Q2 2026 Goldman Sachs Group Inc Earnings Call Transcript
Key Points
- The Goldman Sachs Group Inc (GS) reported record revenues of $20.3 billion and record earnings per share of $20.98 for the second quarter of 2026.
- The company achieved a return on equity (ROE) of 23.5% and a return on tangible equity (ROTE) of 25.5%, reflecting strong financial performance.
- Investment banking backlog increased to its highest level in five years, driven by robust strategic M&A activity and a record advisory backlog.
- Asset and Wealth Management revenues grew by 20% year-over-year, with total assets under supervision surpassing a record $4 trillion.
- The company announced a 25% increase in its quarterly dividend to $5 per share and repurchased $4 billion of common stock, demonstrating strong capital return to shareholders.
- Despite strong performance, there is acknowledgment of potential risks and volatility in the market, which could impact future results.
- The sustainability of the current high levels of activity, particularly in equities, is uncertain, with concerns about potential concentration risks.
- The company's supplementary leverage ratio (SLR) fell to 4.3%, the lowest among peers, which could constrain growth in the financing business.
- There are ongoing regulatory challenges, and the company is engaged with regulators to align regulatory outcomes with underlying risks.
- While the AI investment cycle presents opportunities, there is recognition that it may not move in a straight line and could face recalibrations.
Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs second-quarter 2026 earnings conference call.
On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the Investor Relations page of the Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material of the Goldman Sachs Group, Inc, and may not be duplicated, reproduced, or rebroadcast without consent.
This call is being recorded today, July 14, 2026. I will now turn the call over to Chairman and Chief Executive Officer, David Solomon; and Chief Financial Officer, Denis Coleman.
Thank you. Mr. Solomon, you may begin your conference.
Thank you, operator. Good morning, everyone. I know it's a busy morning with all the reports, and so we appreciate you being on our call.
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