The massive beat across all major segments (GBM, AWM) and the dividend hike signal accelerating momentum. Traders should expect an upward re-rating of GS shares; watch the conference call for any forward guidance on investment banking fees and capital return. The investment banking fees backlog increase supports continued revenue strength in the near term.
Price Chart
Executive Summary
Goldman Sachs reported Q2 2026 net revenues of $20.34B (+39% YoY) and diluted EPS of $20.98 (+92% YoY), both significantly above consensus estimates of $16.40B and $14.54. Record Global Banking & Markets revenues of $15.52B, record AUS of $4.04T, and an 11% dividend increase to $5.00/share reinforce the earnings beat. The combination of record underwriting, equities, and asset management fee income drove the strongest quarter in the firm's history.
Key Financial Metrics
Key Facts
- Q2 2026 diluted EPS $20.98 vs consensus $14.54 (beat by 44.3%)
- Net revenues $20.34B vs consensus $16.40B (beat by 24.0%)
- Net revenues up 39% YoY; EPS up 92% YoY
- Annualized ROE of 23.5% in Q2 2026
- Quarterly dividend increased to $5.00 per share from $4.50 (up 11%)
- Record Global Banking & Markets net revenues of $15.52B, including record Equities ($7.42B) and record Debt underwriting ($1.03B)
- Record AUS of $4.04 trillion (34th consecutive quarter of long-term fee-based net inflows)
- $4.0B in common share repurchases during Q2 2026
- Investment banking fees backlog increased sequentially
- Efficiency ratio improved to 57.4% in Q2 2026 vs 63.4% in Q2 2025
Financial Impact
EPS beat consensus by $6.44 (44.3%); revenue beat by $3.94B (24.0%). Dividend increase adds ~$0.50/share quarterly. The combined earnings and revenue surprise is the largest in recent quarters.
Risk Factors
- Global economic slowdown or market volatility could reverse the investment banking and trading momentum
- Higher operating expenses (+26% YoY) may compress margins if revenue growth slows
- Regulatory capital requirements (SLR 4.3%) and potential changes to Basel III endgame rules
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000886982-26-000294 |
| Document: gs-20260714.htm | 0000886982-26-000294 |
| Document: a2q26gsearningsresultspr.htm | 0000886982-26-000294 |
| Document: 0000886982-26-000294-index-headers.html | 0000886982-26-000294 |
| Document: 0000886982-26-000294-index.html | 0000886982-26-000294 |
| Document: 0000886982-26-000294.txt | 0000886982-26-000294 |
| 8-K Data (Synthetic) | 0000886982-26-000294 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Court Ruling | $1,019.77 $951.47 | ▼ −6.70% | ▼ −7.33% | $907.47 (−11.01%) |
Aug 14, 2026 6w ago | 13F-HR | $1,051.31 $1,036.28 | ▼ −1.43% | ▼ −0.24% | $907.47 (−13.68%) |
Jul 20, 2026 10w ago | 8-K | $1,055.03 $1,061.23 | ▲ +0.59% | ▲ +1.01% | $907.47 (−13.99%) |
Jul 14, 2026 11w ago | 8-K | $1,140.00 $1,055.03 | ▼ −7.45% | ▼ −6.16% | $907.47 (−20.40%) |
Jul 14, 2026 11w ago | Court Ruling | $1,140.00 $1,055.03 | ▼ −7.45% | ▼ −6.16% | $907.47 (−20.40%) |
Jun 24, 2026 14w ago | 8-K | $1,065.09 $1,019.61 | ▼ −4.27% | ▼ −5.83% | $907.47 (−14.80%) |
May 29, 2026 17w ago | 424B4 | $19.44 $19.23 | ▼ −1.08% | ▼ −0.79% | $907.47 (+4568.03%) |
May 27, 2026 18w ago | Court Ruling | $996.47 $1,041.02 | ▲ +4.47% | ▲ +3.97% | $907.47 (−8.93%) |
May 15, 2026 19w ago | 13F-HR | $19.12 $19.35 | ▲ +1.20% | ▲ +0.24% | $907.47 (+4646.16%) |
May 1, 2026 22w ago | Insider Cluster | $922.60 $936.46 | ▲ +1.50% | ▼ −0.84% | $907.47 (−1.64%) |
US Market Status
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