The Goldman Sachs Group (GS) Q2 2026 earnings summary

Executive summary

• Achieved record net revenues of $20.34 billion in Q2 2026, up 39% year-over-year, with net earnings of $6.63 billion and diluted EPS of $20.98, reflecting strong performance in Global Banking & Markets and Asset & Wealth Management.

• Annualized ROE reached 23.5% and ROTE 25.5% for the quarter; book value per share increased to $367.67.

• 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.

• Increased quarterly dividend to $5.00 per share, up 25% year-over-year and 150% over five years.

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

Financial highlights

• Q2 2026 net revenues: $20.34B (+39% YoY); net earnings: $6.63B (+78% YoY); diluted EPS: $20.98 (+92% YoY).

• Six-month net revenues: $37.57B (+27% YoY); net earnings: $12.26B (+45% YoY); diluted EPS: $38.51 (+54% YoY).

• Global Banking & Markets revenues were $15.52B in Q2 2026, up 53% year-over-year; Asset & Wealth Management revenues were $4.60B, up 20% year-over-year.

• Efficiency ratio improved to 57.4% in Q2 and 58.8% for the first half of 2026.

• Book value per share: $367.67 (+2.8% since Dec 2025); assets under supervision reached $4.04 trillion, with $230 billion in net inflows during Q2 2026.

Outlook and guidance

• Backlog at a five-year high signals continued strong deal activity; strategic M&A and AI investment cycles expected to drive multi-year earnings growth.

• Management expects continued momentum across business lines, but remains cautious due to geopolitical tensions, inflation, and central bank policy shifts.

• 2026 annual effective tax rate expected to be approximately 20%.