Goldman Sachs (NYSE:GS) posted blowout Q2 results—surging revenue, record equities trading and investment banking fees, and a $5 dividend—while touting an AI-driven capex supercycle, record advisory backlog and strong alternative fund flows even as Platform Solutions slumped and prime demand outstrips supply.

Previous Week Recap

  • Goldman Q2 Profit, Revenue Rise: Goldman Sachs Q2 2026: net profit $6.63B ($20.98/sh), revenue ~$20.3–20.98B (+39% YoY), GBM revenue $15.5B (+53%), equities trading $7.42B (+72%), dividend $5.00, stock hit record highs
  • SpaceX $86B IPO Lead-Left: Goldman Sachs posted $3.4B in investment banking fees, up 55% YoY, led by advisory and record debt underwriting; firm was lead-left underwriter and advisor on SpaceX’s $86B IPO.
  • AI Spending Boosting Demand: Goldman Sachs says AI spending now boosts demand for energy and data centers, calling it a multi-year AI capex super cycle and signaling sustained financing and advisory activity for GS.
  • Q2 Results Preview, AI Guidance: Goldman Sachs (GS) will report Q2 results; traders watch guidance on AI spending, revenue, and comments on macro risks like U.S.-Iran tensions amid the banking earnings season.
  • Platform Solutions Profit Down: Goldman Sachs' Platform Solutions Q2 net revenue fell 64% to $221M; pre-tax loss $48M. Apple Card markdowns drove decline. Total credit card loans were $20B at quarter end.
  • Mayo Sets GS Target Higher: Wells Fargo's Mike Mayo raised Goldman Sachs (GS) price target to $1,325 from $1,195 after strong Q2 results, citing robust trading and dealmaking; new target implies about 24% upside.
  • Private Credit, Alternatives Raised: Goldman Sachs raised $31 billion for private credit funds and $59 billion for alternative investments in Q2, CEO David Solomon said — key asset flows traders monitor for GS liquidity and growth.
  • Prime Brokerage Demand Outpacing Supply: Goldman Sachs said Q2 client demand for prime brokerage and FICC financing outstripped supply; the bank is limiting some client requests to manage risk and capital while maintaining support.
  • IB Backlog At Five-Year High: Goldman Sachs (GS) CEO David Solomon says the firm’s investment banking backlog is the highest in five years and its advisory backlog is at a record, signaling stronger deal activity.
  • H1 IB Revenue vs Peers: Goldman Sachs' H1 2026 investment banking revenue trailed JPMorgan but exceeded Morgan Stanley. Firm cites strong deal activity and a robust transaction pipeline entering H2 2026.

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