NYSE$GS

Goldman Sachs Group Inc · Q1 2024 earnings

Q1 2024 earnings · · Investor relations

Briefing

Goldman Sachs reported strong first quarter results, driven by strength across its franchises.

Goldman Sachs reported strong Q1 2024 results with net revenues of $14.21 billion and net earnings of $4.13 billion, resulting in a diluted EPS of $11.58. The firm benefited from strong performances in Global Banking & Markets and Asset & Wealth Management, with growth across all segments.

  • Goldman Sachs reported quarterly net revenues of $14.21 billion, net earnings of $4.13 billion and diluted EPS of $11.58.
  • Global Banking & Markets generated quarterly net revenues of $9.73 billion, driven by strong performances in Investment banking fees, Fixed Income, Currency and Commodities and Equities.
  • Asset & Wealth Management generated quarterly net revenues of $3.79 billion, including record quarterly Management and other fees.
  • Book value per common share increased by 2.4% during the quarter to $321.10.

Headline financials

Total Revenue

$14.2B

Previous: $12.2B+16.3%
EPS

$11.58

Previous: $8.79+31.7%
Efficiency Ratio

60.9%

No prior period
Effective Tax Rate

22.4%

No prior period
Capital Expenditures

-$497M

Previous: -$597M+16.8%
Free Cash Flow

$3.64B

Previous: $2.64B+37.8%
Net Income

$4.13B

Previous: $3.23B+27.8%
Operating Income

-$1.26B

Previous: $2.84B-144.4%
Gross Profit

$13.9B

Previous: $12.1B+15.3%
Cash & Equivalents

$209B

Previous: $229B-8.7%
Total Assets

$1.7T

Previous: $1.54T+10.4%
Stock-Based Comp

$1.84B

Previous: $1.54B+19.7%

Revenue & EPS history

Goldman Sachs · Revenue · Quarterly

$14.2B

Q1 2024+16.3%vs Q1 2023
Beat estimate in 12 of 15 quarters(80%)
ActualEstimate

Revenue by segment

Goldman Sachs · $10.9B total across 3 segments · Q2 2023

  • Global Banking & Markets
    $7.19B-13.8%
  • Asset & Wealth Mgmt
    $3.05B-4.2%
  • Platform Solutions
    $659M+92.1%

Forward guidance

This press release contains forward-looking statements regarding future events, many of which are inherently uncertain and outside of the firm’s control.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q1 2024

Historical avgQ1 2024

+0.1%

Avg return

Earnings day

+0.8%

Avg return

5 days after

+4.1%

Avg return

30 days after

47%

34 / 73 earnings

Positive

+10.7%

Q4 2018

Best reaction

-8.8%

Q4 2021

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q4 2025+5.5%+2.0%+5.2%
Q1 2026-1.0%+2.0%+5.2%
Q3 2025-2.4%-4.6%+2.4%
Q2 2025+0.3%-3.1%+4.7%
Q1 2025+1.9%+3.0%+23.7%
Q4 2024+7.3%+9.5%+15.6%
Q3 2024+1.4%+1.1%+12.6%
Q2 2024+4.8%+1.1%+3.9%
Q1 2024+1.9%+3.7%+19.7%
Q4 2023-0.2%+1.2%+2.0%
Q3 2023-4.0%-4.6%+7.1%
Q2 2023+4.0%+6.4%-3.7%
Q1 2023-0.8%+0.6%-3.0%
Q4 2022-6.7%-8.6%-1.0%
Q3 2022+1.6%+6.0%+23.8%
Q2 2022+8.2%+10.2%+20.4%
Q1 2022+2.5%+4.3%-4.7%
Q4 2021-8.8%-9.7%-8.4%
Q3 2021+5.7%+4.3%+3.5%
Q2 2021-1.6%-4.1%+9.1%
Q1 2021+3.3%+4.7%+12.5%
Q4 2020-3.5%-3.9%+3.0%
Q3 2020-1.0%-2.4%+3.9%
Q2 2020+0.3%-1.1%-2.8%
Q1 2020-0.7%+1.2%-3.6%
Q4 2019+1.7%+1.5%-3.5%
Q3 2019+0.8%+0.3%+6.6%
Q2 2019+0.8%+0.9%-7.3%
Q1 2019-2.9%-0.9%-5.5%
Q4 2018+10.7%+12.6%+10.3%
Q3 2018+6.1%+5.5%-5.3%
Q2 2018-0.1%+0.1%+0.7%
Q1 2018-1.5%-2.3%-7.3%
Q4 2017-2.9%+1.2%+3.5%
Q3 2017-0.2%+1.0%-1.3%
Q2 2017-2.8%-4.0%-3.4%
Q1 2017-5.4%-4.2%-4.9%
Q4 2016-1.8%-1.3%+6.2%
Q3 2016+3.3%+3.4%+24.0%
Q2 2016-1.0%-1.8%+1.7%
Q1 2016+5.0%
Q4 2015-3.3%
Q3 2015+3.2%
Q2 2015-0.2%
Q1 2015-1.9%
Q4 2014-1.6%
Q3 2014-0.2%
Q2 2014+2.1%
Q1 2014+0.4%
Q4 2013-1.4%
Q3 2013-2.2%
Q2 2013-0.9%
Q1 2013-4.0%
Q4 2011+1.6%
Q4 2012+4.0%
Q3 2012+0.3%
Q2 2012-1.2%
Q1 2012-2.0%
Q3 2011-8.4%
Q2 2011-6.2%
Q1 2011+0.7%
Q1 2009-1.3%
Q4 2010-1.3%
Q3 2010-1.2%
Q4 2009-0.8%
Q2 2010-0.8%
Q1 2010-0.7%
Q4 2007+1.5%
Q3 2008+1.0%
Q3 2009+1.0%
Q2 2008+1.0%
Q2 2009+1.0%
Q4 2008+1.0%

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