Goldman Sachs Smashes Q2 Earnings Expectations, Analysts Raise Targets

Goldman Sachs Group Inc reported record-breaking earnings for Q2 2026, surpassing consensus estimates. The company's net revenue rose 39% year over year to $20.34 billion, driven by strength in its Global Banking & Markets business. Chairman and Chief Executive Officer David Solomon noted that the AI investment cycle is expanding capital needs beyond core technology into infrastructure, creating opportunities in energy and data centers.

The firm maintained its position as the leading M&A advisor, with announced deal volumes reaching $1 trillion in the first half of 2026. Global Banking and Markets revenues reached a record $15.5 billion in the second quarter, with advisory revenues rising 17% year over year to $1.4 billion.

Analysts from Wells Fargo, Barclays, and others raised price targets for Goldman Sachs following the announcement. However, Citizens maintained a Market Perform rating, citing valuation limits despite increasing its 2026 and 2027 earnings estimates.