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Goldman Sachs

Wyniki II kw. 2026 vs I kw. 2026 · poprzedni kwartał · opublikowano 14 lip 2026 i 13 kwi 2026

Net income up 17.7% on the previous quarter. Management sounded very upbeat, though noticeably less so answering analysts.

1 · Liczby

+17,7%

Zysk netto vs I kw. 2026

Zysk netto 6,63 mld vs 5,63 mld

Przychody +18,1%

Against the same quarter last year (II kw. 2025) it is +78.0%, so it is not just seasonal.

Dlaczego Against the same quarter last year, net income rose primarily due to record revenues in equities intermediation, debt underwriting, and financing, alongside higher advisory revenues from increased volumes and higher management fees in asset and wealth management.

2 · Jak mówił zarząd

Bardzo optymistyczny

More upbeat than 92% of company calls

Answers to analysts: upbeat, but clearly less so than the script.

Last call it was different: script and answers matched.

3 · Co się wyróżniło

Goldman Sachs increased its quarterly dividend to $5 a share, representing a 25% increase from last year and a 150% increase over the last five years.

Oficjalne kanały

Strona spółki i jej oficjalne konta w mediach społecznościowych.

Między wierszami

  1. Liczba

    Goldman Sachs generated record revenues of $20.3 billion and record earnings per share of $20.98 in the quarter, achieving an ROE of 23.5% and a ROTE of 25.5%.

    Cytat ze źródła
    “In the quarter, we generated record revenues of $20.3 billion, record earnings per share of $20.98, and an ROE of 23.5% and an ROTE of 25.5%.”
  2. Liczba

    Large cap corporate M&A volumes rose by 90% through the first half of 2026 due to a desire for scale.

    Cytat ze źródła
    “This desire for scale has driven a significant increase in strategic deal-making activity with large cap corporate M&A volumes up 90% through the first half of 2026.”
  3. Liczba

    Management and other fees across asset and wealth management grew 20% year-over-year to drive the company's growth strategy forward.

    Cytat ze źródła
    “Across asset and wealth management, we are relentlessly driving our growth strategy forward with quarterly management and other fees up 20% year-over-year.”
  4. Liczba

    Investor interest drove a record $59 billion of fundraising in the second quarter and $85 billion year to date within the alternatives segment.

    Cytat ze źródła
    “Within alternatives, despite some pressure in segments of the industry, investor interest across our platform remained incredibly strong, driving a record $59 billion of fundraising in the second quarter and $85 billion of fundraising year to date.”
  5. Liczba

    The company increased its quarterly dividend to $5 a share, representing a 25% increase from last year and a 150% increase over the last five years.

    Cytat ze źródła
    “In line with our priority to sustainably grow our dividend, we recently announced an increase in our quarterly dividend to $5 a share, representing a 25% increase versus a year ago and 150% increase over the last five years.”
4 więcej
  1. Liczba

    The efficiency ratio improved by 320 basis points to 58.8% during the first half of the year, aided by a decline in the compensation ratio net of provisions to 31%.

    Cytat ze źródła
    “Through the first half of the year, we generated material operating leverage with an efficiency ratio of 58.8%, improving 320 basis points from the prior year period, helped by a decline in our compensation ratio net of provisions to 31%.”
  2. Liczba

    The investment banking backlog reached its highest level in 5 years and its second highest level on record, supported by a record advisory backlog.

    Cytat ze źródła
    “Even with very strong investment banking revenues this quarter, our backlog increased to its highest level in 5 years and its second highest level on record, underpinned by a record advisory backlog and reflecting the strength and breadth of our client engagement.”
  3. Główny temat

    Some clients will be routed to AWM to drive growth in that business.

    Cytat ze źródła
    “Some will now get routed to AWM and help drive some of the growth in that business.”
  4. Liczba

    The company repurchased $4 billion of its common stock this past quarter.

    Cytat ze źródła
    “We repurchased $4 billion of our common stock this past quarter.”

Wycena

Odwrócony DCF na zysku netto z ostatniego pełnego roku obrotowego (brak miarodajnych wolnych przepływów: bank, ubezpieczyciel lub rok z ujemnymi przepływami) (2025-12-31), powiększane przez 10 lat, zdyskontowane, plus wartość rezydualna. „Wzrost implikowany” to tempo, które zakłada obecna cena.

Aktualna cena

$887.21

zamknięcie z 2026-10-07

Rynek zakłada wzrost o iRoczny wzrost wolnych przepływów pieniężnych przez następne 10 lat, który zakłada dzisiejsza cena akcji. Jeśli uważasz, że spółka będzie rosła szybciej, akcja jest w tym modelu tania; wolniej — droga.

+4,5% przez 10 lat

Wartość godziwa / akcję

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Kupuj poniżej

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Cena vs wartość godziwa

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Cena vs cena zakupu

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Ton

Jak optymistyczny był język w porównaniu z innymi spółkamiiTon to liczba pozytywnych słów finansowych minus liczba negatywnych, skorygowana o długość tekstu. Zarządy zwykle mówią pozytywnie, więc etykiety porównują każdą konferencję z ostatnimi konferencjami wszystkich spółek: „typowy” to środkowa trzecia, „bardzo optymistyczny” to najlepsze 10%, „ostrożny” to najsłabsze 10%.. Kropka: II kw. 2026. Pierścień: I kw. 2026.

Prezentacja Bardzo optymistyczny (wcześniej typowy)
Odpowiedzi analitykom Optymistyczny (wcześniej powściągliwy)

Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 89% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Zdania, które wpłynęły na ton
“Even with very strong investment banking revenues this quarter, our backlog increased to its highest level in 5 years and its second highest level on record, underpinned by a record...”
“In line with our priority to sustainably grow our dividend, we recently announced an increase in our quarterly dividend to $5 a share, representing a 25% increase versus a year...”
“This strength also extended into financing, where we generated another quarter of record revenues as we deployed our balance sheet to support clients with average prime balances rising to another...”

Liczby

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Pozycja II kw. 2026period end 2026-06-30 I kw. 2026period end 2026-03-31 Zmiana II kw. 2025 r/r
Przychody 20,34 mld 17,23 mld +18,1% 14,58 mld +39,5%
Zysk operacyjny 8,56 mld 6,49 mld +32,0% 4,96 mld +72,7%
Zysk netto 6,63 mld 5,63 mld +17,7% 3,72 mld +78,0%
Zysk na akcję 20,98 17,55 +19,5% 10,91 +92,3%
C/Z dziś 13,8 15,6 15,5 +0,1 15,6 +0,0

Tematy

Najczęściej omawiane teraz

  • This is creating significant opportunities for Goldman Sachs to provide structuring, financing, risk management, and capital markets…
  • At the same time, the AI investment cycle is expanding capital needs beyond core technology into infrastructure, energy and data...
  • Beyond the infrastructure buildout, companies large and small are working to integrate AI into their operations, increasing demand for…
  • Through the first half of the year, Goldman Sachs advised on $1.2 trillion in announced deal volumes with a lead of...
  • Moment remains extremely active with Goldman Sachs' clients

Zniknęło od I kw. 2026

  • Słabnie These results reflect the strength of Goldman Sachs' global franchise and the depth of its relationships and its ability to execute...
  • Słabnie Equity underwriting revenues of $535 million were up 45% year-over-year on better convertibles results while debt underwriting revenues of…
  • Słabnie Within intermediation, revenues in rates and mortgages were significantly lower versus the first quarter of last year as results were...
  • Słabnie Goldman Sachs had a dynamic where values and private equity portfolios got marked up meaningfully in 2020 and 2021 because of...

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