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Goldman Sachs
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Updated Aug 3, 2026
Goldman Sachs Q2 2026: 39% revenue surge and 23.5% ROE driven by Equities and investment banking dominance; consumer exit nearly complete
Goldman Sachs delivered its strongest quarterly performance in years in Q2 2026, with net revenues of $20.34 billion — 39% above Q2 2025 — driven by Equities revenues of $7.42 billion (+72% YoY) and investment banking fees of $3.40 billion (+55% YoY), producing a 23.5% annualized ROE against a through-the-cycle target of 14-16%. The firm simultaneously completed two strategic acquisitions — Innovator Capital Management for approximately $1.90 billion in total consideration and Industry Ventures — accelerating its alternative asset management build-out, which now encompasses $706 billion in total alternative assets and a fundraising target exceeding $125 billion for full-year 2026. Platform Solutions, the firm's consumer business, is in managed wind-down: the Apple Card transition to a new issuer is underway, contributing to net markdowns that suppressed Platform Solutions revenues by 64% YoY to $221 million in Q2.
Tone: bullishRevenue
$58.3B
GS 10-K · FY 2025
Employees
47,400
Revenue FY2024
$53.5B
Founded
1869
Profile
GS 10-K Item 1 · Feb 25, 2026Goldman Sachs is a leading global financial institution providing investment banking, market-making, asset management, wealth management and consumer financial services to corporations, financial institutions, governments and individuals worldwide. The firm operates through three segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Its One Goldman Sachs initiative aims to deliver the full range of the firm's capabilities to clients in a seamless and integrated manner.
Read filing description ↓ Collapse description ↑
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Our purpose is to advance sustainable economic growth and financial opportunity. Our goal, reflected in our One Goldman Sachs initiative, is to deliver the full range of our services and expertise to support our clients in a more accessible, comprehensive and efficient manner, across businesses and product areas. Group Inc. is a bank holding company (BHC) and a financial holding company (FHC) regulated by the Board of Governors of the Federal Reserve System (FRB). Our U.S. depository institution subsidiary, Goldman Sachs Bank USA (GS Bank USA), is a New York State-chartered bank. We manage and report our activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Global Banking & Markets generates revenues from investment banking fees, including advisory, and equity and debt underwriting fees, Fixed Income, Currency and Commodities (FICC) intermediation and financing activities and Equities intermediation and financing activities, as well as relationship lending and acquisition financing, investing activities related to our Global Banking & Markets activities and transaction banking. Asset & Wealth Management generates revenues from management and other fees, incentive fees, private banking and lending and investments. Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited. In December 2025, we entered into an agreement to transition the Apple Card program to another issuer.
Primary products
- Advisory (mergers and acquisitions, divestitures, restructurings, spin-offs)
- Equity underwriting
- Debt underwriting
- FICC intermediation
- FICC financing
- Equities intermediation
Business segments
End markets
Geographies
Named customers
“Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues were $58.28 billion for 2025, described in the MD&A as 9% higher than 2024, primarily reflecting higher net revenues in Global Banking & Markets, partially offset by significantly lower net revenues in Platform Solutions.
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