $3.65 trillion; 33rd consecutive quarter of long-term fee-based net inflows Record net revenues in GBM, including strong Investment banking fees and record Equities net revenues, including record financing Completed the acquisitions of Industry Ventures in 1Q26 and Innovator Capital Management in 2Q26 2nd highest net revenues, net earnings and diluted EPS1 #1 in announced and completed M&A and equity & equity-related offerings; #2 in leveraged lending and high-yield debt3

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![](a1q26gsearningsresultspr003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Financial Overview Financial Results Financial Overview Highlights ■ 1Q26 results included EPS1 of $17.55 and ROE of 19.8% — Net revenues were higher YoY, primarily reflecting higher net revenues in Global Banking & Markets — Provision for credit losses of $315 million primarily reflected growth and impairments related to wholesale loans — Operating expenses were higher YoY, reflecting significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance) 2 $ in millions, except per share amounts 1Q26 vs. 4Q25 vs. 1Q25 Global Banking & Markets $12,738 22% 19% Asset & Wealth Management 4,078 (14)% 10% Platform Solutions 411 N.M. (33)% Net revenues 17,227 28% 14% Provision for credit losses 315 N.M. 10% Operating expenses 10,426 7% 14% Pre-tax earnings $6,486 11% 15% Net earnings $5,630 22% 19% Net earnings to common $5,403 23% 18% Diluted EPS1 $17.55 25% 24% ROE2 19.8% 3.8pp 2.9pp ROTE2 21.3% 4.2pp 3.3pp Efficiency ratio4 60.5% (11.8)pp (0.1)pp $411 $(1,676) $610 $4,078 $4,719 $3,711 $12,738 $10,411 $10,741 Global Banking & Markets Asset & Wealth Management Platform Solutions 1Q26 4Q25 1Q25 Net Revenues by Segment ($ in millions) $17,227 $13,454 $15,062

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![](a1q26gsearningsresultspr004.jpg)

Global Banking & Markets Highlights Global Banking & Markets Financial Results 3 ■ 1Q26 net revenues were higher YoY — Investment banking fees reflected significantly higher net revenues in Advisory and Equity underwriting and higher net revenues in Debt underwriting — FICC reflected lower net revenues in intermediation, partially offset by slightly higher net revenues in financing — Equities reflected significantly higher net revenues in financing and higher net revenues in intermediation ■ Investment banking fees backlog4 decreased slightly QoQ, driven by a decrease in Advisory, partially offset by an increase in Debt underwriting ■ 1Q26 select data4: — Total assets of $1.82 trillion — Loan balance of $183 billion — Net interest income of $2.19 billion $ in millions 1Q26 vs. 4Q25 vs. 1Q25 Investment banking fees $2,840 10% 48% FICC 4,011 29% (10)% Equities 5,326 24% 27% Other 561 33% 181% Net revenues 12,738 22% 19% Provision for credit losses 248 335% 276% Operating expenses 7,009 20% 18% Pre-tax earnings $5,481 22% 15% Net earnings $4,758 34% 19% Net earnings to common $4,574 36% 18% Average common equity $82,100 2% 3% Return on common equity 22.3% 5.7pp 2.9pp $561 $421 $200 $5,326 $4,306 $4,192 $4,011 $3,107 $4,435 $2,840 $2,577 $1,914 $12,738 $10,411 $10,741 Investment banking fees FICC Equities Other 1Q26 4Q25 1Q25 Global Banking & Markets Net Revenues ($ in millions)

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![](a1q26gsearningsresultspr005.jpg)

Global Banking & Markets Net Revenues Highlights Global Banking & Markets – Net Revenues Net Revenues 4 $ in millions 1Q26 vs. 4Q25 vs. 1Q25 Advisory $1,494 10% 89% Equity underwriting 535 3% 45% Debt underwriting 811 16% 8% Investment banking fees 2,840 10% 48% FICC intermediation 2,949 46% (13)% FICC financing 1,062 (2)% 2% FICC 4,011 29% (10)% Equities intermediation 2,718 25% 7% Equities financing 2,608 23% 59% Equities 5,326 24% 27% Other 561 33% 181% Net revenues $12,738 22% 19% ■ 1Q26 Investment banking fees were significantly higher YoY — Advisory reflected a significant increase in completed mergers and acquisitions volumes — Equity underwriting primarily reflected significantly higher net revenues from convertible offerings — Debt underwriting reflected higher net revenues from investment-grade and asset-backed activity, partially offset by significantly lower net revenues from leveraged finance activity ■ 1Q26 FICC net revenues were lower YoY — FICC intermediation reflected significantly lower net revenues in interest rate products and mortgages and lower net revenues in credit products, partially offset by significantly higher net revenues in commodities and currencies — FICC financing net revenues were slightly higher ■ 1Q26 Equities net revenues were a record and significantly higher YoY — Equities intermediation primarily reflected higher net revenues in cash products — Record Equities financing primarily reflected significantly higher net revenues in prime financing ■ 1Q26 Other net revenues were significantly higher YoY, primarily reflecting significantly higher net gains from direct investments

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![](a1q26gsearningsresultspr006.jpg)

Asset & Wealth Management Highlights Asset & Wealth Management Financial Results 5 $ in millions 1Q26 vs. 4Q25 vs. 1Q25 Management and other fees: Asset management $1,308 (2)% 10% Wealth management 1,769 1% 17% Total Management and other fees 3,077 — 14% Incentive fees 183 1% 42% Private banking and lending 638 (18)% (12)% Investments 180 (73)% 15% Net revenues 4,078 (14)% 10% Provision for credit losses 66 N.M. 267% Operating expenses 3,082 (12)% 8% Pre-tax earnings $930 (24)% 11% Net earnings $807 (16)% 15% Net earnings to common $770 (17)% 14% Average common equity $23,061 (7)% (6)% Return on average common equity 13.4% (1.6)pp 2.5pp $180 $670 $156 $638 $776 $725 $183 $181 $129 $3,077 $3,092 $2,701 $4,078 $4,719 $3,711 Management and other fees Incentive fees Private banking and lending Investments 1Q26 4Q25 1Q25 Asset & Wealth Management Net Revenues ($ in millions) ■ 1Q26 net revenues were higher YoY — Management and other fees primarily reflected the impact of higher average AUS — Incentive fees YoY were primarily driven by performance — Private banking and lending reflected the impact of lower deposit spreads related to Marcus deposits, partially offset by higher deposit balances ■ 1Q26 pre-tax margin of 23% ■ 1Q26 select data4: — Total assets of $214 billion — Loan balance of $51 billion, of which $46 billion related to Private banking and lending — Net interest income of $704 million — Total Wealth management client assets of ~$1.8 trillion

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![](a1q26gsearningsresultspr007.jpg)

Separate accounts Public funds Private funds and other $ in billions 1Q26 4Q25 1Q25 Alternative investments $429 $420 $355 Equity 954 951 771 Fixed income 1,341 1,334 1,207 Total long-term AUS 2,724 2,705 2,333 Liquidity products 926 901 840 Total AUS $3,650 $3,606 $3,173 ■ During the quarter, AUS increased $44 billion to a record $3.65 trillion — Net inflows across all asset classes — Net market depreciation in equity and fixed income assets ■ Total long-term AUS net inflows of $62 billion during the quarter, of which: — $22 billion of net inflows in Wealth management client channel — $22 billion of net inflows in Third-party distributed client channel — $18 billion of net inflows in Institutional client channel Long-Term AUS by Client Channel4 AUS Highlights4 Asset & Wealth Management – Assets Under Supervision 6 AUS Rollforward4 AUS by Asset Class4 $ in billions 1Q26 4Q25 1Q25 Institutional $1,198 $1,193 $1,068 Wealth management 950 945 804 Third-party distributed 576 567 461 Total long-term AUS $2,724 $2,705 $2,333 1Q26 AUS by Region and Vehicle4 $ in billions 1Q26 4Q25 1Q25 Beginning balance $3,606 $3,452 $3,137 Long-term AUS net inflows / (outflows)5 62 66 29 Liquidity products 25 50 (5) Total AUS net inflows / (outflows) 87 116 24 Net market appreciation / (depreciation) (43) 38 12 Ending balance $3,650 $3,606 $3,173 Americas EMEA Asia Region Vehicle 71% 22% 7% 54%31% 15%

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![](a1q26gsearningsresultspr008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Asset & Wealth Management – Alternative Investments On-Balance Sheet Alternative Investments4Alternative Investments Highlights4 ■ 1Q26 Management and other fees from alternative investments were $597 million, up 13% compared with 1Q25 ■ During the quarter, alternative investments AUS increased $9 billion to $429 billion ■ 1Q26 gross third-party alternatives fundraising across strategies was $26 billion ($464 billion raised since 2019) 7 1Q26 $ in billions Average AUS Effective Fees (bps) Corporate equity $128 88 Credit 79 67 Real estate 28 66 Hedge funds and other 67 68 Funds and discretionary accounts 302 75 Corporate equity 38 19 Credit 21 10 Real estate 16 10 Hedge funds and other 51 17 Advisory and OCIO accounts 126 16 Total alternative investments AUS $428 58 $ in billions 1Q26 Loans $5.2 Debt securities 7.6 Equity securities 11.6 Other 1.9 Total On-B/S alternative investments $26.3 Alternative Investments AUS and Effective Fees4 $26 $5 $2 $10 $9 Corporate equity Credit Real estate Hedge funds and other 1Q26 Alternatives Fundraising4 ($bn)

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![](a1q26gsearningsresultspr009.jpg)

Platform Solutions Highlights Platform Solutions Financial Results 8 $ in millions 1Q26 vs. 4Q25 vs. 1Q25 Net revenues $411 N.M. (33)% Provision for credit losses 1 N.M. (100)% Operating expenses 335 (6)% (4)% Pre-tax earnings $75 (48)% 27% Net earnings $65 (42)% 30% Net earnings to common $59 (44)% 31% Average common equity $3,743 (7)% (17)% Return on average common equity 6.3% (4.2)pp 2.3pp ■ 1Q26 net revenues were significantly lower YoY, primarily reflecting net markdowns recognized in net revenues related to the Apple Card loan portfolio, which was transferred to held for sale in 2025 ■ 1Q26 select data4: — Total assets of $29 billion — Loan balance of $19 billion — Net interest income of $666 million $411 $610 $(1,676) 1Q26 4Q25 1Q25 Platform Solutions Net Revenues ($ in millions)

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![](a1q26gsearningsresultspr010.jpg)

Loans by Segment4 ($ in billions) $ in billions 1Q26 4Q25 1Q25 Corporate $38 $31 $32 Commercial real estate 39 37 32 Residential real estate 33 32 28 Securities-based lending 18 18 18 Other collateralized lending 105 99 82 Credit cards 19 20 21 Other 3 3 2 Allowance for loan losses (2) (2) (5) Total loans $253 $238 $210 Loans and Net Interest Income ■ 1Q26 loans increased QoQ — Gross loans by type: $228 billion - amortized cost, $4 billion - fair value, $23 billion - held for sale — Average loans of $245 billion — Total allowance for loan losses and losses on lending commitments was $3.14 billion ($2.35 billion for funded loans) ■ Net charge-offs of $9 million for an annualized net charge-off rate of 0.0% ■ Net interest income for 1Q26 was $3.56 billion, 23% higher YoY, reflecting an increase in interest- earning assets and a decrease in funding costs — Average interest-earning assets of $1.83 trillion Loans and Net Interest Income Highlights4 Loans by Type4 9 1.0% ALLL to Total Gross Loans, at Amortized Cost Metrics ~85% Gross Loans Secured $19 $20 $18 $51 $50 $48 $183 $168 $144 $253 $238 $210 Global Banking & Markets Asset & Wealth Management Platform Solutions 1Q26 4Q25 1Q25

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![](a1q26gsearningsresultspr011.jpg)

■ 1Q26 total operating expenses were higher YoY — Non-compensation expenses were higher, primarily reflecting significantly higher transaction based expenses — Compensation and benefits expenses were higher, reflecting improved operating performance ■ The effective income tax rate for 1Q26 was 13.2%, down from the full year rate of 21.4% for 2025, primarily reflecting an increase in tax benefits on the settlement of employee share-based awards, partially offset by a decrease in other permanent tax benefits, for 1Q26 compared with 2025 $ in millions 1Q26 vs. 4Q25 vs. 1Q25 Compensation and benefits $5,412 16% 11% Transaction based 2,515 13% 36% Market development 186 (14)% 19% Communications and technology 583 (1)% 15% Depreciation and amortization 495 (6)% (2)% Occupancy 254 2% 9% Professional fees 379 (20)% (11)% Other expenses 602 (23)% 4% Total operating expenses $10,426 7% 14% Provision for taxes $856 (31)% (6)% Effective tax rate 13.2% Financial Results Expense Highlights Expenses 10 Efficiency Ratio4 1Q26 1Q25 60.5% 60.6%

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![](a1q26gsearningsresultspr012.jpg)

Capital4 Selected Balance Sheet Data4Capital and Balance Sheet Highlights4 Book Value Capital and Balance Sheet 11 1Q26 4Q25 Standardized CET1 capital ratio 12.5% 14.3% Advanced CET1 capital ratio 13.4% 15.1% Supplementary leverage ratio (SLR) 4.6% 5.2% $ in billions 1Q26 4Q25 Total assets $2,062 $1,809 Deposits $561 $501 Unsecured long-term borrowings $315 $285 Shareholders' equity $123 $125 Average GCLA $494 $479 In millions, except per share amounts 1Q26 4Q25 Basic shares4 302.0 307.1 Book value per common share $361.19 $357.60 Tangible book value per common share2 $336.28 $335.49 ■ Both Standardized and Advanced CET1 capital ratios decreased QoQ, primarily reflecting an increase in credit and market RWAs and a decrease in CET1 capital ■ SLR decreased QoQ, primarily reflecting an increase in on- and off-balance sheet exposure and a decrease in Tier 1 capital ■ Returned $6.38 billion of capital to common shareholders during the quarter — 5.4 million common shares repurchased for a total cost of $5.00 billion — $1.38 billion of common stock dividends ■ Deposits of $561 billion consisted of consumer $229 billion, private bank $104 billion, transaction banking $80 billion, brokered CDs $51 billion, deposit sweep programs $40 billion and other $57 billion ■ BVPS increased 1.0% QoQ

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![](a1q26gsearningsresultspr013.jpg)

This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm's control. It is possible that the firm's actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm's future results, financial condition and liquidity and the forward-looking statements below, see "Risk Factors" in Part I, Item 1A of the firm's Annual Report on Form 10-K for the year ended December 31, 2025. Information regarding the firm's assets under supervision, total alternative assets, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) forward catalysts, estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives (including via acquisitions and partnerships) and the achievability of targets and goals, (iii) the firm's expense savings, productivity (including the opportunities presented by artificial intelligence (AI)) and strategic location initiatives, (iv) the future state of the firm's liquidity and regulatory capital ratios (including the firm's stress capital buffer (SCB) requirement and G-SIB buffer, and the potential impact of changes to U.S. regulatory capital rules), (v) the firm's prospective capital distributions (including dividends and repurchases), (vi) the firm's future effective income tax rate, (vii) the firm's Investment banking fees backlog and future results, (viii) the firm's planned benchmark debt issuances, and (ix) the firm's ability to transition the Apple Card program, and the timing of that transaction, are forward-looking statements. Statements regarding forward catalysts are subject to the risk that the actual operating environment may differ, possibly materially, due to, among other things, changes or the absence of changes in general economic and market conditions, CEO confidence, sponsor activity, productivity gains, and the regulatory backdrop. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary, fiscal and trade policy, including tariffs, as well as the effects of the outbreak or escalation of wars or other conflicts. Statements about the timing, profitability, benefits and other prospective aspects of business (including via acquisitions and partnerships), expense savings and productivity initiatives (including the opportunities presented by AI) and the achievability of targets and goals are based on the firm's current expectations regarding the firm's ability to effectively implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm's liquidity and regulatory capital ratios (including the firm's SCB requirement and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm's actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected, including due to, among other things, the results of supervisory stress tests and the finalization of outstanding regulatory capital rule proposals, which may not be what the firm expects. Statements about the firm's future effective income tax rate are subject to the risk that the firm's future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm's earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm's expected tax rate, and potential future guidance from tax authorities. Statements about the firm's Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies, including the imposition of tariffs, the continuation or worsening of the war in the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm's planned benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm's funding needs. Statements about the process to transition the Apple Card program are subject to the risk that the transaction may not close on the anticipated timeline or at all, including due to a failure to satisfy applicable closing conditions. Cautionary Note Regarding Forward-Looking Statements 12

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![](a1q26gsearningsresultspr014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;0.53.95 110.147.190 32.101.124 106.165.191 63.174.191 32.152.193 0.129.198 1. Diluted EPS includes the effect of instruments that are convertible into common shares if such conversion would be dilutive. The impact of applying this was a reduction in diluted EPS of $0.02 for the three months ended March 31, 2026. 2. Annualized return on average common shareholders' equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders' equity. Annualized return on average tangible common shareholders' equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders' equity. Tangible common shareholders' equity is calculated as total shareholders' equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders' equity by basic shares. Management believes that tangible common shareholders' equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders' equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders' equity to average and ending tangible common shareholders' equity: 3. Dealogic – January 1, 2026 through March 31, 2026. 4. For information about the following items, see the referenced sections in Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the firm's Annual Report on Form 10-K for the year ended December 31, 2025: (i) Investment banking fees backlog – see "Results of Operations – Global Banking & Markets," (ii) assets under supervision (AUS), Wealth management client assets and alternative assets – see "Results of Operations – Asset & Wealth Management," (iii) efficiency ratio – see "Results of Operations – Operating Expenses," (iv) basic shares – see "Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics," (v) share repurchase program – see "Capital Management and Regulatory Capital – Capital Management" and (vi) global core liquid assets – see "Risk Management – Liquidity Risk Management." For information about the following items, see the referenced sections in Part II, Item 8 "Financial Statements and Supplementary Data" in the firm's Annual Report on Form 10-K for the year ended December 31, 2025: (i) interest-earning assets – see "Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders' Equity" and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 "Regulation and Capital Adequacy." Represents a preliminary estimate for the first quarter of 2026 for the firm's assets under supervision, Wealth management client assets, alternative assets, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm's Quarterly Report on Form 10-Q for the period ended March 31, 2026. 5. Includes $5 billion of inflows in long-term assets under supervision (in alternative investments) in connection with the acquisition of Industry Ventures for the three months ended March 31, 2026. 81.112.181 35.199.186 122.104.172 13 Footnotes AVERAGE FOR THE AS OF Unaudited, $ in millions THREE MONTHS ENDED MARCH 31, 2026 MARCH 31, 2026 DECEMBER 31, 2025 Total shareholders' equity $122,970 $122,782 $124,972 Preferred stock (14,066) (13,703) (15,153) Common shareholders' equity 108,904 109,079 109,819 Goodwill (6,441) (6,590) (5,949) Identifiable intangible assets (926) (932) (842) Tangible common shareholders' equity $101,537 $101,557 $103,028

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