NEW YORK — Goldman Sachs reported a record second-quarter performance that cemented its position among Wall Street's top performers, as a rebound in dealmaking and exceptionally strong trading activity lifted profit and revenue well above analysts' expectations.
The bank said net earnings rose to $6.63 billion, or $20.98 per diluted share, for the quarter ended June 30, compared with the year-earlier period. Net revenue climbed to a record $20.34 billion, while annualized return on common equity reached 23.5%, according to the company's quarterly earnings release.
The results were driven by record performances across several businesses, including equities trading, investment banking and asset and wealth management, as clients increased trading activity amid volatile markets and corporate dealmaking accelerated.
Equities revenue surged 72% from a year earlier to a record $7.42 billion, while fixed-income, currency and commodities trading also posted strong gains. Investment banking fees increased sharply as mergers and acquisitions, equity offerings and debt issuance rebounded from subdued levels seen in recent years.
"Our record performance this quarter reflects the strength of our global franchise, the depth of our relationships, and our ability to harness the power of One Goldman Sachs," Chairman and Chief Executive Officer David Solomon said in the earnings statement. He added that momentum had accelerated across the firm's businesses as clients sought advice on strategic transactions and capital raising.
Goldman's results came as major U.S. banks broadly reported stronger-than-expected second-quarter earnings, benefiting from a revival in capital markets activity and elevated trading volumes fueled by market volatility tied to artificial intelligence investments, geopolitical tensions and shifting interest-rate expectations.
Industry-wide, investment banking revenue reached its highest level since the surge in activity during 2021, while trading desks generated another quarter of outsized gains as institutional investors repositioned portfolios and hedge funds remained active across equity and financing markets.
Goldman also highlighted continued growth in its asset and wealth management business, contributing to diversified revenue beyond its traditional trading and advisory operations. The bank said client activity remained robust across its global franchise during the quarter.
The earnings reinforce Goldman's leadership in investment banking and trading as Wall Street enters the second half of 2026 with executives citing healthy corporate pipelines and continued client engagement, although banks have noted that future performance will remain dependent on market conditions and the pace of economic activity.
