Goldman Sachs (GS) · Banking
Goldman Sachs Q2 2026 earnings: summary, key numbers & outlook
Results filed 14 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Goldman Sachs reported second quarter 2026 net revenues of $20.34 billion, net earnings of $6.63 billion and diluted EPS of $20.98.
Goldman Sachs posted record net revenues of $20.34 billion in the second quarter, 39% higher than a year earlier. Net earnings were $6.63 billion and diluted EPS was $20.98, up from $10.91 a year ago. Trading and dealmaking drove the gain: Equities revenue rose 72% and investment banking fees rose 55%. Asset & Wealth Management grew 20%. Platform Solutions fell 64% on Apple Card markdowns.
The company did not give numeric earnings guidance. It raised the quarterly dividend to $5.00 per share for the third quarter and said its investment banking backlog rose from the end of the first quarter. The main risks are that deals may not close and that revenue may fall short of expectations. The release cites weak economic conditions, tariffs, the Middle East conflict and market volatility. Operating expenses rose 26% as pay increased with performance.
Key numbers
- Net revenues · GAAP
- $20.34 billion
- Net earnings · GAAP
- $6.63 billion
- Diluted EPS · GAAP
- $20.98
- Annualized return on average common equity (ROE) · GAAP
- 23.5%
- Book value per common share
- $367.67
39% higher than the second quarter of 2025
up 78% from a year ago
up from $10.91 for the second quarter of 2025
up 1.8% during the second quarter of 2026
| Segment or metric | Value | Change |
|---|---|---|
| Global Banking & Markets net revenues | $15.52 billion | 53% higher than the second quarter of 2025 |
| Equities net revenues | $7.42 billion | 72% higher than the second quarter of 2025 |
| FICC net revenues | $4.59 billion | 32% higher than the second quarter of 2025 |
| Investment banking fees | $3.40 billion | 55% higher than the second quarter of 2025 |
| Asset & Wealth Management net revenues | $4.60 billion | 20% higher than the second quarter of 2025 |
| Platform Solutions net revenues | $221 million | 64% lower than the second quarter of 2025 |
| Assets under supervision | $4.04 trillion | increased $391 billion during the quarter |
Where each number comes from
- Net revenues: “The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $20.34 billion and net earnings of $6.63 billion for the second quarter ended June 30, 2026.”
- Net earnings: “The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $20.34 billion and net earnings of $6.63 billion for the second quarter ended June 30, 2026.”
- Diluted EPS: “Diluted earnings per common share (EPS)1 was $20.98 for the second quarter of 2026 compared with $10.91 for the second quarter of 2025 and $17.55 for the first quarter of 2026”
- Annualized return on average common equity (ROE): “Annualized return on average common shareholders' equity (ROE)2 was 23.5% for the second quarter of 2026 and 21.7% for the first half of 2026.”
- Book value per common share: “Book value per common share increased by 1.8% during the second quarter of 2026 and by 2.8% during the first half of 2026 to $367.67.”
- Global Banking & Markets net revenues: “Net revenues in Global Banking & Markets were $15.52 billion for the second quarter of 2026, 53% higher than the second quarter of 2025 and 22% higher than the first quarter of 2026.”
- Equities net revenues: “Net revenues in Equities were $7.42 billion, 72% higher than the second quarter of 2025, due to significantly higher net revenues in Equities intermediation”
- FICC net revenues: “Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.59 billion, 32% higher than the second quarter of 2025”
- Investment banking fees: “Investment banking fees were $3.40 billion, 55% higher than the second quarter of 2025, primarily due to significantly higher net revenues in Equity underwriting”
- Asset & Wealth Management net revenues: “Net revenues in Asset & Wealth Management were $4.60 billion for the second quarter of 2026, 20% higher than the second quarter of 2025 and 13% higher than the first quarter of 2026.”
- Platform Solutions net revenues: “Net revenues in Platform Solutions were $221 million for the second quarter of 2026, 64% lower than the second quarter of 2025 and 46% lower than the first quarter of 2026.”
- Assets under supervision: “During the quarter, AUS increased $391 billion to a record $4.04 trillion”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $20.3B | +39.5% | +18.1% |
| Net income | $6.6B | +78.0% | +17.7% |
| Diluted EPS | $20.98 | +92.3% | +19.5% |
| Free cash flow | $5.6B | +7.8% | — |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Quarterly dividend per common share | third quarter of 2026 | $5.00 |
Key takeaways
Record revenues driven by Global Banking & Markets
Net revenues were $20.34 billion, 39% higher than the second quarter of 2025, primarily on significantly higher net revenues in Global Banking & Markets, which reached $15.52 billion.
Equities and underwriting led the trading and banking surge
Equities net revenues were $7.42 billion, up 72%, and Equity underwriting rose 130% to $985 million. Investment banking fees were $3.40 billion, up 55%.
Earnings roughly doubled per share year over year
Diluted EPS was $20.98 versus $10.91 a year earlier, and annualized ROE was 23.5%. Net earnings were $6.63 billion.
Platform Solutions revenue fell on Apple Card markdowns
Platform Solutions net revenues were $221 million, 64% lower than the second quarter of 2025. The decrease primarily reflected net markdowns on the Apple Card loan portfolio, which was transferred to held for sale in the fourth quarter of 2025.
Capital returns rose alongside a higher dividend
The firm returned $5.36 billion to common shareholders, including $4.00 billion of repurchases, and raised the quarterly dividend to $5.00 per common share. The standardized CET1 ratio rose to 12.9% from 12.5%.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $13.9B * |
| Q1 2025 | $15.1B |
| Q2 2025 | $14.6B |
| Q3 2025 | $15.2B |
| Q4 2025 | $13.5B * |
| Q1 2026 | $17.2B |
| Q2 2026 | $20.3B |
| Q3 2026 | $18.7B |
Data
| Q1 2025 | $14.12 |
| Q2 2025 | $10.91 |
| Q3 2025 | $12.25 |
| Q1 2026 | $17.55 |
| Q2 2026 | $20.98 |
| Q3 2026 | $17.01 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | $46.2B |
| Q1 2025 | -$37.7B |
| Q2 2025 | $5.2B |
| Q3 2025 | $2.1B |
| Q4 2025 | -$16.8B |
| Q1 2026 | -$32.4B |
| Q2 2026 | $5.6B |
| Q3 2026 | $3.7B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Goldman Sachs' headline results for Q2 2026?
Net revenues were $20.34 billion and net earnings were $6.63 billion. Diluted EPS was $20.98, compared with $10.91 for the second quarter of 2025.
Which businesses drove the quarter?
Global Banking & Markets net revenues were $15.52 billion, up 53% from a year earlier. Equities were $7.42 billion, up 72%, and investment banking fees were $3.40 billion, up 55%.
How did Asset & Wealth Management and assets under supervision do?
Asset & Wealth Management net revenues were $4.60 billion, up 20% from a year ago. Assets under supervision increased $391 billion to a record $4.04 trillion.
What happened to the dividend and capital returns?
The board raised the quarterly dividend to $5.00 per share from $4.50. The firm returned $5.36 billion to common shareholders in the quarter, including $4.00 billion of share repurchases.
What are the main weak spots or risks?
Platform Solutions revenue fell 64% to $221 million on Apple Card markdowns, and operating expenses rose 26% to $11.67 billion. Management flagged risks to the investment banking backlog, including weak economic conditions, tariffs, the Middle East conflict and market volatility.
Documents
SEC filing