Goldman Sachs (NYSE: GS) Posts Record Q2 Revenue of $20.34B, EPS Beats by 44%

Goldman Sachs (NYSE: GS) reported record quarterly net revenues of $20.34 billion in Q2 2026, up 39.5% year over year, alongside GAAP EPS of $20.98 that exceeded the analyst consensus by 44.3%. The firm also announced an 11% increase in its quarterly common dividend to $5.00 per share, effective in the third quarter of 2026.

Q2 2026 Results

• Net revenues: $20.34 billion in Q2 2026; $37.57 billion year-to-date, both described as records
• GAAP EPS: $20.98, a record; $38.51 year-to-date
• Net earnings: $6.63 billion for the quarter; $12.26 billion year-to-date
• Annualized return on equity (ROE): 23.5% for the quarter; 21.7% year-to-date
• Annualized return on tangible equity (ROTE): 25.5% for the quarter; 23.4% year-to-date
• Book value per share: $367.67, up 2.8% year-to-date
• Assets under supervision (AUS): Record $4.04 trillion, representing the 34th consecutive quarter of long-term fee-based net inflows

What Drove the Results

GAAP EPS of $20.98 beat the analyst consensus by 44.3%, and net revenues of $20.34 billion cleared Wall Street's expectations on a 39.5% year-over-year increase. The Global Banking and Markets segment posted records across multiple lines, including equities (driven by record intermediation and financing revenues of $7.42 billion), debt underwriting, and FICC financing. The firm ranked first in announced and completed mergers and acquisitions, equity and equity-related offerings, and leveraged lending, and second in high-yield debt during the period.

Asset and Wealth Management also contributed record management and other fees, while AUS reached a record $4.04 trillion. Third-party alternatives fundraising reached a record level in the quarter, reflecting continued client demand across the alternatives platform. No material divergence between GAAP and adjusted net income figures appears in the disclosed data.

Why It Matters

The record revenue and EPS figures mark a broad-based acceleration across Goldman's two core segments rather than concentration in a single business line. The firm's pipeline commentary, as quoted by CEO David Solomon, points to continued deal activity and client engagement across Global Banking and Markets and Asset and Wealth Management. The 11% dividend increase to $5.00 per common share per quarter reflects the firm's confidence in its capital position following what it called its second-highest net earnings quarter on record.

Wall Street View

Analyst consensus data available as of July 1, 2026 reflects a generally constructive stance on GS shares. No specific new analyst price target actions tied to the Q2 2026 results are available in the current data.

Investor Takeaway

The combination of record equities revenue, record AUS of $4.04 trillion, and a 34th consecutive quarter of long-term fee-based net inflows signals that Goldman's Asset and Wealth Management franchise is building durable, recurring revenue alongside its cyclically strong trading and advisory businesses. With an annualized ROTE of 25.5% for the quarter and a raised dividend, the capital return trajectory adds a further dimension to the investment case beyond the episodic strength of a single strong trading environment.