The Goldman Sachs Group, Inc. (GS) Earnings Call Transcripts

The Goldman Sachs Group, Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, The Goldman Sachs Group, Inc. reported record revenues of $20.3 billion and earnings per share (EPS) of $20.98, reflecting a robust operating environment and strong client activity. The company's return on equity (ROE) was 23.5%, and return on tangible equity (ROTE) was 25.5%. Management signaled confidence in continued momentum, with a record advisory backlog and expectations for elevated strategic deal-making driven by AI investment cycles.

Reported metrics

Guidance from management

Management expects continued momentum in investment banking and advisory services, with a strong pipeline and record advisory backlog. They anticipate elevated levels of strategic activity driven by the ongoing AI investment cycle.

What management said

Yes. I think -- I just think, the only thing I'd add, Glenn, that I just think is an important thing to recognize, we really have global scale advantages and that we really have scale in leadership positions across every region of the world in this context. And I think we're in an environment where that's really providing a benefit. The real strength of our global footprint and our ability to really connect our activ...

Sure. So I'd say 2 things on that. First, on a multiyear basis, we're not sort of readjusting what we think is the medium-term run rate contribution from incentive fees. But because we do expect it to be unusually higher, we thought it was appropriate to call that out to all of you. So we do expect in the third and fourth quarter to have materially higher incentive fees. It is related to specific transactions that ar...

What analysts pressed on

Analysts expressed concerns about the sustainability of the equities business performance and potential concentration risks in client relationships. There were questions regarding how much of the recent growth can be attributed to market conditions versus the firm's strategic initiatives.

Main topics on the call

• Record Revenue and EPS — Goldman Sachs achieved record revenues of $20.3 billion and EPS of $20.98, marking a significant increase from prior periods. CEO David Solomon stated, "We delivered record results for the second quarter and year-to-date...
• Investment Banking Momentum — Investment banking revenues surged, with advisory revenues rising 17% year-over-year to $1.4 billion. Solomon noted that large-cap corporate M&A volumes increased by 90% in the first half of 2026, indicating strong deman...
• Strength in Equities and FICC — Equities generated record revenues of $7.4 billion, up 86% year-over-year, and FICC revenues reached $4.6 billion, up 32%. CFO Denis Coleman attributed this to strong client activity and increased volatility in markets.
• Asset & Wealth Management Growth — Asset & Wealth Management revenues rose 20% year-over-year to $4.6 billion, with management fees up 20% to a record $3.4 billion. The firm reported $19 billion in net inflows, marking its 34th consecutive quarter of long...

Read the full The Goldman Sachs Group, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 75 The Goldman Sachs Group, Inc. earnings call transcripts on record, spanning January 15, 2020 to July 14, 2026. Based on this history, The Goldman Sachs Group, Inc. reports quarterly. The most recent call on file is dated July 14, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

GS

Exchange

NYSE

Country

US

Sector

Financials

Industry

Capital Markets

Calls on record

75

First call

January 15, 2020

Most recent

July 14, 2026

Reporting cadence

quarterly