GS
The Goldman Sachs Group, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for The Goldman Sachs Group, Inc..
Coverage
Two Platform Segments Collapsed. One Was Planned; the Other Was a Customer Leaving.
Goldman's Platform Solutions fell 64% and SoFi's Technology Platform fell 23% in the quarter ended 2026-06-30, both inside quarters the rest of the business made look excellent. The declines are the same shape and opposite diagnoses, and the number that separates them is a margin nobody printed.
We Published Four Bank Capital Ratios in One Week. The Highest One Got the Most Sceptical Adjective.
SoFi's CET1 is 18.7% and we called it capital piling up. Bank of America's is 11.2% and we called it real headroom. Both descriptions are correct, and the reason why is the only thing worth knowing about a regulatory ratio.
Goldman Sachs Q2 2026: Record Revenue, EPS Up 92% — And the Stock Got the Memo
Goldman Sachs posted record net revenue, record EPS, and record equities trading, and the stock jumped 9% — the sharpest reward of any big bank this earnings season. We break down why, and what it says about the AI capex cycle.
Where the revenue goes next
Latest: $20.34B (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | $13.89B |
| 2024Q2 | $12.45B |
| 2024Q3 | $12.30B |
| 2024Q4 | $13.52B |
| 2025Q1 | $14.78B |
| 2025Q2 | $14.20B |
| 2025Q3 | $14.85B |
| 2025Q4 | $15.58B |
| 2026Q1 | $17.23B |
| 2026Q2 | $20.34B |
Latest: $20.98 (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | $11.58 |
| 2024Q2 | $8.62 |
| 2024Q3 | $8.40 |
| 2024Q4 | $11.95 |
| 2025Q1 | $14.12 |
| 2025Q2 | $10.91 |
| 2025Q3 | $12.25 |
| 2025Q4 | $14.01 |
| 2026Q1 | $17.55 |
| 2026Q2 | $20.98 |
Latest: 15.6 (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | 16.4 |
| 2024Q2 | 14.5 |
| 2024Q3 | 14.4 |
| 2024Q4 | 14.0 |
| 2025Q1 | 12.6 |
| 2025Q2 | 15.4 |
| 2025Q3 | 16.0 |
| 2025Q4 | 17.0 |
| 2026Q1 | 15.5 |
| 2026Q2 | 15.6 |
Latest: $5.60B (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | -$28.90B |
| 2024Q2 | -$28.54B |
| 2024Q3 | $5.58B |
| 2024Q4 | -$38.53B |
| 2025Q1 | $46.18B |
| 2025Q2 | -$37.73B |
| 2025Q3 | $5.20B |
| 2025Q4 | -$2.12B |
| 2026Q1 | -$32.43B |
| 2026Q2 | $5.60B |
Latest: 291M (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | 340M |
| 2024Q2 | 336M |
| 2024Q3 | 331M |
| 2024Q4 | 334M |
| 2025Q1 | 324M |
| 2025Q2 | 318M |
| 2025Q3 | 315M |
| 2025Q4 | 300M |
| 2026Q1 | 308M |
| 2026Q2 | 291M |
Latest: -$105.69B (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | -$28.90B |
| 2024Q2 | -$57.44B |
| 2024Q3 | -$51.86B |
| 2024Q4 | -$90.39B |
| 2025Q1 | -$44.21B |
| 2025Q2 | -$81.94B |
| 2025Q3 | -$76.74B |
| 2025Q4 | -$78.86B |
| 2026Q1 | -$111.30B |
| 2026Q2 | -$105.69B |
Latest earnings
Company History
Marcus Goldman establishes commercial paper business in New York; pioneers commercial paper market, building foundation as trusted financier.
Becomes NYSE member; expands into stock trading and underwriting, establishing Goldman as a major player in capital markets.
Navigates crash and Depression with conservative balance sheet; partners with Sidney Weinberg to rebuild and grow post-crisis reputation.
Goes public in $3.7B IPO; transitions from partnership to corporation, raising capital for global expansion while maintaining elite culture.
Amid crisis, converts to bank holding company for Fed access; receives TARP funds (repaid quickly); cements 'too big to fail' status.
Launches Marcus by Goldman Sachs (online lending/savings); diversifies beyond traditional investment banking into retail.
David Solomon shifts toward asset/wealth management growth, efficiency, and reducing consumer banking exposure.
Q4 2025 earnings beat; 2026 guidance emphasizes AI agents (Anthropic partnership), client flywheel, and positioning for AI-driven markets.
Key Players
The CEO view — 10 podcasts, interviews & articles →
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Funds we follow holding GS
By latest reported 13F position value. Market value at quarter-end, not cost basis.