ThetaOwl

GS Earnings Report

Analysis based on market close April 2, 2026

Earnings Verdict

Earnings expected around 4/13. IV is sharply elevated for the 4/17 expiration (46.5% vs 36.9% front week), creating a clear IV crush setup. The stock remains in a strong pinning regime above max pain, favoring a range-bound outcome. Best strategy is a short premium play targeting the expected move boundaries.

Confidence:
6.5 / 10
base 5; +1 strong pinning regime; +1 elevated IV for earnings expiration; -0.5 limited price move history
Most important: IV term structure shows a sharp kink at 4/17 (46.5% ATM), confirming earnings pricing. Strong pinning (GEX +$4M) and spot 5.9% above max pain suggest gravity toward $815-$850, supporting short premium.
📅Earnings date not explicit but strongly implied by IV kink at 4/17 expiration (15 days out).
📈Spot has moved up ~$17 (2.0%) since prior report, widening the gap above max pain to 5.9%.
⚖️Pinning regime remains strong but GEX decreased from +$6.1M to +$4.0M.

Regime Classification

Vol Regime
Normal (IV 42%)
Gamma Regime
Pinning (GEX +$4.0M — mean-reverting)
Flow Regime
Mixed (net prem $43.6M, P/C 0.82)
Spot vs MP
Above max pain by 5.9% (spot $863.04 vs MP $815)
Gamma flip: ~$800.00Below $800, dealers amplify moves; above, they suppress volatility.

Earnings Overview

Next earnings: 2026-04-13 (11 days)implied (IV kink at 4/17, 15d out from 4/02)

Expected moves:

  • 4/17 (15d): ±$59.55 (6.9%) [$803.49 - $922.59]

IV Setup

Term structure: Sharp kink at 4/17 expiration (46.5% ATM) vs 36.9% for 4/10 and 44.3% for 4/24.

Crush estimate: ~8-10 vol pts post-earnings, back to ~36-38% range.

Skew: P/C OI ratio 0.90 suggests slightly more put OI, but P/C volume 0.82 shows more call volume. Unusual put flow at $830 (4/10) and $750 (4/10) indicates near-term hedging.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Insufficient price history provided to calculate.

Directional bias: All four recent quarters showed positive EPS surprises.

Key Levels

1$800 gamma flip / put OI wall
2$815 max pain (3/27)
3$850 max pain (4/17)
4EM bounds: $805 - $920

Flow Highlights

Heavy $830 Put buying for 4/10 (Vol 306 vs OI 120, 2.5x).

Near-term downside hedge targeting a 3.8% drop, just below current spot.

Large net premium outflow at $850 Put (-$3.67M).

Significant put selling at a key max pain level, suggesting a strong perceived floor.

Unusual long-dated put buying: $290 Put 1/27 (Vol 709 vs OI 130, 5.5x) and $370 Put 9/18 (Vol 576 vs OI 107, 5.4x).

Extreme tail-risk hedging or structured product flow, not directly related to earnings.

Strategies

Short Iron Condor (IV Crush)
Sell $805/$800 Put x Buy $920/$925 Call 4/17
Credit: $2.80-$3.50
Max loss: $1.50
Max gain: $3.00
BE: Puts: $802.50, Calls: $922.50
Trigger: Enter 3-5 days before suspected earnings date (4/13).
Capitalizes on sharply elevated IV (46.5%) at the earnings expiration. The pinning regime and spot well above max pain support a range-bound outcome. Strikes calibrated to the expected move boundaries using valid strikes, with puts placed at the $800 OI wall and calls just below the EM upper bound.
Outperforms: Stock stays within the 6.9% expected move and IV crushes post-earnings.
Underperforms: Gap exceeds EM bounds by a wide margin.
Put Credit Spread (Pinning Play)
Sell $800 Put / Buy $795 Put 4/17
Credit: $1.50-$2.00
Max loss: $3.50
Max gain: $1.50
BE: $798.50
Trigger: Enter at any time, given strong pinning signals.
Leverages the strong pinning regime (GEX +$4M) and the concentration of put OI at $800 (2,035 contracts). The spot is 7.9% above this level, and max pain trends support a gravitational pull higher. This is a high-probability, defined-risk play on the pin.
Outperforms: Stock stays above $800 (gamma flip & major put OI wall).
Underperforms: Stock breaks decisively below $795.
Long Straddle (Directional Breakout)
Buy $860 Straddle 4/17
Max loss: Debit paid (~$59.55 estimated)
Max gain: Unlimited
BE: $800.45 / $919.55 (assuming ~$59.55 debit)
Trigger: Enter only if IV for 4/17 dips below 44% before earnings.
For traders betting the 100% EPS beat rate leads to a larger-than-expected reaction, especially given the elevated IV provides some cushion against crush. High risk due to the strong pinning regime and estimated IV crush of 8-10 vol points.
Outperforms: Actual post-earnings move exceeds 6.9% (the EM).
Underperforms: Stock pins near $860 and IV crushes significantly.

Risk Assessment

!Gap Risk: 6.9% expected move is significant. A guidance miss or macro shock could cause a break of key support at $800.
!IV Crush: Estimated 8-10 vol point drop post-earnings will severely impact long premium strategies. This is a larger crush than last week's estimate due to higher peak IV.
!Liquidity: Excellent (306k+ OI, 219 active strikes). Execution should be fine.
!Sizing: Size short premium strategies conservatively (1-2% risk capital) due to gap risk, especially with spot further above max pain.

What to Watch

?IV trajectory for the 4/17 expiration into the suspected earnings week.
?Spot price action relative to the $815-$850 max pain zone. A move back toward $850 would strengthen the pinning thesis.
?Any unusual flow in OTM calls above $925 or puts below $805 as earnings approach.

Read the Earnings analysis for GS for 2026-04-02. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.