◆ Inside the Latest Quarter (Q2 2026)

Goldman Sachs (GS) — the variant view

Goldman's record quarter was a trading boom with a smaller capital cushion underneath it.

📈 GS valuation, revenue & earnings — P/E, P/S, revenue, EPS →

The second quarter of 2026 was the best in Goldman's history by revenue and earnings per share. Net revenues were a record $20,338 million, up 39%, and diluted earnings per share a record $20.98, up 92%1. Net earnings rose 78% to $6,628 million2. Annualised return on equity was 23.5% and return on tangible equity 25.5%3.

Segment net revenues, Q2 2026 vs Q2 2025 ($M)10,133GBM Q2 202515,520GBM Q2 20263,831AWM Q2 20254,597AWM Q2 2026619PS Q2 2025221PS Q2 2026Goldman Sachs Q2 2026 earnings release
GBM up 53%, AWM up 20%, PS down 64%.

Global Banking & Markets did most of it. Its revenue rose 53% to $15,520 million, with equities at a record $7,416 million, up 72%, FICC $4,592 million, up 32%, and investment banking fees $3,395 million, up 55%4. The presentation reported records in equities intermediation and financing, debt underwriting and FICC financing5. Segment pre-tax earnings were $7,499 million against $4,075 million6.

Asset & Wealth Management earned $4,597 million, up 20%, with record management and other fees of $3,355 million7. Assets under supervision reached a record $4.04 trillion, and alternatives fundraising a record $59 billion8. Platform Solutions revenue fell 64% to $221 million as the Apple Card portfolio was marked down9.

Two things flattered the figures. A tax benefit of about $965 million from share-award settlements lifted first-half earnings per share by about $3.1510. And the capital ratio fell: Standardized CET1 was 12.9% against 14.3% at the end of 202511.

Against the first quarter, net revenues rose 18% and net earnings from $5,630 million to $6,628 million12. The firm bought back 4.1 million shares at an average $984.5713. The new dividend of $5.00 a quarter is 25% above the level of a year earlier14.

Costs rose with the revenue. Compensation and benefits were $6,104 million in the quarter against $4,685 million a year earlier, and net interest income $3,954 million against $3,104 million15. Pay rose about 30%16, slower than the 39% rise in revenue.

Goldman returned $5.36 billion to shareholders and raised the dividend to $5.00 a quarter17. The third quarter, reported on 13 October18, will show whether this was a spike: Global Banking & Markets revenue above $12 billion would say the level holds, and a fall back toward $10 billion would say it was a boom quarter.

References
  1. ReportedNet revenues were a record $20,338 million, up 39%, and diluted earnings per share a record $20.98, up 92%.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - firm results: net revenues, earnings, EPS, returns and costs. — Q2 2026 · publ. 14 July 2026 · source ↗
  2. ReportedNet earnings rose 78% to $6,628 million.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - firm results: net revenues, earnings, EPS, returns and costs. — Q2 2026 · publ. 14 July 2026 · source ↗
  3. ReportedAnnualised return on equity was 23.5% and return on tangible equity 25.5%.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  4. ReportedIts revenue rose 53% to $15,520 million, with equities at a record $7,416 million, up 72%, FICC $4,592 million, up 32%, and investment banking fees $3,395 million, up 55%.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Global Banking & Markets revenue by line for the quarter and half. — Q2 2026 · publ. 14 July 2026 · source ↗
  5. ReportedThe presentation reported records in equities intermediation and financing, debt underwriting and FICC financing.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  6. ReportedSegment pre-tax earnings were $7,499 million against $4,075 million.
    Goldman Sachs Form 10-Q for the quarter ended 30 June 2026 - segment pre-tax earnings and ROE, capital ratios and requirements, investment banking backlog, and the Industry Ventures and Innovator acquisitions. — Q2 2026 · publ. 3 August 2026 · source ↗
  7. ReportedAsset & Wealth Management earned $4,597 million, up 20%, with record management and other fees of $3,355 million.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Asset & Wealth Management revenues and assets under supervision. — Q2 2026 · publ. 14 July 2026 · source ↗
  8. ReportedAssets under supervision reached a record $4.04 trillion, and alternatives fundraising a record $59 billion.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  9. ReportedPlatform Solutions revenue fell 64% to $221 million as the Apple Card portfolio was marked down.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - firm results: net revenues, earnings, EPS, returns and costs. — Q2 2026 · publ. 14 July 2026 · source ↗
  10. ReportedA tax benefit of about $965 million from share-award settlements lifted first-half earnings per share by about $3.15.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - balance sheet, capital, risk, provisions, headcount and capital returned. — Q2 2026 · publ. 14 July 2026 · source ↗
  11. ReportedAnd the capital ratio fell: Standardized CET1 was 12.9% against 14.3% at the end of 2025.
    Goldman Sachs Form 10-Q for the quarter ended 30 June 2026 - segment pre-tax earnings and ROE, capital ratios and requirements, investment banking backlog, and the Industry Ventures and Innovator acquisitions. — Q2 2026 · publ. 3 August 2026 · source ↗
  12. ReportedAgainst the first quarter, net revenues rose 18% and net earnings from $5,630 million to $6,628 million.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - firm results: net revenues, earnings, EPS, returns and costs. — Q2 2026 · publ. 14 July 2026 · source ↗
  13. ReportedThe firm bought back 4.1 million shares at an average $984.57.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - balance sheet, capital, risk, provisions, headcount and capital returned. — Q2 2026 · publ. 14 July 2026 · source ↗
  14. ReportedThe new dividend of $5.00 a quarter is 25% above the level of a year earlier.
    Goldman Sachs statement on the 2026 CCAR results, Form 8-K exhibit 99.1 - stress capital buffer of 3.4% through 30 September 2027, an 11.4% Standardized CET1 requirement and the dividend increase to $5.00. — June 2026 · publ. 24 June 2026 · source ↗
  15. ReportedCompensation and benefits were $6,104 million in the quarter against $4,685 million a year earlier, and net interest income $3,954 million against $3,104 million.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - firm results: net revenues, earnings, EPS, returns and costs. — Q2 2026 · publ. 14 July 2026 · source ↗
  16. Moat Explorer calcPay rose about 30%, slower than the 39% rise in revenue.
    Moat Explorer calculation from Goldman Sachs' reported figures ($ millions unless stated; calendar years). Growth: net revenues 2025 58,283 / 53,512 - 1 = 8.9%, about 9%; 2022 47,365 / 59,339 - 1 = -20.2%; net earnings 2022 11,261 / 21,635 - 1 = -47.9%, nearly half; pre-tax earnings 21,852 / 10,739 = 2.03 times, about double; compensation 18,906 / 16,706 - 1 = 13.2%; total operating expenses 37,544 / 33,767 - 1 = 11.2%; preferred dividends 876 / 751 - 1 = 16.6%; CEO pay 47 / 39 - 1 = 20.5%; equities 16,535 / 11,549 - 1 = 43.2%; FICC 14,522 / 12,150 - 1 = 19.5%; FICC intermediation 10,271 / 9,318 - 1 = 10.2%; FICC financing 4,251 / 2,832 - 1 = 50.1%; Global Banking & Markets 41,453 / 29,994 - 1 = 38.2%; GBM pre-tax 17,574 / 11,000 - 1 = 59.8%; advisory 4,726 / 3,299 - 1 = 43.3%; underwriting (1,784 + 2,829) / (1,153 + 1,763) = 4,613 / 2,916 - 1 = 58.2%; investment banking fees 9,339 / 6,215 - 1 = 50.3%; 9,339 - 6,215 = 3,124, about $3.1 billion; Q2 2026 pace 3,395 x 4 = 13,580, 13,580 / 9,339 = 1.45; financing 11.45 / 6.03 = 1.90, close to double; intermediation best/worst 19.6 / 15.8 = 1.24; equity underwriting Q2 985 / 428 - 1 = 130%; H1 2026 equities 12,742 / 8,493 - 1 = 50%. Assets under supervision: 4,041 / 3,606 - 1 = 12.1% (six months); 3,606 / 3,137 - 1 = 15.0%; Q2 2026 rise 4,041 - 3,650 = 391 = inflows 230 + appreciation 161; management and other fees 11,538 / 10,415 - 1 = 10.8%; historical principal investments 9.4 - 6.0 = 3.4 billion; alternatives target 750 - 459 = 291 billion, 291 / 4.5 = 64.7, about 65 a year; 291 x 0.58% = 1.69 billion, about 1.7 billion; Shell mandate 40 / 4,041 = 1.0%; AWM ROE 12.5 + 2.3 = 14.8, near 15%. Shares of revenue: GBM 15,520 / 20,338 = 76.3% (Q2 2026), 41,453 / 58,283 = 71.1% (2025), 29,994 / 46,254 = 64.8% (2023); AWM 16,679 / 58,283 = 28.6% (2025), 16,316 / 53,512 = 30.5% (2024), 14,202 / 46,254 = 30.7% (2023), 4,597 / 20,338 = 22.6% (Q2 2026); equities 7,416 / 15,520 = 47.8% of the segment in Q2 2026; advisory 4,726 / 58,283 = 8.1%; GBM pre-tax 17,574 / 21,852 = 80.4%; FICC plus equities 14,522 + 16,535 = 31,057; Q2 2026 financing 1,216 + 3,259 = 4,475; durable revenues 26.3 / 58.283 = 45.1% (2025), 12.2 / 36.546 = 33.4% (2019); GBM assets 1,582,670 / 1,809,320 = 87.5%; brokered and sweep deposits (47 + 34) / 501 = 16.2%; compensation 18,906 / 37,544 = 50.4% of operating expenses; preferred dividends 876 / 17,176 = 5.1% of net earnings; financing against alternatives fees 11.45 / 2.37 = 4.8, about five times. Margins: GBM pre-tax margin 17,574 / 41,453 = 42.4% (2025), 11,000 / 29,994 = 36.7% (2023); AWM 4,127 / 16,679 = 24.7% (2025), 4,865 / 16,316 = 29.8% (2024), 1,763 / 14,202 = 12.4% (2023). Balance sheet and capital: total assets 2,128 / 1,675.972 - 1 = 27.0% (end-2024 to June 2026); equity 121,996 to about 123,000, almost unchanged; deposits 558 / 433 - 1 = 28.9%, about 29%; loans to deposits 261 / 558 = 46.8%, about 47%; JPMorgan deposits 2,559,320 / 501,000 = 5.1 times; CET1 headroom 12.9 - 11.4 = 1.5 points, about 150 basis points; a repeat of the first-half fall 12.9 - (14.3 - 12.9) = 11.5%; basic shares 298.4 / 322.9 - 1 = -7.6%, about 8% fewer; TBVPS 335.49 / 316.02 - 1 = 6.2%; buyback price 935.45 / 984.57 - 1 = -5.0%; first-half ROE 21.7 - 1.7 = 20.0%; Platform Solutions pre-tax losses 783 + 1,047 + 1,989 + 2,175 + 1,075 = 7,069, about $7.1 billion. Valuation: trailing twelve months to June 2026 net revenues 58,283 - 29,645 + 37,565 = 66,203; net earnings 17,176 - 8,461 + 12,258 = 20,973; diluted EPS 51.32 - 25.07 + 38.51 = 64.76; P/E 283,220 / 20,973 = 13.5; P/S 283,220 / 66,203 = 4.28; year-end P/E 263.64 / 17.176 = 15.35 (2025), 179.75 / 14.276 = 12.59 (2024), 125.80 / 8.516 = 14.77 (2023), 128.08 / 21.635 = 5.92 (2021); 52-week high 935.45 / 1,153.99 - 1 = -18.9%, about 19% below; Morgan Stanley gap 308.32 - 283.22 = 25.1 billion; market value on basic shares 298.4 x 935.45 = 279.1 billion. Further: Platform Solutions provisions against revenue (old basis) 1,728 / 1,502 = 115% (2022), 1,135 / 2,378 = 47.7%, about 48% (2023), 1,540 / 2,427 = 63.5%, about 63% (2024); 2021 to 2022 revenue fall 59,339 - 47,365 = 11,974, about $12 billion; Q2 2026 equities less Q1 7,416 - 5,326 = 2,090; AWM revenue 2025 16,679 / 16,316 - 1 = 2.2%; liquidity products 1,065 / 4,041 = 26.4%, about a quarter; AUS year on year 4,041 / 3,293 - 1 = 22.7%, about 23%; alternatives 459 / 2,976 = 15.4% of long-term AUS; private banking and lending H1 2026 638 + 689 = 1,327, x 2 = 2,654, near $2.7 billion; VaR factors before diversification 82 + 65 + 19 + 30 = 196; GBM Q1 2026 12,738 / 17,227 = 73.9%, about 74%; transaction banking and private bank deposits (70 + 101) / 501 = 34.1%, about a third; GBM assets share 87.5%, nearly nine-tenths; EMEA 2025 14,155 / 12,250 - 1 = 15.6%, about 16%; unsecured long-term borrowings 285,500 / 242,634 - 1 = 17.7%, about 18%; JPMorgan deposits 2,559,320 / 2,406,032 - 1 = 6.4%; Goldman deposits 501 / 433 - 1 = 15.7%, about 16%; H1 2026 financing 2,278 + 5,867 = 8,145; Q2 2026 compensation 6,104 / 4,685 - 1 = 30.3%; diluted shares 321.4 / 306.5 - 1 = 4.9%, about 5%; advisory 2025 4,726 / 3,534 - 1 = 33.7%, about 34%; underwriting 2025 (1,784 + 2,829) / (1,677 + 2,521) = 4,613 / 4,198 - 1 = 9.9%, about 10%; debt share of underwriting 2,829 / 4,613 = 61.3%, about three-fifths; wealth channel 1,041 / 862 - 1 = 20.8%, about 21%; CET1 ratio 101,657 / 790,640 = 12.86%; 101,657 / 800,640 = 12.70%, so 10 billion of RWAs costs about 16 basis points; GBM pre-tax Q2 2026 7,499 / 4,075 - 1 = 84.0%; market value 2025 263.64 / 179.75 - 1 = 46.7% - valuation, balance sheet, capital and cost arithmetic. — FY2019-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Goldman Sachs' Forms 10-K and 10-Q, its earnings releases and presentations, JPMorgan's Form 10-K and market data; operands shown in the source line.
  17. ReportedGoldman returned $5.36 billion to shareholders and raised the dividend to $5.00 a quarter.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - balance sheet, capital, risk, provisions, headcount and capital returned. — Q2 2026 · publ. 14 July 2026 · source ↗
  18. ReportedThe third quarter, reported on 13 October, will show whether this was a spike: Global Banking & Markets revenue above $12 billion would say the level holds, and a fall back toward $10 billion would say it was a boom quarter.
    Goldman Sachs (GS) statistics - 302.77 million shares, P/B 2.58, P/TBV 2.82, institutions 72.54%, next earnings date 13 October 2026. — September 2026 · publ. 25 September 2026 · source ↗
Sources
Generated September 28, 2026