Investing.com -- Goldman Sachs Group Inc. (NYSE: GS) reported first-quarter earnings that exceeded analyst expectations, though shares fell 3.8% following the results.

The investment bank posted earnings per share of $17.55 for the quarter ended March 31, surpassing the analyst consensus of $16.47 by $1.08. Revenue reached $17.23 billion, beating the estimate of $16.95 billion and marking a 14% increase from $15.09 billion in the first quarter of 2025.

The revenue growth was primarily driven by Global Banking & Markets, which generated $12.74 billion in net revenues, up 19% YoY. Investment banking fees surged 48% to $2.84 billion, reflecting significantly higher advisory revenues from increased mergers and acquisitions activity. Equities revenues climbed 27% to $5.33 billion, while FICC revenues declined 10% to $4.01 billion.

"The firm's Investment banking fees backlog decreased slightly compared with the end of 2025," the company noted in its earnings release.

Asset & Wealth Management revenues rose 10% to $4.08 billion, driven by higher management fees from increased assets under supervision. Platform Solutions reported $411 million in revenues, down from $610 million in the prior-year quarter, primarily due to net markdowns on the Apple Card loan portfolio.

Operating expenses increased 14% to $10.43 billion, reflecting higher transaction-based expenses and compensation costs tied to improved performance. The efficiency ratio was 60.5%, essentially flat compared to 60.6% in the first quarter of 2025.

Goldman Sachs declared a quarterly dividend of $4.50 per share.