10-QPeriod: Q2 FY2026

GOLDMAN SACHS GROUP INC Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 3, 2026For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

Goldman Sachs Group, Inc. (GS) reported robust financial results for the second quarter and first half of 2026, demonstrating significant year-over-year growth across key performance indicators. Net revenues surged by 39% in the second quarter and 27% year-to-date, driven by strong performance in Global Banking & Markets, particularly in Equities, Investment Banking, and FICC intermediation and financing activities. Asset & Wealth Management also contributed positively with higher management fees and investment revenues. Net earnings showed substantial improvement, rising to $6.63 billion for the second quarter and $12.26 billion for the first half, leading to diluted EPS of $20.98 and $38.51, respectively. This strong profitability translated into an annualized Return on Average Common Equity (ROE) of 23.5% for the second quarter and 21.7% year-to-date. The firm returned significant capital to shareholders through repurchases and dividends, while maintaining strong regulatory capital ratios, with CET1 ratios well above regulatory requirements. The company also announced a planned increase in its quarterly common stock dividend.

Key Highlights

  • 1Net revenues increased significantly year-over-year, reaching $20.34 billion for Q2 2026 and $37.57 billion for the first half.
  • 2Net earnings saw a substantial jump to $6.63 billion in Q2 2026 and $12.26 billion for the first half.
  • 3Diluted Earnings Per Share (EPS) improved significantly to $20.98 in Q2 2026 and $38.51 year-to-date.
  • 4Return on Average Common Equity (ROE) was strong, at 23.5% for Q2 2026 and 21.7% year-to-date.
  • 5Global Banking & Markets segment experienced robust growth, with net revenues up 53% year-over-year in Q2, driven by strong performance in Equities, Investment Banking, and FICC.
  • 6Asset & Wealth Management revenues increased 20% year-over-year in Q2, benefiting from higher management and other fees, and investment gains.
  • 7Common Equity Tier 1 (CET1) capital ratios remained strong, at 12.9% (Standardized) and 13.6% (Advanced) as of June 2026, well above regulatory minimums.

Frequently Asked Questions

Revenue growth was primarily driven by a significant increase in Global Banking & Markets net revenues, up 53% year-over-year. This was fueled by strong performance in Equities (up 72%), Investment banking fees (up 55%), and FICC (up 32%). Higher management and other fees and investment gains in Asset & Wealth Management also contributed positively.

Profitability significantly improved. Net earnings rose to $6.63 billion in Q2 2026 from $3.72 billion in Q2 2025. Diluted Earnings Per Share (EPS) increased to $20.98 from $10.91 over the same period. The annualized Return on Average Common Equity (ROE) also saw a substantial increase to 23.5% from 12.8%.

Goldman Sachs returned $5.36 billion to common shareholders in Q2 2026 through $4.00 billion in share repurchases and $1.36 billion in common stock dividends. The company also announced an increase in its quarterly common stock dividend from $4.50 to $5.00 per share, effective in the third quarter of 2026.

The Provision for Credit Losses decreased to $102 million in Q2 2026 from $384 million in Q2 2025. The decrease was primarily due to lower provisions related to wholesale loans, as provisions in the prior year were impacted by the credit card portfolio which was transferred to held for sale.