Goldman Sachs Group Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 14 July 2026: press release. Guidance figures: 1 raised. The quarter’s numbers.

Read the filing

Key takeaways

• 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. Source
• 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. Source
• 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. Source
• Investment banking fees rose 55%: Investment banking fees were $3.40 billion, up 20% from the first quarter and 55% from a year earlier, led by equity and debt underwriting. Source
• Operating expenses rose 26%: Operating expenses were $11.67 billion, up 26% from a year earlier and 12% from the first quarter, mainly on compensation and transaction-based costs. Source
• Investment banking backlog increased: The investment banking fees backlog rose from the end of the first quarter and from the end of 2025. In the first quarter it had decreased slightly against year-end 2025. Source
• Capital returned reached $5.36 billion: Capital returned to common shareholders was $5.36 billion, down from $6.38 billion in the first quarter. It included $4.00 billion of buybacks at an average $984.57 per share, and $1.36 billion of dividends. Source

“Goldman Sachs Reports Second Quarter Earnings Per Common Share of $ 20.98 and Increases the Quarterly Dividend to $ 5.00 Per Common Share in the Third Quarter”

Goldman Sachs Group Inc., press release

Guidance

What changed from last quarter

• Guidance raised: Quarterly dividend raised to $5.00 per common share for the third quarter, from $4.50 in the prior quarter. Source
• New: Acquisition of Innovator Capital Management added $31 billion of long-term inflows to assets under supervision in equity assets. Source
• Ended: Disposition of Goldman Sachs TFI removed $15 billion of long-term assets under supervision in fixed income and equity assets. Source

Results and growth drivers

• 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. Source
• 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. Source
• First-half revenue and earnings higher: First-half net revenues were $37.57 billion, up 27%, and net earnings were $12.26 billion, up 45%, both from the first half of 2025. First-half diluted EPS was $38.51. Source
• Return on equity reached 23.5%: Annualized ROE was 23.5% for the quarter and 21.7% for the first half, against 19.8% in the first quarter of 2026. Source
• Net interest income rose 27%: Net interest income was $3.95 billion, up 27% from the second quarter of 2025 and 11% from the first quarter of 2026. Source

Segments and regions

• 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. Source
• Investment banking fees rose 55%: Investment banking fees were $3.40 billion, up 20% from the first quarter and 55% from a year earlier, led by equity and debt underwriting. Source
• FICC revenue rose 32%: FICC net revenues were $4.59 billion, up 14% from the first quarter. Intermediation rose on interest rate products and commodities, while credit products were lower. Source
• Asset & Wealth Management up 20%: Net revenues were $4.60 billion, up 13% from the first quarter. Investments rose on private equity gains, while private banking and lending fell on lower Marcus net interest margin. Source
• Platform Solutions fell on Apple Card: Platform Solutions net revenues were $221 million, down 64% from a year earlier and 46% from the first quarter, on net markdowns on the Apple Card loan portfolio. Source
• Asia revenue more than doubled: Asia net revenues were $3.61 billion, 18% of the total against 12% a year earlier. Americas was $12.22 billion, or 60%, and EMEA $4.50 billion, or 22%. Source

“today reported net revenues of $ 20.34 billion and net earnings of $ 6.63 billion for the second quarter ended June 30, 2026.”

Goldman Sachs Group Inc., press release

Costs, provisions and tax

• Operating expenses rose 26%: Operating expenses were $11.67 billion, up 26% from a year earlier and 12% from the first quarter, mainly on compensation and transaction-based costs. Source
• Half-year efficiency ratio improved: The efficiency ratio was 58.8% for the first half of 2026, down from 62.0% for the first half of 2025. Source
• Credit provision fell to $102 million: Provision for credit losses was $102 million, against $384 million a year earlier and $315 million in the first quarter. Wholesale loan impairments were the main driver. Source
• Litigation provisions were negative: Net provisions for litigation and regulatory proceedings were $(28) million, against $1 million in the second quarter of 2025. Source
• First-half tax rate rose to 18.5%: The first-half effective tax rate was 18.5%, up from 13.2% in the first quarter. The company cited a smaller benefit from employee share-based award settlements, about $965 million for the half. Source
• Headcount fell 2% in the quarter: Headcount was 46,200 at June 30, down from 47,000 at March 31, and up from 45,900 a year earlier. Source

Deal activity and backlog

• Investment banking backlog increased: The investment banking fees backlog rose from the end of the first quarter and from the end of 2025. In the first quarter it had decreased slightly against year-end 2025. Source
• Advisory revenue up 17% year on year: Advisory net revenues were $1.38 billion, up 17% from a year earlier and down 8% from the first quarter. The company attributed the increase to industry-wide completed M&A volumes. Source
• Equity underwriting revenue rose sharply: Equity underwriting was $985 million, against $535 million in the first quarter and $428 million a year earlier, mainly from secondary and initial public offerings. Source
• Debt underwriting rose 75%: Debt underwriting was $1.03 billion, up 27% from the first quarter and 75% from a year earlier, on leveraged finance and asset-backed activity. Source

“The increase compared with the second quarter of 2025 primarily reflected significantly higher net revenues in Global Banking & Markets.”

Goldman Sachs Group Inc., press release

Assets under supervision and deals

• Assets under supervision reached $4.04 trillion: Total AUS was $4,041 billion at June 30, up from $3,650 billion at March 31 and $3,293 billion a year earlier. Source
• Net inflows of $230 billion: Total AUS net inflows were $230 billion in the quarter, including $139 billion into liquidity products. Net market appreciation added $161 billion. Source
• Innovator acquisition added equity assets: The acquisition of Innovator Capital Management added $31 billion of long-term inflows in equity assets for the quarter. Source
• TFI disposition reduced long-term assets: The disposition of Goldman Sachs TFI removed $15 billion of long-term assets in fixed income and equity, partly offsetting the Innovator inflow. Source
• Management fees rose 20%: Management and other fees were $3.36 billion, up 9% from the first quarter and 20% from a year earlier, reflecting higher average assets under supervision. Source

Capital and shareholder returns

• Capital returned reached $5.36 billion: Capital returned to common shareholders was $5.36 billion, down from $6.38 billion in the first quarter. It included $4.00 billion of buybacks at an average $984.57 per share, and $1.36 billion of dividends. Source
• Global core liquid assets rose: Average global core liquid assets were $555 billion, up from $494 billion in the first quarter. Source
• Standardized CET1 ratio rose to 12.9%: The standardized CET1 ratio was 12.9%, up from 12.5%, with risk-weighted assets at $790 billion against $815 billion. Source
• Advanced-rules CET1 ratio rose: The advanced-rules CET1 ratio was 13.7%, up from 13.3%, with risk-weighted assets at $743 billion against $764 billion. Source

Balance sheet and risk measures

• Total assets rose to $2.13 trillion: Total assets were $2,128 billion at June 30, up from $2,060 billion at March 31. Trading assets were $789 billion and loans $261 billion. Source
• Supplementary leverage ratio fell: The supplementary leverage ratio was 4.3%, down from 4.7% at March 31. Source
• Average daily VaR rose to $120 million: Average daily VaR was $120 million for the quarter, up from $112 million, with equity price VaR at $65 million against $55 million. Source
• Unsecured borrowings increased: Unsecured long-term borrowings were $348 billion, up from $315 billion, and short-term borrowings $90 billion, up from $81 billion. Source

Coming up, as management said on 14 July 2026

• Dividend payment date set: The $5.00 third-quarter dividend is payable September 29, 2026, to holders of record on September 1, 2026. Source

Figures management reported

Risks management discussed

• Financial: Provisions for credit losses in the quarter mainly reflected impairments on wholesale loans. Source
• Financial: Net markdowns on the Apple Card loan portfolio, transferred to held for sale in late 2025, reduced Platform Solutions revenue this quarter. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.