NEW YORK, July 18, 2026, 13:06 EDT
- The shares ended Friday at $1,065.22, up 1.0% over the week.
- After a 2.76% decline on Friday, they ended the session 7.5% under Wednesday’s record close.
- Equities and FICC accounted for 59% of revenue in the quarter, setting the bar for repeatability as the key test for valuation.
U.S. cash markets did not open on Saturday. Goldman finished the week up just 1.0%, even after surpassing earnings expectations by about 45%. The stock closed at $1,065.22 on Friday.
The stock ended Wednesday at an all-time high of $1,152.07. By the end of the second subsequent session, it had fallen 7.5% from that peak.
Goldman outperformed a struggling market. The S&P 500 dropped 1.55% over the week and 1.01% on Friday. Goldman shares declined 2.76% in Friday trading.
Durability is the key test for investors. Equities and FICC together accounted for $12.01 billion, or 59.0% of revenue for the quarter.
The high concentration led to standout earnings, but the price drop indicates investors saw it as atypical. Markets revenue often spikes during volatile periods and declines afterward.
Preliminary run-rate, not a projection: annualized Q2 earnings per share reached $83.92. The stock closed Friday at 12.7 times the annualized EPS.
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Net revenue | $20.34 billion | $14.58 billion | up 39% |
| Equities revenue | $7.42 billion | $4.30 billion | up 72% |
| FICC revenue | $4.59 billion | $3.49 billion | up 32% |
| Investment-banking fees | $3.40 billion | $2.19 billion | up 55% |
| Asset and wealth management | $4.60 billion | $3.83 billion | up 20% |
| Diluted EPS | $20.98 | $10.91 | up 92% |
The company’s figures have not been audited.
Goldman posted a 39% increase in revenue and a 78% rise in net income. Return on common equity, annualized, was 23.5%.
June book value stood at $367.67 per share. Shares had closed on Friday at 2.9 times book value. The premium reflects expectations that elevated returns can be maintained.
Chief Executive David Solomon stated, “Momentum has accelerated throughout our businesses.” Investment-banking revenue increased by 55%, boosted by gains in underwriting and advisory services. Goldman Sachs
Analysts at JPMorgan Chase NYSE:JPM, led by Kian Abouhossein, stated that the results “significantly exceeded expectations.” The company’s EPS was roughly 45% higher than the $14.48 consensus, according to Reuters. Reuters
Goldman acted as adviser for $1.2 trillion worth of announced deals in the first half, Chief Financial Officer Denis Coleman said. That figure exceeded its closest competitor by $425 billion.
Asset and wealth management revenue climbed 20% to $4.60 billion, accounting for just 22.6% of overall revenue. Its proportion continued to lag behind the contribution from markets.
Capital returns provided additional backing. Goldman bought back $4.00 billion in shares at an average price of $984.57. Shares finished Friday 8.2% higher than that level. The quarterly dividend increased to $5.00.
Bank of America NYSE:BAC rose by 2.7% last week. JPMorgan increased 1.4%, while Goldman added 1.0%. Morgan Stanley NYSE:MS declined 3.1%; Citigroup NYSE:C dropped 8.1%.
June leading indicators will be released Monday to start the week. Jobless claims are due Thursday. Flash PMIs and June new-home sales are scheduled for Friday. The Federal Reserve is set to meet July 28-29.
Risks: Market revenue may decrease as volatility and client activity return to typical levels. Goldman warns backlog fees could be lost if deals are altered or collapse. Potential oil disruptions and geopolitical tensions might further impact financing activity.
The quarter delivered solid results. The current challenge for the stock is to determine how much of that performance can be replicated.
Related articles: NYSE:JPM
