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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ebrahim Poonawala | Bank of America | 16 questions · 19% challenging |
| Mike Mayo | Wells Fargo | 15 questions · 13% challenging |
| Glenn Schorr | Evercore ISI | 15 questions · 7% challenging |
| Gerard Cassidy | RBC Capital Markets | 14 questions · 0% challenging |
| Dan Fannon | Jefferies | 13 questions · 8% challenging |
| Devin Ryan | Citizens JMP Securities | 13 questions · 0% challenging |
| Erika Najarian | UBS | 11 questions · 0% challenging |
| Steve Chubak | Wolfe Research | 10 questions · 0% challenging |
| Christian Bolu | Autonomous Research | 10 questions · 40% challenging |
| Betsy Graseck | Morgan Stanley | 10 questions · 10% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 analyst | 16 questions · 19% challenging |
| Wells Fargo | 1 analyst | 15 questions · 13% challenging |
| Morgan Stanley | 2 analysts | 15 questions · 7% challenging |
| Evercore ISI | 1 analyst | 15 questions · 7% challenging |
| RBC Capital Markets | 1 analyst | 14 questions · 0% challenging |
| Citizens JMP Securities | 1 analyst | 13 questions · 0% challenging |
| Jefferies | 1 analyst | 13 questions · 8% challenging |
| UBS | 1 analyst | 11 questions · 0% challenging |
Calendar quarter Q2 2026Earnings call Jul 14, 2026
FY2026 Q2 in brief
Goldman Sachs delivered a record second quarter, with net revenues of $20.3 billion and earnings per share of $20.98 driving a 23.5% ROE and 25.5% ROTE.
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for The Goldman Sachs Group, Inc. (GS), FY2026 Q2: 9/10. Scores: The Goldman Sachs Group, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: GS daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Goldman Sachs delivered a record second quarter, with net revenues of $20.3 billion and earnings per share of $20.98 driving a 23.5% ROE and 25.5% ROTE. Global Banking & Markets produced record revenues of $15.5 billion, led by record equities net revenues of $7.4 billion (intermediation up 60%, financing up 91%) and FICC up 32% to $4.6 billion, while the investment banking backlog reached its highest level in five years on strength in advisory, equity underwriting up 130%, and record debt underwriting. Asset & Wealth Management revenues rose 20% to $4.6 billion, with total assets under supervision reaching a record $4 trillion and record quarterly alternatives fundraising of $59 billion. Operating leverage was pronounced as the year-to-date efficiency ratio improved 320 basis points to 58.8%, supporting a dividend increase to $5 per share and $4 billion of buybacks. Management framed the multi-year AI infrastructure build-out as still in its early innings, a driver of elevated financing and capital formation across the franchise.
Capital Allocation | Revenue Growth | Margin | Competitive Dynamics | Regulation Policy | Demand | M&A | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 6 | 4 | 5 | 2 | 3 | 1 | 2 |
| 2025Q1 | 9 | 6 | 7 | 6 | 2 | 5 | 3 | |
| 2025Q2 | 11 | 3 | 5 | 5 | 6 | 2 | 2 | 1 |
| 2025Q3 | 5 | 6 | 6 | 5 | 2 | 3 | 1 | |
| 2025Q4 | 3 | 7 | 8 | 3 | 4 | 6 | 1 | 2 |
| 2026Q1 | 11 | 7 | 2 | 6 | 4 | 1 | 6 | 3 |
| 2026Q2 | 4 | 4 | 1 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Capital Allocation | 4 | 9 | 11 | 5 | 3 | 11 | 4 |
| Revenue Growth | 6 | 6 | 3 | 6 | 7 | 7 | 4 |
| Margin | 4 | 7 | 5 | 6 | 8 | 2 | 1 |
| Competitive Dynamics | 5 | 6 | 5 | 5 | 3 | 6 | 2 |
| Regulation Policy | 2 | 2 | 6 | 2 | 4 | 4 | 1 |
| Demand | 3 | 5 | 2 | 3 | 6 | 1 | |
| M&A | 1 | 2 | 1 | 1 | 6 | 1 | |
| Macroeconomic | 2 | 3 | 1 | 2 | 3 |
GAAP revenue YoY +22.9% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What GS and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Not just Goldman Sachs, who's doing a great job, if you didn't read their numbers this morning, because I did, you've got Stripe and PayPal and Cash App and Block and Chime and SoFi and Revolut, and they're good.”
Jamie Dimon praised Goldman Sachs's same-day earnings release while listing the competitive landscape JPMorgan must keep pace with.
“last week we were appointed to manage both Verizon's and Lockheed Martin's retirement plans, which collectively represent $70 billion in assets under supervision.”
Goldman Sachs was appointed to manage Lockheed Martin's corporate retirement plan, part of a $70 billion combined mandate underscoring growth in its OCIO solutions business.
“last week we were appointed to manage both Verizon's and Lockheed Martin's retirement plans, which collectively represent $70 billion in assets under supervision.”
Goldman Sachs was appointed to manage Verizon's corporate retirement plan, part of a $70 billion combined mandate underscoring growth in its OCIO solutions business.
“This includes acting as lead left bookrunner on the record-breaking IPO for SpaceX and equity raise for Alphabet, as well as advising Dominion Energy's sale to NextEra Energy and Comcast spinoff of NBCUniversal.”
Goldman Sachs advised Comcast on the spinoff of NBCUniversal, one of the quarter's headline advisory mandates.
“This includes acting as lead left bookrunner on the record-breaking IPO for SpaceX and equity raise for Alphabet, as well as advising Dominion Energy's sale to NextEra Energy and Comcast spinoff of NBCUniversal.”
NextEra Energy was the acquiring counterparty in the Dominion Energy sale that Goldman Sachs advised on.
“This includes acting as lead left bookrunner on the record-breaking IPO for SpaceX and equity raise for Alphabet, as well as advising Dominion Energy's sale to NextEra Energy and Comcast spinoff of NBCUniversal.”
Goldman Sachs advised Dominion Energy on the sale of assets to NextEra Energy, cited as one of the quarter's most consequential advisory mandates.
“This includes acting as lead left bookrunner on the record-breaking IPO for SpaceX and equity raise for Alphabet, as well as advising Dominion Energy's sale to NextEra Energy and Comcast spinoff of NBCUniversal.”
Goldman Sachs led Alphabet's equity raise, one of the marquee mandates cited as evidence of the firm's investment banking momentum.
“This includes acting as lead left bookrunner on the record-breaking IPO for SpaceX and equity raise for Alphabet, as well as advising Dominion Energy's sale to NextEra Energy and Comcast spinoff of NBCUniversal.”
Goldman Sachs acted as lead left bookrunner on SpaceX's record-breaking IPO, underscoring its investment banking leadership in landmark capital markets deals.
No 8-K events recorded for this window.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Net margin |
|---|---|---|---|---|---|
| FY2024 Q4 | $32.24B | +13.3% | $11.95 | +116.1% | 12.8% |
| FY2025 Q1 | $31.55B | -2.6% | $14.12 | +21.9% | 15.0% |
| FY2025 Q2 | $31.27B | +0.3% | $10.95 | +27.0% | 11.9% |
| FY2025 Q3 | $32.15B | +2.0% | $12.25 | +45.8% | 12.7% |
| FY2025 Q4 | $30.13B | -6.6% | $14.00 | +17.2% | 15.3% |
| FY2026 Q1 | $17.23B | +13.9% | $17.55 | +24.3% | 32.7% |
| FY2026 Q2Selected | $38.43B | +22.9% | $20.98 | +91.6% | 17.2% |
| FY2026 Q3 | $37.70B | +17.3% | $17.01 | +38.9% | 14.0% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
GS The Goldman Sachs Group, Inc. | 9 | +22.9% | |
| BMNR Bitmine Immersion Technologies, Inc. | 6 | +2167.9% | |
| CLSK CleanSpark, Inc. | 1 | -30.5% | |
| CRCL Circle Internet Group | 6 | +6.6% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +98.0% | |
| HOOD Robinhood Markets, Inc. | 8 | +32.3% | |
| MARA Marathon Digital Holdings, Inc. | 1 | -26.7% | |
| MS Morgan Stanley | 9 | +22.4% | |
| RIOT Riot Platforms, Inc. | 6 | +13.9% | |
| RJF Raymond James Financial | 9 | +15.2% | |
| SCHW Charles Schwab Corporation | 10 | +3.8% |