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Goldman Q2 Earnings on the Deck: What's in Store for the Stock?
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Key Takeaways
GS's second quarter revenues are expected to rise 13.1% y/y to $16.49 billion.
GS's IB revenues are anticipated to rise, helped by M&A, IPOs and equity offerings.
Goldman expects higher expenses from technology investments and business expansion.
The Goldman Sachs Group, Inc. (GS - Free Report) is scheduled to release second-quarter 2026 earnings on July 14, 2026, before the opening bell.
GS’s first-quarter 2026 performance was impressive, driven by solid revenue growth in the Global Banking & Markets, and Asset & Wealth Management divisions. However, the overall quarterly results were tempered by elevated operating expenses.
Goldman has a strong history of earnings surprises. The company’s earnings outpaced the Zacks Consensus Estimate in the trailing four quarters, with an average earnings surprise of 13.10%.
Earnings Surprise History
Image Source: Zacks Investment Research
Let us see how GS is expected to fare in terms of revenues and earnings this time around.
The Zacks Consensus Estimate for second-quarter 2026 revenues is pegged at $16.49 billion, calling for a 13.1% rise from the year-ago quarter's reported figure.
In the past seven days, the consensus estimate for quarterly earnings has been revised upward to $14.47 per share. The projection suggests an increase of 32.6% from the year-ago quarter's reported figure.
Estimate Revision Trend
Image Source: Zacks Investment Research
Factors to Shape GS’s Q2 Results
Market-Making Revenues: The second quarter saw solid client activities and market volatility, though both were less pronounced compared with the preceding quarter. Trading conditions were influenced by shifting expectations around artificial intelligence, persistent geopolitical tensions, lingering inflation concerns and a more hawkish stance from the Federal Reserve. Additionally, volatility was high in the equity markets and other asset classes, including commodities, bonds and foreign exchange. Therefore, Goldman's market-making revenues are likely to have witnessed a rise in the quarter to be reported.
Investment Banking (IB) Fees: In the second quarter of 2026, global M&A activity moderated following a strong start to the year, amid ongoing geopolitical uncertainty, valuation challenges, slower economic growth, elevated inflation, higher interest rates and a persistent private equity exit backlog. Strategic buyers continued to pursue acquisitions focused on enhancing scale, resilience and supply-chain security. Hence, while global mergers and acquisitions (M&As) volume improved year over year, deal value declined as only few big transactions dominated the space. This, combined with Goldman’s leading position in M&A advisory, is expected to have supported advisory fees growth in the quarter to be reported.
The second quarter saw strong IPO activity and equity issuances, including a blockbuster mega offering from SpaceX and Google parent Alphabet Inc. Likewise, global bond issuance volume was solid. As such, GS’s leadership position in worldwide announced and completed M&As, equity, and equity-related offerings is likely to have provided it an edge over its peers, offering support to the company’s quarterly IB revenues.
The Zacks Consensus Estimate for IB revenues is pegged at $3.12 billion, suggesting a 42.4% rise from the year-ago quarter’s actual.
Net Interest Income (NII): The Fed kept interest rates unchanged in the second quarter of 2026 and signaled a hike later this year amid persistently higher inflation.
Building on the momentum witnessed in the first quarter, lending activity is likely to have strengthened further during the quarter under review. Per the Fed’s latest data, the demand for overall loans was decent in the first two months of the quarter. As such, improving loan demand, coupled with easing deposit and funding costs, is expected to have provided meaningful support to Goldman’s NII.
The Zacks Consensus Estimate for NII is pegged at $3.85 billion, suggesting a 24% rise from the year-ago quarter’s actual.
Expenses: Goldman’s investments in technology and market development expenses for business expansion, along with a rise in transaction-based expenses due to higher client activities, are anticipated to have led to increased expenses in the to-be-reported quarter.
What Our Model Unveils for Goldman
Our proven model does not conclusively predict an earnings beat for GS this time. The combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you can see below.
Goldman has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
In the second quarter of 2026, Goldman's shares gained 17.5% compared with the industry’s rise of 14%. Its close peer JPMorgan (JPM - Free Report) and Morgan Stanley’s (MS - Free Report) shares also witnessed decent growth. JPMorgan shares rose 10.8% and Morgan Stanley increased 25.8%.
Price Performance
Image Source: Zacks Investment Research
JPMorgan is slated to announce quarterly results on July 14, while Morgan Stanley will announce quarterly numbers on July 15.
Over the past week, the Zacks Consensus Estimate for JPMorgan’s second-quarter 2026 earnings has been revised upward to $5.52. The consensus estimate for Morgan Stanley’s earnings has been revised upward to $2.89 per share.
View the Zacks #1 Rank List
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Goldman Q2 Earnings on the Deck: What's in Store for the Stock?
Key Takeaways
The Goldman Sachs Group, Inc. (GS - Free Report) is scheduled to release second-quarter 2026 earnings on July 14, 2026, before the opening bell.
GS’s first-quarter 2026 performance was impressive, driven by solid revenue growth in the Global Banking & Markets, and Asset & Wealth Management divisions. However, the overall quarterly results were tempered by elevated operating expenses.
Goldman has a strong history of earnings surprises. The company’s earnings outpaced the Zacks Consensus Estimate in the trailing four quarters, with an average earnings surprise of 13.10%.
Earnings Surprise History
Image Source: Zacks Investment Research
Let us see how GS is expected to fare in terms of revenues and earnings this time around.
The Zacks Consensus Estimate for second-quarter 2026 revenues is pegged at $16.49 billion, calling for a 13.1% rise from the year-ago quarter's reported figure.
In the past seven days, the consensus estimate for quarterly earnings has been revised upward to $14.47 per share. The projection suggests an increase of 32.6% from the year-ago quarter's reported figure.
Estimate Revision Trend
Image Source: Zacks Investment Research
Factors to Shape GS’s Q2 Results
Market-Making Revenues: The second quarter saw solid client activities and market volatility, though both were less pronounced compared with the preceding quarter. Trading conditions were influenced by shifting expectations around artificial intelligence, persistent geopolitical tensions, lingering inflation concerns and a more hawkish stance from the Federal Reserve. Additionally, volatility was high in the equity markets and other asset classes, including commodities, bonds and foreign exchange. Therefore, Goldman's market-making revenues are likely to have witnessed a rise in the quarter to be reported.
Investment Banking (IB) Fees: In the second quarter of 2026, global M&A activity moderated following a strong start to the year, amid ongoing geopolitical uncertainty, valuation challenges, slower economic growth, elevated inflation, higher interest rates and a persistent private equity exit backlog. Strategic buyers continued to pursue acquisitions focused on enhancing scale, resilience and supply-chain security. Hence, while global mergers and acquisitions (M&As) volume improved year over year, deal value declined as only few big transactions dominated the space. This, combined with Goldman’s leading position in M&A advisory, is expected to have supported advisory fees growth in the quarter to be reported.
The second quarter saw strong IPO activity and equity issuances, including a blockbuster mega offering from SpaceX and Google parent Alphabet Inc. Likewise, global bond issuance volume was solid. As such, GS’s leadership position in worldwide announced and completed M&As, equity, and equity-related offerings is likely to have provided it an edge over its peers, offering support to the company’s quarterly IB revenues.
The Zacks Consensus Estimate for IB revenues is pegged at $3.12 billion, suggesting a 42.4% rise from the year-ago quarter’s actual.
Net Interest Income (NII): The Fed kept interest rates unchanged in the second quarter of 2026 and signaled a hike later this year amid persistently higher inflation.
Building on the momentum witnessed in the first quarter, lending activity is likely to have strengthened further during the quarter under review. Per the Fed’s latest data, the demand for overall loans was decent in the first two months of the quarter. As such, improving loan demand, coupled with easing deposit and funding costs, is expected to have provided meaningful support to Goldman’s NII.
The Zacks Consensus Estimate for NII is pegged at $3.85 billion, suggesting a 24% rise from the year-ago quarter’s actual.
Expenses: Goldman’s investments in technology and market development expenses for business expansion, along with a rise in transaction-based expenses due to higher client activities, are anticipated to have led to increased expenses in the to-be-reported quarter.
What Our Model Unveils for Goldman
Our proven model does not conclusively predict an earnings beat for GS this time. The combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you can see below.
Goldman has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
GS carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
GS’s Price Performance
In the second quarter of 2026, Goldman's shares gained 17.5% compared with the industry’s rise of 14%. Its close peer JPMorgan (JPM - Free Report) and Morgan Stanley’s (MS - Free Report) shares also witnessed decent growth. JPMorgan shares rose 10.8% and Morgan Stanley increased 25.8%.
Price Performance
Image Source: Zacks Investment Research
JPMorgan is slated to announce quarterly results on July 14, while Morgan Stanley will announce quarterly numbers on July 15.
Over the past week, the Zacks Consensus Estimate for JPMorgan’s second-quarter 2026 earnings has been revised upward to $5.52. The consensus estimate for Morgan Stanley’s earnings has been revised upward to $2.89 per share.