Goldman Sachs reported record net revenues of $20.34 billion for Q2 FY'26, a 39% increase compared to $14.64 billion in Q2 FY'25. Diluted earnings per share surged 92% year-over-year to $20.98, up from $10.91 in the prior-year period. Revenue growth was primarily driven by exceptional strength in Global Banking & Markets, where investment banking fees jumped 55% due to robust equity and debt underwriting, alongside record equities trading revenues and double-digit growth in Asset & Wealth Management.
Note: Goldman Sachs's FY'25 ended on December 31, 2025. Q2 FY'26 ended on June 30, 2026.
Goldman Sachs reached an agreement to transition its Apple Card credit card loan portfolio to a new issuer, marking a definitive step in winding down its consumer lending unit under Platform Solutions. The transaction allows the bank to reallocate capital toward its core institutional banking, trading, and wealth management franchises while significantly reducing retail credit exposure and ongoing operating drag.
Below are key drivers of Goldman Sachs's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for Goldman Sachs at the top of the page.
Goldman Sachs is a leading global financial institution that generates revenue through investment banking, institutional equity and fixed income trading, wealth management, and principal investments.
Global Banking & Markets generates the vast majority of net revenues and serves as the primary engine of firm profitability.
Goldman Sachs consistently ranks among the top global advisers for completed mergers and acquisitions, equity underwriting, and debt offerings, providing unmatched deal flow and pricing power.
The firm maintains deep institutional client relationships across Fixed Income, Currency and Commodities (FICC) and Equities, leveraging proprietary technology and balance sheet strength to capture market-making volume.
With trillions of dollars in client assets under supervision, Asset & Wealth Management provides durable fee-based revenue streams that cushion earnings against trading cyclicality.
Resurgent corporate dealmaking and substantial uninvested private equity capital are driving elevated demand for advisory services and leveraged finance underwriting across major geographic regions.
Goldman Sachs is actively streamlining its operating model by scaling back retail consumer banking operations, releasing loan loss reserves, and redirecting capital toward asset management and institutional client solutions.
Robust earnings generation and strong capital adequacy ratios have enabled substantial share repurchases and quarterly dividend increases, enhancing total shareholder returns while maintaining a disciplined risk framework.
