The Goldman Sachs Group, Inc.

Goldman Sachs posted record second-quarter net revenues of $20.3 billion and record EPS of $20.98. ROE was 23.5% and ROTE was 25.5%. Global Banking & Markets revenues were a record $15.5 billion; advisory revenues were $1.4 billion, up 17% year over year; equity underwriting was $985 million, up 130%; debt underwriting was $1 billion, up 75%; FICC revenues were $4.6 billion, up 32%; and equities revenues were a record $7.4 billion. Asset & Wealth Management revenues were $4.6 billion, up 20% year over year, with management and other fees at a record $3.4 billion. Total operating expenses were $11.7 billion; the firm’s CET1 ratio was 12.9%; and firm-wide net interest income was $4 billion. Forwardly, management expects full-year alternative fundraising to exceed $125 billion, quarterly Platform Solutions revenues for the rest of the year to be broadly consistent with Q2, and the full-year effective tax rate to be approximately 20%.

David Solomon said the quarter reflected accelerating momentum across the franchise, led by record advisory activity, strong trading, and robust wealth and alternatives growth. He emphasized that AI infrastructure buildout and broader client demand are creating a multi-year opportunity set for financing, capital markets, structuring, and wealth solutions. His tone was confident but measured: he repeatedly noted that conditions rarely move in a straight line and that the firm will stay disciplined on risk and capital deployment.

Denis Coleman focused on the financial detail: record revenues of $20.3 billion, record EPS of $20.98, and strong operating leverage, with the first-half efficiency ratio at 58.8%, improving 320 basis points year over year. He highlighted revenue strength in advisory, underwriting, FICC, equities, and AWM, plus $91 billion of long-term net inflows and $725 million of management and other fees from alternatives. He also cited $102 million of credit-loss provisions, a 12.9% CET1 ratio, $4 billion of share repurchases, and the newly announced $5 quarterly dividend, while reiterating that full-year tax rate should be around 20%.

Analysts pressed management on whether the outsized equities results, especially in Asia, were sustainable and whether client concentration or a few large names were driving the gains. Denis said the equities franchise was broad-based across cash, derivatives, and financing, and that Goldman had invested for years in talent, technology, and balance sheet to improve share, particularly in Asia; David added that Goldman’s global scale and connectivity are helping it win in the current environment. Questions also focused on financing capacity, SLR constraints, and the durability of the AI capex cycle; management said demand currently exceeds the amount of financing they are willing to provide, they manage to multiple constraints dynamically, and they believe the AI buildout is still in early innings but will likely involve bumps and recalibrations.