✦ Asia: 18% of Revenue in the Latest QuarterThin moat

Goldman Sachs (GS) — the future bets

Asia jumped to 18% of Goldman's revenue in one quarter, and the firm already employs the people to keep it there.

Goldman's fastest-growing region in 2026 is Asia. Net revenues there were $3,614 million in the second quarter of 2026, 18% of the firm's total, against 12% a year earlier1. For 2025 as a whole Asia produced $7,580 million, 13%2.

Asia share of net revenues (%)13%FY202512%Q2 202518%Q2 2026Goldman Sachs Q2 2026 earnings release
Up six points in a year.

The firm already has the people. About 30% of its headcount was in Asia at the end of 2025, against 50% in the Americas and 20% in Europe3. That is a larger share of staff than of revenue, which means the region has room to earn more from people already hired.

A quarter is not a trend. The rise came in a period of strong trading, and the firm's equities revenue grew 72% in the quarter4. Asian markets can turn quickly, and the firm's forward-looking statement names trade policy and tariffs among its risks5.

The bet is that Goldman's global model, one firm serving the same clients in every time zone, can take share in the region. If Asia settled at 15% or more of revenue for a full year, it would be the firm's second leg of growth after alternatives.

Asia was already 18% of revenue in the first quarter of 2026, at $3,044 million6. Two quarters in a row at the same share is more than a single spike, though both came in a strong market for trading.

In the first half Asia was 18% as well7. A full-year share at or above 15% would confirm the shift; back at 13%, the second quarter was a market spike.

Moat trajectory: Widening

Asia 12% (Q2 2025) to 18% (Q2 2026) of net revenues.

The number that tests this moat
Reported
Asia share of net revenues, latest quarter
18% (Q2 2026: $3,614M) vs 12% a year earlier

The international growth leg; a full-year share back at 13% would show the quarter was a spike.

Source: Goldman Sachs Q2 2026 earnings results ↗
References
  1. ReportedNet revenues there were $3,614 million in the second quarter of 2026, 18% of the firm's total, against 12% a year earlier.
    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. ReportedFor 2025 as a whole Asia produced $7,580 million, 13%.
    Goldman Sachs full-year and fourth-quarter 2025 earnings results, Form 8-K exhibit 99.1 - net revenues by region, net interest income, deposits, loans, AUS rollforward, capital returned and Apple Card effects. — FY2025 · publ. 15 January 2026 · source ↗
  3. ReportedAbout 30% of its headcount was in Asia at the end of 2025, against 50% in the Americas and 20% in Europe.
    Goldman Sachs Form 10-K for fiscal 2025 - Item 1 business, human capital and consumer-business disclosures. — FY2025 · publ. 25 February 2026 · source ↗
  4. ReportedThe rise came in a period of strong trading, and the firm's equities revenue grew 72% in the 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 - Global Banking & Markets revenue by line for the quarter and half. — Q2 2026 · publ. 14 July 2026 · source ↗
  5. ReportedAsian markets can turn quickly, and the firm's forward-looking statement names trade policy and tariffs among its risks.
    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 ↗
  6. ReportedAsia was already 18% of revenue in the first quarter of 2026, at $3,044 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 - net revenues by region. — Q2 2026 · publ. 14 July 2026 · source ↗
  7. ReportedIn the first half Asia was 18% as well.
    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 - net revenues by region. — Q2 2026 · publ. 14 July 2026 · source ↗
Sources
Generated September 28, 2026