Goldman Sachs Groupreason 02 of 4it makes it for less than anyone else canderived 2026-09-11accession 0000886982-26-000297
Our efficiency ratio was 57.4% for the second quarter of 2026, compared with 63.4% for the second quarter of 2025
The 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 2025
Annualized 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 2025
Diluted earnings per common share (EPS) was $20.98 for the second quarter of 2026, compared with $10.91 for the second quarter of 2025
the finding
Year-over-year net revenue growth accelerated from 14% in Q1 to 39% in Q2, bearing on the stated improvement in ROE and EPS.
before · MD&A · 2026-03-31 → 2026-06-30
“Net revenues were $17.23 billion for the first quarter of 2026, 14% higher than the first quarter of 2025”
→ after
“Net revenues were $20.34 billion for the second quarter of 2026, 39% higher than the second quarter of 2025”
the evidence · every sentence checkedfive sentences · whole, uncut
the claims it rests on
“Our efficiency ratio was 57.4% for the second quarter of 2026, compared with 63.4% for the second quarter of 2025”
“The 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 2025”
“Annualized 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 2025”
“Diluted 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 it was checked against
Q2 efficiency ratio comparison
“Our efficiency ratio (total operating expenses divided by total net revenues) was 57.4% for the second quarter of 2026, compared with 63.4% for the second quarter of 2025.”