GS Filings — The Goldman Sachs Group, Inc. - FilingSpy
GS
The Goldman Sachs Group, Inc.
A global financial institution that advises companies on mergers, underwrites stock and bond offerings, trades fixed income and equities, manages assets and wealth, and lends to corporations and institutions. Founded in 1869 by immigrant Marcus Goldman in a one-room New York office, it took the name Goldman Sachs when his son-in-law Samuel Sachs joined. In 2019 it issued its first-ever credit card, the Apple Card, powered by its consumer brand Marcus.
Q2 2026 net income rose 78% to $6.63B as Global Banking & Markets revenue climbed 53%
carried the quarter, lifting profit to a record pace. rose 39.5% to $20.3B and rose 92.3% to $20.98 as Equities and investment banking fees drove a 53% increase in that 's net revenues. The firm's earnings power is at a high, but rose to $144.7B and the stayed below year-ago levels.
Key takeaways
net revenues rose 53% to $15.52B, with Equities up 72% on higher intermediation and financing and investment banking fees up 55% on equity and debt underwriting, driving total up 39.5% to $20.3B.
rose 78.0% to $6.63B and rose 92.3% to $20.98 , with at 42.1%, up 8.1 points.
net revenues increased 20% to $4.60B on higher management fees and net gains from private equity investments.
Section summaries
Management's Discussion and Analysis
Q2 2026 net earnings surged 78% to $6.63B on 39% higher net revenues, driven by Global Banking & Markets.
⌄
Net revenues were $20.34B, up 39% , primarily driven by significantly higher Equities, Investment banking fees, and within .
net revenues fell 64% to $221M due to net markdowns on the loan portfolio transferred to in Q4 2025.
Operating expenses rose 26% to $11.67B on higher compensation and transaction costs, though the improved to 57.4% from 63.4%.
The firm returned $5.36B to common shareholders including $4.00B in repurchases and raised the quarterly to $5.00 per share.
What changed
net revenues: Q1 flagged the 33% decline to $411M as loans cleared; Q2 fell further, down 64% to $221M on continued markdowns.
: rose to $144.7B from $125.7B in Q1 2026 and $112.7B at 2025 year-end, continuing the upward trajectory flagged across prior filings.
: Q1 flagged $315M with wholesale impairments; Q2 was not separately stated in the table but the filing notes growth in credit card and wholesale portfolios.
: dropped to 12.5% in Q1 2026 from 14.8% a year earlier; Q2 filing does not state the ratio but the increase and buybacks continued.
Investment banking fees: the recovery flagged in FY2024 (up 24%) and Q1 2026 (up 48%) accelerated to up 55% in Q2 within .
What to watch
net revenues next quarter to see if the 64% Q2 decline to $221M deepens as loans clear the balance sheet.
trajectory after the rise to $144.7B from $125.7B in Q1 2026.
next quarter after the Q1 drop to 12.5% under Standardized rules.
Equities after the 72% Q2 increase to see if intermediation and financing gains hold.
net revenues rose 53% to $15.52B, with Equities up 72% on higher intermediation and financing, and Investment banking fees up 55% on strong equity and debt underwriting.
net revenues increased 20% to $4.60B, reflecting higher Management and other fees from increased average AUS and significantly higher net gains from private equity investments.
net revenues fell 64% to $221M, primarily due to net markdowns on the loan portfolio, which was transferred to in Q4 2025.
Operating expenses rose 26% to $11.67B on higher compensation and transaction-based costs, but the improved to 57.4% from 63.4% a year ago.
The firm returned $5.36B to common shareholders in Q2, including $4.00B in share repurchases, and the Board approved a quarterly increase to $5.00 per share.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and qualitative disclosures about market risk are set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in Part I, Item 2 of this Form 10-Q.
⌄
Quantitative and qualitative disclosures about market risk are set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in Part I, Item 2 of this Form 10-Q.
We are involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of our businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages. We have es…
⌄
We are involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of our businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages. We have estimated the upper end of the range of reasonably possible aggregate loss for matters where we have been able to estimate a range and we believe, based on currently available information, that the results of matters where we have not been able to estimate a range of reasonably possible loss, in the aggregate, will not have a material adverse effect on our financial condition, but may be material to our operating results in a given period. Given the range of litigation and investigations presently under way, our litigation expenses may remain high. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Use of Estimates” in Part I, Item 2 of this Form 10-Q. See Notes 18 and 27 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q for information about our reasonably possible aggregate loss estimate and judicial, regulatory and legal proceedings.