Goldman surges past expectations, despite global tumult

• Key Insight: Goldman Sachs’ earnings came in well above Wall Street’s expectations in the first quarter of 2026, even as the war in Iran disrupted global trade and sent energy prices soaring.
• Supporting Data: Earnings per share for the investment banking giant reached $17.55, well above analysts’ consensus estimate of $16.39.
• Expert Quote: “Goldman Sachs delivered very strong performance for our shareholders this quarter, even as market conditions became more volatile,” said Goldman CEO David Solomon.

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Goldman Sachs started the year with a leap past Wall Street’s expectations, in spite of a tumultuous macroeconomic environment.

In the first three months of 2026, the New York megabank’s earnings per share reached $17.55, well above analysts’ average estimate of $16.39, according to S&P.

“Goldman Sachs delivered very strong performance for our shareholders this quarter, even as market conditions became more volatile,” CEO David Solomon said in a prepared statement.

Net income in the first quarter was $5.63 billion, handily beating estimates of $5.05 billion, per S&P. Revenue was $17.23 billion, surpassing analysts’ forecasts of $16.93 billion.

The results came during a quarter that included the start of the current war in Iran, which the United States and Israel launched on Feb. 28. The conflict in the oil-rich region, including the important Strait of Hormuz, has caused a spike in energy prices and many related costs. Just last week, new data from the Bureau of Labor Statistics showed a sizable jump in U.S. inflation during the month of March.

On Monday, Solomon said the $2.06 trillion-asset investment bank had successfully navigated that backdrop.

“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 Goldman CEO said. “The geopolitical landscape remains very complex — so disciplined risk management must remain core to how we operate.”

One highlight was Goldman’s Global Banking and Markets division, which handles mergers-and-acquisitions and other institutional banking. In the first quarter, the unit took in net revenue of $12.74 billion, marking a 19% increase from one year ago.

Meanwhile, the bank also continued to shed the baggage of its ill-fated foray into consumer banking. In the first quarter of 2026, its Platform Solutions unit, which contains remnants of the consumer banking initiative, earned net revenue of $411 million — a 33% drop from one year ago, but up from a loss of $1.68 billion last quarter.

In January, Goldman announced that it was transferring the Apple Card to JPMorganChase, which plans to take over the card’s $20 billion of balances over the next two years.

“Importantly, we’re taking the final steps needed to narrow our strategic focus,” Solomon said in January.

Goldman launched the Apple Card in 2019, but managing it soon became a costly headache. In October 2024, the Consumer Financial Protection Bureau ordered Goldman to pay at least $19.8 million to the card’s users, along with a $45 million civil money penalty, over multiple violations regarding refunds and disputed charges.