Goldman Sachs Group (GS) Q2 FY2026 earnings: revenue $20.3 billion, up 39.5% on the year

Goldman Sachs Group Inc. (GS) reported revenue of $20.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 39.5% on the same quarter a year earlier. Net income was $6.6 billion, up 78.0% on the year, and diluted earnings per share $20.98. The figures are the company's own, from the 10-Q it filed with the SEC on 3 August 2026.

Revenue

$20.3 billion

+39.5% on the year · +18.1% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$6.6 billion

+78.0% on the year · +17.7% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$20.98

+92.3% on the year · +19.5% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised.

Net revenues rose 39% year on year: Net revenues were $20.34 billion, up 39% from the second quarter of 2025 and 18% from the first quarter of 2026.
Diluted EPS rose to $20.98: Net earnings were $6.63 billion. Diluted EPS was $20.98, against $10.91 a year earlier and $17.55 in the first quarter of 2026.
Equities revenue rose 72%: Equities net revenues were $7.42 billion, up 39% from the first quarter. Equities financing was $3.26 billion, driven by prime financing, and intermediation $4.16 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	20,338	17,227	14,583	+18.1%	+39.5%
Interest expense	n/a	n/a	16,685
Pre-tax income	8,563	6,486	4,958	+32.0%	+72.7%
Income tax	1,935	856	1,235	+126.1%	+56.7%
Effective tax rate	22.6%	13.2%	24.9%
Net income	6,628	5,630	3,723	+17.7%	+78.0%
Net margin	32.6%	32.7%	25.5%
Diluted EPS	$20.98	$17.55	$10.91	+19.5%	+92.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	6,105	-31,868	5,672		+7.6%
Capital expenditure	502	565	476	-11.2%	+5.5%
Free cash flow	5,603	-32,433	5,196		+7.8%
Free cash flow margin	27.5%	-188.3%	35.6%
Cash from investing	-28,572	-56,307	-11,334
Cash from financing	30,916	104,294	-13,262	-70.4%
Depreciation and amortisation	509	495	618	+2.8%	-17.6%
Share-based compensation	439	2,530	533	-82.6%	-17.6%
Buybacks	4,000	5,000	3,000	-20.0%	+33.3%
Dividends paid	1,603	1,588	1,223	+0.9%	+31.1%
Dividend per share	$4.50	$4.50	$3.00	0.0%	+50.0%
Diluted shares, weighted	305m	308m	318m	-1.0%	-4.2%
Shares outstanding at period end	291m	295m	303m	-1.1%	-3.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	122,742	122,782	124,096	-0.0%	-1.1%
Deposits	557,955	561,263	466,143	-0.6%	+19.7%
Trading liabilities	323,783	312,220	253,194	+3.7%	+27.9%
Debt	437,874	396,304	348,971	+10.5%	+25.5%
Other liabilities	685,357	667,611	592,605	+2.7%	+15.7%
Total liabilities and equity	2,127,711	2,060,180	1,785,009	+3.3%	+19.2%
Fixed assets	7,474	7,534	7,795	-0.8%	-4.1%
Goodwill	7,342	6,590	5,952	+11.4%	+23.4%
Intangible assets	1,929	932	888	+107.0%	+117.2%
Securities held for sale or to maturity	230,294	211,903	176,019	+8.7%	+30.8%
Resale agreements	121,224	152,875	153,849	-20.7%	-21.2%
Securities borrowed	244,599	233,083	213,275	+4.9%	+14.7%
Trading assets	789,083	758,018	628,089	+4.1%	+25.6%
Cash and equivalents	187,266	179,530	152,967	+4.3%	+22.4%
Other assets	538,500	509,715	446,175	+5.6%	+20.7%
Total assets	2,127,711	2,060,180	1,785,009	+3.3%	+19.2%

Questions

What was Goldman Sachs Group's revenue in Q2 FY2026?

Goldman Sachs Group (GS) reported revenue of $20.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 39.5% on the same quarter a year earlier.

How much did Goldman Sachs Group earn in Q2 FY2026?

Net income for Q2 FY2026 was $6.6 billion, up 78.0% on the year, and diluted earnings per share $20.98.

When did Goldman Sachs Group report Q2 FY2026 results?

Goldman Sachs Group filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 3 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	12,639	12,933	11,864	11,975	10,593	12,224	10,895	11,817	11,318	14,213	12,731	12,699	13,869	15,062	14,583	15,184	13,454	17,227	20,338	18,679
Interest expense	1,215	1,385	3,117	6,507	10,337	13,157	15,152	16,710	17,145	18,181	18,450	19,101	17,609	16,488	16,685	16,970	16,671	n/a	n/a	n/a
Pre-tax income	5,025	4,656	3,544	3,756	1,530	3,993	1,736	2,756	2,254	5,237	3,916	3,987	5,257	5,647	4,958	5,392	5,855	6,486	8,563	7,003
Tax rate	22%	15%	17%	18%	13%	19%	30%	25%	11%	21%	22%	25%	22%	16%	25%	24%	21%	13%	23%	24%
Net income	3,935	3,939	2,927	3,069	1,326	3,234	1,216	2,058	2,008	4,132	3,043	2,990	4,111	4,738	3,723	4,098	4,617	5,630	6,628	5,294
Net margin	31%	30%	25%	26%	13%	26%	11%	17%	18%	29%	24%	24%	30%	31%	26%	27%	34%	33%	33%	28%
Diluted EPS	$10.90	$10.76	$7.73	$8.25	$3.32	$8.79	$3.08	$5.47	$5.53	$11.58	$8.62	$8.40	$11.94	$14.12	$10.91	$12.25	$14.01	$17.55	$20.98	$17.01
Operating cash flow	24,897	-22,952	38,474	8,183	-14,997	9,404	31,901	-25,534	-28,358	-28,038	6,120	-38,060	46,766	-37,230	5,672	2,680	-16,276	-31,868	6,105	4,181
Capital expenditure	1,119	953	1,051	990	754	597	666	507	546	497	542	466	586	499	476	558	531	565	502	525
Free cash flow	23,778	-23,905	37,423	7,193	-15,751	8,807	31,235	-26,041	-28,904	-28,535	5,578	-38,526	46,180	-37,729	5,196	2,122	-16,807	-32,433	5,603	3,656
Buybacks	500	500	500	1,000	1,500	2,546	750	1,500	1,000	1,500	3,500	1,000	2,000	4,360	3,000	2,000	3,000	5,000	4,000	3,000
Dividends paid	822	815	857	997	1,013	1,013	1,012	1,099	1,065	1,123	1,052	1,169	1,153	1,115	1,223	1,476	1,463	1,588	1,603	1,653
Shares outstanding	334m	343m	342m	339m	335m	333m	331m	327m	323m	324m	316m	314m	311m	308m	303m	300m	296m	295m	291m	289m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 3 August 2026: the filing.