The Goldman Sachs Group, Inc. · GS-PD · FY2026 Q2 · Calendar Q3 2026
Goldman Sachs: Record Q2, strong pipeline and AI-led demand
The quarter supports a constructive operating thesis: record results, a five-year-high advisory backlog, strong wealth inflows and alternatives fundraising point to resilient demand. The thesis remains conditional on sustained AI and capital-markets activity, disciplined risk management and manageable regulatory constraints.
Earnings scorecard
Reported versus consensusMarket reaction
unavailableAsk FN2 about GS-PD FY2026 Q2
Transcript, numbers and history already loadedFree account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the analysis points to a stronger reported quarter, a larger alternatives fundraising result, a five-year-high advisory backlog and $4 trillion of wealth-management assets under supervision. AI infrastructure financing was framed as a multi-year growth driver, while concerns sharpened around client concentration and the AI cycle.
Guidance delta
Management guidance sentiment was maintained; the analysis also cites full-year alternatives fundraising guidance above $125 billion.
Key takeaways
- Record Q2 revenue and EPS were driven by investment banking, equities, FICC and wealth management.
- Management described AI infrastructure financing and capital formation as a multi-year opportunity.
- Wealth-management assets under supervision reached $4 trillion, with $19 billion of quarterly net inflows.
- The advisory backlog was described as the highest in five years, while capital ratios remained strong.
Management priorities
- Integrate advisory, financing and wealth management through the One Goldman Sachs model.
- Scale alternatives and private-credit platforms.
- Expand OCIO services and selective capability-enhancing acquisitions.
- Continue AI-driven technology investment and operational-efficiency initiatives.
Follow GS-PD with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeCompany context
Snapshot as of publicationThe Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through four segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The company's Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and middle-market lending, relationship lending, and acquisition financing, as well as transaction banking services.…
Historical context
All GS-PD earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| GS-PA The Goldman Sachs Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | — | Goldman Sachs Q3: Financing and wealth management broaden growth |
| GS The Goldman Sachs Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -0.1% | Goldman posts record Q3 as financing and wealth inflows strengthen |
| C Citigroup Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -4.0% | Citi raises ROTCE outlook as Services and Wealth lead growth |
| JPM-PK JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | — | JPMorgan posts strong Q3 as AI investment and 2027 risks remain |
| JPM-PD JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | — | JPMorgan posts strong Q3 as deposits and fees grow; AI risks remain |
| JPM JPMorgan Chase & Co. | FY2026 Q3 · Calendar Q4 2026 | — | +0.2% | JPMorgan: Strong Q3, Cautious 2027 NII Outlook |
Latest beats and misses
Who reports nextBeat on EPS
Get the GS-PD recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-14T16:05:32.111240+00:00
- FN2 earnings calendar · 2026-08-19T01:23:14.696161+00:00
- Polygon adjusted daily market bars
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-13. For educational purposes only; not investment advice.