one segment per reason, in the order derived · each opens its reason · the changed one leads
strengthening02
Our efficiency ratio was 57.4% for the second quarter of 2026, compared with 63.4% for the second quarter of 2025The ratio of compensation and benefits to net revenues, net of provision for credit losses, was 31.0% for the first half of 2026, compared with 33.0% for the first half of 2025Annualized return on average common shareholders' equity (ROE) was 23.5% for the second quarter of 2026, compared with 12.8% for the second quarter of 2025Diluted earnings per common share (EPS) was $20.98 for the second quarter of 2026, compared with $10.91 for the second quarter of 2025
what the newest filing did to it
The disclosed year-over-year net revenue growth increased from 14% to 39%, bearing on the EPS and ROE improvements cited in the reason.
the sentence it rests on · MD&A
“Net revenues were $20.34 billion for the second quarter of 2026, 39% higher than the second quarter of 2025”
holds01
Net revenues in FICC were $4.59 billion, 32% higher than the second quarter of 2025As a market maker, we facilitate transactions in both liquid and less liquid markets, primarily for institutional clients, such as corporations, financial institutions, investment funds and governments
strengthening03
As of June 2026, our assets under supervision increased $391 billion due to net inflows (reflecting net inflows across all asset classes, primarily in liquidity products and equity) and net market appreciationManagement and other fees included fees from alternatives of $725 million for the three months ended June 2026, $592 million for the three months ended June 2025We have raised $85 billion in third-party commitments in the first half of 2026 and $523 billion since 2019, and expect fundraising for full year 2026 to exceed $125 billionOur estimated unrecognized incentive fees were $7.08 billion as of June 2026 and $5.24 billion as of December 2025
holds04
Goldman operates with a CET1 ratio comfortably above regulatory minimums and a stated policy to return excess capital after funding client activity at attractive returns. The $5.4 billion returned in a single quarter and the 11% dividend hike demonstrate follow-through. For shareholders, this discipline converts episodic earnings strength into tangible cash returns and limits capital accumulation that could dilute ROE.