Achieved the second-highest quarterly net revenues and EPS in firm history, driven by record performance in Global Banking & Markets despite a dynamic macro environment.

Performance attribution was characterized by strong client engagement in FICC and equities as elevated uncertainty led clients to actively reposition portfolios.

Strategic focus on ‘One Goldman Sachs’ and financing businesses provided balance, with financing now comprising nearly 40% of total FICC and equities revenues.

Investment Banking maintained its #1 M&A ranking, benefiting from large-scale strategic corporate consolidations even as private equity sponsor activity remained tempered.

Asset & Wealth Management saw its 33rd consecutive quarter of long-term fee-based inflows, totaling $62 billion, reflecting deep client trust during periods of volatility.

Management emphasized that a 30-year track record in private credit, focused on rigorous underwriting and institutional partners, positions the firm to navigate potential credit cycles.

Management maintains a constructive outlook for 2026, supported by fiscal stimulus, AI-related capital investment, and a more balanced U.S. regulatory agenda.

Guidance assumes a rebound in IPO and sponsor activity once market conditions stabilize, supported by a backlog that remains at its highest level in four years.

The firm is accelerating investments in cloud migration and data infrastructure to optimize the future deployment of AI solutions and unlock productivity gains.

Full-year tax rate is expected to be approximately 20%, following a first-quarter benefit from employee stock-based compensation.

Strategic initiatives in Asia are expected to continue closing competitive gaps in FICC and equities financing, building on record average prime balances this quarter.

Encouraged by the direction of Basel III finalization and G-SIB surcharge reproposals, which management believes better align regulatory outcomes with actual risk.

The CET1 ratio ended at 12.5%, reflecting a capital delta of 180 basis points related to buybacks, as the firm returned a record $5 billion to shareholders through repurchases and deployed capital into client franchises.

Provision for credit losses of $315 million was driven by wholesale lending growth and specific single-name impairments, rather than systemic private credit concerns.

The acquisition of Innovator closed in the second quarter, adding $31 billion in assets and positioning the firm as a top 10 global active ETF provider.