Goldman Sachs reported second-quarter earnings of $20.98 per diluted share on Tuesday, a figure that was roughly double the $10.91 per share the bank earned in the year-ago period, as a surge in equities trading and dealmaking drove records across the firm.
Total net revenue reached $20.34 billion for the three months ended June 30, up 39% from a year earlier, the company said
Net earnings came in at $6.63 billion, compared with $3.72 billion in the second quarter of 2025. Analysts had expected earnings of $14.48 per share, according to Reuters. Goldman’s equities desk pulled in $7.42 billion, up 72% year over year, with strength spread across derivatives and cash products on the intermediation side as well as prime services within equities financing.
It was the third straight quarter that Goldman’s equities operation had surpassed every prior benchmark set by any bank, according to Bloomberg. The fixed income, currency and commodities unit brought in $4.59 billion, a 32% jump from a year earlier, with rates products and commodities accounting for the biggest share of gains on the intermediation side. Investment banking fees reached $3.40 billion, a 55% year-over-year gain, led by a 130% surge in equity underwriting and a 75% rise in debt underwriting.