Exhibit 99.1
gslogocorrectgray.jpg
Second Quarter 2026
Earnings Results
Media Relations: Tony Fratto 212-902-5400
Investor Relations: Jehan Ilahi 212-902-0300
The Goldman Sachs Group, Inc.
200 West Street | New York, NY 10282
1
SECOND QUARTER 2026 EARNINGS RESULTS
Goldman Sachs Reports Second Quarter Earnings Per Common
Share of $20.98 and Increases the Quarterly Dividend to $5.00
Per Common Share in the Third Quarter
Financial Summary
Net Earnings
$ in millions
2Q26
$6,628
2Q26 YTD
$12,258
EPS1
2Q26
$20.98
2Q26 YTD
$38.51
Net Revenues
$ in millions
2Q26
$20,338
2Q26 YTD
$37,565
Annualized ROE2
2Q26
23.5%
2Q26 YTD
21.7%
Book Value Per Share
2Q26
$367.67
YTD Growth
2.8%
NEW YORK, July 14, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $20.34 billion and net
earnings of $6.63 billion for the second quarter ended June 30, 2026. Net revenues were $37.57 billion and net earnings were
$12.26 billion for the first half of 2026.
Diluted earnings per common share (EPS)1 was $20.98 for the second quarter of 2026 compared with $10.91 for the second
quarter of 2025 and $17.55 for the first quarter of 2026, and was $38.51 for the first half of 2026 compared with $25.07 for
the first half of 2025.
Annualized return on average common shareholders' equity (ROE)2 was 23.5% for the second quarter of 2026 and 21.7% for
the first half of 2026.
Book value per common share increased by 1.8% during the second quarter of 2026 and by 2.8% during the first half of 2026
to $367.67.
2
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
Net Revenues
Net revenues were $20.34 billion for the second quarter of 2026, 39% higher
than the second quarter of 2025 and 18% higher than the first quarter of
2026. The increase compared with the second quarter of 2025 primarily
reflected significantly higher net revenues in Global Banking & Markets.
Net Revenues
$ in millions
2Q26
$20,338
Global Banking & Markets
Net revenues in Global Banking & Markets were $15.52 billion for the second
quarter of 2026, 53% higher than the second quarter of 2025 and 22% higher
than the first quarter of 2026.
Investment banking fees were $3.40 billion, 55% higher than the second
quarter of 2025, primarily due to significantly higher net revenues in Equity
underwriting, primarily reflecting significantly higher net revenues from
secondary and initial public offerings, and in Debt underwriting, primarily
reflecting significantly higher net revenues from leveraged finance and asset-
backed activity. Net revenues in Advisory were higher, reflecting an increase in
industry-wide completed mergers and acquisitions volumes. The firm’s
Investment banking fees backlog3 increased compared with both the end of
the first quarter of 2026 and the end of 2025.
Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.59
billion, 32% higher than the second quarter of 2025, primarily reflecting
significantly higher net revenues in FICC intermediation, due to significantly
higher net revenues in interest rate products and in commodities, higher net
revenues in mortgages and slightly higher net revenues in currencies, partially
offset by lower net revenues in credit products. Net revenues in FICC financing
were higher, including higher net revenues in mortgages and structured
lending.
Net revenues in Equities were $7.42 billion, 72% higher than the second
quarter of 2025, due to significantly higher net revenues in Equities
intermediation, including significantly higher net revenues in derivatives and in
cash products, and in Equities financing, primarily driven by significantly
higher net revenues in prime financing.
Net revenues in Other were $117 million compared with $154 million for the
second quarter of 2025, with the decrease reflecting lower net revenues in
relationship lending, partially offset by higher net revenues in transaction
banking.
Global Banking & Markets
$ in millions
Advisory
$1,378
Equity underwriting
985
Debt underwriting
1,032
Investment banking fees
3,395
FICC intermediation
3,376
FICC financing
1,216
FICC
4,592
Equities intermediation
4,157
Equities financing
3,259
Equities
7,416
Other
117
Net revenues
$15,520
3
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
Asset & Wealth Management
Net revenues in Asset & Wealth Management were $4.60 billion for the
second quarter of 2026, 20% higher than the second quarter of 2025 and
13% higher than the first quarter of 2026. The increase compared with the
second quarter of 2025 reflected significantly higher Management and other
fees and significantly higher net revenues in Investments, partially offset by
lower net revenues in Private banking and lending.
The increase in Management and other fees primarily reflected the impact of
higher average assets under supervision. The increase in Investments net
revenues primarily reflected significantly higher net gains from investments in
private equities. The decrease in Private banking and lending net revenues
reflected the impact of lower net interest margin related to Marcus deposits,
partially offset by higher average Marcus and private bank deposit balances.
Asset & Wealth Management
$ in millions
Management and other fees
$3,355
Incentive fees
112
Private banking and lending
689
Investments
441
Net revenues
$4,597
Platform Solutions
Net revenues in Platform Solutions were $221 million for the second quarter
of 2026, 64% lower than the second quarter of 2025 and 46% lower than the
first quarter of 2026. The decrease compared with the second quarter of
2025 primarily reflected net markdowns recognized in net revenues related to
the Apple Card loan portfolio, which was transferred to held for sale in the
fourth quarter of 2025.
Platform Solutions
$ in millions
Net revenues
$221
Provision for Credit Losses
Provision for credit losses was $102 million for the second quarter of 2026,
compared with $384 million for the second quarter of 2025 and $315 million
for the first quarter of 2026. Provisions for the second quarter of 2026
primarily reflected impairments related to wholesale loans. Provisions for the
second quarter of 2025 primarily reflected net provisions related to the credit
card portfolio, which was transferred to held for sale in the fourth quarter of
2025, and growth related to wholesale loans.
Provision for Credit Losses
$ in millions
2Q26
$102
4
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
Operating Expenses
Operating expenses were $11.67 billion for the second quarter of 2026, 26%
higher than the second quarter of 2025 and 12% higher than the first quarter
of 2026. The firm's efficiency ratio3 was 58.8% for the first half of 2026,
compared with 62.0% for the first half of 2025.
The increase in operating expenses compared with the second quarter of
2025 primarily reflected significantly higher compensation and benefits
expenses (reflecting improved operating performance) and transaction based
expenses.
Net provisions for litigation and regulatory proceedings were $(28) million for
the second quarter of 2026, compared with $1 million for the second quarter
of 2025.
Headcount decreased 2% compared with the end of the first quarter of 2026.
Operating Expenses
$ in millions
2Q26
$11,673
Efficiency Ratio
2Q26 YTD
58.8%
Provision for Taxes
The effective tax rate for the first half of 2026 was 18.5%, up from 13.2% for
the first quarter of 2026, primarily due to a decrease in the impact of tax
benefits on the settlement of employee share-based awards4, partially offset
by an increase in other permanent tax benefits, for the first half of 2026
compared with the first quarter of 2026.
Effective Tax Rate
2Q26 YTD
18.5%
Other Matters
•On July 13, 2026, the Board of Directors of The Goldman Sachs Group, Inc.
increased the quarterly dividend to $5.00 per common share from $4.50 per
common share. The dividend will be paid on September 29, 2026 to common
shareholders of record on September 1, 2026.
•During the quarter, the firm returned $5.36 billion of capital to common
shareholders, including $4.00 billion of common share repurchases (4.1 million
shares at an average cost of $984.57) and $1.36 billion of common stock
dividends.3
•Global core liquid assets3 averaged $555 billion for the second quarter of
2026, compared with an average of $494 billion for the first quarter of 2026.
Quarterly Dividend Declared
Per common share
3Q26
$5.00
Common Share Repurchases
$ in billions
2Q26
$4.00
Average GCLA
$ in billions
2Q26
$555
5
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. 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. Founded in
1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current
conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently
uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may
differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements.
For information about some of the risks and important factors that could affect the firm’s future results, financial condition
and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31,
2025.
Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,
balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking
statements and are subject to change, possibly materially, as the firm completes its financial statements.
Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking
statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and
related net revenues may not be realized or may be materially less than expected. Important factors that could have such a
result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international
trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle
East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for
financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse
development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information
about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item
1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025.
Conference Call
A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will
be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in
the U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes
prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor
Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For
those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three
hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs
Investor Relations, via e-mail, at gs-investor-relations@gs.com.
6
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
THREE MONTHS ENDED
% CHANGE FROM
JUNE 30,
MARCH 31,
JUNE 30,
MARCH 31,
JUNE 30,
$ in millions
2026
2026
2025
2026
2025
GLOBAL BANKING & MARKETS
Advisory
$
1,378
$
1,494
$
1,174
(8)
%
17
%
Equity underwriting
985
535
428
84
130
Debt underwriting
1,032
811
589
27
75
Investment banking fees
3,395
2,840
2,191
20
55
FICC intermediation
3,376
2,949
2,423
14
39
FICC financing
1,216
1,062
1,064
15
14
FICC
4,592
4,011
3,487
14
32
Equities intermediation
4,157
2,718
2,595
53
60
Equities financing
3,259
2,608
1,706
25
91
Equities
7,416
5,326
4,301
39
72
Other
117
561
154
(79)
(24)
Net revenues
15,520
12,738
10,133
22
53
ASSET & WEALTH MANAGEMENT
Management and other fees
3,355
3,077
2,802
9
20
Incentive fees
112
183
103
(39)
9
Private banking and lending
689
638
789
8
(13)
Investments
441
180
137
145
222
Net revenues
4,597
4,078
3,831
13
20
PLATFORM SOLUTIONS
Net revenues
221
411
619
(46)
(64)
Total net revenues
$
20,338
$
17,227
$
14,583
18
39
Geographic Net Revenues (unaudited)3
THREE MONTHS ENDED
JUNE 30,
MARCH 31,
JUNE 30,
$ in millions
2026
2026
2025
Americas
$
12,222
$
10,416
$
8,982
EMEA
4,502
3,767
3,811
Asia
3,614
3,044
1,790
Total net revenues
$
20,338
$
17,227
$
14,583
Americas
60
%
60
%
62
%
EMEA
22
%
22
%
26
%
Asia
18
%
18
%
12
%
Total
100
%
100
%
100
%
7
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Segment Net Revenues (unaudited)
SIX MONTHS ENDED
% CHANGE FROM
JUNE 30,
JUNE 30,
JUNE 30,
$ in millions
2026
2025
2025
GLOBAL BANKING & MARKETS
Advisory
$
2,872
$
1,966
46
%
Equity underwriting
1,520
798
90
Debt underwriting
1,843
1,341
37
Investment banking fees
6,235
4,105
52
FICC intermediation
6,325
5,813
9
FICC financing
2,278
2,109
8
FICC
8,603
7,922
9
Equities intermediation
6,875
5,142
34
Equities financing
5,867
3,351
75
Equities
12,742
8,493
50
Other
678
354
92
Net revenues
28,258
20,874
35
ASSET & WEALTH MANAGEMENT
Management and other fees
6,432
5,503
17
Incentive fees
295
232
27
Private banking and lending
1,327
1,514
(12)
Investments
621
293
112
Net revenues
8,675
7,542
15
PLATFORM SOLUTIONS
Net revenues
632
1,229
(49)
Total net revenues
$
37,565
$
29,645
27
Geographic Net Revenues (unaudited)3
SIX MONTHS ENDED
JUNE 30,
JUNE 30,
$ in millions
2026
2025
Americas
$
22,638
$
18,848
EMEA
8,269
7,302
Asia
6,658
3,495
Total net revenues
$
37,565
$
29,645
Americas
60
%
63
%
EMEA
22
%
25
%
Asia
18
%
12
%
Total
100
%
100
%
8
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
THREE MONTHS ENDED
% CHANGE FROM
In millions,
except per share amounts and headcount
JUNE 30,
MARCH 31,
JUNE 30,
MARCH 31,
JUNE 30,
2026
2026
2025
2026
2025
REVENUES
Investment banking
$
3,400
$
2,844
$
2,194
20
%
55
%
Investment management
3,378
3,179
2,837
6
19
Commissions and fees
1,525
1,326
1,201
15
27
Market making
7,637
5,461
4,733
40
61
Other principal transactions
444
862
514
(48)
(14)
Total non-interest revenues
16,384
13,672
11,479
20
43
Interest income
22,047
20,637
19,789
7
11
Interest expense
18,093
17,082
16,685
6
8
Net interest income
3,954
3,555
3,104
11
27
Total net revenues
20,338
17,227
14,583
18
39
Provision for credit losses
102
315
384
(68)
(73)
OPERATING EXPENSES
Compensation and benefits
6,104
5,412
4,685
13
30
Transaction based
3,052
2,515
1,955
21
56
Market development
198
186
167
6
19
Communications and technology
635
583
530
9
20
Depreciation and amortization
509
495
618
3
(18)
Occupancy
244
254
234
(4)
4
Professional fees
372
379
440
(2)
(15)
Other expenses
559
602
612
(7)
(9)
Total operating expenses
11,673
10,426
9,241
12
26
Pre-tax earnings
8,563
6,486
4,958
32
73
Provision for taxes
1,935
856
1,235
126
57
Net earnings
6,628
5,630
3,723
18
78
Preferred stock dividends
229
227
250
1
(8)
Net earnings to common
$
6,399
$
5,403
$
3,473
18
84
EARNINGS PER COMMON SHARE
Basic3
$
21.27
$
17.74
$
11.03
20
%
93
%
Diluted1
$
20.98
$
17.55
$
10.91
20
92
AVERAGE COMMON SHARES
Basic
300.1
303.8
313.7
(1)
(4)
Diluted
304.9
308.0
318.3
(1)
(4)
SELECTED DATA AT PERIOD-END
Common shareholders' equity
$
109,714
$
109,079
$
108,943
1
1
Basic shares3
298.4
302.0
311.5
(1)
(4)
Book value per common share
$
367.67
$
361.19
$
349.74
2
5
Headcount
46,200
47,000
45,900
(2)
1
9
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Consolidated Statements of Earnings (unaudited)
SIX MONTHS ENDED
% CHANGE FROM
In millions,
except per share amounts
JUNE 30,
JUNE 30,
JUNE 30,
2026
2025
2025
REVENUES
Investment banking
$
6,244
$
4,110
52
%
Investment management
6,557
5,596
17
Commissions and fees
2,851
2,427
17
Market making
13,098
10,456
25
Other principal transactions
1,306
1,057
24
Total non-interest revenues
30,056
23,646
27
Interest income
42,684
39,172
9
Interest expense
35,175
33,173
6
Net interest income
7,509
5,999
25
Total net revenues
37,565
29,645
27
Provision for credit losses
417
671
(38)
OPERATING EXPENSES
Compensation and benefits
11,516
9,561
20
Transaction based
5,567
3,805
46
Market development
384
323
19
Communications and technology
1,218
1,036
18
Depreciation and amortization
1,004
1,124
(11)
Occupancy
498
467
7
Professional fees
751
864
(13)
Other expenses
1,161
1,189
(2)
Total operating expenses
22,099
18,369
20
Pre-tax earnings
15,049
10,605
42
Provision for taxes
2,791
2,144
30
Net earnings
12,258
8,461
45
Preferred stock dividends
456
405
13
Net earnings to common
$
11,802
$
8,056
46
EARNINGS PER COMMON SHARE
Basic3
$
38.99
$
25.32
54
%
Diluted1
$
38.51
$
25.07
54
AVERAGE COMMON SHARES
Basic
301.9
317.2
(5)
Diluted
306.5
321.4
(5)
10
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)3
AS OF
JUNE 30,
MARCH 31,
$ in billions
2026
2026
ASSETS
Cash and cash equivalents
$
187
$
179
Collateralized agreements
366
386
Customer and other receivables
230
209
Trading assets
789
758
Investments
256
238
Loans
261
253
Other assets
39
37
Total assets
$
2,128
$
2,060
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
$
558
$
561
Collateralized financings
358
351
Customer and other payables
300
293
Trading liabilities
324
312
Unsecured short-term borrowings
90
81
Unsecured long-term borrowings
348
315
Other liabilities
27
24
Total liabilities
2,005
1,937
Shareholders’ equity
123
123
Total liabilities and shareholders’ equity
$
2,128
$
2,060
Capital Ratios and Supplementary Leverage Ratio (unaudited)3
AS OF
JUNE 30,
MARCH 31,
$ in billions
2026
2026
Common equity tier 1 capital
$
101.7
$
101.8
STANDARDIZED CAPITAL RULES
Risk-weighted assets
$
790
$
815
Common equity tier 1 capital ratio
12.9
%
12.5
%
ADVANCED CAPITAL RULES
Risk-weighted assets
$
743
$
764
Common equity tier 1 capital ratio
13.7
%
13.3
%
SUPPLEMENTARY LEVERAGE RATIO
Supplementary leverage ratio
4.3
%
4.7
%
Average Daily VaR (unaudited)3
THREE MONTHS ENDED
JUNE 30,
MARCH 31,
$ in millions
2026
2026
CATEGORIES
Interest rates
$
82
$
85
Equity prices
65
55
Currency rates
19
15
Commodity prices
30
31
Diversification effect
(76)
(74)
Total
$
120
$
112
11
GOLDMAN SACHS REPORTS
SECOND QUARTER 2026 EARNINGS RESULTS
The Goldman Sachs Group, Inc. and Subsidiaries
Assets Under Supervision (unaudited)3,5
JUNE 30,
MARCH 31,
JUNE 30,
$ in billions
2026
2026
2025
ASSET CLASS (as of period-end)
Alternative investments
$
459
$
429
$
371
Equity
1,123
954
857
Fixed income
1,394
1,341
1,237
Total long-term AUS
2,976
2,724
2,465
Liquidity products
1,065
926
828
Total AUS
$
4,041
$
3,650
$
3,293
ROLLFORWARD (for the three months ended)
Beginning balance
$
3,650
$
3,606
$
3,173
Net inflows / (outflows):
Alternative investments
21
11
9
Equity
46
24
8
Fixed income
24
27
—
Total long-term AUS net inflows / (outflows)6
91
62
17
Liquidity products
139
25
(12)
Total AUS net inflows / (outflows)
230
87
5
Net market appreciation / (depreciation)
161
(43)
115
Ending balance
$
4,041
$
3,650
$
3,293
Footnotes
1.Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.
2.Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’
equity. Average monthly common shareholders' equity was $109.06 billion for the three months ended June 30, 2026 and $108.97 billion for the six
months ended June 30, 2026.
3.For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2026: (i) Investment banking fees backlog – see
“Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management –
Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital
Management and Regulatory Capital – Capital Management,” (v) global core liquid assets (GCLA) – see “Risk Management – Liquidity Risk
Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management –
Market Risk Management.”
For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly
Report on Form 10-Q for the period ended March 31, 2026: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation
and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable
rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”
Represents a preliminary estimate for the second quarter of 2026 for the firm’s assets under supervision, capital ratios, risk-weighted assets,
supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q
for the period ended June 30, 2026.
4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first half of 2026 of approximately
$965 million, which increased diluted EPS by approximately $3.15 and annualized ROE by 1.7 percentage points.
5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better
reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation.
6.Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital
Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the
disposition of Goldman Sachs TFI, for the three months ended June 30, 2026. Includes $5 billion of inflows in long-term assets under supervision (in
alternative investments) in connection with the acquisition of Industry Ventures for the three months ended March 31, 2026.