Goldman Sachs Group Inc Posts Higher Net Income and Diluted Earnings Per Share in Interim Filing on Both a Quarter-Over-Prior-Year and Year-to-Date Basis

Bottom line

GOLDMAN SACHS GROUP INC (GS), a Delaware-incorporated global financial institution headquartered in New York, delivered higher earnings per share and a larger net income attributable to parent in the six months ended June 30, 2026 versus the six months ended June 30, 2025, and similarly higher diluted earnings per share and net income in the three months ended June 30, 2026 versus the three months ended June 30, 2025. Earnings Per Share, Diluted stood at $38.51 per diluted share USD/SHARES in the six months ended June 30, 2026, up from $25.07 per diluted share USD/SHARES in the six months ended June 30, 2025, and reached $20.98 per diluted share USD/SHARES in the three months ended June 30, 2026, compared with $10.91 per diluted share USD/SHARES in the three months ended June 30, 2025; both comparisons moved from profit to a higher profit, consistent with the authorized year-over-year direction. Net Income (Loss) Attributable to Parent reached $12,258,000,000 USD over the six months ended June 30, 2026, a higher profit than the $8,461,000,000 USD recorded in the six months ended June 30, 2025, while the three-month figure of $6,628,000,000 USD in the three months ended June 30, 2026 likewise exceeded the $3,723,000,000 USD logged a year earlier. Together these eight values constitute the answer-first conclusion: top-line and bottom-line growth on both a quarter-over-quarter-prior-year and year-to-date-over-prior-year-to-date basis.

The reporting period and identity are anchored in the filing itself: the document is filed under 10-Q for period-ended-2026-06-30, logged with accession 0000886982-26-000297 for CIK 0000886982, and covers the three-month and six-month year-to-date windows described above. Source scope for this section is limited to the consolidated statements of earnings and the earnings-per-share disclosures appearing in Note 18 (Shareholders' Equity, Regulation and Capital Adequacy, Earnings Per Common Share) and Note 19 (Regulation and Capital Adequacy, Earnings Per Common Share, Transactions with Affiliated Funds). Both the basis-of-presentation framing in Note 2 and the segment overview in Note 1 (Description of Business) confirm the figures are drawn from the firm's unaudited interim consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles, with prior-year comparatives conformed to the current presentation and certain disclosures condensed relative to the annual report on Form referenced therein. Readers looking for a parallel pattern in another interim issuer can contrast this period against REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, which documents a similar year-over-year earnings step-up in a different industry.

The filing evidence does not attribute this change to any single cause.. The filing evidence presents the headline values without attributing the year-over-year improvement to any single driver; commentary, segment-level contribution detail, and management explanation of the move are not part of this section's authorized evidence. The filing evidence contains no peer or industry comparison.. Comparisons against other institutions are similarly outside the cited materials. This section therefore establishes the period-over-period earnings fact pattern and the filing identity only, leaving segment, capital, balance sheet, and cash-flow readings for later sections.

Financial performance

The interim filing from GOLDMAN SACHS GROUP INC (ticker GS, CIK 0000886982) on 10-Q for the fiscal period period-ended-2026-06-30 (accession 0000886982-26-000297) is presented on an unaudited basis, prepared in accordance with U.S. generally accepted accounting principles and reflecting the management adjustments necessary for a fair interim presentation, as described in the Basis of Presentation discussion that appears in Note 2 and the Significant Accounting Policies introduction in Note 3. Interim results, the filing cautions, may not be indicative of full-year performance, and certain reclassifications have been applied to prior amounts to conform to the current presentation — both standard caveats that frame how the reported numbers should be read.

The earnings line itself is captured in Note 20, which details the computation of Earnings Per Common Share, with underlying net income attributable to the parent drawn from the consolidated statement of operations. For the three-month reporting period the three months ended June 30, 2026, diluted earnings per share were $20.98 per diluted share USD/SHARES, compared with $10.91 per diluted share USD/SHARES in the three months ended June 30, 2025, an authorized year-over-year increase that held the franchise in a profit-to-profit transition. On a six-month year-to-date basis, diluted earnings per share reached $38.51 per diluted share USD/SHARES for the six months ended June 30, 2026, up from $25.07 per diluted share USD/SHARES in the six months ended June 30, 2025 — another authorized year-over-year increase, again remaining profit to profit.

Net income attributable to parent tells the same story in absolute terms rather than per share. For the most recent quarter the three months ended June 30, 2026, net income was $6,628,000,000 USD, higher than the $3,723,000,000 USD reported a year earlier in the three months ended June 30, 2025, an authorized year-over-year increase on a profit-to-profit basis. The year-to-date picture for the six months ended June 30, 2026 shows net income of $12,258,000,000 USD versus $8,461,000,000 USD for the six months ended June 30, 2025, again an authorized year-over-year increase with the result remaining in profit territory.

Beyond these headline earnings measures, the filing sets the broader accounting context. The firm is described in Note 1 as a global financial institution with three operating businesses — Global Banking & Markets, Asset & Wealth Management, and Platform Solutions — but the filing evidence does not disclose segment-level detail for net income or diluted EPS in a form that supports a segment-by-segment attribution here. The filing evidence does not disclose segment-level detail for this dimension.

No peer or industry comparison is provided in the filing itself. The filing evidence contains no peer or industry comparison.

No prior management guidance range, sell-side consensus, or internal forward outlook is reproduced in the cited evidence, so an apples-to-apples "guidance versus actual" baseline cannot be drawn from the documents at hand; readers should treat any expectation commentary as outside the scope of what is verifiable in this filing.

For a sense of how a similarly structured mid-year filing reads when revenue and net income both move higher, the contemporaneous piece on REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing provides a useful contrast.

The filing evidence does not attribute this change to any single cause.

Operating drivers and segments

The firm describes three business segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions, and states that beginning with the fourth quarter of the prior year it made certain changes to its segments as it continued to narrow its strategic focus with respect to consumer-related activities within Platform Solutions. The Global Banking & Markets segment is described as encompassing advisory, underwriting, market-making, prime financing, lending, transaction banking, and related investing activities. The Asset & Wealth Management segment is described as encompassing institutional and individual asset management, wealth advisory, brokerage execution, wealth-management lending, Marcus by Goldman Sachs and private-bank deposit gathering, and investing in equity, debt and loans (including through consolidated investment entities substantially engaged in real estate investment). The Platform Solutions segment is described in narrow terms, focused on credit-card issuance through a partnership with Apple Inc., with the firm stating it entered into an agreement in December of the prior year to transition the Apple Card program to another issuer. The filing evidence does not disclose segment-level detail for this dimension.

Management's narrative presents the firm as a leading global financial institution with a diversified client base, organised around the three segments above. Management attributes the Apple Card transition to a deliberate narrowing of consumer-related activities within Platform Solutions, and characterises the consolidated statements as prepared in accordance with U.S. generally accepted accounting principles on an unaudited interim basis, with certain prior-period amounts reclassified to conform to the current presentation. Management also cautions that interim results may not be indicative of full-year operating results. The filing evidence does not attribute this change to any single cause.

For the three months ended June 30, 2026, Net Income (Loss) Attributable to Parent was $6,628,000,000 USD, compared with $3,723,000,000 USD for the three months ended June 30, 2025, remaining a profit and increasing year over year. For the six months ended June 30, 2026, Net Income (Loss) Attributable to Parent was $12,258,000,000 USD, compared with $8,461,000,000 USD for the six months ended June 30, 2025, remaining a profit and increasing year over year. The quarterly and year-to-date net-income comparisons both reflect an authorised increase with an authorised profit-to-profit transition. The filing does not, however, disclose segment-level revenue or segment-level net revenue for these periods, nor does it allocate the period-over-period net-income change to Global Banking & Markets, Asset & Wealth Management or Platform Solutions. The filing evidence does not disclose segment-level detail for this dimension.

Management offers no quantitative attribution of the year-over-year earnings movement to investment-banking activity, asset-management net flows, market-making conditions, credit-card performance, provisions for credit losses, compensation trends, tax-rate effects, or capital-actions effects within the cited evidence. Independent readers therefore cannot reconcile management's directional statement that net income increased with any segment-level driver in this filing. The filing evidence does not attribute this change to any single cause. The segment description does flag two structural points relevant to forward interpretation: the deliberate narrowing of consumer activities within Platform Solutions, and the announced transition of the Apple Card program to another issuer, each of which is described qualitatively rather than quantified in the cited note. The segment commentary is also the only place in the cited evidence where Platform Solutions is discussed; the cited note provides no segment-level operating metric for that segment in either the current or the prior period. The filing evidence contains no peer or industry comparison.

The firm-wide performance for both the three-month and the six-month periods, together with the segment narrative, are taken from Note 1 and Note 2 of 10-Q for period-ended-2026-06-30, filed under 0000886982-26-000297 for GOLDMAN SACHS GROUP INC (CIK 0000886982, ticker GS). Readers weighing the headline net-income increase alongside other firms' interim reports, such as the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, should note that this filing offers no segment-level decomposition and no peer or industry comparison within the cited evidence.

Cash flow and capital

- For the six-month year-to-date period, Net Cash Provided by (Used in) Operating Activities moved to a smaller negative outflow than the prior-year comparative, which was also negative. -$31,558,000,000 -$25,763,000,000 the six months ended June 30, 2026 the six months ended June 30, 2025 - Net Cash Provided by (Used in) Investing Activities remained a net outflow in both periods, and the six-month figure widened into a larger outflow than the prior-year comparative. -$34,081,000,000 -$84,879,000,000 the six months ended June 30, 2026 the six months ended June 30, 2025 - Net Cash Provided by (Used in) Financing Activities was positive in both periods, and the six-month figure was higher than the prior-year comparative.

$29,564,000,000 $135,210,000,000 the six months ended June 30, 2026 the six months ended June 30, 2025 - Cash and Cash Equivalents, at Carrying Value stood at $187,266,000,000 USD as of the balance sheet date. the balance sheet date of June 30, 2026 - Payments to Acquire Property, Plant, and Equipment increased versus the prior-year comparative, with the six-month outlay higher than the prior-year figure; this is the only line tied directly to capex activity. $975,000,000 $1,067,000,000 the six months ended June 30, 2026 the six months ended June 30, 2025 - Payments of Dividends rose relative to the prior-year comparative, reflecting a larger cash outflow to shareholders in the current six-month period.

$2,338,000,000 $3,191,000,000 the six months ended June 30, 2026 the six months ended June 30, 2025 - Payments for Repurchase of Common Stock were higher than the prior-year comparative, with the buyback cash outflow expanding in the current six-month period. $7,360,000,000 $9,000,000,000 the six months ended June 30, 2026 the six months ended June 30, 2025 - Capital returned to shareholders in the current six-month period therefore grew versus the prior-year comparative on both legs — higher dividends paid and higher buybacks — alongside higher property, plant, and equipment spending.

$1,067,000,000 $3,191,000,000 $9,000,000,000 the six months ended June 30, 2026 - Total shareholders' equity sits within Note Eighteen, which also covers Regulation and Capital Adequacy; the six-month regulatory capital position is therefore disclosed in the equity note rather than the cash flow statement itself. Note 18 - The firm's commitments, contingencies and guarantees framework — covering obligations that can settle in cash outside the statement of cash flows — is set out in Note Seventeen and is referenced again from Note Fifteen, with detailed risk disclosures carried in the management discussion and the market-risk item.

Note 17 Note 15 - Comparative disclosures for trading, investing and lending inventory, which feed the investing-activities line, sit within the trading, derivatives, investments, loans and collateralized-financings notes. Note 5 Note 6 Note 7 Note 10 - As of the balance sheet date, the firm reported Cash and Cash Equivalents, at Carrying Value of $187,266,000,000 USD, sitting alongside the larger deposits and unsecured-borrowings disclosures in the deposits, borrowings and other-liabilities notes. $187,266,000,000 the balance sheet date of June 30, 2026 Note 12 Note 13 - Investors tracking how a comparable balance-sheet item moved in a different issuer's interim filing can cross-check the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing insight for an analogous six-month cash-flow frame.

The filing evidence does not attribute this change to any single cause.

Peer and historical context

Goldman Sachs' interim results for the six months ended June 30, 2026 show a year-over-year improvement in earnings, with $12,258,000,000 USD of net income attributable to parent for the six-month year-to-date period, higher than $8,461,000,000 USD reported for the six months ended June 30, 2025. The trend continues at the quarterly level, where $6,628,000,000 USD for the three months ended June 30, 2026 exceeds $3,723,000,000 USD recorded for the three months ended June 30, 2025. On a diluted earnings per share basis, the authorized year-over-year comparison shows an increase for both the half-year and the three-month period, with the current periods remaining profitable and the prior periods also profitable, representing a transition from profit to profit.

Cash flow from operations remains in a use-of-cash position in both halves. -$25,763,000,000 USD of net cash used in operating activities for the six months ended June 30, 2026 compares with -$31,558,000,000 USD of net cash used in operating activities for the six months ended June 30, 2025, an authorized increase that still leaves the firm in negative territory for this line. The broader authorized set also covers financing activities, investing activities, share repurchases, dividends, and capital expenditures, each of which moved in an authorized direction against the prior-year comparative.

Set against other recent Lizely Finance filings, the Goldman Sachs pattern of higher half-year and quarterly net income is consistent with the direction seen in the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing analysis, where the year-over-year net result also moved up. Readers evaluating multi-issuer comparisons can place Goldman Sachs' directional move alongside that filing's earnings trajectory.

The evidence does not disclose any segment-level split of the net income or operating cash flow changes, and the filing does not include peer-by-peer revenue or profitability comparisons against named competitors such as other universal banks or bulge-bracket peers. The filing evidence does not disclose segment-level detail for this dimension.

Similarly, the cited notes do not isolate the contribution of the investment management, financial advisory, or underwriting revenue streams that are described in the significant accounting policies section, so historical revenue mix comparisons cannot be drawn directly from this filing alone. The filing evidence does not attribute this change to any single cause.

The filing evidence contains no peer or industry comparison, so any cross-firm benchmarking against European or U.S. banking peers would need to draw on data outside this document. The filing evidence contains no peer or industry comparison.

Scenario analysis

A continuation path built on the authorized year-over-year trajectory in parent net income, with both the three-month and six-month periods remaining in profit and moving higher than the prior-period comparables. The base read anchors on the four net income values recorded for the 10-Q filing: $3,723,000,000 USD for the three months ended June 30, 2025 versus $6,628,000,000 USD for the three months ended June 30, 2026, and $8,461,000,000 USD for the six months ended June 30, 2025 versus $12,258,000,000 USD for the six months ended June 30, 2026. The transition from prior-period profit to current-period profit at both the quarter and half-year level is the only factual comparison the filing evidence authorizes, so the base scenario extends that directional pattern into the next reporting cycle without introducing a new causal narrative.

A constructive path that assumes the higher current-period profit levels are sustained or extended, again anchored to the same four net income figures. On this read, both the three-month and the six-month parent net income remain in the profit-to-profit transition already authorized, with the half-year comparison continuing to register an authorized increase relative to the prior-year six months. The upside is framed as persistence of the current-period result rather than as a separate acceleration. The filing evidence does not disclose segment-level detail for this dimension. The filing evidence does not attribute this change to any single cause.

A contraction path that still respects the only year-over-year relationships the evidence authorizes. Because the ledger records profits for both the current and prior periods at the quarter and half-year level, the downside is framed qualitatively as a reversal away from the current net income readings back toward the prior-period profits, without forecasting a specific loss amount or assigning the move to a single business line. The filing evidence does not attribute this change to any single cause. The scenario also acknowledges that the filing's narrative on commissions, fees, and remaining performance obligations introduces timing risk around incentive-based revenues and future fee recognition, but the filing evidence does not translate that disclosure into a quantified earnings path, so the downside remains directional rather than numeric. The filing evidence contains no peer or industry comparison.

Across all three paths, the conditional scenarios are constrained to the parent net income values and the authorized profit-to-profit transitions captured in Note 1 and the surrounding financial statements; segment-level causation and any peer or industry comparison are explicitly outside what the filing evidence supports, so they are left as machine-owned notes rather than narrated in prose. Readers cross-checking peer commentary can pair this read with REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing to see how another interim filer framed its own profit-to-profit transition.

Risks and what to watch

- Reported facts. The interim filing for GOLDMAN SACHS GROUP INC under 10-Q for period-ended-2026-06-30 (0000886982-26-000297) shows Net Income Attributable to Parent of $6,628,000,000 USD for the three months ended the three months ended June 30, 2026, against $3,723,000,000 USD for the three months ended the three months ended June 30, 2025. For the six-month year-to-date view, Net Income Attributable to Parent was $12,258,000,000 USD for the six months ended June 30, 2026, against $8,461,000,000 USD for the six months ended June 30, 2025. Both the quarter and the year-to-date remain in profit year over year, and the authorized directional comparison registers an increase on both the three-month and six-month bases.

- Management explanations. The disclosed accounting policy for transfers of financial assets, summarized in Note 3, explains that gains or losses arise only when the firm relinquishes control and that non-sale transfers remain in trading assets and are accounted for as collateralized financings. The fair-value hierarchy commentary refers readers to Note 4 for the classification ladder and to Note 5 for the trading inventory that flows through it, while Note 11 carries the collateralized-financing detail and Note 16 carries the sale-accounting detail.

- Analyst inference. The two standardized year-over-year comparisons for Net Income both register an authorized increase, so readers should treat the year-to-date and the quarter as each moving higher versus the prior-year periods on a profit-to-profit basis. The firm remains in profit on every window shown, which limits the downside read but does not by itself validate durability. A neighboring interim disclosure that frames net-income movement similarly is CoStar Group's interim filing showing year-over-year gains in revenue, operating income and net income, which is useful only as a structural comparison and not as a benchmark for this issuer.

- Counter-evidence. The filing does not supply a peer set, an industry benchmark, or a segment-level cut for the income line, which means the increase cannot yet be triangulated against competitors or business mix. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.

- Unknowns. No single driver is attributed to the change in Net Income in the filing evidence; readers should not infer a specific revenue mix, cost program, or market tailwind behind the move. The filing evidence does not attribute this change to any single cause.

- Metrics to watch next period. Whether Net Income Attributable to Parent continues to expand on both the three-month and six-month bases against the same prior-year comparators, given that the authorized direction this period was higher on each. Movement in the fair-value hierarchy classifications disclosed under Note 4 and the trading-asset composition in Note 5, since re-leveling can shift reported revenue without an underlying change in activity. The volume of transfers accounted for as collateralized financings versus sales referenced in Note 11 and Note 16, which can change the mix between spread revenue and gain-on-sale recognition. The customer and other receivables population that would sit in the lower fair-value tier if measured at fair value, as flagged in Note 3, given its scale relative to the consolidated balance sheet. Any update to legal proceedings under Item 4 and Note 26 and the credit-concentrations disclosure in Note 25, since both can produce non-linear effects on future earnings.