Goldman Sachs Group (GS) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 13, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

15.05

Last Year’s EPS

14.12

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 11 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Jan 15, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call highlighted strong full‑year results, record franchise metrics, meaningful progress de‑risking the balance sheet, clear growth targets (notably in AWM and alternatives), robust capital returns, and a healthy investment banking backlog—supporting optimism for 2026. Near‑term challenges include the accounting and revenue impact of the Apple Card transition, NIM compression in deposit businesses, elevated non‑compensation costs tied to transactional activity, and an IPO market still below 2021 peaks. Management emphasized ongoing efficiency work (One Goldman Sachs 3.0) and prudent capital deployment. Taken together, the positives from operating performance, capital strength, leadership positions, and stated targets materially outweigh the identified headwinds, though outcomes remain sensitive to macro and market conditions.

Company Guidance

The guidance emphasized strong near-term momentum and specific medium‑/long‑term targets: Q4 revenue $13.5B, EPS $14.01, ROE 16% and RoTE 17.1%; FY EPS $51.32 (up 27% YoY), FY ROE 15% and RoTE 16% (up 230–250 bps vs. 2024); GBM revenues $41.5B (up 18%); investment banking fees Q4 $2.6B and >$1.6T of announced M&A in 2025 with backlog at a four‑year high; FICC Q4 $3.1B (up 12%), equities Q4 $4.3B (intermediation $2.2B, financing $2.1B); more durable FICC/equity financing $11.4B for the year (37% of FICC+equity revenues, 17% CAGR since 2021); AWM $3.6T AUS, FY revenues $16.7B with pretax margin 25% (new target 30% to drive high‑teen returns) and segment ROE ~12.5% (mid‑teens adj), Q4 management & other fees $3.1B, private banking & lending $776M, incentive fees FY $489M aiming for $1B; alternatives AUS $420B with $645M fees, $45B Q4 / $115B FY fundraising and a $75–100B p.a. raise target (fee‑paying alt AUS $750B by 2030); total loans $238B; provision benefit $2.1B (incl. $2.5B Apple Card reserve release; Apple Card transition added $0.46 to EPS and +50bps ROE in Q4); operating expenses $37.5B (comp $18.9B incl. $250M severance, non‑comp $18.6B), comp ratio net of provisions 31.8%; CET1 14.4% (standardized); returned ~$4.2B to shareholders in Q4 ($3B buybacks, $1.2B dividends) with $32B buyback capacity remaining; announced $0.50 quarterly dividend increase to $4.50; effective tax rate 21.4% in 2025, targeting ~20% in 2026; and a new wealth long‑term fee‑based net inflow target of 5% annually, plus One Goldman Sachs 3.0 productivity metrics to be disclosed over the year.

Strong earnings and return metrics

Q4 EPS ~$14.01, Q4 ROE 16% and RoTE 17.1%; full-year EPS $51.32, up 27% year-over-year; full-year ROE 15% and RoTE 16%, improving ~230–250 basis points versus 2024.

Sustained long-term performance gains since 2020

Since 2020 firm-wide revenues up ~60%, EPS up 144%, returns up ~500 basis points, and total shareholder return >340% versus peers over the same period.

Global Banking & Markets leadership and growth

GBM produced record revenues of $41.5 billion for 2025 (up 18% YoY). Investment banking fees in Q4 were $2.6 billion, up 25% YoY; Goldman was #1 M&A adviser for 23 consecutive years and advised on >$1.6 trillion of announced M&A in 2025 (~$250 billion ahead of next peer).

Equities and FICC strength with durable financing growth

Full-year equities net revenues were a record $16.5 billion (>$3 billion above prior year). Q4 equities net revenues $4.3 billion; equities financing Q4 hit a quarterly record $2.1 billion, up 42% YoY. More durable FICC and equity financing revenues reached a new record of $11.4 billion for the year and generated returns >16% in the segment.

Asset & Wealth Management scale and targets

AUS reached a record $3.6 trillion. AWM revenues for 2025 were $16.7 billion with a 25% pretax margin and segment ROE ~12.5% (mid‑teens adjusted). Management & other fees in Q4 were a record $3.1 billion (up 5% sequentially, 10% YoY). Firm raised a record $115 billion in alternatives in 2025.

Ambitious AWM medium‑term targets

AWM pretax margin target increased to 30% (driving high‑teen returns medium term); new long‑term wealth target of 5% fee‑based net inflows annually; alternatives fundraising sustainable target of $75–$100 billion per year and fee‑paying alternative AUS target of $750 billion by 2030 with a $1 billion annual incentive‑fee target.

Capital, funding, and shareholder returns

Common equity Tier 1 ratio 14.4% (standardized). Deposits grew to $501 billion (~40% of funding); bank assets represent 35% of firm assets. Announced dividend increase of $0.50 to $4.50 per quarter (50% YoY) and $32 billion remaining buyback capacity; Q4 returns to shareholders ~ $4.2 billion (repurchases $3.0 billion, dividends $1.2 billion).

Improved risk profile and resilience

Reduced historical principal investments from ~$64 billion to ~$6 billion (>90% reduction). Durable revenues doubled and CCAR stress capital buffer improved by ~320 basis points, reflecting lower capital intensity and improved resilience.

Backlog and client engagement suggest upside

Investment banking backlog rose for a seventh consecutive quarter to its highest level in four years (driven primarily by advisory), and Goldman reported 350 basis points of wallet share gain in GBM since 2019—supporting expectations of accelerating activity in 2026.

Goldman Sachs Group (GS) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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GS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 13, 2026	2026 (Q1)	15.05 / -	14.12	―	―	―
Jan 15, 2026	2025 (Q4)	11.70 / 14.01	11.95	17.24% (+2.06)
Oct 14, 2025	2025 (Q3)	11.03 / 12.25	8.4	45.83% (+3.85)
Jul 16, 2025	2025 (Q2)	9.65 / 10.91	8.62	26.57% (+2.29)
Apr 14, 2025	2025 (Q1)	12.32 / 14.12	11.58	21.93% (+2.54)
Jan 15, 2025	2024 (Q4)	8.21 / 11.95	5.48	118.07% (+6.47)
Oct 15, 2024	2024 (Q3)	6.89 / 8.40	5.47	53.56% (+2.93)
Jul 15, 2024	2024 (Q2)	8.31 / 8.62	3.08	179.87% (+5.54)
Apr 15, 2024	2024 (Q1)	8.71 / 11.58	8.79	31.74% (+2.79)
Jan 16, 2024	2023 (Q4)	3.62 / 5.48	3.32	65.06% (+2.16)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 15, 2026	$932.67	$975.86	+4.63%
Oct 14, 2025	$782.90	$766.96	-2.04%
Jul 16, 2025	$695.32	$701.57	+0.90%
Apr 14, 2025	$486.95	$496.35	+1.93%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.