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Goldman Sachs’ (GS) profits climbed in the first quarter, fueled by jumps in M&A dealmaking and record equity trading.

The Wall Street bank reported that net earnings rose 19% to $5.6 billion in the first three months of 2026. That came through as $17.55 per share, exceeding the $16.34 per share that analysts forecast.

Goldman said revenue in its equity trading division rose 27% to a record $5.3 billion. Dealmaking fees jumped 48% to $1.5 billion over the same period, driven by its M&A advisory unit.

The sum surpassed the previous Wall Street equity trading record by $1 billion, which Goldman set in the previous quarter.

Not all was stellar in Goldman’s trading division, however. Within its fixed income, currencies, and commodities intermediation business, revenue fell 13% from the first quarter of 2025 to $4 billion. Analysts were expecting $855 million more.

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

“The geopolitical landscape remains very complex — so disciplined risk management must remain core to how we operate,” Solomon added.

Goldman’s stock fell 3% in premarket trading on Monday. Shares are up 3% year to date as of Friday’s close.

Total net revenue increased 14% to $17.22 billion over the period. Analysts expected $16.95 billion.

The Wall Street bank kicked off the industry’s first quarter earnings season, where analysts expect the giants to report sturdy fundamentals following a reset in their stock prices amidst a three month period filled with rapid changes and elevated volatility.

The onset of the US-Israeli war with Iran, which spiked commodity prices, fuelled uncertainty. Other pockets of the markets faced investors’ fears over a shakeout in private credit and how much and how quickly AI could disrupt the existing software industry.

This coming week, other big banks will report results, including JPMorgan (JPM), Wells Fargo (WFC), and Citi (C) on Tuesday.

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