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How Goldman Sachs (GS) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/14/2026
Goldman Sachs — The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company. · Wikipedia
More about the company
It was founded in 1869 and is headquartered in the Battery Park City neighborhood of Manhattan in New York City, with offices in many financial centers worldwide. Goldman Sachs is one of the largest investment banks by revenue. It is ranked 32nd on the Fortune 500 and 19th on the Forbes Global 2000. It is considered a systemically important financial institution by the Financial Stability Board.
Key growth driver: Market Making — the fastest-growing revenue line: $7,637, +61% y/y. · by the Q2 2026 report
How does Goldman Sachs make money?
Goldman Sachs brought in $20.3 billion of revenue in Q2 2026, up 39% year over year. The largest source was Market Making: $7.64 billion, or 38% of the total, followed by Net Interest Income ($3.95B, 19%) and Investment Banking ($3.40B, 17%); other lines add the remaining 26%. Net income for the quarter was $6.63 billion, up 78% year over year.
Revenue by source, Q2 2026
- Market Making$7.64B · 38% · +61%
- Net Interest Income$3.95B · 19% · +27%
- Investment Banking$3.40B · 17% · +55%
- Investment Management$3.38B · 17% · +19%
- Commissions & Fees$1.52B · 7% · +27%
- Other Principal Transactions$444M · 2% · −14%
Shares of $20.3B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is GS’s next earnings date?
Tuesday, October 13, 2026confirmed · before market open
Goldman Sachs (GS) is scheduled to report results for the quarter ending Sep 2026 on Oct 13, 2026. Consensus EPS forecast: $14.59 (7 analysts), vs $12.25 in the same quarter last year.
What time does GS report? Usually before market open: the last 4 results releases reached the SEC at 7:30 am, 7:40 am, 7:42 am, 4:15 pm ET.
Last report: Jul 14, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$20,338
+39%
Net income
$6,628
+78%
32.6% net margin · $20.98 diluted EPS
Verdict: a standout quarter for Goldman Sachs as record market-making and investment banking revenue drove net revenue up 39% y/y to $20.3B and net earnings up 78% to $6.6B, with compensation and transaction-based costs rising in step but provision for credit losses falling, underscoring trading-led operating leverage.
Diluted EPS $20.98 vs $10.91 · common buybacks $4.0B in Q2 · preferred dividends $229M · common dividend/equivalents $1,363M declared · effective tax rate 22.6% vs 24.9% a year ago
Source and notation
* marks non-cash / ≈ estimated. Source: The Goldman Sachs Group, Inc. press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
GS earnings history: past report dates
| Jul 14, 2026 Tue | 7:30 ambefore market open | Jun 30, 2026 | $20.3B+39% y/y | $20.98+92% y/y |
| Apr 13, 2026 Mon | 7:40 ambefore market open | Mar 31, 2026 | $17.2B+14% y/y | $17.55+24% y/y |
| Jan 8, 2026 Thu | 4:15 pmafter market close | Dec 31, 2025 | ≈$13.5B−3% y/y | ≈$14.04+18% y/y |
| Oct 14, 2025 Tue | 7:37 ambefore market open | Sep 30, 2025 | $15.2B+20% y/y | $12.25+46% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Goldman Sachs: 5-year financials
| 2025 | 58,283 | 17,176 | −47,218 | 5,277 |
| 2024 | 53,512 | 14,276 | −15,303 | 4,497 |
| 2023 | 46,254 | 8,516 | −14,903 | 4,189 |
| 2022 | 47,365 | 11,261 | 4,960 | 3,682 |
| 2021 | 59,339 | 21,635 | 1,631 | 2,725 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1/2mixed
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Dec 2016The CFTC fined Goldman Sachs $120M for attempted manipulation of the USD ISDAFIX benchmark and false reporting in 2007–2012. cftc.gov ↗
- Feb 2026Per the 10-K: the 1MDB matters were resolved in 2020 (FCPA DPA with the DOJ, closed May 2024); the shareholder disclosure class action over 1MDB is unresolved, with a class certified in September 2025. sec.gov ↗
- Dec 2025Diluted share count 2020→2025 −11.9%; dividend $5.00 → $14.00 per share (XBRL 10-K). data.sec.gov ↗
Scoring: 2.0 −1.0 (criterion 10: CFTC, Dec 2016 — $120M for attempted manipulation of the ISDAFIX benchmark, above $100M) = 1.0
- Share classes
- Single class of common stock; preferred shares are debt-like instruments with no control rights.
- Dilution
- Diluted share count 2020→2025 −11.9%; SBC 5.9% of revenue.
- Disclosure
- 10-Ks and 10-Qs filed on time, audited US GAAP financials; no deduction.
- Dividends
- Dividend grew from $5.00 (2020) to $14.00 (2025); buybacks of $12.4B in 2025.
- Lawsuits & regulators
- ISDAFIX manipulation (CFTC, Dec 2016, $120M) → −1.0; the SEC Abacus case (2010) is older than 15 years and not counted. 1MDB: DOJ DPA and SEC FCPA resolution (2020) — FCPA is not deducted under the methodology; the 1MDB shareholder class action (class certified Sep 2025) is unresolved — no deduction.
- Related parties
- No material non-arm's-length related-party transactions; no deduction.
How the score works · checked as of Sep 2026
Goldman Sachs (GS) earnings: FAQ
How does Goldman Sachs make money?
Goldman Sachs brought in $20.3 billion of revenue in Q2 2026, up 39% year over year. The largest source was Market Making: $7.64 billion, or 38% of the total, followed by Net Interest Income ($3.95B, 19%) and Investment Banking ($3.40B, 17%); other lines add the remaining 26%. Net income for the quarter was $6.63 billion, up 78% year over year.
When is GS's next earnings date?
Goldman Sachs (GS) is scheduled to report on Oct 13, 2026, before market open.
What time does GS report earnings?
Goldman Sachs is scheduled to report before market open on Oct 13, 2026. Its last results releases were filed before market open, most recently at 7:30 am ET on Jul 14, 2026.
When did GS last report earnings?
Goldman Sachs reported Q2 2026 results on Jul 14, 2026.
What is the EPS estimate for GS's next earnings?
The consensus EPS forecast is $14.59 (7 analysts), vs $12.25 in the same quarter last year.
Where can I find Goldman Sachs's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to GS's filings; this page breaks the latest report down in a Sankey chart.
What was GS's net income in Q2 2026?
Goldman Sachs reported net income of $6,628M for Q2 2026 (+78% year over year), under US GAAP.
Does Goldman Sachs pay dividends?
Yes. In 2025, Goldman Sachs paid $5,277M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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