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Goldman Eyes Nearly $70B Revenue Base in 2026: What's Driving Growth?
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Key Takeaways
Goldman expects its revenue base to reach roughly $70B in 2026.
GBM revenues climbed 35% in H1'26, led by investment banking and Equities.
AWM is expanding wealth management, alternatives and private credit, with $4T in assets under supervision.
The Goldman Sachs Group, Inc. (GS - Free Report) continues to demonstrate the benefits of the strategic transformation undertaken over the past several years. Speaking at the Barclays 24th Annual Global Financial Services Conference, chairman and CEO David Solomon highlighted that the company expects its revenue base to reach roughly $70 billion this year, up from the mid-$30 billion range when its strategic plan began in 2018–19. The expansion reflects growth across core businesses, a more diversified revenue mix and improving operating leverage.
A key pillar of GS’s strategy has been reducing the dependence on more cyclical revenue streams and building a broader and more durable earnings base. The company now centers its growth strategy around two major franchises — Global Banking & Markets (“GBM”) and Asset & Wealth Management (“AWM”).
In GBM, Goldman continues to capitalize on its strong positions in investment banking, equities and FICC, while expanding financing activities. In the first half of 2026, Global Banking & Markets revenues climbed 35% to $28.26 billion, led by robust investment banking and Equities activity. AWM is also becoming an increasingly important source of recurring revenues. The business is growing faster than its targeted high-single-digit pace, with roughly $4 trillion in assets under supervision. Goldman is expanding wealth management, alternatives and private credit, while targeting a 30% margin and high-teen returns. Alternatives fundraising is expected to exceed $125 billion in 2026.
The company is also benefiting from stronger operating leverage. Management expects roughly 6% revenue growth to translate into a more than 10% earnings increase, supported by scale, automation and productivity initiatives. Continued investments in technology and process redesign could provide further scope for margin expansion.
Financial trends underscore this progress. Since Goldman’s first Investor Day in 2020, firmwide net revenues have increased roughly 60%, while more durable revenues have doubled. Momentum strengthened further in the first half of 2026, with firmwide net revenues rising 27% year over year. The Zacks Consensus Estimate for 2026 revenues is pegged at $71.6 billion, indicating year-over-year growth of 22.9% and broadly aligning with management’s expectations for a revenue base of nearly $70-billion range.
Revenue Estimates
Image Source: Zacks Investment Research
GS’s push toward a roughly $70-billion revenue base underscores the progress of its multi-year transformation. Growth in Asset & Wealth Management, financing, and other durable revenue streams, combined with ongoing efficiency initiatives, should support stronger earnings growth and improved margins over time. Still, capital-market volatility and elevated investment spending remain key near-term risks.
How Are GS’s Peers Faring in Terms of Revenues?
Goldman’s peer JPMorgan (JPM - Free Report) and Morgan Stanley (MS - Free Report) are also witnessing solid growth in revenues.
JPMorgan’s revenues rose roughly 19% year over year in the first half of 2026 to $107.2 billion, supported by strong markets and investment banking activity, higher NII and fee growth. The Zacks Consensus Estimate for JPMorgan’s 2026 revenues is expected to increase 13.2% year over year, indicating continued momentum despite some normalization from the strong first half.
Morgan Stanley’s revenues increased 21% year over year to $41.93 billion in the first half of 2026, driven by robust investment banking, trading and wealth-management performance. The Zacks Consensus Estimate for Morgan Stanley’s 2026 revenues is projected to rise 15.9% year over year, supported by healthy capital-markets activity and continued expansion of fee-based wealth and asset-management businesses.
GS shares have jumped 19% in the past year compared with the industry’s growth of 14.4%.
Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, Goldman trades at a forward price-to-earnings (P/E) ratio of 13.47X, below the industry’s average of 13.65X.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for GS’s 2026 and 2027 earnings implies year-over-year rallies of 33.3% and 5.6%, respectively. Estimates for both years have been revised downward over the past month.
View the Zacks #1 Rank List
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Goldman Eyes Nearly $70B Revenue Base in 2026: What's Driving Growth?
Key Takeaways
The Goldman Sachs Group, Inc. (GS - Free Report) continues to demonstrate the benefits of the strategic transformation undertaken over the past several years. Speaking at the Barclays 24th Annual Global Financial Services Conference, chairman and CEO David Solomon highlighted that the company expects its revenue base to reach roughly $70 billion this year, up from the mid-$30 billion range when its strategic plan began in 2018–19. The expansion reflects growth across core businesses, a more diversified revenue mix and improving operating leverage.
A key pillar of GS’s strategy has been reducing the dependence on more cyclical revenue streams and building a broader and more durable earnings base. The company now centers its growth strategy around two major franchises — Global Banking & Markets (“GBM”) and Asset & Wealth Management (“AWM”).
In GBM, Goldman continues to capitalize on its strong positions in investment banking, equities and FICC, while expanding financing activities. In the first half of 2026, Global Banking & Markets revenues climbed 35% to $28.26 billion, led by robust investment banking and Equities activity. AWM is also becoming an increasingly important source of recurring revenues. The business is growing faster than its targeted high-single-digit pace, with roughly $4 trillion in assets under supervision. Goldman is expanding wealth management, alternatives and private credit, while targeting a 30% margin and high-teen returns. Alternatives fundraising is expected to exceed $125 billion in 2026.
The company is also benefiting from stronger operating leverage. Management expects roughly 6% revenue growth to translate into a more than 10% earnings increase, supported by scale, automation and productivity initiatives. Continued investments in technology and process redesign could provide further scope for margin expansion.
Financial trends underscore this progress. Since Goldman’s first Investor Day in 2020, firmwide net revenues have increased roughly 60%, while more durable revenues have doubled. Momentum strengthened further in the first half of 2026, with firmwide net revenues rising 27% year over year. The Zacks Consensus Estimate for 2026 revenues is pegged at $71.6 billion, indicating year-over-year growth of 22.9% and broadly aligning with management’s expectations for a revenue base of nearly $70-billion range.
Revenue Estimates
Image Source: Zacks Investment Research
GS’s push toward a roughly $70-billion revenue base underscores the progress of its multi-year transformation. Growth in Asset & Wealth Management, financing, and other durable revenue streams, combined with ongoing efficiency initiatives, should support stronger earnings growth and improved margins over time. Still, capital-market volatility and elevated investment spending remain key near-term risks.
How Are GS’s Peers Faring in Terms of Revenues?
Goldman’s peer JPMorgan (JPM - Free Report) and Morgan Stanley (MS - Free Report) are also witnessing solid growth in revenues.
JPMorgan’s revenues rose roughly 19% year over year in the first half of 2026 to $107.2 billion, supported by strong markets and investment banking activity, higher NII and fee growth. The Zacks Consensus Estimate for JPMorgan’s 2026 revenues is expected to increase 13.2% year over year, indicating continued momentum despite some normalization from the strong first half.
Morgan Stanley’s revenues increased 21% year over year to $41.93 billion in the first half of 2026, driven by robust investment banking, trading and wealth-management performance. The Zacks Consensus Estimate for Morgan Stanley’s 2026 revenues is projected to rise 15.9% year over year, supported by healthy capital-markets activity and continued expansion of fee-based wealth and asset-management businesses.
Goldman’s Price Performance, Valuation, & Estimates
GS shares have jumped 19% in the past year compared with the industry’s growth of 14.4%.
Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, Goldman trades at a forward price-to-earnings (P/E) ratio of 13.47X, below the industry’s average of 13.65X.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for GS’s 2026 and 2027 earnings implies year-over-year rallies of 33.3% and 5.6%, respectively. Estimates for both years have been revised downward over the past month.
Estimate Revision Trend
Image Source: Zacks Investment Research
Goldman currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.