Goldman Sachs posted record Q2 revenues of $20.3 billion and EPS of $20.98, beating estimates by 22% and 41% respectively, driven by Global Banking & Markets revenue of $15.5 billion (equities $7.4 billion), 17% advisory growth, 130% equity underwriting gains, and 20% higher asset/wealth fees with $2 trillion in client assets. Despite the beat and a five-year high backlog plus raised alternatives targets above $125 billion, shares fell 7.5% as investors priced in mean reversion amid 37% markets revenue tied to financing activities and subdued sponsor deal flow. Management highlighted an early-stage AI investment cycle and record M&A advisory of over $1 trillion, yet cautioned that growth rarely moves linearly.

Company: The Goldman Sachs Group, Inc. (GS) — Q2 FY2026

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