Form 8-K

8-K — GOLDMAN SACHS GROUP INC

Accession: 0000886982-26-000294

Filed: 2026-07-14

Period: 2026-07-14

CIK: 0000886982

SIC: 6211 (SECURITY BROKERS, DEALERS & FLOTATION COMPANIES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — gs-20260714.htm (Primary)

EX-99.1 (a2q26gsearningsresults.htm)

EX-99.2 (a2q26gsearningsresultspr.htm)

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8-K

8-K (Primary)

Filename: gs-20260714.htm · Sequence: 1

gs-20260714

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 14, 2026

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

Delaware 13-4019460

(State or other jurisdiction of

incorporation)

(IRS Employer

Identification No.)

200 West Street, New York, NY

10282

(Address of principal executive offices) (Zip Code)

(212) 902-1000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol

Exchange

on which

registered

Common stock, par value $.01 per share GS NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A GS PrA NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C GS PrC NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D GS PrD NYSE

5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II GS/43PE NYSE

Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III GS/43PF NYSE

Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. GS/31B NYSE

Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. GS/31X NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition

Item 7.01 Regulation FD Disclosure

Item 9.01 Financial Statements and Exhibits

SIGNATURE

Exhibit 99.1: PRESS RELEASE

Exhibit 99.2: PRESENTATION

Item 2.02 Results of Operations and Financial Condition.

On July 14, 2026, The Goldman Sachs Group, Inc. (Group Inc. and, together with its consolidated subsidiaries, the firm) reported its earnings for the second quarter ended June 30, 2026. A copy of Group Inc.’s press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On July 14, 2026, at 9:30 a.m. (ET), the firm will hold a conference call to discuss the firm’s financial results, outlook and related matters. A copy of the presentation for the conference call is attached as Exhibit 99.2 to this Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

99.1

Press release of Group Inc. dated July 14, 2026 containing financial information for its second quarter ended June 30, 2026.

Exhibit 99.1 shall be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (Exchange Act).

99.2

Presentation of Group Inc. dated July 14, 2026, for the conference call on July 14, 2026.

Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form 8-K and the information included therein shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Group Inc. under the Securities Act of 1933 or the Exchange Act.

101

Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting Language).

104

Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE GOLDMAN SACHS GROUP, INC.

(Registrant)

Date: July 14, 2026 By: /s/ Denis P. Coleman III

Name: Denis P. Coleman III

Title: Chief Financial Officer

EX-99.1

EX-99.1

Filename: a2q26gsearningsresults.htm · Sequence: 2

2Q26 GS Earnings Results

Exhibit 99.1

Second Quarter 2026

Earnings Results

Media Relations: Tony Fratto 212-902-5400

Investor Relations: Jehan Ilahi 212-902-0300

The Goldman Sachs Group, Inc.

200 West Street | New York, NY 10282

1

SECOND QUARTER 2026 EARNINGS RESULTS

Goldman Sachs Reports Second Quarter Earnings Per Common

Share of $20.98 and Increases the Quarterly Dividend to $5.00

Per Common Share in the Third Quarter

Financial Summary

Net Earnings

$ in millions

2Q26

$6,628

2Q26 YTD

$12,258

EPS1

2Q26

$20.98

2Q26 YTD

$38.51

Net Revenues

$ in millions

2Q26

$20,338

2Q26 YTD

$37,565

Annualized ROE2

2Q26

23.5%

2Q26 YTD

21.7%

Book Value Per Share

2Q26

$367.67

YTD Growth

2.8%

NEW YORK, July 14, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $20.34 billion and net

earnings of $6.63 billion for the second quarter ended June 30, 2026. Net revenues were $37.57 billion and net earnings were

$12.26 billion for the first half of 2026.

Diluted earnings per common share (EPS)1 was $20.98 for the second quarter of 2026 compared with $10.91 for the second

quarter of 2025 and $17.55 for the first quarter of 2026, and was $38.51 for the first half of 2026 compared with $25.07 for

the first half of 2025.

Annualized return on average common shareholders' equity (ROE)2 was 23.5% for the second quarter of 2026 and 21.7% for

the first half of 2026.

Book value per common share increased by 1.8% during the second quarter of 2026 and by 2.8% during the first half of 2026

to $367.67.

2

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

Net Revenues

Net revenues were $20.34 billion for the second quarter of 2026, 39% higher

than the second quarter of 2025 and 18% higher than the first quarter of

2026. The increase compared with the second quarter of 2025 primarily

reflected significantly higher net revenues in Global Banking & Markets.

Net Revenues

$ in millions

2Q26

$20,338

Global Banking & Markets

Net revenues in Global Banking & Markets were $15.52 billion for the second

quarter of 2026, 53% higher than the second quarter of 2025 and 22% higher

than the first quarter of 2026.

Investment banking fees were $3.40 billion, 55% higher than the second

quarter of 2025, primarily due to significantly higher net revenues in Equity

underwriting, primarily reflecting significantly higher net revenues from

secondary and initial public offerings, and in Debt underwriting, primarily

reflecting significantly higher net revenues from leveraged finance and asset-

backed activity. Net revenues in Advisory were higher, reflecting an increase in

industry-wide completed mergers and acquisitions volumes. The firm’s

Investment banking fees backlog3 increased compared with both the end of

the first quarter of 2026 and the end of 2025.

Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.59

billion, 32% higher than the second quarter of 2025, primarily reflecting

significantly higher net revenues in FICC intermediation, due to significantly

higher net revenues in interest rate products and in commodities, higher net

revenues in mortgages and slightly higher net revenues in currencies, partially

offset by lower net revenues in credit products. Net revenues in FICC financing

were higher, including higher net revenues in mortgages and structured

lending.

Net revenues in Equities were $7.42 billion, 72% higher than the second

quarter of 2025, due to significantly higher net revenues in Equities

intermediation, including significantly higher net revenues in derivatives and in

cash products, and in Equities financing, primarily driven by significantly

higher net revenues in prime financing.

Net revenues in Other were $117 million compared with $154 million for the

second quarter of 2025, with the decrease reflecting lower net revenues in

relationship lending, partially offset by higher net revenues in transaction

banking.

Global Banking & Markets

$ in millions

Advisory

$1,378

Equity underwriting

985

Debt underwriting

1,032

Investment banking fees

3,395

FICC intermediation

3,376

FICC financing

1,216

FICC

4,592

Equities intermediation

4,157

Equities financing

3,259

Equities

7,416

Other

117

Net revenues

$15,520

3

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

Asset & Wealth Management

Net revenues in Asset & Wealth Management were $4.60 billion for the

second quarter of 2026, 20% higher than the second quarter of 2025 and

13% higher than the first quarter of 2026. The increase compared with the

second quarter of 2025 reflected significantly higher Management and other

fees and significantly higher net revenues in Investments, partially offset by

lower net revenues in Private banking and lending.

The increase in Management and other fees primarily reflected the impact of

higher average assets under supervision. The increase in Investments net

revenues primarily reflected significantly higher net gains from investments in

private equities. The decrease in Private banking and lending net revenues

reflected the impact of lower net interest margin related to Marcus deposits,

partially offset by higher average Marcus and private bank deposit balances.

Asset & Wealth Management

$ in millions

Management and other fees

$3,355

Incentive fees

112

Private banking and lending

689

Investments

441

Net revenues

$4,597

Platform Solutions

Net revenues in Platform Solutions were $221 million for the second quarter

of 2026, 64% lower than the second quarter of 2025 and 46% lower than the

first quarter of 2026. The decrease compared with the second quarter of

2025 primarily reflected net markdowns recognized in net revenues related to

the Apple Card loan portfolio, which was transferred to held for sale in the

fourth quarter of 2025.

Platform Solutions

$ in millions

Net revenues

$221

Provision for Credit Losses

Provision for credit losses was $102 million for the second quarter of 2026,

compared with $384 million for the second quarter of 2025 and $315 million

for the first quarter of 2026. Provisions for the second quarter of 2026

primarily reflected impairments related to wholesale loans. Provisions for the

second quarter of 2025 primarily reflected net provisions related to the credit

card portfolio, which was transferred to held for sale in the fourth quarter of

2025, and growth related to wholesale loans.

Provision for Credit Losses

$ in millions

2Q26

$102

4

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

Operating Expenses

Operating expenses were $11.67 billion for the second quarter of 2026, 26%

higher than the second quarter of 2025 and 12% higher than the first quarter

of 2026. The firm's efficiency ratio3 was 58.8% for the first half of 2026,

compared with 62.0% for the first half of 2025.

The increase in operating expenses compared with the second quarter of

2025 primarily reflected significantly higher compensation and benefits

expenses (reflecting improved operating performance) and transaction based

expenses.

Net provisions for litigation and regulatory proceedings were $(28) million for

the second quarter of 2026, compared with $1 million for the second quarter

of 2025.

Headcount decreased 2% compared with the end of the first quarter of 2026.

Operating Expenses

$ in millions

2Q26

$11,673

Efficiency Ratio

2Q26 YTD

58.8%

Provision for Taxes

The effective tax rate for the first half of 2026 was 18.5%, up from 13.2% for

the first quarter of 2026, primarily due to a decrease in the impact of tax

benefits on the settlement of employee share-based awards4, partially offset

by an increase in other permanent tax benefits, for the first half of 2026

compared with the first quarter of 2026.

Effective Tax Rate

2Q26 YTD

18.5%

Other Matters

•On July 13, 2026, the Board of Directors of The Goldman Sachs Group, Inc.

increased the quarterly dividend to $5.00 per common share from $4.50 per

common share. The dividend will be paid on September 29, 2026 to common

shareholders of record on September 1, 2026.

•During the quarter, the firm returned $5.36 billion of capital to common

shareholders, including $4.00 billion of common share repurchases (4.1 million

shares at an average cost of $984.57) and $1.36 billion of common stock

dividends.3

•Global core liquid assets3 averaged $555 billion for the second quarter of

2026, compared with an average of $494 billion for the first quarter of 2026.

Quarterly Dividend Declared

Per common share

3Q26

$5.00

Common Share Repurchases

$ in billions

2Q26

$4.00

Average GCLA

$ in billions

2Q26

$555

5

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a

large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in

1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private

Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current

conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently

uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may

differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements.

For information about some of the risks and important factors that could affect the firm’s future results, financial condition

and liquidity, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31,

2025.

Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio,

balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking

statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking

statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and

related net revenues may not be realized or may be materially less than expected. Important factors that could have such a

result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international

trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle

East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for

financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse

development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information

about other important factors that could adversely affect the firm’s Investment banking fees, see “Risk Factors” in Part I, Item

1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025.

Conference Call

A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will

be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in

the U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes

prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor

Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For

those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three

hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs

Investor Relations, via e-mail, at gs-investor-relations@gs.com.

6

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

THREE MONTHS ENDED

% CHANGE FROM

JUNE 30,

MARCH 31,

JUNE 30,

MARCH 31,

JUNE 30,

$ in millions

2026

2026

2025

2026

2025

GLOBAL BANKING & MARKETS

Advisory

$

1,378

$

1,494

$

1,174

(8)

%

17

%

Equity underwriting

985

535

428

84

130

Debt underwriting

1,032

811

589

27

75

Investment banking fees

3,395

2,840

2,191

20

55

FICC intermediation

3,376

2,949

2,423

14

39

FICC financing

1,216

1,062

1,064

15

14

FICC

4,592

4,011

3,487

14

32

Equities intermediation

4,157

2,718

2,595

53

60

Equities financing

3,259

2,608

1,706

25

91

Equities

7,416

5,326

4,301

39

72

Other

117

561

154

(79)

(24)

Net revenues

15,520

12,738

10,133

22

53

ASSET & WEALTH MANAGEMENT

Management and other fees

3,355

3,077

2,802

9

20

Incentive fees

112

183

103

(39)

9

Private banking and lending

689

638

789

8

(13)

Investments

441

180

137

145

222

Net revenues

4,597

4,078

3,831

13

20

PLATFORM SOLUTIONS

Net revenues

221

411

619

(46)

(64)

Total net revenues

$

20,338

$

17,227

$

14,583

18

39

Geographic Net Revenues (unaudited)3

THREE MONTHS ENDED

JUNE 30,

MARCH 31,

JUNE 30,

$ in millions

2026

2026

2025

Americas

$

12,222

$

10,416

$

8,982

EMEA

4,502

3,767

3,811

Asia

3,614

3,044

1,790

Total net revenues

$

20,338

$

17,227

$

14,583

Americas

60

%

60

%

62

%

EMEA

22

%

22

%

26

%

Asia

18

%

18

%

12

%

Total

100

%

100

%

100

%

7

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

SIX MONTHS ENDED

% CHANGE FROM

JUNE 30,

JUNE 30,

JUNE 30,

$ in millions

2026

2025

2025

GLOBAL BANKING & MARKETS

Advisory

$

2,872

$

1,966

46

%

Equity underwriting

1,520

798

90

Debt underwriting

1,843

1,341

37

Investment banking fees

6,235

4,105

52

FICC intermediation

6,325

5,813

9

FICC financing

2,278

2,109

8

FICC

8,603

7,922

9

Equities intermediation

6,875

5,142

34

Equities financing

5,867

3,351

75

Equities

12,742

8,493

50

Other

678

354

92

Net revenues

28,258

20,874

35

ASSET & WEALTH MANAGEMENT

Management and other fees

6,432

5,503

17

Incentive fees

295

232

27

Private banking and lending

1,327

1,514

(12)

Investments

621

293

112

Net revenues

8,675

7,542

15

PLATFORM SOLUTIONS

Net revenues

632

1,229

(49)

Total net revenues

$

37,565

$

29,645

27

Geographic Net Revenues (unaudited)3

SIX MONTHS ENDED

JUNE 30,

JUNE 30,

$ in millions

2026

2025

Americas

$

22,638

$

18,848

EMEA

8,269

7,302

Asia

6,658

3,495

Total net revenues

$

37,565

$

29,645

Americas

60

%

63

%

EMEA

22

%

25

%

Asia

18

%

12

%

Total

100

%

100

%

8

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

THREE MONTHS ENDED

% CHANGE FROM

In millions,

except per share amounts and headcount

JUNE 30,

MARCH 31,

JUNE 30,

MARCH 31,

JUNE 30,

2026

2026

2025

2026

2025

REVENUES

Investment banking

$

3,400

$

2,844

$

2,194

20

%

55

%

Investment management

3,378

3,179

2,837

6

19

Commissions and fees

1,525

1,326

1,201

15

27

Market making

7,637

5,461

4,733

40

61

Other principal transactions

444

862

514

(48)

(14)

Total non-interest revenues

16,384

13,672

11,479

20

43

Interest income

22,047

20,637

19,789

7

11

Interest expense

18,093

17,082

16,685

6

8

Net interest income

3,954

3,555

3,104

11

27

Total net revenues

20,338

17,227

14,583

18

39

Provision for credit losses

102

315

384

(68)

(73)

OPERATING EXPENSES

Compensation and benefits

6,104

5,412

4,685

13

30

Transaction based

3,052

2,515

1,955

21

56

Market development

198

186

167

6

19

Communications and technology

635

583

530

9

20

Depreciation and amortization

509

495

618

3

(18)

Occupancy

244

254

234

(4)

4

Professional fees

372

379

440

(2)

(15)

Other expenses

559

602

612

(7)

(9)

Total operating expenses

11,673

10,426

9,241

12

26

Pre-tax earnings

8,563

6,486

4,958

32

73

Provision for taxes

1,935

856

1,235

126

57

Net earnings

6,628

5,630

3,723

18

78

Preferred stock dividends

229

227

250

1

(8)

Net earnings to common

$

6,399

$

5,403

$

3,473

18

84

EARNINGS PER COMMON SHARE

Basic3

$

21.27

$

17.74

$

11.03

20

%

93

%

Diluted1

$

20.98

$

17.55

$

10.91

20

92

AVERAGE COMMON SHARES

Basic

300.1

303.8

313.7

(1)

(4)

Diluted

304.9

308.0

318.3

(1)

(4)

SELECTED DATA AT PERIOD-END

Common shareholders' equity

$

109,714

$

109,079

$

108,943

1

1

Basic shares3

298.4

302.0

311.5

(1)

(4)

Book value per common share

$

367.67

$

361.19

$

349.74

2

5

Headcount

46,200

47,000

45,900

(2)

1

9

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

SIX MONTHS ENDED

% CHANGE FROM

In millions,

except per share amounts

JUNE 30,

JUNE 30,

JUNE 30,

2026

2025

2025

REVENUES

Investment banking

$

6,244

$

4,110

52

%

Investment management

6,557

5,596

17

Commissions and fees

2,851

2,427

17

Market making

13,098

10,456

25

Other principal transactions

1,306

1,057

24

Total non-interest revenues

30,056

23,646

27

Interest income

42,684

39,172

9

Interest expense

35,175

33,173

6

Net interest income

7,509

5,999

25

Total net revenues

37,565

29,645

27

Provision for credit losses

417

671

(38)

OPERATING EXPENSES

Compensation and benefits

11,516

9,561

20

Transaction based

5,567

3,805

46

Market development

384

323

19

Communications and technology

1,218

1,036

18

Depreciation and amortization

1,004

1,124

(11)

Occupancy

498

467

7

Professional fees

751

864

(13)

Other expenses

1,161

1,189

(2)

Total operating expenses

22,099

18,369

20

Pre-tax earnings

15,049

10,605

42

Provision for taxes

2,791

2,144

30

Net earnings

12,258

8,461

45

Preferred stock dividends

456

405

13

Net earnings to common

$

11,802

$

8,056

46

EARNINGS PER COMMON SHARE

Basic3

$

38.99

$

25.32

54

%

Diluted1

$

38.51

$

25.07

54

AVERAGE COMMON SHARES

Basic

301.9

317.2

(5)

Diluted

306.5

321.4

(5)

10

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)3

AS OF

JUNE 30,

MARCH 31,

$ in billions

2026

2026

ASSETS

Cash and cash equivalents

$

187

$

179

Collateralized agreements

366

386

Customer and other receivables

230

209

Trading assets

789

758

Investments

256

238

Loans

261

253

Other assets

39

37

Total assets

$

2,128

$

2,060

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

$

558

$

561

Collateralized financings

358

351

Customer and other payables

300

293

Trading liabilities

324

312

Unsecured short-term borrowings

90

81

Unsecured long-term borrowings

348

315

Other liabilities

27

24

Total liabilities

2,005

1,937

Shareholders’ equity

123

123

Total liabilities and shareholders’ equity

$

2,128

$

2,060

Capital Ratios and Supplementary Leverage Ratio (unaudited)3

AS OF

JUNE 30,

MARCH 31,

$ in billions

2026

2026

Common equity tier 1 capital

$

101.7

$

101.8

STANDARDIZED CAPITAL RULES

Risk-weighted assets

$

790

$

815

Common equity tier 1 capital ratio

12.9

%

12.5

%

ADVANCED CAPITAL RULES

Risk-weighted assets

$

743

$

764

Common equity tier 1 capital ratio

13.7

%

13.3

%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio

4.3

%

4.7

%

Average Daily VaR (unaudited)3

THREE MONTHS ENDED

JUNE 30,

MARCH 31,

$ in millions

2026

2026

CATEGORIES

Interest rates

$

82

$

85

Equity prices

65

55

Currency rates

19

15

Commodity prices

30

31

Diversification effect

(76)

(74)

Total

$

120

$

112

11

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)3,5

JUNE 30,

MARCH 31,

JUNE 30,

$ in billions

2026

2026

2025

ASSET CLASS (as of period-end)

Alternative investments

$

459

$

429

$

371

Equity

1,123

954

857

Fixed income

1,394

1,341

1,237

Total long-term AUS

2,976

2,724

2,465

Liquidity products

1,065

926

828

Total AUS

$

4,041

$

3,650

$

3,293

ROLLFORWARD (for the three months ended)

Beginning balance

$

3,650

$

3,606

$

3,173

Net inflows / (outflows):

Alternative investments

21

11

9

Equity

46

24

8

Fixed income

24

27

—

Total long-term AUS net inflows / (outflows)6

91

62

17

Liquidity products

139

25

(12)

Total AUS net inflows / (outflows)

230

87

5

Net market appreciation / (depreciation)

161

(43)

115

Ending balance

$

4,041

$

3,650

$

3,293

Footnotes

1.Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.

2.Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’

equity. Average monthly common shareholders' equity was $109.06 billion for the three months ended June 30, 2026 and $108.97 billion for the six

months ended June 30, 2026.

3.For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition

and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2026: (i) Investment banking fees backlog – see

“Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS) – see “Results of Operations – Asset & Wealth Management –

Assets Under Supervision,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) share repurchase program – see “Capital

Management and Regulatory Capital – Capital Management,” (v) global core liquid assets (GCLA) – see “Risk Management – Liquidity Risk

Management,” (vi) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics” and (vii) VaR – see “Risk Management –

Market Risk Management.”

For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly

Report on Form 10-Q for the period ended March 31, 2026: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation

and Capital Adequacy,” (ii) geographic net revenues – see Note 25 “Business Segments” and (iii) unvested share-based awards that have non-forfeitable

rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 “Earnings Per Common Share.”

Represents a preliminary estimate for the second quarter of 2026 for the firm’s assets under supervision, capital ratios, risk-weighted assets,

supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q

for the period ended June 30, 2026.

4.The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first half of 2026 of approximately

$965 million, which increased diluted EPS by approximately $3.15 and annualized ROE by 1.7 percentage points.

5.Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better

reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation.

6.Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital

Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the

disposition of Goldman Sachs TFI, for the three months ended June 30, 2026. Includes $5 billion of inflows in long-term assets under supervision (in

alternative investments) in connection with the acquisition of Industry Ventures for the three months ended March 31, 2026.

EX-99.2

EX-99.2

Filename: a2q26gsearningsresultspr.htm · Sequence: 3

a2q26gsearningsresultspr

114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Second Quarter 2026 Earnings Results Presentation July 14, 2026 Exhibit 99.2

1 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade ■ Record net revenues and diluted EPS1; 2nd highest net earnings ■ Record net revenues in GBM, including record Equities (record intermediation and financing), record Debt underwriting and record FICC financing ■ #1 in announced and completed M&A, equity & equity-related offerings and leveraged lending; #2 in high- yield debt3 ■ Record Management and other fees ■ Record AUS4 of $4.04 trillion; 34th consecutive quarter of long-term fee-based net inflows; record third-party alternatives fundraising ■ Increased quarterly dividend by 11% to $5.00 per common share in 3Q26 Results Snapshot Quarterly Highlights Net Revenues $ in millions 2Q26 $20,338 2Q26 YTD $37,565 Net Earnings $ in millions 2Q26 $6,628 2Q26 YTD $12,258 Annualized ROE2 2Q26 23.5% 2Q26 YTD 21.7% Annualized ROTE2 2Q26 25.5% 2Q26 YTD 23.4% Book Value Per Share 2Q26 $367.67 YTD Growth 2.8% EPS1 2Q26 $20.98 2Q26 YTD $38.51 “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. Momentum has accelerated throughout our businesses. Clients are turning to us to lead their most strategic and consequential transactions, which are often the genesis of activity across the franchise. We are relentlessly driving our long- term growth strategy across Global Banking & Markets and Asset & Wealth Management, and given what we see in our pipelines, we expect this flywheel of activity to continue." ____________________ David Solomon Chairman and Chief Executive Officer

2 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade $20,338 $17,227 $14,583 $4,597 $4,078 $3,831 $15,520 $12,738 $10,133 Global Banking & Markets Asset & Wealth Management Platform Solutions 2Q26 1Q26 2Q25 Financial Overview Financial Results Financial Overview Highlights ■ 2Q26 results included EPS1 of $20.98 and ROE of 23.5% ‐ Net revenues were a record and significantly higher YoY, primarily reflecting significantly higher net revenues in Global Banking & Markets ‐ Provision for credit losses of $102 million primarily reflected impairments related to wholesale loans ‐ Operating expenses were significantly higher YoY, primarily reflecting significantly higher compensation and benefits expenses (reflecting improved operating performance) and transaction based expenses $ in millions except per share amounts 2Q26 vs. 1Q26 vs. 2Q25 2Q26 YTD vs. 2Q25 YTD Global Banking & Markets $ 15,520 22% 53% $ 28,258 35% Asset & Wealth Management 4,597 13% 20% 8,675 15% Platform Solutions 221 (46)% (64)% 632 (49)% Net revenues 20,338 18% 39% 37,565 27% Provision for credit losses 102 (68)% (73)% 417 (38)% Operating expenses 11,673 12% 26% 22,099 20% Pre-tax earnings $ 8,563 32% 73% $ 15,049 42% Net earnings $ 6,628 18% 78% $ 12,258 45% Net earnings to common $ 6,399 18% 84% $ 11,802 46% Diluted EPS1 $ 20.98 20% 92% $ 38.51 54% ROE2 23.5% 3.7pp 10.7pp 21.7% 6.9pp ROTE2 25.5% 4.2pp 11.9pp 23.4% 7.6pp Efficiency Ratio4 57.4% (3.1)pp (6.0)pp 58.8% (3.2)pp Net Revenues by Segment ($ in millions) $221 $411 $619

3 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Global Banking & Markets Financial Results Global Banking & Markets Highlights ■ 2Q26 net revenues were a record and significantly higher YoY ‐ Investment banking fees reflected significantly higher net revenues in Equity underwriting and in Debt underwriting and higher net revenues in Advisory ‐ FICC reflected significantly higher net revenues in intermediation and higher net revenues in financing ‐ Equities reflected significantly higher net revenues in intermediation and in financing ■ Investment banking fees backlog4 increased QoQ, driven by an increase in Advisory, partially offset by a significant decrease in Debt underwriting ■ 2Q26 select data4: ‐ Total assets of $1.88 trillion ‐ Loan balance of $188 billion ‐ Net interest income of $2.62 billion $ in millions 2Q26 vs. 1Q26 vs. 2Q25 2Q26 YTD vs. 2Q25 YTD Investment banking fees $ 3,395 20% 55% $ 6,235 52% FICC 4,592 14% 32% 8,603 9% Equities 7,416 39% 72% 12,742 50% Other 117 (79)% (24)% 678 92% Net revenues 15,520 22% 53% 28,258 35% Provision for credit losses 75 (70)% (57)% 323 35% Operating expenses 7,946 13% 35% 14,955 27% Pre-tax earnings $ 7,499 37% 84% $ 12,980 47% Net earnings $ 5,815 22% 90% $ 10,573 50% Net earnings to common $ 5,629 23% 97% $ 10,203 52% Average common equity $ 81,817 — 3% $ 81,785 3% Return on average common equity 27.5% 5.2pp 13.1pp 25.0% 8.1pp Global Banking & Markets Net Revenues ($ in millions) $15,520 $12,738 $10,133 $7,416 $5,326 $4,301 $4,592 $4,011 $3,487 $3,395 $2,840 $2,191 Investment banking fees FICC Equities Other 2Q26 1Q26 2Q25 $117 $561 $154

4 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Global Banking & Markets – Net Revenues Net Revenues Global Banking & Markets Net Revenues Highlights ■ 2Q26 Investment banking fees were significantly higher YoY ‐ Advisory reflected an increase in industry-wide completed mergers and acquisitions volumes ‐ Equity underwriting primarily reflected significantly higher net revenues from secondary and initial public offerings ‐ Record Debt underwriting primarily reflected significantly higher net revenues from leveraged finance and asset-backed activity ■ 2Q26 FICC net revenues were significantly higher YoY ‐ FICC intermediation reflected significantly higher net revenues in interest rate products and in commodities, higher net revenues in mortgages and slightly higher net revenues in currencies, partially offset by lower net revenues in credit products ‐ Record FICC financing included higher net revenues in mortgages and structured lending ■ 2Q26 Equities net revenues were a record and significantly higher YoY ‐ Record Equities intermediation reflected significantly higher net revenues in derivatives and in cash products ‐ Record Equities financing primarily reflected significantly higher net revenues in prime financing ■ 2Q26 Other net revenues were lower YoY, reflecting lower net revenues in relationship lending, partially offset by higher net revenues in transaction banking $ in millions 2Q26 vs. 1Q26 vs. 2Q25 2Q26 YTD vs. 2Q25 YTD Advisory $ 1,378 (8)% 17% $ 2,872 46% Equity underwriting 985 84% 130% 1,520 90% Debt underwriting 1,032 27% 75% 1,843 37% Investment banking fees 3,395 20% 55% 6,235 52% FICC intermediation 3,376 14% 39% 6,325 9% FICC financing 1,216 15% 14% 2,278 8% FICC 4,592 14% 32% 8,603 9% Equities intermediation 4,157 53% 60% 6,875 34% Equities financing 3,259 25% 91% 5,867 75% Equities 7,416 39% 72% 12,742 50% Other 117 (79)% (24)% 678 92% Net revenues $ 15,520 22% 53% $ 28,258 35%

5 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Asset & Wealth Management Financial Results Asset & Wealth Management Highlights ■ 2Q26 net revenues were significantly higher YoY ‐ Record Management and other fees primarily reflected the impact of higher average AUS ‐ Investments primarily reflected significantly higher net gains from investments in private equities ‐ Private banking and lending net revenues were lower, reflecting the impact of lower net interest margin related to Marcus deposits, partially offset by higher average Marcus and private bank deposit balances ■ 2Q26 YTD pre-tax margin of 24% ■ 2Q26 select data4: ‐ Management and other fees: Asset management $1.43 billion; Wealth management $1.92 billion ‐ Total Wealth management client assets of ~$2.0 trillion ‐ Total assets of $216 billion ‐ Loan balance of $53 billion, of which $48 billion related to Private banking and lending ‐ Net interest income of $662 million ‐ $ in millions 2Q26 vs. 1Q26 vs. 2Q25 2Q26 YTD vs. 2Q25 YTD Management and other fees $ 3,355 9% 20% $ 6,432 17% Incentive fees 112 (39)% 9% 295 27% Private banking and lending 689 8% (13)% 1,327 (12)% Investments 441 145% 222% 621 112% Net revenues 4,597 13% 20% 8,675 15% Provision for credit losses 27 (59)% N.M. 93 N.M. Operating expenses 3,458 12% 15% 6,540 11% Pre-tax earnings $ 1,112 20% 22% $ 2,042 17% Net earnings $ 856 6% 24% $ 1,663 19% Net earnings to common $ 820 6% 26% $ 1,590 20% Average common equity $ 23,822 3% (3)% $ 23,592 (4)% Return on average common equity 13.8% 0.4pp 3.3pp 13.5% 2.8pp Asset & Wealth Management Net Revenues ($ in millions) $4,597 $4,078 $3,831 $689 $638 $789 $3,355 $3,077 $2,802 Management and other fees Incentive fees Private banking and lending Investments 2Q26 1Q26 2Q25 $441 $180 $137 $112 $183 $103

6 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade ■ During the quarter, AUS increased $391 billion to a record $4.04 trillion ‐ Net inflows across asset classes, primarily driven by liquidity products and equity assets ‐ Net market appreciation primarily in equity assets ■ Total long-term AUS net inflows of $91 billion5 during the quarter, of which: ‐ $56 billion of net inflows in Third-party distributed client channel ‐ $19 billion of net inflows in Wealth management client channel ‐ $16 billion of net inflows in Institutional client channel Long-Term AUS by Client Channel4 AUS Highlights4 Asset & Wealth Management – Assets Under Supervision AUS Rollforward4 AUS by Asset Class4 2Q26 AUS by Region and Vehicle4 Americas EMEA Asia Region 73% 20% 7% $ in billions 2Q26 1Q26 2Q25 Alternative investments $ 459 $ 429 $ 371 Equity 1,123 954 857 Fixed income 1,394 1,341 1,237 Total long-term AUS 2,976 2,724 2,465 Liquidity products 1,065 926 828 Total AUS $ 4,041 $ 3,650 $ 3,293 $ in billions 2Q26 1Q26 2Q25 Institutional $ 1,252 $ 1,198 $ 1,110 Wealth management 1,041 950 862 Third-party distributed 683 576 493 Total long-term AUS $ 2,976 $ 2,724 $ 2,465 $ in billions 2Q26 1Q26 2Q25 Beginning balance $ 3,650 $ 3,606 $ 3,173 Long-term AUS net inflows / (outflows)5 91 62 17 Liquidity products net inflows / (outflows) 139 25 (12) Total AUS net inflows / (outflows) 230 87 5 Net market appreciation / (depreciation) 161 (43) 115 Total AUS $ 4,041 $ 3,650 $ 3,293 Separate accounts Public funds Private funds and other Vehicle 53% 29% 18%

7 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Asset & Wealth Management - Alternative Investments Alternative Investments Highlights4On-Balance Sheet Alternative Investments4 ■ 2Q26 Management and other fees from alternative investments were $725 million, up 22% compared with 2Q25 ■ During the quarter, alternative investments AUS increased $30 billion to $459 billion ■ 2Q26 gross third-party alternatives fundraising across strategies was a record $59 billion ($523 billion raised since 2019) 2Q26 $ in billions Average AUS Effective Fees (bps) Corporate equity $ 131 90 Credit 79 78 Real estate 26 64 Hedge funds and other 72 65 Funds and discretionary accounts 308 78 Corporate equity 40 18 Credit 27 18 Real estate 18 8 Hedge funds and other 52 18 Advisory and OCIO accounts 137 17 Total alternative investments AUS $ 445 58 Alternatives Fundraising4 ($ in billions)Alternative Investments AUS and Effective Fees4 $59 $9 $3 $31 $16 Corporate equity Credit Real estate Hedge funds and other 2Q26 $ in billions 2Q26 Loans $ 5.4 Debt securities 7.3 Equity securities 11.4 Other 1.8 Total on-balance sheet alternative investments $ 25.9

8 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Platform Solutions Financial Results Platform Solutions Highlights ■ 2Q26 net revenues were significantly lower YoY, primarily reflecting net markdowns recognized in net revenues related to the Apple Card loan portfolio, which was transferred to held for sale in 4Q25 ■ 2Q26 select data4: ‐ Total assets of $30 billion ‐ Loan balance of $20 billion ‐ Net interest income of $675 million $ in millions 2Q26 vs. 1Q26 vs. 2Q25 2Q26 YTD vs. 2Q25 YTD Net revenues $ 221 (46)% (64)% $ 632 (49)% Provision for credit losses — (100) % (100) % 1 (100)% Operating expenses 269 (20)% (21)% 604 (12)% Pre-tax earnings / (loss) $ (48) N.M. (66)% $ 27 (10)% Net earnings / (loss) $ (43) N.M. (65)% $ 22 (8)% Net earnings / (loss) to common $ (50) N.M. (43)% $ 9 (10)% Average common equity $ 3,425 (8)% (23)% $ 3,593 (20)% Return on average common equity (5.8)% (12.1)pp (2.6)pp 0.5% 0.1pp Platform Solutions Net Revenues ($ in millions) $221 $411 $619 2Q26 1Q26 2Q25

9 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade $261 $253 $217 $20 $19 $18 $53 $51 $50 $188 $183 $149 Global Banking & Markets Asset & Wealth Management Platform Solutions 2Q26 1Q26 2Q25 Loans and Net Interest Income Loans and Net Interest Income Highlights4 Loans by Segment4 ($ in billions) $ in billions 2Q26 1Q26 2Q25 Corporate $ 35 $ 38 $ 33 Commercial real estate 40 39 33 Residential real estate 36 33 29 Securities-based 19 18 18 Other collateralized 109 105 86 Credit cards 20 19 21 Other 4 3 2 Allowance for loan losses (2) (2) (5) Total loans $ 261 $ 253 $ 217 ■ 2Q26 loans increased QoQ ‐ Gross loans by type: $234 billion - amortized cost, $5 billion - fair value, $24 billion - held for sale ‐ Average loans of $261 billion ‐ Total allowance for loan losses and losses on lending commitments was $2.96 billion ($2.19 billion for funded loans) ■ Net charge-offs for 2Q26 of $185 million for an annualized net charge-off rate of 0.3% ■ Net interest income for 2Q26 was $3.95 billion, 27% higher YoY, reflecting an increase in interest-earning assets and a decrease in funding costs ‐ 2Q26 average interest-earning assets of $1.98 trillion Loans by Type4 Metrics 0.9% ALLL to total gross loans, at amortized cost as of 2Q26 ALLL to Gross Loans Gross Secured Loans ~85% of total gross loans are secured as of 2Q26

10 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Expenses Financial Results Expense Highlights ■ 2Q26 total operating expenses were significantly higher YoY ‐ Compensation and benefits expenses were significantly higher, reflecting improved operating performance ‐ Non-compensation expenses were significantly higher, primarily reflecting significantly higher transaction based expenses ■ 2Q26 YTD effective tax rate was 18.5%, up from 13.2% for 1Q26, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards, partially offset by an increase in other permanent tax benefits, for 2Q26 YTD compared with 1Q26 $ in millions 2Q26 vs. 1Q26 vs. 2Q25 2Q26 YTD vs. 2Q25 YTD Compensation and benefits $ 6,104 13% 30% $ 11,516 20% Transaction based 3,052 21% 56% 5,567 46% Market development 198 6% 19% 384 19% Communications and technology 635 9% 20% 1,218 18% Depreciation and amortization 509 3% (18)% 1,004 (11)% Occupancy 244 (4)% 4% 498 7% Professional fees 372 (2)% (15)% 751 (13)% Other expenses 559 (7)% (9)% 1,161 (2)% Total operating expenses $ 11,673 12% 26% $ 22,099 20% Provision for taxes $ 1,935 126% 57% $ 2,791 30% Effective tax rate 18.5% (1.7)pp 58.8% 62.0% 2Q26 YTD 2Q25 YTD Efficiency Ratio4

11 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Capital and Balance Sheet Capital and Balance Sheet Highlights4Capital4 ■ Both Standardized and Advanced CET1 capital ratios increased QoQ, reflecting a decrease in market and credit RWAs ■ SLR decreased QoQ, reflecting an increase in on- and off-balance sheet exposure and a decrease in Tier 1 capital ■ Returned $5.36 billion of capital to common shareholders during the quarter ‐ 4.1 million common shares repurchased for a total cost of $4.00 billion ‐ $1.36 billion of common stock dividends ■ Increased the quarterly dividend to $5.00 per common share in 3Q26, up 11% QoQ and 25% YoY ■ Deposits of $558 billion consisted of consumer $228 billion, private bank $101 billion, transaction banking $83 billion, brokered CDs $52 billion, deposit sweep programs $42 billion and other $52 billion ■ Book value per common share increased 1.8% QoQ $ in billions 2Q26 1Q26 4Q25 Total assets $ 2,128 $ 2,060 $ 1,809 Deposits $ 558 $ 561 $ 501 Unsecured long-term borrowings $ 348 $ 315 $ 285 Shareholders' equity $ 123 $ 123 $ 125 Average GCLA $ 555 $ 494 $ 479 Book Value Selected Balance Sheet Data4 2Q26 1Q26 4Q25 Standardized CET1 capital ratio 12.9% 12.5% 14.3% Advanced CET1 capital ratio 13.7% 13.3% 15.1% Supplementary leverage ratio (SLR) 4.3% 4.7% 5.2% in millions, except per share amounts 2Q26 1Q26 4Q25 Basic shares4 298.4 302.0 307.1 Book value per common share $ 367.67 $ 361.19 $ 357.60 Tangible book value per common share2 $ 336.61 $ 336.28 $ 335.49

12 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity and the forward-looking statements below, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. Information regarding the firm’s assets under supervision, total alternative assets, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets (GCLA) consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements regarding (i) forward catalysts, estimated GDP growth or contraction, interest rate and inflation trends and volatility, (ii) the timing, profitability, benefits and other prospective aspects of business initiatives (including via acquisitions and partnerships) and the achievability of targets and goals, (iii) the firm’s expense savings, productivity (including the opportunities presented by artificial intelligence (AI)) and strategic location initiatives, (iv) the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s stress capital buffer (SCB) requirement and G-SIB buffer, and the potential impact of changes to U.S. regulatory capital rules), (v) the firm’s prospective capital distributions (including dividends and repurchases), (vi) the firm’s future effective income tax rate, (vii) the firm’s Investment banking fees backlog and future results, (viii) the firm’s planned benchmark debt issuances, and (ix) the firm's ability to transition the Apple Card program, and the timing of that transaction, are forward-looking statements. Statements regarding forward catalysts are subject to the risk that the actual operating environment may differ, possibly materially, due to, among other things, changes or the absence of changes in general economic and market conditions, CEO confidence, sponsor activity, productivity gains, and the regulatory backdrop. Statements regarding estimated GDP growth or contraction, interest rate and inflation trends and volatility are subject to the risk that actual GDP growth or contraction, interest rate and inflation trends and volatility may differ, possibly materially, due to, among other things, changes in general economic conditions and monetary, fiscal and trade policy, including tariffs, as well as the effects of the outbreak or escalation of wars or other conflicts. Statements about the timing, profitability, benefits and other prospective aspects of business (including via acquisitions and partnerships), expense savings and productivity initiatives (including the opportunities presented by AI) and the achievability of targets and goals are based on the firm’s current expectations regarding the firm’s ability to effectively implement these initiatives and achieve these targets and goals and may change, possibly materially, from what is currently expected. Statements about the future state of the firm’s liquidity and regulatory capital ratios (including the firm’s SCB requirement and G-SIB buffer), as well as its prospective capital distributions (including dividends and repurchases), are subject to the risk that the firm’s actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected, including due to, among other things, the results of supervisory stress tests and the finalization of outstanding regulatory capital rule proposals, which may not be what the firm expects. Statements about the firm’s future effective income tax rate are subject to the risk that the firm’s future effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the tax rates applicable to the firm, the firm’s earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm’s expected tax rate, and potential future guidance from tax authorities. Statements about the firm’s Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as the firm expects or that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the firm’s planned benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm’s funding needs. Statements about the process to transition the Apple Card program are subject to the risk that the transaction may not close on the anticipated timeline or at all, including due to a failure to satisfy applicable closing conditions. Cautionary Note Regarding Forward-Looking Statements

13 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors 194:23:10 243:196:63G. 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade 1. Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements. 2. Annualized return on average common shareholders’ equity (ROE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Annualized return on average tangible common shareholders’ equity (ROTE) is calculated by dividing annualized net earnings applicable to common shareholders by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders’ equity by basic shares. Management believes that tangible common shareholders’ equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents a reconciliation of average and ending common shareholders’ equity to average and ending tangible common shareholders’ equity: 3. Dealogic – January 1, 2026 through June 30, 2026. 4. For information about the following items, see the referenced sections in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2026: (i) Investment banking fees backlog – see “Results of Operations – Global Banking & Markets,” (ii) assets under supervision (AUS), Wealth management client assets and alternative assets – see “Results of Operations – Asset & Wealth Management,” (iii) efficiency ratio – see “Results of Operations – Operating Expenses,” (iv) basic shares – see “Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics,” (v) share repurchase program – see “Capital Management and Regulatory Capital – Capital Management” and (vi) global core liquid assets (GCLA) – see “Risk Management – Liquidity Risk Management." For information about the following items, see the referenced sections in Part I, Item 1 “Financial Statements (Unaudited)” in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2026: (i) interest-earning assets – see “Statistical Disclosures – Distribution of Assets, Liabilities and Shareholders’ Equity” and (ii) risk-based capital ratios and the supplementary leverage ratio – see Note 20 “Regulation and Capital Adequacy." Represents a preliminary estimate for the second quarter of 2026 for the firm's assets under supervision, Wealth management client assets, alternative assets, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data and global core liquid assets. These may be revised in the firm's Quarterly Report on Form 10-Q for the period ended June 30, 2026. 5. Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the disposition of Goldman Sachs TFI, for the three months ended June 30, 2026. Includes $5 billion of inflows in long-term assets under supervision (in alternative investments) in connection with the acquisition of Industry Ventures for the three months ended March 31, 2026. Footnotes Unaudited, $ in millions AVERAGE FOR THE AS OF THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, 2026 MARCH 31, 2026 DECEMBER 31, 2025JUNE 30, 2026 JUNE 30, 2026 Total shareholders' equity $ 122,261 $ 122,591 $ 122,742 $ 122,782 $ 124,972 Preferred stock (13,197) (13,621) (13,028) (13,703) (15,153) Common shareholders' equity 109,064 108,970 109,714 109,079 109,819 Goodwill (7,163) (6,832) (7,342) (6,590) (5,949) Identifiable intangible assets (1,699) (1,367) (1,929) (932) (842) Tangible common shareholders' equity $ 100,202 $ 100,771 $ 100,443 $ 101,557 $ 103,028

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v3.26.1

Cover

Jul. 14, 2026

Document And Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Jul. 14, 2026

Entity Registrant Name

The Goldman Sachs Group, Inc.

Entity File Number

001-14965

Entity Incorporation State Country Code

DE

Entity Tax Identification Number

13-4019460

Entity Address, Address Line One

200 West Street

Entity Address, City or Town

New York

Entity Address, State or Province

NY

Entity Address, Postal Zip Code

10282

City Area Code

(212)

Local Phone Number

902-1000

Written Communications

false

Soliciting Material

false

Pre Commencement Tender Offer

false

Pre Commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Amendment Flag

false

Entity Central Index Key

0000886982

Common stock, par value $.01 per share

Document And Entity Information [Line Items]

Security 12b Title

Common stock, par value $.01 per share

Trading Symbol

GS

Security Exchange Name

NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A

Document And Entity Information [Line Items]

Security 12b Title

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A

Trading Symbol

GS PrA

Security Exchange Name

NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C

Document And Entity Information [Line Items]

Security 12b Title

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C

Trading Symbol

GS PrC

Security Exchange Name

NYSE

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D

Document And Entity Information [Line Items]

Security 12b Title

Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D

Trading Symbol

GS PrD

Security Exchange Name

NYSE

5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II

Document And Entity Information [Line Items]

Security 12b Title

5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II

Trading Symbol

GS/43PE

Security Exchange Name

NYSE

Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III

Document And Entity Information [Line Items]

Security 12b Title

Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III

Trading Symbol

GS/43PF

Security Exchange Name

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Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.

Document And Entity Information [Line Items]

Security 12b Title

Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.

Trading Symbol

GS/31B

Security Exchange Name

NYSE

Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.

Document And Entity Information [Line Items]

Security 12b Title

Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.

Trading Symbol

GS/31X

Security Exchange Name

NYSE

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