The Goldman Sachs Group, Inc.

The Goldman Sachs Group, Inc. (GS) Market Cap

The Goldman Sachs Group, Inc. has a market capitalization of $274.96B.

Financials based on reported quarter end 2026-03-31

Price: $926.55

▼ -15.19 (-1.61%)

Market Cap: 274.96B

NYSE · time unavailable

CEO: David Solomon

Sector: Financial Services

Industry: Financial - Capital Markets

IPO Date: 1999-05-04

Website: https://www.goldmansachs.com

The Goldman Sachs Group, Inc. (GS) - Company Information

Market Cap: 274.96B · Sector: Financial Services

The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through four segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The company's Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and middle-market lending, relationship lending, and acquisition financing, as well as transaction banking services. This segment also offers underwriting services, such as equity underwriting for common and preferred stock and convertible and exchangeable securities; and debt underwriting for various types of debt instruments, including investment-grade and high-yield debt, bank and bridge loans, and emerging-and growth-market debt, as well as originates structured securities. Its Global Markets segment is involved in client execution activities for cash and derivative instruments; credit and interest rate products; and provision of equity intermediation and equity financing, clearing, settlement, and custody services, as well as mortgages, currencies, commodities, and equities related products. The company's Asset Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, as well as invests in corporate, real estate, and infrastructure entities. Its Consumer & Wealth Management segment offers wealth advisory and banking services, including financial planning, investment management, deposit taking, and lending; private banking; and unsecured loans, as well as accepts saving and time deposits. The company was founded in 1869 and is headquartered in New York, New York.

Analyst Sentiment

62%
Buy

Based on 55 ratings

Analyst 1Y Forecast: $899.70

Average target (based on 7 sources)

Consensus Price Target

Low

$604

Median

$1048

High

$1100

Average

$996

Potential Upside: 7.5%

Price & Moving Averages

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📘 Full Research Report

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AI-Generated Research: This report is for informational purposes only.

📘 The Goldman Sachs Group, Inc. (GS) — Investment Overview

🧩 Business Model Overview

The Goldman Sachs Group, Inc. is a leading global investment banking, securities, and investment management firm serving a diversified client base that includes corporations, financial institutions, governments, and individuals. The company operates across major regions, offering advisory services, capital markets underwriting, securities trading, asset management, and a growing footprint in consumer financial products. Its business model is designed around delivering comprehensive financial solutions encompassing mergers and acquisitions advisory, financing, wealth and asset management, and select banking products aimed at individuals and enterprises with complex financial needs.

💰 Revenue Model & Ecosystem

Goldman Sachs generates revenue through multiple streams reflecting its broad service portfolio. Core income sources include advisory and underwriting fees from corporate clients, trading and market-making activities in equities, fixed income, currencies, and commodities, as well as management and performance fees from institutional and high-net-worth asset management. The platform also incorporates consumer banking and digital lending solutions, introducing new potential subscription-like and service-based revenues. Large institutional relationships, extensive capital market networks, and a suite of financial products set the foundation for recurring and transaction-based revenues spanning both enterprise and growing consumer segments.

🧠 Competitive Advantages

  • Brand strength
  • Switching costs
  • Ecosystem stickiness
  • Scale + supply chain leverage

🚀 Growth Drivers Ahead

Multiple avenues underpin Goldman Sachs’s long-term growth potential. The firm continues to expand internationally, targeting emerging markets with evolving capital needs. Innovation within digital banking and wealth management opens new client segments and revenue streams, leveraging the brand’s trust and expertise. The integration of technology—ranging from data analytics to workflow automation—enhances operational efficiency and scalability. Furthermore, renewed focus on diversifying away from cyclical trading income toward fee-based and platform businesses provides resilience. Ongoing shifts in global capital markets, increased regulatory complexity, and demand for bespoke financial advice also favor institutions with deep advisory capabilities like Goldman Sachs.

⚠ Risk Factors to Monitor

The investment banking industry faces persistent risks, including intense competition from global financial conglomerates and digital disruptors, which may pressure fees and margins. Regulatory requirements continue to evolve, presenting compliance challenges and potentially impacting capital allocation and business practices. Cyclical instability in global markets can weigh on trading and deal volumes, while credit and counterparty risks require active management. Shifts toward passive investment strategies, fintech innovation, and changes in client behavior could also test legacy business models and fee structures.

📊 Valuation Perspective

Goldman Sachs is typically valued by the market at a premium relative to most traditional banks, reflecting its strong brand, deep capital markets expertise, and diversified global platform. However, this valuation is balanced by the cyclical nature of certain revenue streams, regulatory scrutiny, and ongoing investments in new business lines. Compared to pure-play asset managers or regional banks, Goldman Sachs’s integrated investment banking, trading, and wealth management franchise often commands a higher multiple, although shifts in industry structure or earnings mix can influence market perceptions.

🔍 Investment Takeaway

Goldman Sachs represents a well-established global leader with an enviable brand, diversified revenue streams, and a history of navigating evolving capital markets. Bulls note its adaptability, premium client base, and potential upside from digital and consumer banking initiatives. Bears raise concerns over exposure to market cycles, regulatory burden, and the competitive threat from both traditional peers and fintech entrants. Ultimately, Goldman Sachs’s investment case revolves around its ability to innovate and sustainably grow fee-based businesses while managing cyclical and structural risks inherent to the financial services sector.


⚠ AI-generated research summary — not financial advice. Validate using official filings & independent analysis.

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RevenueEarningsP/E RatioSharesDebtMargin %

Fundamentals Overview

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📊 AI Financial Analysis

Powered by StockMarketInfo
Earnings Data: Q Ending 2026-03-31

"Revenue and EPS are volatile quarter to quarter. In the latest quarter (2026-03-31), Goldman Sachs reported revenue of $17.23B and net income of $5.63B (EPS $17.74). QoQ, revenue fell from $30.13B (2025-12-31) to $17.23B, a -42.8% decline, while net income rose from $4.62B to $5.63B (+21.9%). Over the 4-quarter window, EPS improved sequentially each quarter ($11.07 → $12.42 → $14.21 → $17.74), but the underlying revenue base remains choppy. Margins appear to have expanded in the latest quarter: net margin increased to ~32.7% ($5.63B / $17.23B) versus ~15.3% in the prior quarter. However, because “same quarter last year” financials were not provided (no 2025-03-31 quarter in the dataset), YoY growth rates for Revenue and Net Income cannot be calculated here. Cash flow: FCF is missing for the latest quarter; in earlier quarters, free cash flow swung from negative (2025-03-31) to positive (2025-06-30: $5.20B; 2025-09-30: $2.12B; 2025-12-31: -$16.81B). Dividends are steady (~$4.0–$4.5 per share) with a low ~0.53% dividend yield and a payout ratio that has been below ~0.36. Total shareholder returns are strong: the stock is up 85.5% over the last year, and the modest dividend yield adds incremental support. Equity is broadly stable (~$123B), while total assets increased meaningfully QoQ."

Revenue Growth

Caution

QoQ revenue declined from $30.13B (2025-12-31) to $17.23B (2026-03-31), -42.8%. YoY growth rates were not computable because the dataset does not include the same quarter last year (e.g., 2025-03-31).

Profitability

Good

Net income increased QoQ (+21.9%) to $5.63B while revenue fell, implying net margin expansion to ~32.7% vs ~15.3% prior quarter. EPS rose sequentially ($11.07 → $12.42 → $14.21 → $17.74).

Cash Flow Quality

Fair

Latest-quarter FCF is not provided. Across the prior quarters, free cash flow swung materially (positive in 2025-06-30 and 2025-09-30; sharply negative in 2025-12-31). Dividends remain covered by earnings with payout ratio ~0.24–0.32.

Leverage & Balance Sheet

Positive

Total assets rose QoQ from ~$1.81T to ~$2.06T (+~14.0%) while equity was broadly stable/slightly lower (~$125B to ~$123B). Net debt is elevated but not treated as a primary metric given the banking context.

Shareholder Returns

Strong

Strong capital appreciation: +85.5% 1-year stock performance (well above the 20% momentum threshold). Dividend yield is low but consistent (~0.53%), supporting total return.

Analyst Sentiment & Valuation

Positive

Consensus price target ($971.3) is modestly above the current price ($925.95), implying limited upside (~+5%). Valuation multiples are reasonable for earnings power (P/E ~11.4 on the latest quarter).

Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.

Goldman delivered strong top-line and profitability in Q1 2026 (net revenues $17.2B, EPS $17.55, ROE 19.8%, ROTE 21.3%), driven by record Global Banking & Markets and broad financing momentum. The key earnings “engine” was financing: FICC financing and combined FICC+equities financing rose sharply, reaching ~40% of FICC/equities revenues, with particular strength in Asia and prime balances. Advisory also surged (+89% YoY) with M&A leadership ($150B announced-volume lead). Management addressed capital optics and CET1 movements by reframing the balance sheet as a funding and deployment tool—using deposit growth to support incremental client lending and financing—while still executing record buybacks ($5.0B) and dividends ($1.4B). Q&A emphasized that private credit headwinds appear concentrated in retail noise, while institutional spreads and subscription mix look lender-friendly; management stayed confident on a $300B private credit target. Provisions were attributed to loan growth, impairments, and macro outlook adjustments rather than a hidden deterioration in private credit or FICC financing.

AI IconGrowth Catalysts

  • Record quarterly Global Banking & Markets revenues ($12.7B) driven by elevated client repositioning and strong flows across FICC and equities
  • Record Equities net revenues ($5.3B) with 7% intermediation growth and 59% higher equities financing ($2.6B), particularly in Asia
  • Financing revenues growth: FICC financing revenues $1.1B and combined FICC+Equities financing revenues $3.7B (+36% YoY), ~40% of total segment revenues
  • Asset & Wealth Management long-term inflows of $62B (including $22B wealth management flows) continuing through March volatility
  • Alternatives fundraising momentum: $26B gross third-party alternatives fundraising in the quarter, on track toward annual fundraising expectations

Business Development

  • Closed acquisition of Innovator (adds $31B AUM across 170+ defined outcome ETF strategies; positioned in top 10 global active ETF providers)
  • Private credit subscription demand in GS credit BDC: 40% of Q1 2026 subscriptions from institutions (insurance companies, banks, pension funds mentioned)
  • Named client activity referenced as M&A examples: Unilever food business with McCormick ($43B); Sysco acquisition of Jetro Restaurant Depot ($29B); Cortera Energy sale to Devon Energy ($26B)
  • Data/AI vendor and model collaboration: working closely with Anthropic and other security vendors to enhance cyber/infrastructure resilience

AI IconFinancial Highlights

  • Net revenues $17.2B; EPS $17.55; ROE 19.8%; ROTE 21.3% (all described as the second highest in GS history)
  • Advisory revenues $1.5B (+89% YoY) on higher completed volumes; #1 M&A adviser with $150B lead in announced volumes vs closest peer
  • Equity underwriting revenues $535M (+45% YoY) on better convertibles; debt underwriting $811M (+8%) led by investment grade and asset-backed activity
  • FICC net revenues $4.0B; rates/mortgages weaker vs prior year quarter (tougher market-making backdrop) partially offset by better currencies and commodities
  • Equities intermediation revenues $2.7B (+7% YoY) driven by better cash products; equities financing $2.6B (+59% YoY) with record average prime balances
  • Asset & Wealth Management revenues $4.1B; management/other fees $3.1B (+14% YoY); private banking and lending $638M with lending gains offset by NIM compression (no bps disclosed)
  • Platform Solutions revenues $411M down YoY; Apple portfolio moved to held for sale; expects remaining-year revenues to run lower in line with seasonality
  • Effective tax rate 13.2% in the quarter (benefit from employee stock-based compensation); full-year tax rate expected ~20%
  • Efficiency ratio 60.5% (non-compensation expenses $5.0B; transaction-based expense increase tied to robust equities activity)
  • Provisions for credit losses $315M (in context of growth and impairments in wholesale lending); PCL build discussed in Q&A as driven by lending growth, single-name impairments, and operating-environment/outlook adjustments
  • Common equity Tier 1 ratio 12.5% under standardized approach; 110 bps above current capital requirement of 11.4%

AI IconCapital Funding

  • Returned $6.4B to common shareholders: $5.0B record common stock repurchases and $1.4B common stock dividends
  • Common equity Tier 1 ratio 12.5% (standardized); excess capital consumed by market-risk RWA increase from higher volatility and strategic deployments (prime brokerage and acquisition financing)
  • Deposits grew materially in the quarter; management characterized deposits as an efficient strategic funding source supporting firm-wide lending and AWM-linked activities (specific deposit growth % not provided)

AI IconStrategy & Ops

  • One Goldman Sachs 3.0: accelerating investments in cloud migration plus improving data accuracy, completeness, and timeliness to support AI deployment and productivity/efficiency over time
  • Balancing capital deployment toward client franchise priorities, especially lending, including equities financing (Asia strategic focus) and prime brokerage/acquisition financing
  • FICC and equities financing explicitly highlighted as a strategic and scaling priority, with Asia described as a key growth opportunity and competitive gap addressed
  • Diversified franchise effect emphasized via rates/mortgages softness offset by currencies/commodities strength

AI IconMarket Outlook

  • Private credit platform: confident runway to scale toward a $300B target (no date provided)
  • Alternatives: gross third-party alternatives fundraising of $26B in the quarter; stated “on track” toward annual fundraising expectations
  • Tax: expects full-year effective tax rate ~20%

AI IconRisks & Headwinds

  • Macro sentiment weighed as volatility increased meaningfully (AI-driven disruption concerns; uncertainty in parts of private credit; Middle East conflict)
  • Rates/mortgages market-making backdrop tougher vs prior year quarter (FICC rate/mortgage weakness explicitly cited)
  • Platform Solutions: revenue down YoY due to Apple portfolio moved to held for sale (ongoing lower run-rate expected through remainder of year)
  • Private credit: retail outflows and lender/marking noise discussed as a watch item, with management asserting institutional demand is constructive
  • Cybersecurity and AI infrastructure resilience risks highlighted as an ongoing industry focus (LLM enhanced capabilities acknowledged; mitigations described)

Q&A: Analyst Interest

  • Topic: Balance sheet strategy and deposit funding trade-offs (CET1 down 180 bps cited by analyst): Management linked capital-regulation changes to a prior-end-of-year strategic update, emphasizing deploying into client-franchise lending and equities financing, notably Asia, and stated deposit growth is a strategic funding source supporting lending efficiently while buybacks were also accelerated.
  • Topic: How private credit growth affects M&A/IPO outlook and FICC financing trajectory: Management distinguished retail vs institutional dynamics, cited GS credit BDC subscriptions with 40% institutional participation, reiterated lender-friendly spread trends, argued institutional investors understand cycle behavior, and affirmed confidence in scaling toward a $300B private credit target without signaling a near-term growth slowdown.
  • Topic: Global Banking & Markets provision increase—macro pessimism vs portfolio growth: Management said the PCL build reflected three drivers—lending growth across streams (which attracts provisions), single-name impairments, and adjustments for operating environment/outlook—and clarified it was not related to private credit or FICC financing default/impairment stress.

Sentiment: MIXED

Note: This summary was synthesized by AI from the GS Q1 2026 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.

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SEC Filings (GS)

© 2026 Stock Market Info — The Goldman Sachs Group, Inc. (GS) Financial Profile