TLDR
- Goldman Sachs posted Q2 EPS of $20.98, crushing the $14.38 consensus estimate by $6.60
- Revenue hit $20.34 billion, up 39% year-over-year, well above the $16.12 billion estimate
- Equities revenue surged 72% to $7.42 billion; investment banking fees jumped 55% to $3.40 billion
- GS stock rose 1.2% following the results
- Goldman raised its quarterly dividend to $5.00 per share, up from $4.50
Goldman Sachs delivered a blowout second quarter, with the stock rising 1.2% after posting earnings of $20.98 per share — nearly $7 above what Wall Street had penciled in.
The Goldman Sachs Group, Inc., GS
Total revenue came in at $20.34 billion, a 39% jump from $14.64 billion in Q2 2025, and well ahead of the $16.12 billion estimate.
Total profit for the quarter was $6.63 billion, compared with $3.72 billion a year earlier.
GOLDMAN SACHS $GS Q2’26 EARNINGS HIGHLIGHTS
🔹 Net Revenue: $20.34B (Est. $16.35B) 🟢; +39% YoY
🔹 EPS: $20.98 (Est. $14.45) 🟢; +92% YoY
🔹 Global Banking & Markets: $15.52B (Est. $11.8B) 🟢; +53% YoY
🔹 Equities S&T: $7.42B (Est. $5.02B) 🟢; +72% YoY
🔹 FICC: $4.59B (Est.… pic.twitter.com/WX8bqXLVtL— Wall St Engine (@wallstengine) July 14, 2026
The Global Banking & Markets division led the charge, generating $15.52 billion in net revenues — up 53% year-over-year.
Equities was the real star of the show. Revenue surged 72% to $7.42 billion, driven by elevated market volatility tied to the Middle East conflict, which pushed investors into aggressive portfolio reshuffling.
Fixed Income, Currency and Commodities revenue climbed 32% to $4.59 billion, also benefiting from investor uncertainty around oil prices and US interest rate direction.
SpaceX’s closely watched IPO near the end of the quarter also helped drive trading volumes. Goldman was one of the lead underwriters on the deal.
Investment Banking Fired on All Cylinders
Investment banking fees rose 55% to $3.40 billion, with gains across equity underwriting, debt underwriting, and advisory.
Global M&A volumes hit record levels in the first half of 2026, per LSEG data, fueled by a surge in mega-deals above $10 billion. Goldman alone advised on more than $1 trillion in announced M&A — a record pace for any investment bank.
CEO David Solomon credited the results to client demand for strategic transactions: “Clients are turning to us to lead their most strategic and consequential transactions.”
The investment banking fees backlog grew versus both the end of Q1 2026 and the end of 2025.
Corporate dealmaking stayed strong despite geopolitical tension, partly driven by companies expanding their AI capabilities.
Wealth Management and Costs
Asset & Wealth Management revenues rose 20% to $4.60 billion, boosted by higher management fees and private equity gains.
Platform Solutions revenue dropped 64% to $221 million, largely due to markdowns on the Apple Card loan portfolio transferred to held-for-sale in Q4 2025.
Operating expenses increased 26% to $11.67 billion, driven by higher compensation linked to the stronger performance.
The firm’s annualized return on equity hit 23.5% for the quarter.
Goldman’s private credit fund reported that second-quarter repurchase requests came in below the 5% cap, a detail it flagged earlier this month.
Goldman also raised its quarterly dividend to $5.00 per share from $4.50, payable September 29 to shareholders of record on September 1.
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