10-Q · May 1, 2026
Goldman Sachs reported a strong performance in Q1 2026 with net revenues of $17.23 billion, up 14% from Q1 2025, and diluted EPS of $17.55, increasing from $14.12 from the prior year. Segment results reflected…
Earnings analysis · 10-Q
GS earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
Goldman posted an exceptional Q2, with revenue up 39% YoY to $20.338B and EPS up to $20.98 from $10.91, driven primarily by Equities, investment banking and FICC. Profitability improved materially as the efficiency…
Read full summary
Goldman posted an exceptional Q2, with revenue up 39% YoY to $20.338B and EPS up to $20.98 from $10.91, driven primarily by Equities, investment banking and FICC. Profitability improved materially as the efficiency ratio declined 600 basis points to 57.4%, while Asset & Wealth Management added strong inflows and grew AUS to $4.041T. Offsetting factors are the continued Apple Card wind-down, increased balance-sheet leverage, and potential credit and capital pressure if macroeconomic or geopolitical conditions deteriorate.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $20.98
- Operating margin
- 42.1%
What stood out
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Revenue and EPS accelerated sharply
Q2 net revenue was $20.338B, up 39% from $14.583B a year ago and 18% from the implied Q1 level of $17.227B. Diluted EPS of $20.98 nearly doubled from $10.91 YoY and rose 20% from $17.55 in Q1.
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Operating leverage drove margin expansion
Pre-tax earnings rose to $8.563B from $4.958B, lifting the calculated pre-tax margin to 42.1% from 34.0% YoY and 37.7% in Q1. The efficiency ratio improved to 57.4% from 63.4%, despite operating expenses increasing 26% to $11.673B.
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Markets and investment banking powered growth
Global Banking & Markets generated $15.520B of revenue, up 53% YoY; Equities climbed 72% to $7.416B, investment-banking fees rose 55% to $3.395B, and FICC increased 32% to $4.592B. Investment-banking backlog increased versus March 2026.
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AUM growth strengthened fee franchise
Asset & Wealth Management revenue increased 20% to $4.597B, supported by management and other fees of $3.355B (+20%) and investment revenue of $441M versus $137M. AUS reached $4.041T, up from $3.293T a year earlier, with $230B of quarterly net inflows.
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Liquidity buffers improved
Liquidity remained robust: average GCLA increased to $555.008B from $494.193B in Q1, while the LCR rose to 126% from 123% and NSFR increased to 117% from 115%.
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Capital return remained substantial
Goldman returned $5.360B to common shareholders in Q2, including $4.000B of repurchases and $1.360B of dividends. The quarterly common dividend will increase to $5.00 per share in Q3 from $4.50.
What to watch
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Apple Card exit continues to pressure Platform
Platform Solutions revenue fell 64% YoY to $221M and recorded a $48M pre-tax loss, as Apple Card held-for-sale loan markdowns continued. The Apple Card transition is expected to take approximately 24 months from the December 2025 agreement date.
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Macro stress could lift credit costs
A 100% weighting to management's adverse macro scenario—global recession from Q3 2026 through Q2 2027—would have increased the allowance for credit losses by approximately $0.6B at June 2026. Management cites Middle East conflict, inflation and tariffs as sources of uncertainty.
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Capital requirements and RWA inflation risk
The firm expects its Method 2 G-SIB surcharge to rise to 4.0% in 2028 from 3.5% in 2026-27; its current estimate based on first-half data is within the 4.5% surcharge range, potentially effective as early as January 2029. Standardized RWAs rose $63.302B from December to $790.640B.
Management's outlook
No numerical revenue or EPS guidance was provided in the 10-Q. Management expects a 2026 annual effective tax rate of approximately 20% and expects 2026 alternatives fundraising to exceed $125B; it also reiterated medium-term Asset & Wealth Management targets including approximately 17%-19% ROE and approximately 30% pre-tax margin.
Earlier filings 3
10-K · February 25, 2026
Goldman Sachs reported revenue growth to $58,283 million in 2025 (from $53,512 million in 2024) and net earnings of $17,176 million, driving diluted EPS to $51.32. The firm saw a material pickup in net interest income…
10-Q · August 1, 2025
Goldman Sachs reported a strong June quarter: net revenues of $14,583 million and diluted EPS of $10.91, each materially above the year-ago quarter. Net interest income and investment banking led the outperformance,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.