Goldman Sachs Q2 2026 Earnings Analysis
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Goldman Sachs Q2 2026 Earnings Analysis
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Groups: BANKS (https://betafinch.com/groups/BANKS)
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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown, bringing you the numbers and the narrative behind them. I'm Alex.
JORDAN: And I'm Jordan. And Alex, we've got Goldman Sachs Q2 2026, and this one's a doozy.
ALEX: It really is — but before we dive in, quick disclaimer: this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
JORDAN: Good, let's get into it. Record quarter, full stop. $20.3 billion in net revenues, record EPS of $20.98, ROE of 23.5%, ROTE of 25.5%. Those are eye-popping numbers for a bank this size.
ALEX: Every single segment contributed. Global Banking & Markets alone hit a record $15.5 billion. Advisory revenue up 17% year-over-year — and get this, Goldman crossed $1 trillion in announced M&A volume in just six months, first bank ever to do that.
JORDAN: And they're not just winning deals, they're winning them by a mile. $425 billion ahead of the next closest competitor in announced M&A. That's not a lead, that's a lap.
ALEX: Equity underwriting revenue up 130%, debt underwriting up 75% — best quarter on record there. A lot of that tied to marquee names too — they were lead bookrunner on the SpaceX IPO and the Alphabet equity raise.
JORDAN: But honestly, the number that made me do a double-take was equities trading. Record $7.4 billion, with intermediation revenue up 60% and equity financing up 91%. CFO Denis Coleman basically said this is the payoff from a multi-year bet on building out their Asia prime brokerage business.
ALEX: Right, and analysts pushed hard on that in Q&A — is this sustainable, or is it a couple of huge clients driving the number? Coleman pushed back, saying it's broad-based across long-short and quant clients globally, not concentrated in a handful of accounts.
JORDAN: FICC was strong too — $4.6 billion, up 32%, with financing revenue hitting a record. Across FICC and equities combined, financing now makes up 37% of total revenue there. Goldman's essentially been turning its balance sheet into a growth engine.
ALEX: Let's talk Asset & Wealth Management, because that story's just as interesting. Revenue up 20% year-over-year to $4.6 billion, 34th straight quarter of long-term net inflows, total assets under supervision crossed $4 trillion for the first time.
JORDAN: And alternatives fundraising — $59 billion in the quarter, $85 billion year-to-date. They actually raised their full-year fundraising guidance to over $125 billion. $31 billion of that was private credit alone this quarter.
ALEX: They also picked up two massive OCIO mandates — Verizon and Lockheed Martin's retirement plans, $70 billion combined in assets. That's the kind of sticky, fee-generating business that makes this segment more durable over time.
JORDAN: Now, the through-line for this whole call was really the AI infrastructure buildout. CEO David Solomon kept coming back to it — data centers, energy, chips, the whole ecosystem is pulling in capital far beyond traditional tech financing, and Goldman's positioning itself as the plumbing for that capital.
ALEX: He was refreshingly honest about the risk side too. When asked directly about bubble concerns, Solomon said, essentially, "I'm not smart enough to tell you if there's a recalibration coming in six or eighteen months, but over three to five years, we're investing in long-term growth." He didn't dodge the question, but he didn't overpromise either.
JORDAN: That was a theme all call — a lot of "this won't be a straight line, there'll be bumps." Which, from a bank CEO in the middle of a record quarter, is actually a pretty disciplined thing to say out loud.
ALEX: One more Q&A moment worth flagging — Mike Mayo asked about the "multiplier eff
This episode includes AI-generated content.
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