Goldman Sachs Posts $4.01 Billion FICC Revenue in Q1 2026

Goldman Sachs delivered a busy first-quarter report, led by $17.23 billion in net revenues and $5.63 billion in net earnings. Goldman Sachs reported diluted earnings per common share of $17.55, while annualized return on average common shareholders’ equity reached 19.8%. The headline number was FICC revenue of $4.01 billion, which fell 10% from the first quarter of 2025. For readers tracking bank performance, the message is clear: trading strength remained broad, but fixed-income activity lost momentum in key product areas.

Goldman Sachs Q1 2026 Results Show Strong Overall Revenue

Net Revenue And Profit Snapshot

Goldman Sachs posted $17.23 billion in net revenues for the quarter ended March 31, 2026. Net earnings reached $5.63 billion, showing the firm still produced strong bottom-line results despite weaker FICC trading. EPS came in at $17.55, a key number because it shows earnings strength on a per-share basis. The firm also reported a 19.8% annualized ROE, which signals strong capital performance.

Metric	Q1 2026 Result
Net revenues	$17.23 billion
Net earnings	$5.63 billion
Diluted EPS	$17.55
Annualized ROE	19.8%
FICC revenue	$4.01 billion
Equities revenue	$5.33 billion
Asset & Wealth Management revenue	$4.08 billion
Investment banking fees	$2.84 billion
Provision for credit losses	$315 million

Goldman Sachs FICC Revenue Fell 10%

Weakness Came From Rates, Mortgages, And Credit

Goldman Sachs reported $4.01 billion in Fixed Income, Currency and Commodities revenue. That was 10% lower than the first quarter of 2025. The decline came from lower FICC intermediation revenue, especially in interest rate products, mortgages, and credit products. However, commodities and currencies performed better, partly offsetting the weakness. The takeaway is simple: FICC was still large, but the mix was uneven.

Key FICC points:

• FICC revenue reached $4.01 billion.

• Revenue declined 10% year over year.

• Interest rate products were significantly lower.

• Mortgage revenue also weakened.

• Credit products fell.

• Commodities and currencies improved.

• FICC financing was slightly higher.

  
  

Equities Revenue Helped Balance The Quarter

Trading Strength Was Clear Outside FICC

Goldman Sachs reported $5.33 billion in equities revenue, up 27% from the first quarter of 2025. That number mattered because it helped balance the weaker fixed-income result. Equity trading benefited from stronger client activity and market movement. While FICC missed expectations, equities gave the quarter a stronger base. This shows why Goldman Sachs’ trading platform remains important across different market conditions.

Investment Banking Fees Jumped 48%

Dealmaking Added A Major Lift

Goldman Sachs generated $2.84 billion in investment banking fees, up 48% from the prior-year quarter. This improvement came from stronger advisory and underwriting activity. The firm also said its investment banking backlog decreased slightly compared with the end of 2025. That detail matters because backlog can signal future deal flow. The result still showed a sharp rebound in completed activity during the quarter.

Asset And Wealth Management Added $4.08 Billion

Fees Supported A Steady Segment

Goldman Sachs reported $4.08 billion in Asset & Wealth Management revenue. That was 10% higher than the first quarter of 2025, but 14% lower than the fourth quarter of 2025. Higher management and other fees helped the segment. Lower private banking and lending revenue partly reduced the gain. The segment gave Goldman Sachs another revenue base beyond trading and banking.

Credit Costs Remained Important

Provision Reached $315 Million

Goldman Sachs recorded a $315 million provision for credit losses. That number deserves attention because it reflects expected loan losses and credit risk planning. A higher provision can pressure earnings quality, even when revenue is strong. In this quarter, strong revenue and earnings absorbed the impact. Still, credit costs remained an important line item for readers tracking bank fundamentals.

Goldman Sachs Company Background

A Global Financial Firm With Deep Market Reach

Goldman Sachs is a global investment banking, securities, and asset and wealth management firm. The company serves corporations, financial institutions, governments, and individuals. According to its public company profile, Goldman Sachs had 2025 revenue of $58.283 billion and net income of $16.300 billion. It also listed assets of $1.809 trillion and headcount of 47,400 for 2025. That scale gives context to its Q1 2026 results.

Current Market Context

Stock Data Adds A Real-Time View

Goldman Sachs shares recently traded at $1,038.68, with a market cap near $319.91 billion. The reported P/E ratio was 18.97. These figures help frame how the market valued the company after its earnings release. This article does not give investment advice. It only explains the numbers, business context, and operating trends behind the Q1 2026 report.

Important Numbers To Use

Clean Data Points For Article Writing

Use these verified numbers in your article:

Data Point	Number
Q1 2026 net revenues	$17.23 billion
Q1 2026 net earnings	$5.63 billion
Diluted EPS	$17.55
Annualized ROE	19.8%
FICC revenue	$4.01 billion
FICC year-over-year change	Down 10%
Equities revenue	$5.33 billion
Equities year-over-year change	Up 27%
Investment banking fees	$2.84 billion
Investment banking fee growth	Up 48%
Asset & Wealth Management revenue	$4.08 billion
AWM year-over-year change	Up 10%
AWM sequential change	Down 14%
Credit loss provision	$315 million
Latest stock price checked	$1,038.68
Market cap checked	$319.91 billion
P/E ratio checked	18.97

Conclusion

Goldman Sachs delivered a strong first quarter, but the report was not one-dimensional. Net revenues of $17.23 billion, net earnings of $5.63 billion, and EPS of $17.55 showed clear earnings power. FICC revenue of $4.01 billion fell 10%, which created the main pressure point. Equities, investment banking, and asset management helped offset that weakness. For readers, the key takeaway is balance: Goldman Sachs showed broad strength, while fixed income remained the soft spot.