Goldman Sachs Beats Q2 Estimates as Trading and Banking Fuel 15% Revenue Growth

Goldman Sachs (NYSE:GS) reported second-quarter earnings that topped Wall Street expectations, driven by a surge in trading and investment banking activity.

The firm posted earnings per share of $10.91, beating analyst estimates of $9.59. Revenue climbed 15% from the prior year to $14.58 billion, ahead of the $13.51 billion consensus.

The standout performer was Goldman’s Global Banking & Markets division, which generated $10.12 billion in revenue—a 24% increase year-over-year. Investment banking fees rose 26% to $2.19 billion, while equities trading revenue surged 36% to $4.30 billion. Fixed Income, Currency, and Commodities (FICC) revenue also contributed, rising 9% to $3.47 billion.

Asset and Wealth Management was the lone soft spot, with revenue falling 3% to $3.78 billion due to lower returns from equity and debt investments. However, this was partially offset by stronger management and advisory fees.

CEO David Solomon credited the results to robust client engagement and the firm’s positioning across markets. He also noted that the broader economy is responding well to shifts in the policy environment, providing a tailwind for Goldman’s core businesses.