The Goldman Sachs Group (GS) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly net revenues of $20.34 billion and diluted EPS of $20.98 in Q2 2026, with net earnings of $6.63 billion, up 78% year-over-year, and annualized ROE of 23.5% and ROTE of 25.5%.

• Large cap corporate M&A volumes surged 90% year-to-date, with the firm leading $1.2 trillion in announced deal volumes and maintaining the top M&A advisor position.

• Book value per share increased to $367.67, with a 2.8% year-to-date growth.

• AI-driven capital formation and infrastructure buildout are fueling demand for advisory, financing, and risk management services across sectors.

• Backlog reached its highest level in five years, underpinned by record advisory mandates and robust client engagement.

Financial highlights

• Net revenues for Q2 2026 reached $20.34 billion, up 39% year-over-year, and for the first half totaled $37.57 billion, up 27% year-over-year.

• Earnings per share hit $20.98, with quarterly ROE at 23.5% and ROTE at 25.5%.

• Global Banking & Markets net revenues were $15.52 billion in Q2 2026, up 53% year-over-year, with segment ROE of 25% for H1 2026.

• Advisory revenues rose 17% year-over-year to $1.4 billion; equity underwriting revenues up 130% to $985 million; debt underwriting revenues up 75% to $1 billion.

• Asset & Wealth Management revenues grew 20% year-over-year to $4.6 billion, with management fees at a record $3.4 billion.

Outlook and guidance

• Backlog at a five-year high signals continued strong deal activity; strategic M&A remains the primary driver.

• Expect full-year alternatives fundraising to exceed $125 billion, with incentive fees projected to rise materially in H2 2026.

• Management expects continued momentum across business lines, citing strong pipelines and client activity.

• Forward-looking statements caution that actual results may differ due to market, economic, and regulatory uncertainties.

• Management remains confident in multi-year earnings growth, driven by AI investment cycles and durable client engagement.