Goldman Sachs Group Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.46%.
Did GS Beat Earnings? Q2 2026 Results
Goldman Sachs delivered a blowout second quarter of 2026, with results that left Wall Street's expectations well behind as the firm posted diluted EPS of $20.98, beating the consensus estimate of $14.54 by 44.27%, extending its streak of consensus EPS beats to five consecutive quarters. Net revenues of $20.34 billion topped the $16.40 billion consensus by 23.98%, though they came in 35.0% below the year-ago period, which reflected the outsized base from prior-year comparisons. The story of the quarter was unambiguously Global Banking & Markets, where net revenues of $15.52 billion, up 53% year-over-year, were powered by a surging Equities business at $7.42 billion, up 72%, alongside investment banking fees of $3.40 billion, up 55%, fueled by robust IPO, secondary offering, and leveraged finance activity. Asset & Wealth Management also contributed, with assets under supervision reaching $4.04 trillion on $91.00 billion in long-term net inflows. CEO David Solomon noted that pipeline momentum and a growing backlog in advisory suggest the firm's activity flywheel is set to keep turning, even as trade policy shifts and market volatility remain watch items.
- Significantly higher equities intermediation and financing revenues driven by derivatives, cash products, and prime financing
- Investment banking fees surged 55% YoY on strength in equity underwriting (IPOs and secondary offerings) and debt underwriting (leveraged finance and asset-backed activity)
- FICC intermediation revenues rose on strength in interest rate products and commodities
- Record management and other fees driven by higher average assets under supervision
- Higher private equity investment gains in Asset & Wealth Management
- Record AUS of $4.04 trillion with $91 billion in long-term net inflows
- Record third-party alternatives fundraising of $59 billion during the quarter
- Net interest income of $3.95 billion, up 27% YoY
“Our record performance this quarter reflects the strength of our global franchise, the depth of our relationships, and our ability to harness the power of One Goldman Sachs. Momentum has accelerated throughout our businesses. Clients are turning to us to lead their most strategic and consequential transactions, which are often the genesis of activity across the franchise. We are relentlessly driving our long-term growth strategy across Global Banking & Markets and Asset & Wealth Management, and given what we see in our pipelines, we expect this flywheel of activity to continue.”
Goldman Sachs CEO, on the earnings call
Forward Guidance & Outlook
CEO David Solomon indicated that given what the firm sees in its pipelines, the flywheel of activity is expected to continue. The investment banking fees backlog increased compared with both the end of Q1 2026 and the end of 2025, suggesting continued momentum in advisory and capital markets activity. The firm noted forward-looking risks including changes in international trade policies, potential for new or increased tariffs, continuation of the conflict in the Middle East, and volatility in securities markets.
GS YoY Financials
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Figures from SEC filings and company reports. Not investment advice.