Second Quarter 2026Earnings Results Media Relations: Tony Fratto 212-902-5400Investor Relations: Jehan Ilahi 212-902-0300 The Goldman Sachs Group, Inc.200 West Street | New York, NY 10282 ~PAGE-BREAK~ Financial Summary Goldman Sachs Reports Second Quarter Earnings Per Common Share of $20.98 and Increases the Quarterly Dividend to $5.00 Per Common Share in the Third Quarter SECOND QUARTER 2026 EARNINGS RESULTS 1 NEW YORK, July 14, 2026 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $20.34 billion and net earnings of $6.63 billion for the second quarter ended June 30, 2026. Net revenues were $37.57 billion and net earnings were $12.26 billion for the first half of 2026. 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 and $17.55 for the first quarter of 2026, and was $38.51 for the first half of 2026 compared with $25.07 for the first half of 2025. Annualized return on average common shareholders' equity (ROE) was 23.5% for the second quarter of 2026 and 21.7% for the first half of 2026. Book value per common share increased by 1.8% during the second quarter of 2026 and by 2.8% during the first half of 2026 to $367.67. EPS 2Q26 $20.98 2Q26 YTD $38.51 Net Earnings$ in millions 2Q26 $6,628 2Q26 YTD $12,258 Net Revenues$ in millions 2Q26 $20,338 2Q26 YTD $37,565 Annualized ROE 2Q26 23.5% 2Q26 YTD 21.7% Book Value Per Share 2Q26 $367.67 YTD Growth 2.8% ~PAGE-BREAK~ Global Banking & Markets GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 2 Net revenues were $20.34 billion for the second quarter of 2026, 39% higher than the second quarter of 2025 and 18% higher than the first quarter of 2026. The increase compared with the second quarter of 2025 primarily reflected significantly higher net revenues in Global Banking & Markets. Net revenues in Global Banking & Markets were $15.52 billion for the second quarter of 2026, 53% higher than the second quarter of 2025 and 22% higher than the first quarter of 2026. Investment banking fees were $3.40 billion, 55% higher than the second quarter of 2025, primarily due to significantly higher net revenues in Equity underwriting, primarily reflecting significantly higher net revenues from secondary and initial public offerings, and in Debt underwriting, primarily reflecting significantly higher net revenues from leveraged finance and asset-backed activity. Net revenues in Advisory were higher, reflecting an increase in industry-wide completed mergers and acquisitions volumes. The firm’s Investment banking fees backlog increased compared with both the end of the first quarter of 2026 and the end of 2025. Net revenues in Fixed Income, Currency and Commodities (FICC) were $4.59 billion, 32% higher than the second quarter of 2025, primarily reflecting significantly higher net revenues in FICC intermediation, due to significantly higher net revenues in interest rate products and in commodities, higher net revenues in mortgages and slightly higher net revenues in currencies, partially offset by lower net revenues in credit products. Net revenues in FICC financing were higher, including higher net revenues in mortgages and structured lending. Net revenues in Equities were $7.42 billion, 72% higher than the second quarter of 2025, due to significantly higher net revenues in Equities intermediation, including significantly higher net revenues in derivatives and in cash products, and in Equities financing, primarily driven by significantly higher net revenues in prime financing. Net revenues in Other were $117 million compared with $154 million for the second quarter of 2025, with the decrease reflecting lower net revenues in relationship lending, partially offset by higher net revenues in transaction banking. Net Revenues$ in millions 2Q26 $20,338 Global Banking & Markets$ in millions Advisory $1,378 Equity underwriting 985 Debt underwriting 1,032 Investment banking fees 3,395 FICC intermediation 3,376 FICC financing 1,216 FICC 4,592 Equities intermediation 4,157 Equities financing 3,259 Equities 7,416 Other 117 Net revenues $15,520 Net Revenues ~PAGE-BREAK~ Asset & Wealth Management Platform Solutions GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 3 Net revenues in Platform Solutions were $221 million for the second quarter of 2026, 64% lower than the second quarter of 2025 and 46% lower than the first quarter of 2026. The decrease compared with the second quarter of 2025 primarily reflected net markdowns recognized in net revenues related to the Apple Card loan portfolio, which was transferred to held for sale in the fourth quarter of 2025. Provision for credit losses was $102 million for the second quarter of 2026, compared with $384 million for the second quarter of 2025 and $315 million for the first quarter of 2026. Provisions for the second quarter of 2026 primarily reflected impairments related to wholesale loans. Provisions for the second quarter of 2025 primarily reflected net provisions related to the credit card portfolio, which was transferred to held for sale in the fourth quarter of 2025, and growth related to wholesale loans. Platform Solutions$ in millions Net revenues $221 Provision for Credit Losses$ in millions 2Q26 $102 Provision for Credit Losses Net revenues in Asset & Wealth Management were $4.60 billion for the second quarter of 2026, 20% higher than the second quarter of 2025 and 13% higher than the first quarter of 2026. The increase compared with the second quarter of 2025 reflected significantly higher Management and other fees and significantly higher net revenues in Investments, partially offset by lower net revenues in Private banking and lending. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The increase in Investments net revenues primarily reflected significantly higher net gains from investments in private equities. The decrease in Private banking and lending net revenues reflected the impact of lower net interest margin related to Marcus deposits, partially offset by higher average Marcus and private bank deposit balances. Asset & Wealth Management$ in millionsManagement and other fees $3,355 Incentive fees 112 Private banking and lending 689 Investments 441 Net revenues $4,597 ~PAGE-BREAK~ GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 4 • On July 13, 2026, the Board of Directors of The Goldman Sachs Group, Inc. increased the quarterly dividend to $5.00 per common share from $4.50 per common share. • The dividend will be paid on September 29, 2026 to common shareholders of record on September 1, 2026. • During the quarter, the firm returned $5.36 billion of capital to common shareholders, including $4.00 billion of common share repurchases (4.1 million shares at an average cost of $984.57) and $1.36 billion of common stock dividends. • Global core liquid assets averaged $555 billion for the second quarter of 2026, compared with an average of $494 billion for the first quarter of 2026. Efficiency Ratio 2Q26 YTD 58.8% Quarterly Dividend DeclaredPer common share 3Q26 $5.00 Other Matters Operating Expenses Operating Expenses $ in millions 2Q26 $11,673 Effective Tax Rate 2Q26 YTD 18.5% Provision for Taxes Common Share Repurchases$ in billions 2Q26 $4.00 Average GCLA$ in billions 2Q26 $555 Operating expenses were $11.67 billion for the second quarter of 2026, 26% higher than the second quarter of 2025 and 12% higher than the first quarter of 2026. The firm's efficiency ratio was 58.8% for the first half of 2026, compared with 62.0% for the first half of 2025. The increase in operating expenses compared with the second quarter of 2025 primarily reflected significantly higher compensation and benefits expenses (reflecting improved operating performance) and transaction based expenses. Net provisions for litigation and regulatory proceedings were $(28) million for the second quarter of 2026, compared with $1 million for the second quarter of 2025. Headcount decreased 2% compared with the end of the first quarter of 2026. The effective tax rate for the first half of 2026 was 18.5%, up from 13.2% for the first quarter of 2026, primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards, partially offset by an increase in other permanent tax benefits, for the first half of 2026 compared with the first quarter of 2026. ~PAGE-BREAK~ Cautionary Note Regarding Forward-Looking Statements Conference Call GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 5 The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm’s future results, financial condition and liquidity, see "Risk Factors" in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. Information regarding the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements. Statements about the firm’s Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies, including the potential for new or increased tariffs, the continuation or worsening of the conflict in the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm’s Investment banking fees, see "Risk Factors" in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-330-6730 (in the U.S.) or 1-646-769-9500 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com. ~PAGE-BREAK~ The Goldman Sachs Group, Inc. and SubsidiariesSegment Net Revenues (unaudited) THREE MONTHS ENDED % CHANGE FROM JUNE 30, MARCH 31, JUNE 30, MARCH 31, JUNE 30, $ in millions 2026 2026 2025 2026 2025 GLOBAL BANKING & MARKETSAdvisory $ 1,378 $ 1,494 $ 1,174 (8)% 17 % Equity underwriting 985 535 428 84 130 Debt underwriting 1,032 811 589 27 75 Investment banking fees 3,395 2,840 2,191 20 55 FICC intermediation 3,376 2,949 2,423 14 39 FICC financing 1,216 1,062 1,064 15 14 FICC 4,592 4,011 3,487 14 32 Equities intermediation 4,157 2,718 2,595 53 60 Equities financing 3,259 2,608 1,706 25 91 Equities 7,416 5,326 4,301 39 72 Other 117 561 154 (79) (24) Net revenues 15,520 12,738 10,133 22 53 ASSET & WEALTH MANAGEMENTManagement and other fees 3,355 3,077 2,802 9 20 Incentive fees 112 183 103 (39) 9 Private banking and lending 689 638 789 8 (13) Investments 441 180 137 145 222 Net revenues 4,597 4,078 3,831 13 20 PLATFORM SOLUTIONSNet revenues 221 411 619 (46) (64) Total net revenues $ 20,338 $ 17,227 $ 14,583 18 39 Geographic Net Revenues (unaudited) THREE MONTHS ENDEDJUNE 30, MARCH 31, JUNE 30, $ in millions 2026 2026 2025 Americas $ 12,222 $ 10,416 $ 8,982 EMEA 4,502 3,767 3,811 Asia 3,614 3,044 1,790 Total net revenues $ 20,338 $ 17,227 $ 14,583 Americas 60% 60% 62% EMEA 22% 22% 26% Asia 18% 18% 12% Total 100% 100% 100% GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 6 ~PAGE-BREAK~ The Goldman Sachs Group, Inc. and SubsidiariesSegment Net Revenues (unaudited) SIX MONTHS ENDED % CHANGE FROM JUNE 30, JUNE 30, JUNE 30, $ in millions 2026 2025 2025 GLOBAL BANKING & MARKETSAdvisory $ 2,872 $ 1,966 46 % Equity underwriting 1,520 798 90 Debt underwriting 1,843 1,341 37 Investment banking fees 6,235 4,105 52 FICC intermediation 6,325 5,813 9 FICC financing 2,278 2,109 8 FICC 8,603 7,922 9 Equities intermediation 6,875 5,142 34 Equities financing 5,867 3,351 75 Equities 12,742 8,493 50 Other 678 354 92 Net revenues 28,258 20,874 35 ASSET & WEALTH MANAGEMENTManagement and other fees 6,432 5,503 17 Incentive fees 295 232 27 Private banking and lending 1,327 1,514 (12) Investments 621 293 112 Net revenues 8,675 7,542 15 PLATFORM SOLUTIONSNet revenues 632 1,229 (49) Total net revenues $ 37,565 $ 29,645 27 Geographic Net Revenues (unaudited) SIX MONTHS ENDEDJUNE 30, JUNE 30, $ in millions 2026 2025 Americas $ 22,638 $ 18,848 EMEA 8,269 7,302 Asia 6,658 3,495 Total net revenues $ 37,565 $ 29,645 Americas 60% 63% EMEA 22% 25% Asia 18% 12% Total 100% 100% GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 7 ~PAGE-BREAK~ The Goldman Sachs Group, Inc. and SubsidiariesConsolidated Statements of Earnings (unaudited)THREE MONTHS ENDED % CHANGE FROM In millions, except per share amounts and headcount JUNE 30,MARCH 31, JUNE 30, MARCH 31, JUNE 30, 2026 2026 2025 2026 2025 REVENUESInvestment banking $ 3,400 $ 2,844 $ 2,194 20 % 55 % Investment management 3,378 3,179 2,837 6 19 Commissions and fees 1,525 1,326 1,201 15 27 Market making 7,637 5,461 4,733 40 61 Other principal transactions 444 862 514 (48) (14) Total non-interest revenues 16,384 13,672 11,479 20 43 Interest income 22,047 20,637 19,789 7 11 Interest expense 18,093 17,082 16,685 6 8 Net interest income 3,954 3,555 3,104 11 27 Total net revenues 20,338 17,227 14,583 18 39 Provision for credit losses 102 315 384 (68) (73) OPERATING EXPENSESCompensation and benefits 6,104 5,412 4,685 13 30 Transaction based 3,052 2,515 1,955 21 56 Market development 198 186 167 6 19 Communications and technology 635 583 530 9 20 Depreciation and amortization 509 495 618 3 (18) Occupancy 244 254 234 (4) 4 Professional fees 372 379 440 (2) (15) Other expenses 559 602 612 (7) (9) Total operating expenses 11,673 10,426 9,241 12 26 Pre-tax earnings 8,563 6,486 4,958 32 73 Provision for taxes 1,935 856 1,235 126 57 Net earnings 6,628 5,630 3,723 18 78 Preferred stock dividends 229 227 250 1 (8) Net earnings to common $ 6,399 $ 5,403 $ 3,473 18 84 EARNINGS PER COMMON SHAREBasic $ 21.27 $ 17.74 $ 11.03 20 % 93 % Diluted $ 20.98 $ 17.55 $ 10.91 20 92 AVERAGE COMMON SHARESBasic 300.1 303.8 313.7 (1) (4) Diluted 304.9 308.0 318.3 (1) (4) SELECTED DATA AT PERIOD-ENDCommon shareholders' equity $ 109,714 $ 109,079 $ 108,943 1 1 Basic shares 298.4 302.0 311.5 (1) (4) Book value per common share $ 367.67 $ 361.19 $ 349.74 2 5 Headcount 46,200 47,000 45,900 (2) 1 GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 8 ~PAGE-BREAK~ The Goldman Sachs Group, Inc. and SubsidiariesConsolidated Statements of Earnings (unaudited)SIX MONTHS ENDED % CHANGE FROM In millions,except per share amounts JUNE 30, JUNE 30, JUNE 30, 2026 2025 2025 REVENUESInvestment banking $ 6,244 $ 4,110 52 % Investment management 6,557 5,596 17 Commissions and fees 2,851 2,427 17 Market making 13,098 10,456 25 Other principal transactions 1,306 1,057 24 Total non-interest revenues 30,056 23,646 27 Interest income 42,684 39,172 9 Interest expense 35,175 33,173 6 Net interest income 7,509 5,999 25 Total net revenues 37,565 29,645 27 Provision for credit losses 417 671 (38) OPERATING EXPENSESCompensation and benefits 11,516 9,561 20 Transaction based 5,567 3,805 46 Market development 384 323 19 Communications and technology 1,218 1,036 18 Depreciation and amortization 1,004 1,124 (11) Occupancy 498 467 7 Professional fees 751 864 (13) Other expenses 1,161 1,189 (2) Total operating expenses 22,099 18,369 20 Pre-tax earnings 15,049 10,605 42 Provision for taxes 2,791 2,144 30 Net earnings 12,258 8,461 45 Preferred stock dividends 456 405 13 Net earnings to common $ 11,802 $ 8,056 46 EARNINGS PER COMMON SHAREBasic $ 38.99 $ 25.32 54 % Diluted $ 38.51 $ 25.07 54 AVERAGE COMMON SHARESBasic 301.9 317.2 (5) Diluted 306.5 321.4 (5) GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 9 ~PAGE-BREAK~ The Goldman Sachs Group, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (unaudited) AS OFJUNE 30, MARCH 31, $ in billions 2026 2026 ASSETSCash and cash equivalents $ 187 $ 179 Collateralized agreements 366 386 Customer and other receivables 230 209 Trading assets 789 758 Investments 256 238 Loans 261 253 Other assets 39 37 Total assets $ 2,128 $ 2,060 LIABILITIES AND SHAREHOLDERS’ EQUITYDeposits $ 558 $ 561 Collateralized financings 358 351 Customer and other payables 300 293 Trading liabilities 324 312 Unsecured short-term borrowings 90 81 Unsecured long-term borrowings 348 315 Other liabilities 27 24 Total liabilities 2,005 1,937 Shareholders’ equity 123 123 Total liabilities and shareholders’ equity $ 2,128 $ 2,060 Capital Ratios and Supplementary Leverage Ratio (unaudited) AS OFJUNE 30, MARCH 31, $ in billions 2026 2026 Common equity tier 1 capital $ 101.7 $ 101.8 STANDARDIZED CAPITAL RULESRisk-weighted assets $ 790 $ 815 Common equity tier 1 capital ratio 12.9% 12.5 % ADVANCED CAPITAL RULESRisk-weighted assets $ 743 $ 764 Common equity tier 1 capital ratio 13.7% 13.3 % SUPPLEMENTARY LEVERAGE RATIOSupplementary leverage ratio 4.3% 4.7 % Average Daily VaR (unaudited) THREE MONTHS ENDED JUNE 30, MARCH 31, $ in millions 2026 2026 CATEGORIESInterest rates $ 82 $ 85 Equity prices 65 55 Currency rates 19 15 Commodity prices 30 31 Diversification effect (76) (74) Total $ 120 $ 112 GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 10 ~PAGE-BREAK~ Footnotes The Goldman Sachs Group, Inc. and SubsidiariesAssets Under Supervision (unaudited) JUNE 30, MARCH 31, JUNE 30, $ in billions 2026 2026 2025 ASSET CLASS (as of period-end)Alternative investments $ 459 $ 429 $ 371 Equity 1,123 954 857 Fixed income 1,394 1,341 1,237 Total long-term AUS 2,976 2,724 2,465 Liquidity products 1,065 926 828 Total AUS $ 4,041 $ 3,650 $ 3,293 ROLLFORWARD (for the three months ended)Beginning balance $ 3,650 $ 3,606 $ 3,173 Net inflows / (outflows):Alternative investments 21 11 9 Equity 46 24 8 Fixed income 24 27 — Total long-term AUS net inflows / (outflows) 91 62 17 Liquidity products 139 25 (12) Total AUS net inflows / (outflows) 230 87 5 Net market appreciation / (depreciation) 161 (43) 115 Ending balance $ 4,041 $ 3,650 $ 3,293 GOLDMAN SACHS REPORTSSECOND QUARTER 2026 EARNINGS RESULTS 11 1. Diluted EPS includes the dilutive effect of instruments that are convertible into common shares and other share-based arrangements.2. Annualized ROE is calculated by dividing annualized net earnings applicable to common shareholders by average monthly common shareholders’ equity. Average monthly common shareholders' equity was $109.06 billion for the three months ended June 30, 2026 and $108.97 billion for the six months ended June 30, 2026. 3. For information about the following items, see the referenced sections in Part I, Item 2 "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2026: (i) Investment banking fees backlog – see "Results of Operations – Global Banking & Markets," (ii) assets under supervision (AUS) – see "Results of Operations – Asset & Wealth Management – Assets Under Supervision," (iii) efficiency ratio – see "Results of Operations – Operating Expenses," (iv) share repurchase program – see "Capital Management and Regulatory Capital – Capital Management," (v) global core liquid assets (GCLA) – see "Risk Management – Liquidity Risk Management," (vi) basic shares – see "Balance Sheet and Funding Sources – Balance Sheet Analysis and Metrics" and (vii) VaR – see "Risk Management – Market Risk Management. For information about the following items, see the referenced sections in Part I, Item 1 "Financial Statements (Unaudited)" in the firm’s Quarterly Report on Form 10-Q for the period ended March 31, 2026: (i) risk-based capital ratios and the supplementary leverage ratio – see Note 20 "Regulation and Capital Adequacy," (ii) geographic net revenues – see Note 25 "Business Segments" and (iii) unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents in calculating basic EPS – see Note 21 "Earnings Per Common Share. Represents a preliminary estimate for the second quarter of 2026 for the firm’s assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR. These may be revised in the firm’s Quarterly Report on Form 10-Q for the period ended June 30, 2026.4. The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first half of 2026 of approximately $965 million, which increased diluted EPS by approximately $3.15 and annualized ROE by 1.7 percentage points. 5. Beginning in the fourth quarter of 2025, certain assets under supervision have been reclassified from fixed income to alternative investments to better reflect the underlying investment strategies. Amounts for prior periods have been conformed to the current presentation. 6. Includes $31 billion of inflows in long-term assets under supervision (in equity assets) in connection with the acquisition of Innovator Capital Management, partially offset by $15 billion of outflows in long-term assets under supervision (in fixed income and equity assets) in connection with the disposition of Goldman Sachs TFI, for the three months ended June 30, 2026. Includes $5 billion of inflows in long-term assets under supervision (in alternative investments) in connection with the acquisition of Industry Ventures for the three months ended March 31, 2026. ~PAGE-BREAK~