Goldman Sachs Group (GS) — cost advantage, read against the 10-Q

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

The disclosed year-over-year net revenue growth increased from 14% to 39%, bearing on the EPS and ROE improvements cited in the reason.

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”