GS-PC · The Goldman Sachs Group, Inc. PFD 1/1000 C

The Goldman Sachs Group, Inc. delivered strong first quarter 2026 results, with net revenues of $17.23 billion increasing 14% year-over-year and 28% sequentially. Diluted earnings per common share was $17.55, a significant increase from $14.12 in the prior year period and $14.01 in the fourth quarter of 2025. The effective tax rate for the quarter 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, which increased diluted EPS by $2.91.

Global Banking & Markets generated net revenues of $12.74 billion, 19% higher than the first quarter of 2025. Investment banking fees were $2.84 billion, 48% higher than the prior year period, primarily due to a significant increase in completed mergers and acquisitions volumes driving Advisory revenues. Equities net revenues were a record $5.33 billion, 27% higher year-over-year, driven by significantly higher net revenues in Equities financing, particularly prime financing. Partially offsetting this strength, Fixed Income, Currency and Commodities (FICC) net revenues were 10% lower than the prior year, reflecting lower intermediation activity in interest rate products and mortgages.

Asset & Wealth Management net revenues were $4.08 billion, 10% higher than the first quarter of 2025, primarily reflecting higher Management and other fees due to higher average assets under supervision. Assets under supervision reached a record $3.65 trillion. Platform Solutions net revenues decreased to $411 million, primarily reflecting net markdowns related to the Apple Card loan portfolio transferred to held for sale in 2025.

The firm maintained a robust capital position with a Common Equity Tier 1 capital ratio of 12.5% under Standardized rules. During the quarter, the firm returned $6.38 billion of capital to common shareholders, including $5.00 billion of share repurchases and $1.38 billion of dividends. The Board declared a dividend of $4.50 per common share, payable June 29, 2026.