# Goldman Sachs (GS) Q2 2026 earnings

Results filed 2026-07-14 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/gs/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/886982/000088698226000294/0000886982-26-000294-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net revenues | $20.34 billion | 39% higher than the second quarter of 2025 | GAAP |
| Net earnings | $6.63 billion | up 78% from a year ago | GAAP |
| Diluted EPS | $20.98 | up from $10.91 for the second quarter of 2025 | GAAP |
| Annualized return on average common equity (ROE) | 23.5% |  | GAAP |
| Book value per common share | $367.67 | up 1.8% during the second quarter of 2026 |  |

## Segments and operating metrics

| Name | 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 |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Quarterly dividend per common share | third quarter of 2026 | $5.00 |

## Key takeaways

1. **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.
2. **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%.
3. **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.
4. **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.
5. **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%.

## 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.