Analyst Consensus ?
ConsensusHold55 ratings
Bullish2240.0%
Neutral3054.5%
Bearish35.5%
The Goldman Sachs Group, Inc. · GS · FY2026 Q2 · Calendar Q3 2026
Goldman Sachs Q2 2026: Record Revenue and EPS Driven by AI Infrastructure Financing
Goldman Sachs delivered record Q2 2026 results, surpassing consensus estimates by approximately 45% on EPS and 25% on revenue. The quarter was powered by AI-related capital formation, surging M&A advisory volumes (up 90% year-over-year), and strong performance in equities and FICC financing, particularly in Asia. Management raised the dividend 25% to $5 per share and repurchased $4 billion in stock, underscoring confidence in capital generation. Wealth management assets crossed $2 trillion and total assets under supervision reached $4 trillion. While management frames the AI infrastructure build-out as a multi-year growth engine, the stock has experienced an approximately 8% pullback from the post-earnings rally, and the early stage of the AI capex cycle introduces volatility risk.
Reported Before market openNYSEFinancial Services
$309.24B market cap
100quality score
Company context
Snapshot as of publicationThe Goldman Sachs Group, Inc. (GS) operates as a prominent global financial services firm, offering an extensive array of services to corporations, financial institutions, governmental bodies, and individuals worldwide. The company's operations are organized into four primary divisions: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The Investment Banking segment furnishes strategic advisory services covering intricate transactions such as mergers, acquisitions, divestitures, corporate defense strategies, restructurings, and spin-offs. It also extends various lending facilities, including middle-market, relationship, and acquisition financing, in addition to transaction banking services.…
Earnings scorecard
Reported versus consensus
Reported EPS
$20.98
Consensus $14
EPS surprise
+45.0%
Reported versus consensus
Reported revenue
$20.34B
Consensus $16.22B
Revenue surprise
+25.3%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$1,048.23Previous close
$290Low
$727.72Average
$1,325High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| HSBC | Hold | Reduce | Upgrade | Jul 21, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 17, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 17, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 16, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 16, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 15, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 15, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 15, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 7, 2026 |
| Oppenheimer | Underperform | Perform | Downgrade | Jun 30, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 6, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Jan 27, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jan 20, 2026 |
| Freedom Capital Markets | Hold | Sell | Upgrade | Oct 17, 2025 |
| JMP Securities | Market Perform | Market Outperform | Downgrade | Jul 14, 2025 |
| Seaport Global | Neutral | Buy | Downgrade | Jul 2, 2024 |
| Argus Research | Buy | Hold | Upgrade | Apr 16, 2024 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Mar 14, 2024 |
| Atlantic Equities | Neutral | Underweight | Upgrade | Aug 1, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 20, 2023 |
| Odeon Capital | Buy | Hold | Upgrade | Jul 13, 2023 |
| Societe Generale | Hold | Buy | Downgrade | Jul 10, 2023 |
| Goldman Sachs | Buy | Buy | Maintain | Mar 9, 2023 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 4, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Sep 12, 2022 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 1, 2022 |
| DA Davidson | Neutral | Neutral | Maintain | Apr 15, 2021 |
| CFRA | Hold | Sell | Upgrade | Apr 15, 2020 |
| Berenberg | Hold | Sell | Upgrade | Mar 26, 2020 |
| Buckingham Research | Buy | Neutral | Upgrade | Jan 9, 2020 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Jul 26, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Nov 30, 2018 |
| Buckingham | Neutral | Neutral | Maintain | Apr 18, 2018 |
| Bernstein | Outperform | Outperform | Maintain | Apr 10, 2018 |
| Vertical Research | Buy | Hold | Upgrade | Dec 29, 2017 |
| Vertical Group | Buy | Hold | Upgrade | Dec 29, 2017 |
| Rafferty Capital | Hold | Buy | Downgrade | Apr 18, 2017 |
| Rafferty | Hold | Buy | Downgrade | Apr 18, 2017 |
| Compass Point | Neutral | Neutral | Maintain | Feb 22, 2017 |
| Nomura | Neutral | Buy | Downgrade | Nov 29, 2016 |
| Macquarie | Outperform | Neutral | Upgrade | Nov 18, 2016 |
| Guggenheim | Buy | Neutral | Upgrade | Oct 20, 2016 |
| Sandler O'Neill | Buy | Hold | Upgrade | Oct 12, 2015 |
| MKM Partners | Buy | Buy | Maintain | Jun 15, 2015 |
| Susquehanna | Neutral | Neutral | Maintain | Apr 7, 2015 |
| SunTrust Robinson Humphrey | Neutral | Neutral | Maintain | Apr 25, 2014 |
| S&P Capital IQ | Sell | Buy | Downgrade | Mar 13, 2014 |
| Mediobanca Securities | Underperform | Neutral | Downgrade | Oct 23, 2013 |
| CLSA | Outperform | Buy | Maintain | Jul 16, 2013 |
| Sandler O'Neil | Hold | Buy | Downgrade | Jan 17, 2013 |
| ISI Group | Neutral | Neutral | Maintain | Jan 16, 2013 |
| FBR Capital | Outperform | Outperform | Maintain | Jun 4, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Mar 27, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $1,048.23. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| HSBC | Saul Martinez | $995 | $1,055.03 | -5.1% | Jul 20, 2026 |
| Goldman Sachs | Analyst unavailable | $1,300 | $1,152.07 | +24.0% | Jul 16, 2026 |
| Goldman Sachs | Analyst unavailable | $1,200 | $1,152.07 | +14.5% | Jul 16, 2026 |
| Goldman Sachs | Analyst unavailable | $1,190 | $1,138.15 | +13.5% | Jul 15, 2026 |
| Goldman Sachs | Analyst unavailable | $955 | $1,140 | -8.9% | Jul 15, 2026 |
| Morgan Stanley | Manan Gosalia | $1,145 | $1,140 | +9.2% | Jul 15, 2026 |
| Goldman Sachs | Jason Goldberg | $1,245 | $1,140 | +18.8% | Jul 15, 2026 |
| Wells Fargo | Mike Mayo | $1,325 | $1,140 | +26.4% | Jul 15, 2026 |
| Goldman Sachs | Analyst unavailable | $1,130 | $1,140 | +7.8% | Jul 15, 2026 |
| Jefferies | Analyst unavailable | $1,299 | $1,140 | +23.9% | Jul 15, 2026 |
| Goldman Sachs | Analyst unavailable | $1,150 | $1,042.14 | +9.7% | Jul 7, 2026 |
| UBS | Analyst unavailable | $1,120 | $1,048.92 | +6.8% | Jul 7, 2026 |
| Goldman Sachs | Analyst unavailable | $1,075 | $1,048.8 | +2.6% | Jul 6, 2026 |
| Goldman Sachs | Analyst unavailable | $1,100 | $1,106.37 | +4.9% | Jun 23, 2026 |
| Morgan Stanley | Analyst unavailable | $900 | $1,035.64 | -14.1% | Jun 12, 2026 |
| Goldman Sachs | Analyst unavailable | $930 | $925.87 | -11.3% | May 8, 2026 |
| Goldman Sachs | Analyst unavailable | $1,066 | $899.01 | +1.7% | Apr 14, 2026 |
| Goldman Sachs | Ebrahim Poonawala | $1,050 | $890.79 | +0.2% | Apr 14, 2026 |
| UBS | Analyst unavailable | $990 | $918.27 | -5.6% | Feb 4, 2026 |
| RBC Capital | Gerard Cassidy | $1,030 | $962 | -1.7% | Jan 20, 2026 |
| Bank of America Securities | Analyst unavailable | $1,100 | $969.92 | +4.9% | Jan 16, 2026 |
| Keefe Bruyette | Christopher McGratty | $1,000 | $975.86 | -4.6% | Jan 16, 2026 |
| Wells Fargo | Analyst unavailable | $1,050 | $975.86 | +0.2% | Jan 16, 2026 |
| Evercore ISI | Glenn Schorr | $1,075 | $975.86 | +2.6% | Jan 16, 2026 |
| HSBC | Analyst unavailable | $604 | $944.36 | -42.4% | Jan 7, 2026 |
| Barclays | Analyst unavailable | $1,048 | $914.34 | -0.0% | Jan 5, 2026 |
| Keefe Bruyette | Analyst unavailable | $971 | $879.15 | -7.4% | Dec 17, 2025 |
| J.P. Morgan | Kian Abouhossein | $750 | $763.32 | -28.5% | Oct 21, 2025 |
| Freedom Capital | Analyst unavailable | $794 | $751 | -24.3% | Oct 17, 2025 |
| Citi | Analyst unavailable | $765 | $767.93 | -27.0% | Oct 16, 2025 |
| Argus | Analyst unavailable | $863 | $773.75 | -17.7% | Oct 15, 2025 |
| Morgan Stanley | Analyst unavailable | $828 | $770.76 | -21.0% | Oct 15, 2025 |
| Keefe Bruyette | Analyst unavailable | $870 | $770.76 | -17.0% | Oct 15, 2025 |
| Barclays | Jason Goldberg | $850 | $770.76 | -18.9% | Oct 15, 2025 |
| UBS | Analyst unavailable | $805 | $787.1 | -23.2% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $830 | $795.1 | -20.8% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $854 | $802.51 | -18.5% | Sep 29, 2025 |
| Wells Fargo | Mike Mayo | $785 | $705.6 | -25.1% | Jul 10, 2025 |
| RBC Capital | Gerard Cassidy | $560 | $507.89 | -46.6% | Apr 15, 2025 |
| Wells Fargo | Mike Mayo | $650 | $507.89 | -38.0% | Apr 15, 2025 |
| Morgan Stanley | Betsy Graseck | $558 | $511.23 | -46.8% | Apr 7, 2025 |
| J.P. Morgan | Analyst unavailable | $625 | $585.94 | -40.4% | Mar 25, 2025 |
| Citi | Analyst unavailable | $550 | $580.1 | -47.5% | Mar 24, 2025 |
| Morgan Stanley | Analyst unavailable | $659 | $524.81 | -37.1% | Mar 13, 2025 |
| Oppenheimer | Chris Kotowski | $614 | $522.38 | -41.4% | Oct 16, 2024 |
| Jefferies | Daniel Fannon | $609 | $522.38 | -41.9% | Oct 16, 2024 |
| Evercore ISI | Glenn Schorr | $575 | $522.38 | -45.1% | Oct 16, 2024 |
| Barclays | Jason Goldberg | $588 | $522.38 | -43.9% | Oct 16, 2024 |
| CFRA | Kenneth Leon | $585 | $523.43 | -44.2% | Oct 15, 2024 |
| JMP Securities | Devin Ryan | $550 | $496.57 | -47.5% | Oct 9, 2024 |
| Morgan Stanley | Betsy Graseck | $560 | $498.51 | -46.6% | Sep 30, 2024 |
| CFRA | Kenneth Leon | $553 | $467.13 | -47.2% | Sep 10, 2024 |
| J.P. Morgan | Kian Abouhossein | $472 | $479.61 | -55.0% | Sep 9, 2024 |
| Morgan Stanley | Betsy Graseck | $561 | $492.72 | -46.5% | Jul 30, 2024 |
| BMO Capital | James Fotheringham | $373 | $504.52 | -64.4% | Jul 17, 2024 |
| Barclays | Jason Goldberg | $565 | $503.02 | -46.1% | Jul 16, 2024 |
| Citi | Keith Horowitz | $485 | $492.23 | -53.7% | Jul 16, 2024 |
| J.P. Morgan | Kian Abouhossein | $464 | $492.23 | -55.7% | Jul 16, 2024 |
| Citigroup | Keith Horowitz | $425 | $481.18 | -59.5% | Jul 12, 2024 |
| UBS | Brennan Hawken | $535 | $462.85 | -49.0% | Jul 9, 2024 |
| Piper Sandler | Rob Owens | $400 | $465.61 | -61.8% | Jul 2, 2024 |
| Oppenheimer | Chris Kotowski | $504 | $445.96 | -51.9% | Jun 28, 2024 |
| Wells Fargo | Mike Mayo | $504 | $443.67 | -51.9% | May 7, 2024 |
| Morgan Stanley | Betsy Graseck | $486 | $400.33 | -53.6% | Apr 16, 2024 |
| HSBC | Saul Martinez | $470 | $401.25 | -55.2% | Apr 16, 2024 |
| Oppenheimer | Chris Kotowski | $479 | $400.88 | -54.3% | Apr 16, 2024 |
| Argus | Stephen Biggar | $465 | $404.49 | -55.6% | Apr 16, 2024 |
| RBC Capital | Gerard Cassidy | $405 | $400.88 | -61.4% | Apr 16, 2024 |
| BMO Capital | James Fotheringham | $360 | $400.88 | -65.7% | Apr 16, 2024 |
| Evercore ISI | Glenn Schorr | $440 | $400.88 | -58.0% | Apr 16, 2024 |
| CFRA | Kenneth Leon | $450 | $400.07 | -57.1% | Apr 15, 2024 |
| Jefferies | Daniel Fannon | $471 | $402.1 | -55.1% | Apr 15, 2024 |
| Evercore ISI | Glenn Schorr | $435 | $404.99 | -58.5% | Apr 15, 2024 |
| BMO Capital | James Fotheringham | $360 | $389.49 | -65.7% | Apr 15, 2024 |
| Citi | Keith Horowitz | $410 | $396.47 | -60.9% | Mar 20, 2024 |
| Daiwa Securities | Kazuya Nishimura | $430 | $392.31 | -59.0% | Mar 13, 2024 |
| Morgan Stanley | Betsy Graseck | $449 | $386.87 | -57.2% | Jan 30, 2024 |
| Loop Capital Markets | James Fotheringham | $360 | $376.91 | -65.7% | Jan 18, 2024 |
| Morgan Stanley | Betsy Graseck | $333 | $377.75 | -68.2% | Jan 16, 2024 |
| Loop Capital Markets | James Fotheringham | $421 | $301.99 | -59.8% | Oct 18, 2023 |
| Morgan Stanley | Betsy Graseck | $329 | $314.39 | -68.6% | Oct 17, 2023 |
| Wells Fargo | Whit Mayo | $390 | $337.27 | -62.8% | Jul 19, 2023 |
| UBS | Brennan Hawken | $385 | $333.47 | -63.3% | Apr 19, 2023 |
| RBC Capital | Gerard Cassidy | $400 | $333.76 | -61.8% | Apr 19, 2023 |
| Wells Fargo | Analyst unavailable | $420 | $374.4 | -59.9% | Feb 8, 2023 |
| Oppenheimer | Analyst unavailable | $463 | $365.71 | -55.8% | Feb 2, 2023 |
| UBS | Analyst unavailable | $350 | $354.9 | -66.6% | Jan 9, 2023 |
| Morgan Stanley | Analyst unavailable | $356 | $347.23 | -66.0% | Jan 6, 2023 |
| Oppenheimer | Analyst unavailable | $492 | $340.87 | -53.1% | Dec 28, 2022 |
| J.P. Morgan | Analyst unavailable | $405 | $362.3 | -61.4% | Dec 6, 2022 |
| Morgan Stanley | Analyst unavailable | $384 | $364.24 | -63.4% | Dec 6, 2022 |
| JMP Securities | Devin Ryan | $470 | $312.57 | -55.2% | Oct 19, 2022 |
| Goldman Sachs | John Heagerty | $290 | $314.87 | -72.3% | Oct 5, 2022 |
| Morgan Stanley | Analyst unavailable | $354 | $296.61 | -66.2% | Jul 12, 2022 |
| RBC Capital | Gerard Cassidy | $370 | $296.47 | -64.7% | Jul 9, 2022 |
| Wells Fargo | Analyst unavailable | $380 | $295.89 | -63.7% | Jul 1, 2022 |
| Piper Sandler | Analyst unavailable | $410 | $297.02 | -60.9% | Jul 1, 2022 |
| BMO Capital | James Fotheringham | $486 | $329.88 | -53.6% | Apr 18, 2022 |
| Piper Sandler | Jeffery Harte | $430 | $321.39 | -59.0% | Apr 8, 2022 |
| Morgan Stanley | Betsy Graseck | $418 | $330.22 | -60.1% | Apr 2, 2022 |
| Odeon Capital Group LLC | Richard Bove | $350.65 | $367.6 | -66.5% | Feb 6, 2022 |
| Oppenheimer | Chris Kotowski | $546 | $347.01 | -47.9% | Jan 30, 2022 |
| Citigroup | Keith Horowitz | $455 | $346.06 | -56.6% | Jan 20, 2022 |
| BMO Capital | James Fotheringham | $448 | $345.28 | -57.3% | Jan 19, 2022 |
| JMP Securities | Devin Ryan | $460 | $352.32 | -56.1% | Jan 18, 2022 |
| CFRA | Ken Leon | $440 | $352.32 | -58.0% | Jan 18, 2022 |
| Barclays | Jason Goldberg | $505 | $352.32 | -51.8% | Jan 18, 2022 |
| Wells Fargo | Mike Mayo | $450 | $410.16 | -57.1% | Oct 25, 2021 |
| Credit Suisse | Susan Roth Katzke | $470 | $409.11 | -55.2% | Oct 18, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $445 | $388.46 | -57.5% | Oct 8, 2021 |
| KBW | David Konrad | $391 | $363.99 | -62.7% | Jul 6, 2021 |
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Try FN2 freeTranscript intelligence
What changed
Q2 2026 marked a significant acceleration from an already strong Q1. Revenue grew from $17.2 billion in Q1 to $20.3 billion in Q2, while EPS rose from $17.55 to $20.98. Advisory volumes surged 90% year-over-year, with Goldman becoming the first bank to cross $1 trillion in announced M&A over a six-month period. The firm recorded $59 billion in alternatives fundraising in Q2, with full-year expectations above $125 billion. Total assets under supervision grew from $3.7 trillion to $4 trillion. The dividend was increased 25% to $5 per share with $4 billion in repurchases, compared to $6.4 billion returned in Q1. Management added Industry Ventures as a new acquisition alongside the previously closed Innovator ETF platform, and won Verizon and Lockheed Martin pension mandates for the OCIO platform.
Guidance delta
Guidance sentiment was maintained, consistent with Q1. Management did not revise formal guidance but the qualitative outlook strengthened: the advisory backlog is at its highest level in five years, AI infrastructure financing demand is framed as a multi-year growth engine, and alternatives fundraising expectations were raised to above $125 billion for the full year. Capex outlook remains increasing, continuing the trajectory from Q1.
Key takeaways
- Record revenue and EPS beat consensus by approximately 25% on revenue and 45% on EPS, driven by AI-related capital formation and strong deal flow.
- Advisory backlog at its highest level in five years, reinforcing future fee visibility.
- Goldman became the first bank to surpass $1 trillion in announced M&A volumes over a six-month period.
- Wealth management assets reached $2 trillion and total assets under supervision hit $4 trillion.
- Dividend increased 25% to $5 per share alongside $4 billion in stock repurchases.
- $59 billion in alternatives fundraising in Q2, with full-year expectation above $125 billion.
Management priorities
- Deepen integration across advisory, financing, capital markets, and wealth management to amplify the client flywheel effect.
- Scale the OCIO platform following Verizon and Lockheed Martin pension mandate wins.
- Integrate recent acquisitions Industry Ventures and Innovator into the platform.
- Continue investing in AI, cloud, and automation under the OneGS 3.0 initiative.
- Maintain disciplined capital allocation through buybacks and dividend growth.
Related earnings events
Financial ServicesAXP · FY2026 Q2 · Calendar Q3 2026AXP Q2 2026: Platinum Card Drives 10% Revenue Growth, Full-Year Guidance RaisedMS · FY2026 Q2 · Calendar Q3 2026Morgan Stanley Posts Record Q2 on $148B Net New Assets, 15% Dividend HikeWFC · FY2026 Q2 · Calendar Q3 2026Wells Fargo Beats on EPS and Revenue, Reaffirms $50B NII as Balance Sheet Expands
Sources
- Earnings call transcript and parsed analysis · 2026-07-14T16:05:50.009105+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T10:01:20.525330+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T10:01:20.522548+00:00
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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 . For educational purposes only; not investment advice.