The Goldman Sachs Group, Inc. (GS) Q2 FY2026 Financial Statements: Net revenues $20.34B, Net earnings $6.63B
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PeriodQ2 FY2026
Published
Goldman Sachs reported $20.34 billion in net revenues for Q2 FY2026, the quarter ended June 30, 2026, up 39.5% from a year earlier, and net earnings of $6.63 billion, up 78.0%. Most of the increase came from the trading and banking franchise rather than from a single item, as Global Banking & Markets produced $15.52 billion of the firmwide total, up 53.2%, on much stronger equities financing and intermediation, higher commodities and interest rate market making and a rebound in equity underwriting. Diluted earnings per share were $20.98 against $10.91 a year earlier, helped by a lower effective tax rate and a smaller share count, and return on average common shareholders' equity was 23.5%, up 10.7 points.
| Metric | Amount | vs. year ago |
|---|---|---|
| Net revenues | $20,338,000,000 | up 39.5% |
| Net earnings | $6,628,000,000 | up 78.0% |
| Diluted EPS | $20.98 | up 92.3% |
| Global Banking & Markets revenues | $15,520,000,000 | up 53.2% |
| Return on common equity | 23.5% | up 10.7 points |
| Efficiency ratio | 57.4% | down 6.0 points |
About this file
| Ticker | GS |
|---|---|
| CIK | 0000886982 |
| Company | The Goldman Sachs Group, Inc. |
| Business type | bank |
| Schema template | bank |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions) |
| Figure conventions | All dollar figures are stated in actual dollars, converted from the millions the filings print. Share counts are actual shares. Anything whose name ends in _pct is a percentage expressed as the number the filing prints, so 12.9 means 12.9%. Goodwill and identifiable intangible assets are stated as positive amounts, although the filings show them as deductions inside the reconciliation of common shareholders' equity to tangible common shareholders' equity. |
GS annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| Label | FY2025 | FY2024 | FY2023 |
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 0000886982-26-000091 | 0000886982-26-000091 | 0000886982-26-000091 |
| Income statement | |||
| Investment banking revenues | 9,348,000,000 | 7,738,000,000 | 6,218,000,000 |
| Investment management revenues | 11,749,000,000 | 10,596,000,000 | 9,532,000,000 |
| Commissions and fees | 4,042,000,000 | 4,086,000,000 | 3,789,000,000 |
| Market making revenues | 17,993,000,000 | 18,390,000,000 | 18,238,000,000 |
| Other principal transactions | 1,592,000,000 | 4,646,000,000 | 2,126,000,000 |
| Total non interest revenues | 44,724,000,000 | 45,456,000,000 | 39,903,000,000 |
| Interest income | 80,373,000,000 | 81,397,000,000 | 68,515,000,000 |
| Interest expense | 66,814,000,000 | 73,341,000,000 | 62,164,000,000 |
| Net interest income | 13,559,000,000 | 8,056,000,000 | 6,351,000,000 |
| Total net revenues | 58,283,000,000 | 53,512,000,000 | 46,254,000,000 |
| Provision for credit losses | -1,113,000,000 | 1,348,000,000 | 1,028,000,000 |
| Compensation and benefits expense | 18,906,000,000 | 16,706,000,000 | 15,499,000,000 |
| Transaction based expense | 7,997,000,000 | 6,724,000,000 | 5,698,000,000 |
| Market development expense | 710,000,000 | 646,000,000 | 629,000,000 |
| Communications and technology expense | 2,170,000,000 | 1,991,000,000 | 1,919,000,000 |
| Depreciation and amortization expense | 2,182,000,000 | 2,392,000,000 | 4,856,000,000 |
| Occupancy expense | 958,000,000 | 973,000,000 | 1,053,000,000 |
| Professional fees expense | 1,770,000,000 | 1,652,000,000 | 1,623,000,000 |
| Other expenses | 2,851,000,000 | 2,683,000,000 | 3,210,000,000 |
| Total operating expenses | 37,544,000,000 | 33,767,000,000 | 34,487,000,000 |
| Pre tax earnings | 21,852,000,000 | 18,397,000,000 | 10,739,000,000 |
| Provision for taxes | 4,676,000,000 | 4,121,000,000 | 2,223,000,000 |
| Net earnings | 17,176,000,000 | 14,276,000,000 | 8,516,000,000 |
| Preferred stock dividends | 876,000,000 | 751,000,000 | 609,000,000 |
| Net income attributable to common | 16,300,000,000 | 13,525,000,000 | 7,907,000,000 |
| Basic EPS | 51.95 | 41.07 | 23.05 |
| Diluted EPS | 51.32 | 40.54 | 22.87 |
| Average basic common shares | 312,700,000 | 328,100,000 | 340,800,000 |
| Average diluted common shares | 317,600,000 | 333,600,000 | 345,800,000 |
| Segments | |||
| Global banking and markets | |||
| Advisory | 4,726,000,000 | 3,534,000,000 | 3,299,000,000 |
| Equity underwriting | 1,784,000,000 | 1,677,000,000 | 1,153,000,000 |
| Debt underwriting | 2,829,000,000 | 2,521,000,000 | 1,763,000,000 |
| Investment banking fees | 9,339,000,000 | 7,732,000,000 | 6,215,000,000 |
| Ficc intermediation | 10,271,000,000 | 9,564,000,000 | 9,318,000,000 |
| Ficc financing | 4,251,000,000 | 3,778,000,000 | 2,832,000,000 |
| Ficc | 14,522,000,000 | 13,342,000,000 | 12,150,000,000 |
| Equities intermediation | 9,340,000,000 | 7,937,000,000 | 6,489,000,000 |
| Equities financing | 7,195,000,000 | 5,495,000,000 | 5,060,000,000 |
| Equities | 16,535,000,000 | 13,432,000,000 | 11,549,000,000 |
| Other | 1,057,000,000 | 561,000,000 | 80,000,000 |
| Net revenues | 41,453,000,000 | 35,067,000,000 | 29,994,000,000 |
| Provision for credit losses | 378,000,000 | 84,000,000 | 430,000,000 |
| Operating expenses | 23,501,000,000 | 20,454,000,000 | 18,564,000,000 |
| Pre tax earnings | 17,574,000,000 | 14,529,000,000 | 11,000,000,000 |
| Provision for taxes | 3,761,000,000 | 3,254,000,000 | 2,277,000,000 |
| Net earnings | 13,813,000,000 | 11,275,000,000 | 8,723,000,000 |
| Preferred stock dividends | 696,000,000 | 591,000,000 | 465,000,000 |
| Net earnings to common | 13,117,000,000 | 10,684,000,000 | 8,258,000,000 |
| Average common equity | 79,748,000,000 | 77,206,000,000 | 73,041,000,000 |
| Return on average common equity % | 16.4% | 13.8% | 11.3% |
| Asset and wealth management | |||
| Management and other fees | 11,538,000,000 | 10,415,000,000 | 9,477,000,000 |
| Incentive fees | 489,000,000 | 393,000,000 | 161,000,000 |
| Private banking and lending | 3,347,000,000 | 2,881,000,000 | 2,576,000,000 |
| Investments | 1,305,000,000 | 2,627,000,000 | 1,988,000,000 |
| Net revenues | 16,679,000,000 | 16,316,000,000 | 14,202,000,000 |
| Provision for credit losses | -111,000,000 | -280,000,000 | -539,000,000 |
| Operating expenses | 12,663,000,000 | 11,731,000,000 | 12,978,000,000 |
| Pre tax earnings | 4,127,000,000 | 4,865,000,000 | 1,763,000,000 |
| Provision for taxes | 883,000,000 | 1,090,000,000 | 365,000,000 |
| Net earnings | 3,244,000,000 | 3,775,000,000 | 1,398,000,000 |
| Preferred stock dividends | 151,000,000 | 135,000,000 | 121,000,000 |
| Net earnings to common | 3,093,000,000 | 3,640,000,000 | 1,277,000,000 |
| Average common equity | 24,666,000,000 | 24,983,000,000 | 28,635,000,000 |
| Return on average common equity % | 12.5% | 14.6% | 4.5% |
| Platform solutions | |||
| Net revenues | 151,000,000 | 2,129,000,000 | 2,058,000,000 |
| Provision for credit losses | -1,380,000,000 | 1,544,000,000 | 1,137,000,000 |
| Operating expenses | 1,380,000,000 | 1,582,000,000 | 2,945,000,000 |
| Pre tax earnings | 151,000,000 | -997,000,000 | -2,024,000,000 |
| Provision for taxes | 32,000,000 | -223,000,000 | -419,000,000 |
| Net earnings | 119,000,000 | -774,000,000 | -1,605,000,000 |
| Preferred stock dividends | 29,000,000 | 25,000,000 | 23,000,000 |
| Net earnings to common | 90,000,000 | -799,000,000 | -1,628,000,000 |
| Average common equity | 4,312,000,000 | 4,585,000,000 | 4,128,000,000 |
| Return on average common equity % | 2.1% | -17.4% | -39.4% |
| Balance sheet | |||
| Cash and cash equivalents | 164,259,000,000 | 182,092,000,000 | |
| Trading assets | 656,796,000,000 | 570,555,000,000 | |
| Available for sale securities | 99,244,000,000 | 79,458,000,000 | |
| Held to maturity securities | 69,193,000,000 | 78,713,000,000 | |
| Loans net of allowance | 237,734,000,000 | 196,200,000,000 | |
| Total assets | 1,809,320,000,000 | 1,675,972,000,000 | |
| Deposits | 501,422,000,000 | 433,013,000,000 | |
| Unsecured short term borrowings | 70,459,000,000 | 69,709,000,000 | |
| Unsecured long term borrowings | 285,500,000,000 | 242,634,000,000 | |
| Total liabilities | 1,684,348,000,000 | 1,553,976,000,000 | |
| Preferred stock | 15,153,000,000 | 13,253,000,000 | |
| Retained earnings | 165,288,000,000 | 153,412,000,000 | |
| Total shareholders equity | 124,972,000,000 | 121,996,000,000 | |
| Common shareholders equity | 109,819,000,000 | 108,743,000,000 | |
| Goodwill | 5,949,000,000 | 5,853,000,000 | |
| Identifiable intangible assets | 842,000,000 | 847,000,000 | |
| Tangible common shareholders equity | 103,028,000,000 | 102,043,000,000 | |
| Book value per common share | 357.6 | 336.77 | |
| Tangible book value per common share | 335.49 | 316.02 | |
| Common shares outstanding | 296,476,742 | 310,653,708 | |
| Basic shares for book value | 307,100,000 | 322,900,000 | |
| Capital | |||
| Cet1 capital | 104,297,000,000 | 103,065,000,000 | |
| Tier1 capital | 118,943,000,000 | 115,647,000,000 | |
| Total capital | 130,665,000,000 | 129,772,000,000 | |
| Risk weighted assets standardized | 727,338,000,000 | 688,541,000,000 | |
| Cet1 capital ratio standardized % | 14.3% | 15% | |
| Tier1 capital ratio standardized % | 16.4% | 16.8% | |
| Total capital ratio standardized % | 18% | 18.8% | |
| Risk weighted assets advanced | 691,470,000,000 | 674,812,000,000 | |
| Cet1 capital ratio advanced % | 15.1% | 15.3% | |
| Key ratios | |||
| Return on average common shareholders equity % | 15% | 12.7% | 7.5% |
| Return on average tangible common shareholders equity % | 16% | 13.5% | 8.1% |
| Net earnings to average assets % | 1% | 0.9% | 0.5% |
| Return on average shareholders equity % | 13.9% | 12% | 7.3% |
| Average equity to average assets % | 7% | 7.1% | 7.5% |
| Dividend payout ratio % | 27.3% | 28.4% | 45.9% |
| Efficiency ratio % | 64.4% | 63.1% | 74.6% |
| Capital returned | |||
| Dividends declared per common share | 14 | 11.5 | 10.5 |
| Common shares repurchased | 18,900,000 | 17,500,000 | 16,800,000 |
| Cost of common share repurchases | 12,360,000,000 | 8,000,000,000 | 5,796,000,000 |
| Cash flow | |||
| Net cash from operating activities | -45,154,000,000 | -13,212,000,000 | -12,587,000,000 |
| Purchases of property leasehold improvements and equipment | -2,064,000,000 | -2,091,000,000 | -2,316,000,000 |
| Net cash used for investing activities | -44,227,000,000 | -49,624,000,000 | -17,312,000,000 |
| Common stock repurchased | -12,360,000,000 | -8,000,000,000 | -5,796,000,000 |
| Dividends and dividend equivalents paid | -5,277,000,000 | -4,497,000,000 | -4,189,000,000 |
| Net cash from financing activities | 66,100,000,000 | 7,323,000,000 | 27,800,000,000 |
| Cash and cash equivalents end of period | 164,259,000,000 | 182,092,000,000 | 241,577,000,000 |
GS quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | |
|---|---|---|---|---|---|---|
| Label | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
| Period start | 2026-04-01 | 2026-01-01 | 2025-10-01 | 2025-07-01 | 2025-04-01 | 2025-01-01 |
| Period end | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 |
| Period type | three months | three months | three months | three months | three months | three months |
| Source accession | 0000886982-26-000297 | 0000886982-26-000096 | 0000886982-26-000096 | 0000886982-26-000091 | 0000886982-26-000297 | 0000886982-26-000096 |
| Income statement | ||||||
| Investment banking revenues | 3,400,000,000 | 2,844,000,000 | 2,579,000,000 | 2,659,000,000 | 2,194,000,000 | 1,916,000,000 |
| Investment management revenues | 3,378,000,000 | 3,179,000,000 | 3,201,000,000 | 2,952,000,000 | 2,837,000,000 | 2,759,000,000 |
| Commissions and fees | 1,525,000,000 | 1,326,000,000 | 505,000,000 | 1,110,000,000 | 1,201,000,000 | 1,226,000,000 |
| Market making revenues | 7,637,000,000 | 5,461,000,000 | 3,669,000,000 | 3,868,000,000 | 4,733,000,000 | 5,723,000,000 |
| Other principal transactions | 444,000,000 | 862,000,000 | -208,000,000 | 743,000,000 | 514,000,000 | 543,000,000 |
| Total non interest revenues | 16,384,000,000 | 13,672,000,000 | 9,746,000,000 | 11,332,000,000 | 11,479,000,000 | 12,167,000,000 |
| Interest income | 22,047,000,000 | 20,637,000,000 | 20,379,000,000 | 20,822,000,000 | 19,789,000,000 | 19,383,000,000 |
| Interest expense | 18,093,000,000 | 17,082,000,000 | 16,671,000,000 | 16,970,000,000 | 16,685,000,000 | 16,488,000,000 |
| Net interest income | 3,954,000,000 | 3,555,000,000 | 3,708,000,000 | 3,852,000,000 | 3,104,000,000 | 2,895,000,000 |
| Total net revenues | 20,338,000,000 | 17,227,000,000 | 13,454,000,000 | 15,184,000,000 | 14,583,000,000 | 15,062,000,000 |
| Provision for credit losses | 102,000,000 | 315,000,000 | -2,123,000,000 | 339,000,000 | 384,000,000 | 287,000,000 |
| Compensation and benefits expense | 6,104,000,000 | 5,412,000,000 | 4,665,000,000 | 4,680,000,000 | 4,685,000,000 | 4,876,000,000 |
| Transaction based expense | 3,052,000,000 | 2,515,000,000 | 2,224,000,000 | 1,968,000,000 | 1,955,000,000 | 1,850,000,000 |
| Market development expense | 198,000,000 | 186,000,000 | 216,000,000 | 171,000,000 | 167,000,000 | 156,000,000 |
| Communications and technology expense | 635,000,000 | 583,000,000 | 589,000,000 | 545,000,000 | 530,000,000 | 506,000,000 |
| Depreciation and amortization expense | 509,000,000 | 495,000,000 | 527,000,000 | 531,000,000 | 618,000,000 | 506,000,000 |
| Occupancy expense | 244,000,000 | 254,000,000 | 249,000,000 | 242,000,000 | 234,000,000 | 233,000,000 |
| Professional fees expense | 372,000,000 | 379,000,000 | 474,000,000 | 432,000,000 | 440,000,000 | 424,000,000 |
| Other expenses | 559,000,000 | 602,000,000 | 778,000,000 | 884,000,000 | 612,000,000 | 577,000,000 |
| Total operating expenses | 11,673,000,000 | 10,426,000,000 | 9,722,000,000 | 9,453,000,000 | 9,241,000,000 | 9,128,000,000 |
| Pre tax earnings | 8,563,000,000 | 6,486,000,000 | 5,855,000,000 | 5,392,000,000 | 4,958,000,000 | 5,647,000,000 |
| Provision for taxes | 1,935,000,000 | 856,000,000 | 1,238,000,000 | 1,294,000,000 | 1,235,000,000 | 909,000,000 |
| Net earnings | 6,628,000,000 | 5,630,000,000 | 4,617,000,000 | 4,098,000,000 | 3,723,000,000 | 4,738,000,000 |
| Preferred stock dividends | 229,000,000 | 227,000,000 | 233,000,000 | 238,000,000 | 250,000,000 | 155,000,000 |
| Net income attributable to common | 6,399,000,000 | 5,403,000,000 | 4,384,000,000 | 3,860,000,000 | 3,473,000,000 | 4,583,000,000 |
| Basic EPS | 21.27 | 17.74 | 14.21 | 11.03 | 14.25 | |
| Diluted EPS | 20.98 | 17.55 | 14.01 | 10.91 | 14.12 | |
| Average basic common shares | 300,100,000 | 303,800,000 | 307,300,000 | 313,700,000 | 320,800,000 | |
| Average diluted common shares | 304,900,000 | 308,000,000 | 312,900,000 | 318,300,000 | 324,500,000 | |
| Segments | ||||||
| Global banking and markets | ||||||
| Advisory | 1,378,000,000 | 1,494,000,000 | 1,356,000,000 | 1,404,000,000 | 1,174,000,000 | 792,000,000 |
| Equity underwriting | 985,000,000 | 535,000,000 | 521,000,000 | 465,000,000 | 428,000,000 | 370,000,000 |
| Debt underwriting | 1,032,000,000 | 811,000,000 | 700,000,000 | 788,000,000 | 589,000,000 | 752,000,000 |
| Investment banking fees | 3,395,000,000 | 2,840,000,000 | 2,577,000,000 | 2,657,000,000 | 2,191,000,000 | 1,914,000,000 |
| Ficc intermediation | 3,376,000,000 | 2,949,000,000 | 2,021,000,000 | 2,437,000,000 | 2,423,000,000 | 3,390,000,000 |
| Ficc financing | 1,216,000,000 | 1,062,000,000 | 1,086,000,000 | 1,056,000,000 | 1,064,000,000 | 1,045,000,000 |
| Ficc | 4,592,000,000 | 4,011,000,000 | 3,107,000,000 | 3,493,000,000 | 3,487,000,000 | 4,435,000,000 |
| Equities intermediation | 4,157,000,000 | 2,718,000,000 | 2,178,000,000 | 2,020,000,000 | 2,595,000,000 | 2,547,000,000 |
| Equities financing | 3,259,000,000 | 2,608,000,000 | 2,128,000,000 | 1,716,000,000 | 1,706,000,000 | 1,645,000,000 |
| Equities | 7,416,000,000 | 5,326,000,000 | 4,306,000,000 | 3,736,000,000 | 4,301,000,000 | 4,192,000,000 |
| Other | 117,000,000 | 561,000,000 | 421,000,000 | 282,000,000 | 154,000,000 | 200,000,000 |
| Net revenues | 15,520,000,000 | 12,738,000,000 | 10,411,000,000 | 10,168,000,000 | 10,133,000,000 | 10,741,000,000 |
| Provision for credit losses | 75,000,000 | 173,000,000 | ||||
| Operating expenses | 7,946,000,000 | 5,885,000,000 | ||||
| Pre tax earnings | 7,499,000,000 | 4,075,000,000 | ||||
| Provision for taxes | 1,684,000,000 | 1,019,000,000 | ||||
| Net earnings | 5,815,000,000 | 3,056,000,000 | ||||
| Preferred stock dividends | 186,000,000 | 197,000,000 | ||||
| Net earnings to common | 5,629,000,000 | 2,859,000,000 | ||||
| Average common equity | 81,817,000,000 | 79,601,000,000 | ||||
| Return on average common equity % | 27.5% | 14.4% | ||||
| Asset and wealth management | ||||||
| Management and other fees | 3,355,000,000 | 3,077,000,000 | 3,092,000,000 | 2,943,000,000 | 2,802,000,000 | 2,701,000,000 |
| Incentive fees | 112,000,000 | 183,000,000 | 181,000,000 | 76,000,000 | 103,000,000 | 129,000,000 |
| Private banking and lending | 689,000,000 | 638,000,000 | 776,000,000 | 1,057,000,000 | 789,000,000 | 725,000,000 |
| Investments | 441,000,000 | 180,000,000 | 670,000,000 | 342,000,000 | 137,000,000 | 156,000,000 |
| Net revenues | 4,597,000,000 | 4,078,000,000 | 4,719,000,000 | 4,418,000,000 | 3,831,000,000 | 3,711,000,000 |
| Provision for credit losses | 27,000,000 | -96,000,000 | ||||
| Operating expenses | 3,458,000,000 | 3,015,000,000 | ||||
| Pre tax earnings | 1,112,000,000 | 912,000,000 | ||||
| Provision for taxes | 256,000,000 | 219,000,000 | ||||
| Net earnings | 856,000,000 | 693,000,000 | ||||
| Preferred stock dividends | 36,000,000 | 44,000,000 | ||||
| Net earnings to common | 820,000,000 | 649,000,000 | ||||
| Average common equity | 23,822,000,000 | 24,654,000,000 | ||||
| Return on average common equity % | 13.8% | 10.5% | ||||
| Platform solutions | ||||||
| Net revenues | 221,000,000 | 411,000,000 | -1,676,000,000 | 598,000,000 | 619,000,000 | 610,000,000 |
| Provision for credit losses | 0 | 307,000,000 | ||||
| Operating expenses | 269,000,000 | 341,000,000 | ||||
| Pre tax earnings | -48,000,000 | -29,000,000 | ||||
| Provision for taxes | -5,000,000 | -3,000,000 | ||||
| Net earnings | -43,000,000 | -26,000,000 | ||||
| Preferred stock dividends | 7,000,000 | 9,000,000 | ||||
| Net earnings to common | -50,000,000 | -35,000,000 | ||||
| Average common equity | 3,425,000,000 | 4,441,000,000 | ||||
| Return on average common equity % | -5.8% | -3.2% | ||||
| Balance sheet | ||||||
| Cash and cash equivalents | 187,266,000,000 | 164,259,000,000 | ||||
| Trading assets | 789,083,000,000 | 656,796,000,000 | ||||
| Available for sale securities | 155,636,000,000 | 99,244,000,000 | ||||
| Held to maturity securities | 74,658,000,000 | 69,193,000,000 | ||||
| Loans net of allowance | 260,888,000,000 | 237,734,000,000 | ||||
| Total assets | 2,127,711,000,000 | 1,809,320,000,000 | ||||
| Deposits | 557,955,000,000 | 501,422,000,000 | ||||
| Unsecured short term borrowings | 89,911,000,000 | 70,459,000,000 | ||||
| Unsecured long term borrowings | 347,963,000,000 | 285,500,000,000 | ||||
| Total liabilities | 2,004,969,000,000 | 1,684,348,000,000 | ||||
| Preferred stock | 13,028,000,000 | 15,153,000,000 | 15,153,000,000 | |||
| Retained earnings | 174,352,000,000 | 165,288,000,000 | 159,535,000,000 | |||
| Total shareholders equity | 122,742,000,000 | 124,972,000,000 | 124,096,000,000 | |||
| Common shareholders equity | 109,714,000,000 | 109,079,000,000 | 109,819,000,000 | 109,147,000,000 | ||
| Goodwill | 7,342,000,000 | 5,949,000,000 | ||||
| Identifiable intangible assets | 1,929,000,000 | 842,000,000 | ||||
| Tangible common shareholders equity | 100,443,000,000 | 103,028,000,000 | ||||
| Book value per common share | 367.67 | 361.19 | 357.6 | 344.2 | ||
| Tangible book value per common share | 336.61 | 335.49 | ||||
| Common shares outstanding | 291,442,355 | 296,476,742 | ||||
| Basic shares for book value | 298,400,000 | 302,000,000 | 307,100,000 | 317,100,000 | ||
| Capital | ||||||
| Cet1 capital | 101,657,000,000 | 104,297,000,000 | ||||
| Tier1 capital | 114,382,000,000 | 118,943,000,000 | ||||
| Total capital | 130,693,000,000 | 130,665,000,000 | ||||
| Risk weighted assets standardized | 790,640,000,000 | 727,338,000,000 | ||||
| Cet1 capital ratio standardized % | 12.9% | 14.3% | ||||
| Tier1 capital ratio standardized % | 14.5% | 16.4% | ||||
| Total capital ratio standardized % | 16.5% | 18% | ||||
| Risk weighted assets advanced | 747,374,000,000 | 691,470,000,000 | ||||
| Cet1 capital ratio advanced % | 13.6% | 15.1% | ||||
| Key ratios | ||||||
| Return on average common shareholders equity % | 23.5% | 12.8% | ||||
| Return on average tangible common shareholders equity % | 25.5% | 13.6% | ||||
| Net earnings to average assets % | 1.3% | 0.8% | ||||
| Return on average shareholders equity % | 21.7% | 12% | ||||
| Average equity to average assets % | 5.8% | 7% | ||||
| Dividend payout ratio % | 21.4% | 27.5% | ||||
| Efficiency ratio % | 57.4% | 60.5% | 72.3% | 62.3% | 63.4% | 60.6% |
| Capital returned | ||||||
| Dividends declared per common share | 4.5 | 3 | ||||
| Common shares repurchased | 4,100,000 | 5,300,000 | ||||
| Cost of common share repurchases | 4,000,000,000 | 3,000,000,000 | ||||
| Also sourced from | 0000886982-26-000091; 0000886982-26-000297 | 0000886982-26-000297; 0000886982-26-000096 | ||||
| Derivation | Goldman Sachs does not publish a stand-alone third-quarter 2025 column in either of these filings. Every figure here is full-year 2025 (FY2025 10-K) less the six months ended June 2025 (June 2026 10-Q) less the fourth quarter of 2025 (first-quarter 2026 earnings release). Earnings per share and average share counts do not difference this way and are therefore not reported for this quarter. | |||||
GS year-to-date income statement and cash flow
| Six months ended June 2026 | |
|---|---|
| Label | Six months ended June 2026 |
| Period start | 2026-01-01 |
| Period end | 2026-06-30 |
| Period type | six months |
| Source accession | 0000886982-26-000297 |
| Income statement | |
| Investment banking revenues | 6,244,000,000 |
| Investment management revenues | 6,557,000,000 |
| Commissions and fees | 2,851,000,000 |
| Market making revenues | 13,098,000,000 |
| Other principal transactions | 1,306,000,000 |
| Total non interest revenues | 30,056,000,000 |
| Interest income | 42,684,000,000 |
| Interest expense | 35,175,000,000 |
| Net interest income | 7,509,000,000 |
| Total net revenues | 37,565,000,000 |
| Provision for credit losses | 417,000,000 |
| Compensation and benefits expense | 11,516,000,000 |
| Transaction based expense | 5,567,000,000 |
| Market development expense | 384,000,000 |
| Communications and technology expense | 1,218,000,000 |
| Depreciation and amortization expense | 1,004,000,000 |
| Occupancy expense | 498,000,000 |
| Professional fees expense | 751,000,000 |
| Other expenses | 1,161,000,000 |
| Total operating expenses | 22,099,000,000 |
| Pre tax earnings | 15,049,000,000 |
| Provision for taxes | 2,791,000,000 |
| Net earnings | 12,258,000,000 |
| Preferred stock dividends | 456,000,000 |
| Net income attributable to common | 11,802,000,000 |
| Basic EPS | 38.99 |
| Diluted EPS | 38.51 |
| Average basic common shares | 301,900,000 |
| Average diluted common shares | 306,500,000 |
| Segments | |
| Global banking and markets | |
| Advisory | 2,872,000,000 |
| Equity underwriting | 1,520,000,000 |
| Debt underwriting | 1,843,000,000 |
| Investment banking fees | 6,235,000,000 |
| Ficc intermediation | 6,325,000,000 |
| Ficc financing | 2,278,000,000 |
| Ficc | 8,603,000,000 |
| Equities intermediation | 6,875,000,000 |
| Equities financing | 5,867,000,000 |
| Equities | 12,742,000,000 |
| Other | 678,000,000 |
| Net revenues | 28,258,000,000 |
| Provision for credit losses | 323,000,000 |
| Operating expenses | 14,955,000,000 |
| Pre tax earnings | 12,980,000,000 |
| Provision for taxes | 2,407,000,000 |
| Net earnings | 10,573,000,000 |
| Preferred stock dividends | 370,000,000 |
| Net earnings to common | 10,203,000,000 |
| Average common equity | 81,785,000,000 |
| Return on average common equity % | 25% |
| Asset and wealth management | |
| Management and other fees | 6,432,000,000 |
| Incentive fees | 295,000,000 |
| Private banking and lending | 1,327,000,000 |
| Investments | 621,000,000 |
| Net revenues | 8,675,000,000 |
| Provision for credit losses | 93,000,000 |
| Operating expenses | 6,540,000,000 |
| Pre tax earnings | 2,042,000,000 |
| Provision for taxes | 379,000,000 |
| Net earnings | 1,663,000,000 |
| Preferred stock dividends | 73,000,000 |
| Net earnings to common | 1,590,000,000 |
| Average common equity | 23,592,000,000 |
| Return on average common equity % | 13.5% |
| Platform solutions | |
| Net revenues | 632,000,000 |
| Provision for credit losses | 1,000,000 |
| Operating expenses | 604,000,000 |
| Pre tax earnings | 27,000,000 |
| Provision for taxes | 5,000,000 |
| Net earnings | 22,000,000 |
| Preferred stock dividends | 13,000,000 |
| Net earnings to common | 9,000,000 |
| Average common equity | 3,593,000,000 |
| Return on average common equity % | 0.5% |
| Key ratios | |
| Return on average common shareholders equity % | 21.7% |
| Return on average tangible common shareholders equity % | 23.4% |
| Net earnings to average assets % | 1.2% |
| Return on average shareholders equity % | 20% |
| Average equity to average assets % | 6% |
| Dividend payout ratio % | 23.4% |
| Efficiency ratio % | 58.8% |
| Cash flow | |
| Net cash from operating activities | -25,763,000,000 |
| Purchases of property leasehold improvements and equipment | -1,067,000,000 |
| Net cash used for investing activities | -84,879,000,000 |
| Common stock repurchased | -9,000,000,000 |
| Dividends and dividend equivalents paid | -3,191,000,000 |
| Net cash from financing activities | 135,210,000,000 |
| Cash and cash equivalents end of period | 187,266,000,000 |
| Capital returned | |
| Dividends declared per common share | 9 |
| Common shares repurchased | 9,500,000 |
| Cost of common share repurchases | 9,000,000,000 |
| Note | The balance sheet as of June 30, 2026 is reported with the second quarter of 2026 in the quarterly series; it is a point in time and is not repeated here. |
GS trailing twelve month income statement and cash flow
| Trailing twelve months ended June 2026 | |
|---|---|
| Label | Trailing twelve months ended June 2026 |
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 0000886982-26-000297 |
| Also sourced from | 0000886982-26-000091; 0000886982-26-000096 |
| Income statement | |
| Investment banking revenues | 11,482,000,000 |
| Investment management revenues | 12,710,000,000 |
| Commissions and fees | 4,466,000,000 |
| Market making revenues | 20,635,000,000 |
| Other principal transactions | 1,841,000,000 |
| Total non interest revenues | 51,134,000,000 |
| Interest income | 83,885,000,000 |
| Interest expense | 68,816,000,000 |
| Net interest income | 15,069,000,000 |
| Total net revenues | 66,203,000,000 |
| Provision for credit losses | -1,367,000,000 |
| Compensation and benefits expense | 20,861,000,000 |
| Transaction based expense | 9,759,000,000 |
| Market development expense | 771,000,000 |
| Communications and technology expense | 2,352,000,000 |
| Depreciation and amortization expense | 2,062,000,000 |
| Occupancy expense | 989,000,000 |
| Professional fees expense | 1,657,000,000 |
| Other expenses | 2,823,000,000 |
| Total operating expenses | 41,274,000,000 |
| Pre tax earnings | 26,296,000,000 |
| Provision for taxes | 5,323,000,000 |
| Net earnings | 20,973,000,000 |
| Preferred stock dividends | 927,000,000 |
| Net income attributable to common | 20,046,000,000 |
| Segments | |
| Global banking and markets | |
| Advisory | 5,632,000,000 |
| Equity underwriting | 2,506,000,000 |
| Debt underwriting | 3,331,000,000 |
| Investment banking fees | 11,469,000,000 |
| Ficc intermediation | 10,783,000,000 |
| Ficc financing | 4,420,000,000 |
| Ficc | 15,203,000,000 |
| Equities intermediation | 11,073,000,000 |
| Equities financing | 9,711,000,000 |
| Equities | 20,784,000,000 |
| Other | 1,381,000,000 |
| Net revenues | 48,837,000,000 |
| Asset and wealth management | |
| Management and other fees | 12,467,000,000 |
| Incentive fees | 552,000,000 |
| Private banking and lending | 3,160,000,000 |
| Investments | 1,633,000,000 |
| Net revenues | 17,812,000,000 |
| Platform solutions | |
| Net revenues | -446,000,000 |
| Key ratios | |
| Efficiency ratio % | 62.3% |
| Derivation | The sum of the four quarters ended September 2025, December 2025, March 2026 and June 2026. Equivalently, full-year 2025 less the first half of 2025 plus the first half of 2026. Earnings per share, average share counts, average-equity returns and segment average common equity are weighted averages rather than sums and are not reported on this basis. |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | None. Goldman Sachs reports in U.S. dollars, so no currency translation was applied. |
Notes
- Goldman Sachs is a bank holding company and a global investment bank, so these figures use a banking template rather than a revenue/cost-of-goods/capital-expenditure one: net revenues split by source and by segment, net interest income, provision for credit losses, operating expenses, returns on common and tangible common equity, book value per common share, regulatory capital, and deposits, loans and total assets. The firm reports 'total net revenues', which already nets interest expense against interest income; there is no gross-profit line and none is implied.
- Full fiscal years 2023, 2024 and 2025 come from the FY2025 Form 10-K (accession 0000886982-26-000091). Its income statement and cash flow statement show three years; its balance sheet shows two, so balance sheet, regulatory capital and book value figures are reported for December 2025 and December 2024 but not for December 2023.
- The second quarter of 2026, the second quarter of 2025 and the June 30, 2026 balance sheet come from the June 2026 Form 10-Q (accession 0000886982-26-000297).
- The first quarter of 2026, the fourth quarter of 2025 and the first quarter of 2025 come from the first-quarter 2026 earnings release furnished on Form 8-K (accession 0000886982-26-000096), which prints those three quarters side by side. These are press-release figures rather than figures from a periodic report, and they are unaudited. Every point where they overlap the two periodic reports agrees exactly: the release's first quarter of 2025 equals the 10-Q's six months ended June 2025 less its second quarter of 2025, and the release's fourth quarter of 2025 added to the first three quarters equals the 10-K's full year 2025.
- The third quarter of 2025 is not printed as a stand-alone column in either the FY2025 10-K or the June 2026 10-Q. It is derived here as full-year 2025 less the first half of 2025 less the fourth quarter of 2025. Earnings per share and average share counts are weighted averages and do not difference this way, so they are not reported for that quarter.
- The trailing-twelve-month block is the sum of the four quarters ended September 2025, December 2025, March 2026 and June 2026 - equivalently, full-year 2025 less the first half of 2025 plus the first half of 2026. Per-share amounts and any measure based on average equity are weighted averages rather than sums and are not reported on that basis.
- The efficiency ratio shown for every period is total operating expenses divided by total net revenues, which is the definition Goldman Sachs states in its filings. Where the firm prints the ratio itself the computed figure matches: 57.4% for the second quarter of 2026, 63.4% for the second quarter of 2025 and 58.8% for the six months ended June 2026.
- Provision for credit losses was a net benefit of $1.11 billion for 2025 and a net benefit of $2.12 billion in the fourth quarter of 2025, shown here as negative amounts. The 10-K attributes the 2025 benefit to a net release on the Apple Card loan portfolio, including a $2.48 billion reserve reduction on the transfer of those loans to held for sale, partly offset by charge-offs during the year.
- Platform Solutions net revenues turned negative in the fourth quarter of 2025 and fell sharply through the first half of 2026; the filings attribute this to net markdowns on the Apple Card loan portfolio that was moved to held for sale in the fourth quarter of 2025, and to the sale of the General Motors credit card programme in 2025.
- Cash flow figures are reported for full fiscal years and for the six months ended June 2026 only, because the 10-Q presents cash flows on a cumulative six-month basis and not by quarter. A bank of this kind does not produce a meaningful free-cash-flow figure, so none is stated; purchases of property, leasehold improvements and equipment are reported on their own.
- Regulatory capital is shown on both bases Goldman Sachs reports: the Standardized and the Advanced Capital Rules. The Common Equity Tier 1 ratio was 12.9% (Standardized) and 13.6% (Advanced) as of June 2026, against 14.3% and 15.1% as of December 2025; the fall reflects growth in risk-weighted assets, which rose from $727 billion to $791 billion on the Standardized basis.
- Balance sheets are point-in-time and are reported at the dates the filings present them: June 30, 2026 and December 31, 2025 in the 10-Q, and December 31, 2025 and December 31, 2024 in the 10-K. The first quarters of 2025 and 2026, which come from the earnings release, carry common shareholders' equity, basic shares and book value per common share only; the second quarter of 2025 carries total shareholders' equity, preferred stock and retained earnings taken from the 10-Q's statement of changes in shareholders' equity.
- Goldman Sachs has not split its common stock in the period these filings cover, is not an American Depositary Receipt programme, and reports in U.S. dollars, so no split, depositary-ratio or currency adjustment has been applied to any figure.
- The June 2026 10-Q states that certain reclassifications were made to previously reported amounts to conform to the current presentation. Every prior-period figure that appears in more than one of these filings was compared line by line and none had changed, so no restatement is reflected here.
Uncertainties
- Diluted and basic earnings per share and average share counts are not reported for the third quarter of 2025. That quarter is derived by differencing full-year and half-year columns, and weighted-average share counts cannot be recovered that way. Its revenue, expense and earnings lines are exact.
- The trailing-twelve-month block reports no earnings per share, no share count and no return-on-equity measure, for the same reason: those are weighted averages over the period and cannot be summed from quarters.
- The first quarter of 2026, the fourth quarter of 2025 and the first quarter of 2025 come from an earnings press release rather than a periodic report. Their income statements are complete and reconcile to the 10-K and the 10-Q. For all three, segment detail is limited to net revenues - no segment expenses, earnings or average equity - and no return on equity is reported. The first quarters of 2025 and 2026 carry only common shareholders' equity, basic shares and book value per common share, and no capital ratios; the December 2025 balance sheet and capital ratios shown with the fourth quarter of 2025 are the FY2025 Form 10-K figures for that date (accession 0000886982-26-000091), which the June 2026 Form 10-Q also prints as its comparative column.
- No balance sheet, regulatory capital or book value figures are reported for December 2023, because the FY2025 10-K's balance sheet presents only December 2025 and December 2024. Full-year 2023 income statement and cash flow figures are complete.
- Segment average common equity and segment return on average common equity are not reported for the third quarter of 2025 or on a trailing-twelve-month basis; only the additive revenue lines are derivable for those views.
- The efficiency ratio is computed rather than lifted from a table for every period except the second quarter of 2026, the second quarter of 2025 and the six months ended June 2026, where the filing prints it (57.4%, 63.4% and 58.8% respectively) and the computed figure agrees.
- Book value per common share and tangible book value per common share are divided by 'basic shares' as Goldman Sachs defines them - common shares outstanding plus certain restricted stock units and exchangeable instruments - which is a larger count than common shares outstanding. Both counts are reported where the filings give them so the difference is visible.
Company details
| Value | |
|---|---|
| Name | Goldman Sachs Group Inc |
| Ticker | GS |
| CIK | 0000886982 |
| Exchange | NYSE |
| State | New York |
| Incorporation | Delaware |
| SIC | 6211 |
| Office | Finance |
| Industry | Security Brokers, Dealers & Flotation Companies |
Fiscal period
| FY2026 | |
|---|---|
| Fiscal year | 2026 |
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0000886982-26-000297 |
| Fiscal year end | 1231 |
| Source | facts |
FAQ · Goldman Sachs financial statements
How much revenue did Goldman Sachs report in Q2 FY2026?
Goldman Sachs reported $20.34 billion in net revenues for Q2 FY2026, the quarter ended June 30, 2026. That is up 39.5% from $14.58 billion in the same quarter a year earlier.
How much did Goldman Sachs earn in Q2 FY2026?
Goldman Sachs reported net earnings of $6.63 billion for Q2 FY2026, the quarter ended June 30, 2026, up 78.0% from $3.72 billion a year earlier. Return on average common shareholders' equity was 23.5% for the quarter, up 10.7 points.
What was Goldman Sachs' earnings per share in Q2 FY2026?
Goldman Sachs reported diluted earnings per share of $20.98 for Q2 FY2026, the quarter ended June 30, 2026, up 92.3% from $10.91 a year earlier. Per-share earnings grew faster than net earnings for two reasons: share repurchases reduced the average diluted share count, and lower preferred stock dividends left more of the firm's earnings available to common shareholders.
How much revenue did Goldman Sachs' Global Banking & Markets segment generate in Q2 FY2026?
Global Banking & Markets, the largest of Goldman Sachs' three segments, produced $15.52 billion in net revenues in Q2 FY2026, up 53.2% from $10.13 billion a year earlier. The segment houses the firm's advisory, underwriting, FICC and equities businesses.
Where can I get The Goldman Sachs Group, Inc. (GS) financial data in machine-readable form?
Ticker Scout publishes The Goldman Sachs Group, Inc.'s financial statements as JSON at https://tickerscout.ai/gs/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/gs/narrative.md and https://tickerscout.ai/gs/events.md. The Goldman Sachs Group, Inc.'s SEC CIK is 0000886982. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does The Goldman Sachs Group, Inc. (GS) next file with the SEC?
The Goldman Sachs Group, Inc. (GS) is expected to file its next Form 10-Q with the SEC on or around October 30, 2026. That date is a projection rather than a company-announced date: it is derived from The Goldman Sachs Group, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0000886982-26-000297.
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How this page was built
This page was built from three of The Goldman Sachs Group, Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names seven such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
Published by Ticker Scout, an independent publisher of company filings data. About Ticker Scout · Disclaimer
Built from The Goldman Sachs Group, Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.