| Revenue | $17.23B | ▲ +14.4% — 3rd straight Q1 of growth |
| Net Income | $5.40B | ▲ +17.9% — 3rd straight Q1 of growth |
| EPS | $17.74 | ▲ +24.5% |
| Profitability & Cash Flow | ||
| Pro Op Cash Flow · Net Margin | ||
| Capital Returns | ||
| Pro Buybacks · Dividends · Stock-based comp · Share change | ||
| Balance Sheet | ||
| Pro Cash & equivalents · Long-term debt | ||
Goldman Sachs Group Inc (GS) filed its latest earnings report on July 14, 2026; detailed figures from it will appear here once available. The most recent complete reporting period is Q1 2026. Revenue was $17.23B, up 14.4% year-over-year — its 3rd straight Q1 of growth. Net income was $5.40B (up 17.9%) and EPS was $17.74 (up 24.5%). GS's next report is expected around October 13, 2026 (estimated from its filing history). Source: SEC filing.
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When does GS report earnings next?
Goldman Sachs Group Inc is expected to report around October 13, 2026, estimated from its filing history (the exact date is announced by the company). The Earnings Watcher sends a free email alert the day it files.
What were GS's latest earnings results?
Goldman Sachs Group Inc (GS) filed its latest earnings report on July 14, 2026; detailed figures from it will appear here once available. The most recent complete reporting period is Q1 2026. Revenue was $17.23B, up 14.4% year-over-year — its 3rd straight Q1 of growth. Net income was $5.40B (up 17.9%) and EPS was $17.74 (up 24.5%).
Where can I read GS's full earnings report?
The full earnings release, as filed with the SEC on July 14, 2026, is available on this page below the summary.
Earnings Report
Filed July 14, 2026
1
SECOND QUARTER 2026 EARNINGS RESULTS
Goldman Sachs Reports Second Quarter Earnings Per Common
Share of $20.98 and Increases the Quarterly Dividend to $5.00
Per Common Share in the Third Quarter
Financial Summary |
Net Earnings $ in millions | |
2Q26 | $6,628 |
2Q26 YTD | $12,258 |
EPS1 | |
2Q26 | $20.98 |
2Q26 YTD | $38.51 |
Net Revenues $ in millions | |
2Q26 | $20,338 |
2Q26 YTD | $37,565 |
Annualized ROE2 | |
2Q26 | 23.5% |
2Q26 YTD | 21.7% |
Book Value Per Share | |
2Q26 | $367.67 |
YTD Growth | 2.8% |
NEW YORK, July 14, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $20.34 billion and net
earnings of $6.63 billion for the second quarter ended June 30, 2026. Net revenues were $37.57 billion and net earnings were
$12.26 billion for the first half of 2026.
Diluted earnings per common share (EPS)1 was $20.98 for the second quarter of 2026 compared with $10.91 for the second
quarter of 2025 and $17.55 for the first quarter of 2026, and was $38.51 for the first half of 2026 compared with $25.07 for
the first half of 2025.
Annualized return on average common shareholders' equity (ROE)2 was 23.5% for the second quarter of 2026 and 21.7% for
the first half of 2026.
Book value per common share increased by 1.8% during the second quarter of 2026 and by 2.8% during the first half of 2026
to $367.67.
2
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
Net Revenues |
Net revenues were $20.34 billion for the second quarter of 2026, 39% higher
than the second quarter of 2025 and 18% higher than the first quarter of
2026. The increase compared with the second quarter of 2025 primarily
reflected significantly higher net revenues in Global Banking & Markets.
Net Revenues $ in millions | |
2Q26 | $20,338 |
Global Banking & Markets |
Net revenues in Global Banking & Markets were $15.52 billion for the second
quarter of 2026, 53% higher than the second quarter of 2025 and 22% higher
than the first quarter of 2026.
Investment banking fees were $3.40 billion, 55% higher than the second
quarter of 2025, primarily due to significantly higher net revenues in Equity
underwriting, primarily reflecting significantly higher net revenues from
secondary and initial public offerings, and in Debt underwriting, primarily
reflecting significantly higher net revenues from leveraged finance and asset-
backed activity. Net revenues in Advisory were higher, reflecting an increase in
industry-wide completed mergers and acquisitions volumes. The firm’s
Investment banking fees backlog3 increased compared with both the end of
the first quarter of 2026 and the end of 2025.
Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.59
billion, 32% higher than the second quarter of 2025, primarily reflecting
significantly higher net revenues in FICC intermediation, due to significantly
higher net revenues in interest rate products and in commodities, higher net
revenues in mortgages and slightly higher net revenues in currencies, partially
offset by lower net revenues in credit products. Net revenues in FICC financing
were higher, including higher net revenues in mortgages and structured
lending.
Net revenues in Equities were $7.42 billion, 72% higher than the second
quarter of 2025, due to significantly higher net revenues in Equities
intermediation, including significantly higher net revenues in derivatives and in
cash products, and in Equities financing, primarily driven by significantly
higher net revenues in prime financing.
Net revenues in Other were $117 million compared with $154 million for the
second quarter of 2025, with the decrease reflecting lower net revenues in
relationship lending, partially offset by higher net revenues in transaction
banking.
Global Banking & Markets $ in millions | |
Advisory | $1,378 |
Equity underwriting | 985 |
Debt underwriting | 1,032 |
Investment banking fees | 3,395 |
FICC intermediation | 3,376 |
FICC financing | 1,216 |
FICC | 4,592 |
Equities intermediation | 4,157 |
Equities financing | 3,259 |
Equities | 7,416 |
Other | 117 |
Net revenues | $15,520 |
3
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
Asset & Wealth Management |
Net revenues in Asset & Wealth Management were $4.60 billion for the
second quarter of 2026, 20% higher than the second quarter of 2025 and
13% higher than the first quarter of 2026. The increase compared with the
second quarter of 2025 reflected significantly higher Management and other
fees and significantly higher net revenues in Investments, partially offset by
lower net revenues in Private banking and lending.
The increase in Management and other fees primarily reflected the impact of
higher average assets under supervision. The increase in Investments net
revenues primarily reflected significantly higher net gains from investments in
private equities. The decrease in Private banking and lending net revenues
reflected the impact of lower net interest margin related to Marcus deposits,
partially offset by higher average Marcus and private bank deposit balances.
Asset & Wealth Management $ in millions | |
Management and other fees | $3,355 |
Incentive fees | 112 |
Private banking and lending | 689 |
Investments | 441 |
Net revenues | $4,597 |
Platform Solutions |
Net revenues in Platform Solutions were $221 million for the second quarter
of 2026, 64% lower than the second quarter of 2025 and 46% lower than the
first quarter of 2026. The decrease compared with the second quarter of
2025 primarily reflected net markdowns recognized in net revenues related to
the Apple Card loan portfolio, which was transferred to held for sale in the
fourth quarter of 2025.
Platform Solutions $ in millions | |
Net revenues | $221 |
Provision for Credit Losses |
Provision for credit losses was $102 million for the second quarter of 2026,
compared with $384 million for the second quarter of 2025 and $315 million
for the first quarter of 2026. Provisions for the second quarter of 2026
primarily reflected impairments related to wholesale loans. Provisions for the
second quarter of 2025 primarily reflected net provisions related to the credit
card portfolio, which was transferred to held for sale in the fourth quarter of
2025, and growth related to wholesale loans.
Provision for Credit Losses $ in millions | |
2Q26 | $102 |
4
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
Operating Expenses |
Operating expenses were $11.67 billion for the second quarter of 2026, 26%
higher than the second quarter of 2025 and 12% higher than the first quarter
of 2026. The firm's efficiency ratio3 was 58.8% for the first half of 2026,
compared with 62.0% for the first half of 2025.
The increase in operating expenses compared with the second quarter of
2025 primarily reflected significantly higher compensation and benefits
expenses (reflecting improved operating performance) and transaction based
expenses.
Net provisions for litigation and regulatory proceedings were $(28) million for
the second quarter of 2026, compared with $1 million for the second quarter
of 2025.
Headcount decreased 2% compared with the end of the first quarter of 2026.
Operating Expenses $ in millions | |
2Q26 | $11,673 |
Efficiency Ratio | |
2Q26 YTD | 58.8% |
Provision for Taxes |
The effective tax rate for the first half of 2026 was 18.5%, up from 13.2% for
the first quarter of 2026, primarily due to a decrease in the impact of tax
benefits on the settlement of employee share-based awards4, partially offset
by an increase in other permanent tax benefits, for the first half of 2026
compared with the first quarter of 2026.
Effective Tax Rate | |
2Q26 YTD | 18.5% |
Other Matters |
•On July 13, 2026, the Board of Directors of The Goldman Sachs Group, Inc.
increased the quarterly dividend to $5.00 per common share from $4.50 per
common share. The dividend will be paid on September 29, 2026 to common
shareholders of record on September 1, 2026.
•During the quarter, the firm returned $5.36 billion of capital to common
shareholders, including $4.00 billion of common share repurchases (4.1 million
shares at an average cost of $984.57) and $1.36 billion of common stock
dividends.3
•Global core liquid assets3 averaged $555 billion for the second quarter of
2026, compared with an average of $494 billion for the first quarter of 2026.
Quarterly Dividend Declared Per common share | |
3Q26 | $5.00 |
Common Share Repurchases $ in billions | |
2Q26 | $4.00 |
Average GCLA $ in billions | |
2Q26 | $555 |
5
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a
large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in
1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Cautionary Note Regarding Forward-Looking Statements |
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current
conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently
uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may
differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements.
For information about some of the risks and important factors that could affect the firm’s future results, financial condition
and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31,
2025.
Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,
balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking
statements and are subject to change, possibly materially, as the firm completes its financial statements.
Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking
statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and
related net revenues may not be realized or may be materially less than expected. Important factors that could have such a
result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international
trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle
East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for
financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse
development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information
about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item
1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025.
Conference Call |
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will
be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in
the U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes
prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor
Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For
those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three
hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs
Investor Relations, via e-mail, at [email protected].
6
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
THREE MONTHS ENDED | % CHANGE FROM | |||||||||||||
JUNE 30, | MARCH 31, | JUNE 30, | MARCH 31, | JUNE 30, | ||||||||||
$ in millions | 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||
GLOBAL BANKING & MARKETS | ||||||||||||||
Advisory | $ | 1,378 | $ | 1,494 | $ | 1,174 | (8) | % | 17 | % | ||||
Equity underwriting | 985 | 535 | 428 | 84 | 130 | |||||||||
Debt underwriting | 1,032 | 811 | 589 | 27 | 75 | |||||||||
Investment banking fees | 3,395 | 2,840 | 2,191 | 20 | 55 | |||||||||
FICC intermediation | 3,376 | 2,949 | 2,423 | 14 | 39 | |||||||||
FICC financing | 1,216 | 1,062 | 1,064 | 15 | 14 | |||||||||
FICC | 4,592 | 4,011 | 3,487 | 14 | 32 | |||||||||
Equities intermediation | 4,157 | 2,718 | 2,595 | 53 | 60 | |||||||||
Equities financing | 3,259 | 2,608 | 1,706 | 25 | 91 | |||||||||
Equities | 7,416 | 5,326 | 4,301 | 39 | 72 | |||||||||
Other | 117 | 561 | 154 | (79) | (24) | |||||||||
Net revenues | 15,520 | 12,738 | 10,133 | 22 | 53 | |||||||||
ASSET & WEALTH MANAGEMENT | ||||||||||||||
Management and other fees | 3,355 | 3,077 | 2,802 | 9 | 20 | |||||||||
Incentive fees | 112 | 183 | 103 | (39) | 9 | |||||||||
Private banking and lending | 689 | 638 | 789 | 8 | (13) | |||||||||
Investments | 441 | 180 | 137 | 145 | 222 | |||||||||
Net revenues | 4,597 | 4,078 | 3,831 | 13 | 20 | |||||||||
PLATFORM SOLUTIONS | ||||||||||||||
Net revenues | 221 | 411 | 619 | (46) | (64) | |||||||||
Total net revenues | $ | 20,338 | $ | 17,227 | $ | 14,583 | 18 | 39 | ||||||
Geographic Net Revenues (unaudited)3
THREE MONTHS ENDED | |||||||||
JUNE 30, | MARCH 31, | JUNE 30, | |||||||
$ in millions | 2026 | 2026 | 2025 | ||||||
Americas | $ | 12,222 | $ | 10,416 | $ | 8,982 | |||
EMEA | 4,502 | 3,767 | 3,811 | ||||||
Asia | 3,614 | 3,044 | 1,790 | ||||||
Total net revenues | $ | 20,338 | $ | 17,227 | $ | 14,583 | |||
Americas | 60 | % | 60 | % | 62 | % | |||
EMEA | 22 | % | 22 | % | 26 | % | |||
Asia | 18 | % | 18 | % | 12 | % | |||
Total | 100 | % | 100 | % | 100 | % | |||
7
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
SIX MONTHS ENDED | % CHANGE FROM | ||||||||
JUNE 30, | JUNE 30, | JUNE 30, | |||||||
$ in millions | 2026 | 2025 | 2025 | ||||||
GLOBAL BANKING & MARKETS | |||||||||
Advisory | $ | 2,872 | $ | 1,966 | 46 | % | |||
Equity underwriting | 1,520 | 798 | 90 | ||||||
Debt underwriting | 1,843 | 1,341 | 37 | ||||||
Investment banking fees | 6,235 | 4,105 | 52 | ||||||
FICC intermediation | 6,325 | 5,813 | 9 | ||||||
FICC financing | 2,278 | 2,109 | 8 | ||||||
FICC | 8,603 | 7,922 | 9 | ||||||
Equities intermediation | 6,875 | 5,142 | 34 | ||||||
Equities financing | 5,867 | 3,351 | 75 | ||||||
Equities | 12,742 | 8,493 | 50 | ||||||
Other | 678 | 354 | 92 | ||||||
Net revenues | 28,258 | 20,874 | 35 | ||||||
ASSET & WEALTH MANAGEMENT | |||||||||
Management and other fees | 6,432 | 5,503 | 17 | ||||||
Incentive fees | 295 | 232 | 27 | ||||||
Private banking and lending | 1,327 | 1,514 | (12) | ||||||
Investments | 621 | 293 | 112 | ||||||
Net revenues | 8,675 | 7,542 | 15 | ||||||
PLATFORM SOLUTIONS | |||||||||
Net revenues | 632 | 1,229 | (49) | ||||||
Total net revenues | $ | 37,565 | $ | 29,645 | 27 | ||||
Geographic Net Revenues (unaudited)3
SIX MONTHS ENDED | ||||||
JUNE 30, | JUNE 30, | |||||
$ in millions | 2026 | 2025 | ||||
Americas | $ | 22,638 | $ | 18,848 | ||
EMEA | 8,269 | 7,302 | ||||
Asia | 6,658 | 3,495 | ||||
Total net revenues | $ | 37,565 | $ | 29,645 | ||
Americas | 60 | % | 63 | % | ||
EMEA | 22 | % | 25 | % | ||
Asia | 18 | % | 12 | % | ||
Total | 100 | % | 100 | % | ||
8
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
THREE MONTHS ENDED | % CHANGE FROM | ||||||||||||
In millions, except per share amounts and headcount | JUNE 30, | MARCH 31, | JUNE 30, | MARCH 31, | JUNE 30, | ||||||||
2026 | 2026 | 2025 | 2026 | 2025 | |||||||||
REVENUES | |||||||||||||
Investment banking | $ | 3,400 | $ | 2,844 | $ | 2,194 | 20 | % | 55 | % | |||
Investment management | 3,378 | 3,179 | 2,837 | 6 | 19 | ||||||||
Commissions and fees | 1,525 | 1,326 | 1,201 | 15 | 27 | ||||||||
Market making | 7,637 | 5,461 | 4,733 | 40 | 61 | ||||||||
Other principal transactions | 444 | 862 | 514 | (48) | (14) | ||||||||
Total non-interest revenues | 16,384 | 13,672 | 11,479 | 20 | 43 | ||||||||
Interest income | 22,047 | 20,637 | 19,789 | 7 | 11 | ||||||||
Interest expense | 18,093 | 17,082 | 16,685 | 6 | 8 | ||||||||
Net interest income | 3,954 | 3,555 | 3,104 | 11 | 27 | ||||||||
Total net revenues | 20,338 | 17,227 | 14,583 | 18 | 39 | ||||||||
Provision for credit losses | 102 | 315 | 384 | (68) | (73) | ||||||||
OPERATING EXPENSES | |||||||||||||
Compensation and benefits | 6,104 | 5,412 | 4,685 | 13 | 30 | ||||||||
Transaction based | 3,052 | 2,515 | 1,955 | 21 | 56 | ||||||||
Market development | 198 | 186 | 167 | 6 | 19 | ||||||||
Communications and technology | 635 | 583 | 530 | 9 | 20 | ||||||||
Depreciation and amortization | 509 | 495 | 618 | 3 | (18) | ||||||||
Occupancy | 244 | 254 | 234 | (4) | 4 | ||||||||
Professional fees | 372 | 379 | 440 | (2) | (15) | ||||||||
Other expenses | 559 | 602 | 612 | (7) | (9) | ||||||||
Total operating expenses | 11,673 | 10,426 | 9,241 | 12 | 26 | ||||||||
Pre-tax earnings | 8,563 | 6,486 | 4,958 | 32 | 73 | ||||||||
Provision for taxes | 1,935 | 856 | 1,235 | 126 | 57 | ||||||||
Net earnings | 6,628 | 5,630 | 3,723 | 18 | 78 | ||||||||
Preferred stock dividends | 229 | 227 | 250 | 1 | (8) | ||||||||
Net earnings to common | $ | 6,399 | $ | 5,403 | $ | 3,473 | 18 | 84 | |||||
EARNINGS PER COMMON SHARE | |||||||||||||
Basic3 | $ | 21.27 | $ | 17.74 | $ | 11.03 | 20 | % | 93 | % | |||
Diluted1 | $ | 20.98 | $ | 17.55 | $ | 10.91 | 20 | 92 | |||||
AVERAGE COMMON SHARES | |||||||||||||
Basic | 300.1 | 303.8 | 313.7 | (1) | (4) | ||||||||
Diluted | 304.9 | 308.0 | 318.3 | (1) | (4) | ||||||||
SELECTED DATA AT PERIOD-END | |||||||||||||
Common shareholders' equity | $ | 109,714 | $ | 109,079 | $ | 108,943 | 1 | 1 | |||||
Basic shares3 | 298.4 | 302.0 | 311.5 | (1) | (4) | ||||||||
Book value per common share | $ | 367.67 | $ | 361.19 | $ | 349.74 | 2 | 5 | |||||
Headcount | 46,200 | 47,000 | 45,900 | (2) | 1 | ||||||||
9
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
SIX MONTHS ENDED | % CHANGE FROM | |||||||
In millions, except per share amounts | JUNE 30, | JUNE 30, | JUNE 30, | |||||
2026 | 2025 | 2025 | ||||||
REVENUES | ||||||||
Investment banking | $ | 6,244 | $ | 4,110 | 52 | % | ||
Investment management | 6,557 | 5,596 | 17 | |||||
Commissions and fees | 2,851 | 2,427 | 17 | |||||
Market making | 13,098 | 10,456 | 25 | |||||
Other principal transactions | 1,306 | 1,057 | 24 | |||||
Total non-interest revenues | 30,056 | 23,646 | 27 | |||||
Interest income | 42,684 | 39,172 | 9 | |||||
Interest expense | 35,175 | 33,173 | 6 | |||||
Net interest income | 7,509 | 5,999 | 25 | |||||
Total net revenues | 37,565 | 29,645 | 27 | |||||
Provision for credit losses | 417 | 671 | (38) | |||||
OPERATING EXPENSES | ||||||||
Compensation and benefits | 11,516 | 9,561 | 20 | |||||
Transaction based | 5,567 | 3,805 | 46 | |||||
Market development | 384 | 323 | 19 | |||||
Communications and technology | 1,218 | 1,036 | 18 | |||||
Depreciation and amortization | 1,004 | 1,124 | (11) | |||||
Occupancy | 498 | 467 | 7 | |||||
Professional fees | 751 | 864 | (13) | |||||
Other expenses | 1,161 | 1,189 | (2) | |||||
Total operating expenses | 22,099 | 18,369 | 20 | |||||
Pre-tax earnings | 15,049 | 10,605 | 42 | |||||
Provision for taxes | 2,791 | 2,144 | 30 | |||||
Net earnings | 12,258 | 8,461 | 45 | |||||
Preferred stock dividends | 456 | 405 | 13 | |||||
Net earnings to common | $ | 11,802 | $ | 8,056 | 46 | |||
EARNINGS PER COMMON SHARE | ||||||||
Basic3 | $ | 38.99 | $ | 25.32 | 54 | % | ||
Diluted1 | $ | 38.51 | $ | 25.07 | 54 | |||
AVERAGE COMMON SHARES | ||||||||
Basic | 301.9 | 317.2 | (5) | |||||
Diluted | 306.5 | 321.4 | (5) | |||||
10
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)3
AS OF | ||||||
JUNE 30, | MARCH 31, | |||||
$ in billions | 2026 | 2026 | ||||
ASSETS | ||||||
Cash and cash equivalents | $ | 187 | $ | 179 | ||
Collateralized agreements | 366 | 386 | ||||
Customer and other receivables | 230 | 209 | ||||
Trading assets | 789 | 758 | ||||
Investments | 256 | 238 | ||||
Loans | 261 | 253 | ||||
Other assets | 39 | 37 | ||||
Total assets | $ | 2,128 | $ | 2,060 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Deposits | $ | 558 | $ | 561 | ||
Collateralized financings | 358 | 351 | ||||
Customer and other payables | 300 | 293 | ||||
Trading liabilities | 324 | 312 | ||||
Unsecured short-term borrowings | 90 | 81 | ||||
Unsecured long-term borrowings | 348 | 315 | ||||
Other liabilities | 27 | 24 | ||||
Total liabilities | 2,005 | 1,937 | ||||
Shareholders’ equity | 123 | 123 | ||||
Total liabilities and shareholders’ equity | $ | 2,128 | $ | 2,060 | ||
Capital Ratios and Supplementary Leverage Ratio (unaudited)3
AS OF | ||||||
JUNE 30, | MARCH 31, | |||||
$ in billions | 2026 | 2026 | ||||
Common equity tier 1 capital | $ | 101.7 | $ | 101.8 | ||
STANDARDIZED CAPITAL RULES | ||||||
Risk-weighted assets | $ | 790 | $ | 815 | ||
Common equity tier 1 capital ratio | 12.9 | % | 12.5 | % | ||
ADVANCED CAPITAL RULES | ||||||
Risk-weighted assets | $ | 743 | $ | 764 | ||
Common equity tier 1 capital ratio | 13.7 | % | 13.3 | % | ||
SUPPLEMENTARY LEVERAGE RATIO | ||||||
Supplementary leverage ratio | 4.3 | % | 4.7 | % | ||
Average Daily VaR (unaudited)3
THREE MONTHS ENDED | |||||
JUNE 30, | MARCH 31, | ||||
$ in millions | 2026 | 2026 | |||
CATEGORIES | |||||
Interest rates | $ | 82 | $ | 85 | |
Equity prices | 65 | 55 | |||
Currency rates | 19 | 15 | |||
Commodity prices | 30 | 31 | |||
Diversification effect | (76) | (74) | |||
Total | $ | 120 | $ | 112 | |
11
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3,5
JUNE 30, | MARCH 31, | JUNE 30, | ||||
$ in billions | 2026 | 2026 | 2025 | |||
ASSET CLASS (as of period-end) | ||||||
Alternative investments | $ | 459 | $ | 429 | $ | 371 |
Equity | 1,123 | 954 | 857 | |||
Fixed income | 1,394 | 1,341 | 1,237 | |||
Total long-term AUS | 2,976 | 2,724 | 2,465 | |||
Liquidity products | 1,065 | 926 | 828 | |||
Total AUS | $ | 4,041 | $ | 3,650 | $ | 3,293 |
ROLLFORWARD (for the three months ended) | ||||||
Beginning balance | $ | 3,650 | $ | 3,606 | $ | 3,173 |
Net inflows / (outflows): | ||||||
Alternative investments | 21 | 11 | 9 | |||
Equity | 46 | 24 | 8 | |||
Fixed income | 24 | 27 | — | |||
Total long-term AUS net inflows / (outflows)6 | 91 | 62 | 17 | |||
Liquidity products | 139 | 25 | (12) | |||
Total AUS net inflows / (outflows) | 230 | 87 | 5 | |||
Net market appreciation / (depreciation) | 161 | (43) | 115 | |||
Ending balance | $ | 4,041 | $ | 3,650 | $ | 3,293 |
Footnotes |
1.Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.
2.Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’
equity. Average monthly common shareholders' equity was $109.06 billion for the three months ended June 30, 2026 and $108.97 billion for the six
months ended June 30, 2026.
3.For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2026: (i) Investment banking fees backlog – see
“Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management –
Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital
Management and Regulatory Capital – Capital Management,” (v) global core liquid assets (GCLA) – see “Risk Management – Liquidity Risk
Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management –
Market Risk Management.”
For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly
Report on Form 10-Q for the period ended March 31, 2026: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation
and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable
rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”
Represents a preliminary estimate for the second quarter of 2026 for the firm’s assets under supervision, capital ratios, risk-weighted assets,
supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q
for the period ended June 30, 2026.
4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first half of 2026 of approximately
$965 million, which increased diluted EPS by approximately $3.15 and annualized ROE by 1.7 percentage points.
5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better
reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation.
6.Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital
Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the
disposition of Goldman Sachs TFI, for the three months ended June 30, 2026. Includes $5 billion of inflows in long-term assets under supervision (in
alternative investments) in connection with the acquisition of Industry Ventures for the three months ended March 31, 2026.