Goldman Sachs Touts Record Q1 2026, Launches AI-Driven “One Goldman Sachs 3.0” at Annual Meeting

Key Points

• Goldman reported strong 2025 results and a record Q1 2026, with net revenues up 9% year‑over‑year to $58.3 billion, EPS of $51.32, and return on equity of 15%.
• At the annual meeting the firm launched One Goldman Sachs 3.0, an AI‑driven operating model the bank says will drive greater operating leverage, efficiency, resilience, and elevated client services over time.
• Shareholders re‑elected all 13 directors and approved say‑on‑pay (~70%) and auditor ratification (~94%), while three shareholder proposals on special meeting thresholds, an energy supply ratio, and expanded lobbying disclosure were rejected (support of roughly 37%, 18%, and 38%, respectively).

The Goldman Sachs Group NYSE: GS highlighted year-over-year growth in 2025 and reported record-level results for the first quarter of 2026 as the firm convened its annual shareholder meeting in Salt Lake City, Utah. The meeting also featured votes on board elections, executive compensation, auditor ratification, and three shareholder proposals, all of which were rejected based on preliminary results.

2025 performance and first-quarter 2026 results

In opening remarks, the meeting’s operator said Goldman Sachs delivered “strong performance” in 2025 across its “world-class interconnected franchises” while continuing to execute on its strategy. The operator reported that the firm increased net revenues by 9% year-over-year to $58.3 billion, grew earnings per share by 27% to $51.32, and improved return on equity by 230 basis points to 15%.

The operator also said Goldman Sachs achieved the “second highest net revenues, net earnings, and earnings per share in the history of Goldman Sachs” in the first quarter of 2026, attributing the results to “sustained execution.”

Looking back to the firm’s January 2020 Investor Day strategy, the operator said that from 2019 through 2025 Goldman Sachs increased firmwide net revenues by roughly 60%, grew earnings per share by 144%, and improved returns by 500 basis points. The operator added that the firm delivered a total shareholder return of over 340% during that timeframe, which the operator described as the most among its peer group, while also materially improving the firm’s risk profile and the resilience of its earnings.

One Goldman Sachs 3.0 and operating environment

The operator said Goldman Sachs announced the launch of One Goldman Sachs 3.0, describing it as an operating model “propelled by AI.” The operator said the firm believes the model will, over time, drive stronger operating leverage, greater resilience, and improved efficiency and returns, while “continu[ing] to elevate services to our clients.”

The operator also pointed to a “dynamic environment” shaped by accelerating technological change, uncertainty in parts of private credit, and heightened geopolitical tensions. Despite difficulty predicting market outcomes, the operator said the firm has “consistently shown that in times of uncertainty, clients turn to Goldman Sachs as a trusted advisor for strong execution and differentiated insight.”

Board, quorum, and meeting proposals

The operator introduced members of the board and management present, including Lead Director David Viniar and President and Chief Operating Officer John Waldron. The operator also recognized Lakshmi Mittal, who “retires today from our board,” thanking him for his service “over nearly 18 years.”

The operator said holders of at least 86% of outstanding shares were present in person or by proxy, establishing a quorum. Shareholders were asked to vote on:

• The election of directors
• An advisory “say on pay” vote for executive compensation
• Ratification of PricewaterhouseCoopers as independent auditor for 2026
• A shareholder proposal to lower the threshold to call a special meeting
• A shareholder proposal requesting disclosure of an energy supply ratio
• A shareholder proposal requesting expanded lobbying disclosure

The operator noted that a proposal from the American Family Association regarding charitable giving reporting, which had been included in the proxy statement as a fifth voting matter, was withdrawn and that any votes previously cast on it were disregarded.

Shareholder proposals: special meeting threshold, energy supply ratio, and lobbying disclosure

Drew Jorgensen, speaking as a shareholder representative and private investor, presented a proposal asking the board to amend governing documents to allow holders of a combined 10% of outstanding common stock to call a special shareholder meeting, instead of the company’s existing 25% requirement. Jorgensen argued the 25% level is “unattainable,” and urged shareholders to “vote yes for the attainable 10% figure.”

Yumi Narita, executive director of corporate governance in the Office of the New York City Comptroller, presented a proposal on behalf of Comptroller Mark Levine and the New York City Pension Funds requesting disclosure of an “energy supply ratio” (ESR). Narita described ESR as “a simple dollar-based metric” reflecting how financing is allocated between low-carbon and fossil fuel activities. She said investors lack specifics on annual energy supply financing, and argued ESR would complement financed emissions reporting by reflecting “actual financing flows.” Narita also said the proposal was “intentionally non-prescriptive” and leaves methodology “entirely at the company’s discretion.”

Narita also presented a lobbying disclosure proposal submitted by Mercy Rome, Fergus Foundation, and Eric and Emily Johnson, with Dominican Sisters of Springfield, Illinois, as co-filer. She said the proposal asks Goldman Sachs to publish an annual report disclosing direct and indirect lobbying expenditures, including those made through trade associations and social welfare groups, and said the New York City Pension Funds supported the measure because Goldman’s disclosures “lag peers and can be enhanced.”

Preliminary vote results

After polls closed, Jamie Greenberg, assistant secretary to the board and acting secretary of the meeting, reported preliminary results and said final vote results would be provided in a Form 8-K filing within four business days.

• Director elections: All 13 nominees elected with support of a majority of shareholders.
• Say on pay: Approved with support of approximately 70% of shares present in person or by proxy.
• Auditor ratification: PricewaterhouseCoopers ratified with support of approximately 94%.
• Special meeting threshold proposal: Supported by approximately 37%; not approved.
• Energy supply ratio disclosure proposal: Supported by approximately 18%; not approved.
• Lobbying disclosure proposal: Supported by approximately 38%; not approved.

The operator concluded the meeting by thanking shareholders for attending and said the firm values engagement with shareholders and other stakeholders before adjourning the session.

About The Goldman Sachs Group NYSE: GS

The Goldman Sachs Group, Inc is a global investment banking and financial services firm headquartered in New York City. Founded in 1869 as a commercial paper business, the company has grown into a diversified financial institution that provides a broad range of services to corporations, financial institutions, governments and individuals. The firm is led by Chief Executive Officer David M. Solomon and operates across major financial centers worldwide.

Goldman Sachs' core businesses include investment banking, global markets, asset and wealth management, and consumer banking.

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