Goldman Sachs Q2 2026 Earnings Overview
Goldman Sachs Group Inc. reported adjusted earnings per share of $20.98 for the quarter ended June 30, 2026, exceeding the analyst consensus of $14.38 by $6.60. Revenue for the quarter reached $20.34 billion, surpassing the $16.12 billion estimate and representing a 39% increase from $14.64 billion in the second quarter of 2025.
The Global Banking & Markets division generated net revenues of $15.52 billion, up 53% year‑over‑year. Within this division, equities revenue climbed 72% to $7.42 billion, while Fixed Income, Currency and Commodities revenue rose 32% to $4.59 billion. Investment‑banking fees totaled $3.40 billion, a 55% increase from the comparable period last year, driven by higher equity and debt underwriting fees as well as advisory services. The firm noted that its investment‑banking fees backlog grew relative to both the end of the first quarter of 2026 and the end of 2025.
Asset & Wealth Management revenues increased 20% to $4.60 billion, reflecting higher management fees and gains from private‑equity investments. Platform Solutions revenue fell 64% to $221 million, primarily because of markdowns on the Apple Card loan portfolio, which was transferred to a held‑for‑sale status in the fourth quarter of 2025.
Operating expenses rose 26% to $11.67 billion, mainly due to higher compensation costs linked to the improved performance. The firm’s annualized return on equity for the quarter was 23.5%.
Goldman Sachs announced an increase in its quarterly dividend to $5.00 per share, up from $4.50, with the dividend payable on September 29 to shareholders of record on September 1.
Following the release, Goldman Sachs shares jumped more than 6% in early trading, with the Reuters ticker showing a 7.45% gain. Wolfe Research analyst Steven Chubak described the results as “handily eclipsed” expectations and suggested that the firm’s “flywheel of activity” could support further EPS revisions, while noting that some investors may question the sustainability of the current investment‑banking and markets strength.