GS · Q2 FY2026
GOLDMAN SACHS GROUP INC Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $20.34B | $14.58B (yr ago) | Beat |
| EPS | $20.98 | $10.91 (yr ago) | Beat |
| Free Cash Flow | $5.60B (not meaningful for a financial company) | $5.20B (yr ago; not meaningful) | Beat |
| Gross Margin | N/M | N/M (yr ago) | Miss |
| Operating Margin | 42.1% pre-tax margin | 34.0% pre-tax margin (yr ago) | Beat |
What changed
Q2 FY2026 revenue increased 39.5% year over year to $20.34 billion, while EPS nearly doubled to $20.98 from $10.91. Pre-tax margin expanded by 8.1 percentage points to 42.1%, making the quarter materially stronger than both Q2 FY2025 and the already-improved FY2025 run rate.
Impact on the investment thesis
With no prior SageNoodle fair value, we establish a $972 base case using 15.0 times supplied TTM EPS of $64.77. The quarter supports the earnings base, but the $1,019.77 share price already discounts much of that improvement, leaving the shares fairly valued.