EarningsQ2 2026 Earnings Report
MX:GS Q2 2026 EPS Results
Actual EPS$381.03
Consensus EPS$263.99
Beat/MissBeat by +$117.03
One Year Ago EPS$198.14
MX:GS Q2 2026 Revenue Results
Actual Revenue$697.81B
Expected Revenue$294.67B
Beat/MissBeat by +$403.15B
YoY Revenue Growth+23.03%
Earnings Announcement Details
QuarterQ2 2026
Date07/14/2026
TimeBefore Open
Conference CallTuesday, July 14, 2026
MX:GS Upcoming Earnings
Goldman Sachs Group's next earnings date is estimated for October 13, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:GS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operating quarter with broad-based record revenues, record EPS, robust investment banking, equities and FICC performance, significant AWM inflows, record alternatives fundraising, and disciplined capital returns. Management also highlighted strategic positioning to capture a multi-year AI infrastructure cycle and demonstrated capital and stress-test strength. Noted risks include a $102 million PCL on wholesale loans, a decline in the SLR to 4.3% (capacity constraints for balance-sheet-intensive financing), rising transaction-related non-comp expenses, pockets of pressure within alternatives, subdued sponsor volumes, and the potential non-linear nature of the AI cycle. Overall, the positive accomplishments and momentum materially outweigh the manageable and called-out challenges.Company Guidance
Record Firmwide Financial Results
Net revenues of $20.3 billion (record); diluted earnings per share of $20.98 (record); ROE 23.5% and ROTE 25.5% for the quarter.
Global Banking & Markets Strength
GBM revenues were a record $15.5 billion in the quarter and contributed to a segment ROE of 25% for the first half of 2026.
Investment Banking Outperformance
Advisory revenues of $1.4 billion, up 17% year-over-year; advised on $1.2 trillion in announced deal volumes YTD with a lead of roughly $425 billion; investment banking backlog highest in 5 years.
Underwriting and Debt Momentum
Equity underwriting revenues $985 million, up 130% YoY; debt underwriting $1.0 billion, up 75% YoY — debt underwriting was the firm's best quarter on record.
Exceptional Equities and FICC Performance
Equities net revenues were a record $7.4 billion; equities intermediation $4.2 billion, up 60% YoY; equity financing up 91% YoY. FICC net revenues $4.6 billion, up 32% YoY; combined FICC+Equities financing revenues were $4.5 billion, up 62% YoY and comprised 37% of FICC & equities revenues.
Asset & Wealth Management Growth and Flows
AWM revenues up 20% YoY to $4.6 billion; management and other fees rose 20% YoY to a record $3.4 billion; long-term net inflows of $91 billion in the quarter (34th consecutive quarter of long-term net inflows); wealth management client assets ~ $2 trillion and total assets under supervision > $4 trillion (record).
Record Alternatives Fundraising and Private Credit
Gross third-party alternatives fundraising of $59 billion in the quarter ($85 billion YTD); private credit fundraising of $31 billion in the quarter; firm now expects full-year fundraising to exceed $125 billion.
Capital Returns and Strong Capital Position
Quarterly dividend increased to $5.00 per share (up 25% YoY and up 150% over five years); $4 billion of share repurchases in the quarter; Common Equity Tier 1 ratio 12.9% (150 bps above current requirement); successful CCAR outcome and unchanged 3.4% stress capital buffer.
Operating Leverage and Efficiency Improvement
First half efficiency ratio of 58.8%, an improvement of 320 basis points YoY; compensation ratio net of provisions declined to 31%, demonstrating material operating leverage as revenues grew ahead of expenses.
Net Interest Income and Loan Growth
Firm-wide net interest income of $4.0 billion in the quarter; total loan portfolio increased 3% sequentially to $261 billion, driven by other collateralized and residential real estate loans.
Strategic Positioning Around AI Infrastructure
Management highlighted a multiyear AI infrastructure investment cycle driving demand across financing, structuring, and capital markets — identified as a durable opportunity that leverages Goldman Sachs' global relationships, engineering and data capabilities.
MX:GS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed