Goldman Sachs Group · Earnings release · 8-K Exhibit 99

Earnings Results

The Goldman Sachs Group, Inc.

1

SECOND QUARTER 2026 EARNINGS RESULTS

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

Financial Summary

Net Earnings

$ in millions

EPS1

Net Revenues

$ in millions

Annualized ROE2

Book Value Per Share

YTD Growth

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

Diluted earnings per common share (EPS)1 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

Annualized return on average common shareholders' equity (ROE)2 was 23.5% for the second quarter of 2026 and 21.7% for

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

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GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

Net Revenues

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 millions

Global Banking & Markets

Net revenues in Global Banking & Markets were $15.52 billion for the second

than the first quarter of 2026.

T1Investment 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. T2The firm’s

Investment banking fees backlog3 increased compared with both the end of

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.

T3Net 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.

Global Banking & Markets

$ in millions

Advisory

Equity underwriting

Debt underwriting

Investment banking fees

FICC intermediation

FICC financing

FICC

Equities intermediation

Equities financing

Equities

Other

Net revenues

3

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

Asset & Wealth Management

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.

T4The 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 millions

Management and other fees

Incentive fees

Private banking and lending

Investments

Net revenues

Platform Solutions

Net revenues in Platform Solutions were $221 million for the second quarter

first quarter of 2026. T5The 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

Platform Solutions

$ in millions

Net revenues

Provision for Credit Losses

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.

Provision for Credit Losses

$ in millions

4

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

Operating Expenses

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

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

Headcount decreased 2% compared with the end of the first quarter of 2026.

Operating Expenses

$ in millions

Efficiency Ratio

Provision for Taxes

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 awards4, partially offset

by an increase in other permanent tax benefits, for the first half of 2026

compared with the first quarter of 2026.

Effective Tax Rate

Other Matters

•T7On 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.

•T8During 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.3

•Global core liquid assets3 averaged $555 billion for the second quarter of

2026, compared with an average of $494 billion for the first quarter of 2026.

Quarterly Dividend Declared

Per common share

Common Share Repurchases

$ in billions

Average GCLA

$ in billions

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GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

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.

Cautionary Note Regarding Forward-Looking Statements

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,

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.

Conference Call

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.

6

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

THREE MONTHS ENDED

% CHANGE FROM

$ in millions

GLOBAL BANKING & MARKETS

Advisory

$

$

$

(8)

%

%

Equity underwriting

Debt underwriting

Investment banking fees

FICC intermediation

FICC financing

FICC

Equities intermediation

Equities financing

Equities

Other

Net revenues

ASSET & WEALTH MANAGEMENT

Management and other fees

9

Incentive fees

9

Private banking and lending

8

Investments

Net revenues

PLATFORM SOLUTIONS

Net revenues

Total net revenues

$

$

$

Geographic Net Revenues (unaudited)3

THREE MONTHS ENDED

$ in millions

Americas

$

$

$

EMEA

Asia

Total net revenues

$

$

$

Americas

%

%

%

EMEA

%

%

%

Asia

%

%

%

Total

%

%

%

7

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

SIX MONTHS ENDED

% CHANGE FROM

$ in millions

GLOBAL BANKING & MARKETS

Advisory

$

$

%

Equity underwriting

Debt underwriting

Investment banking fees

FICC intermediation

9

FICC financing

8

FICC

9

Equities intermediation

Equities financing

Equities

Other

Net revenues

ASSET & WEALTH MANAGEMENT

Management and other fees

Incentive fees

Private banking and lending

Investments

Net revenues

PLATFORM SOLUTIONS

Net revenues

Total net revenues

$

$

Geographic Net Revenues (unaudited)3

SIX MONTHS ENDED

$ in millions

Americas

$

$

EMEA

Asia

Total net revenues

$

$

Americas

%

%

EMEA

%

%

Asia

%

%

Total

%

%

8

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

THREE MONTHS ENDED

% CHANGE FROM

In millions,

except per share amounts and headcount

REVENUES

Investment banking

$

$

$

%

%

Investment management

6

Commissions and fees

Market making

Other principal transactions

Total non-interest revenues

Interest income

7

Interest expense

6

8

Net interest income

Total net revenues

Provision for credit losses

OPERATING EXPENSES

Compensation and benefits

Transaction based

Market development

6

Communications and technology

9

Depreciation and amortization

3

Occupancy

(4)

4

Professional fees

(2)

Other expenses

(7)

(9)

Total operating expenses

Pre-tax earnings

Provision for taxes

Net earnings

Preferred stock dividends

1

(8)

Net earnings to common

$

$

$

EARNINGS PER COMMON SHARE

Basic3

$

$

$

%

%

Diluted1

$

$

$

AVERAGE COMMON SHARES

Basic

(1)

(4)

Diluted

(1)

(4)

SELECTED DATA AT PERIOD-END

Common shareholders' equity

$

$

$

1

1

Basic shares3

(1)

(4)

Book value per common share

$

$

$

2

5

Headcount

(2)

1

9

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

SIX MONTHS ENDED

% CHANGE FROM

In millions,

except per share amounts

REVENUES

Investment banking

$

$

%

Investment management

Commissions and fees

Market making

Other principal transactions

Total non-interest revenues

Interest income

9

Interest expense

6

Net interest income

Total net revenues

Provision for credit losses

OPERATING EXPENSES

Compensation and benefits

Transaction based

Market development

Communications and technology

Depreciation and amortization

Occupancy

7

Professional fees

Other expenses

(2)

Total operating expenses

Pre-tax earnings

Provision for taxes

Net earnings

Preferred stock dividends

Net earnings to common

$

$

EARNINGS PER COMMON SHARE

Basic3

$

$

%

Diluted1

$

$

AVERAGE COMMON SHARES

Basic

(5)

Diluted

(5)

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)3

AS OF

$ in billions

ASSETS

Cash and cash equivalents

$

$

Collateralized agreements

Customer and other receivables

Trading assets

Investments

Loans

Other assets

Total assets

$

$

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits

$

$

Collateralized financings

Customer and other payables

Trading liabilities

Unsecured short-term borrowings

Unsecured long-term borrowings

Other liabilities

Total liabilities

Shareholders’ equity

Total liabilities and shareholders’ equity

$

$

Capital Ratios and Supplementary Leverage Ratio (unaudited)3

AS OF

$ in billions

Common equity tier 1 capital

$

$

STANDARDIZED CAPITAL RULES

Risk-weighted assets

$

$

Common equity tier 1 capital ratio

%

%

ADVANCED CAPITAL RULES

Risk-weighted assets

$

$

Common equity tier 1 capital ratio

%

%

SUPPLEMENTARY LEVERAGE RATIO

Supplementary leverage ratio

%

%

Average Daily VaR (unaudited)3

THREE MONTHS ENDED

$ in millions

CATEGORIES

Interest rates

$

$

Equity prices

Currency rates

Commodity prices

Diversification effect

Total

$

$

GOLDMAN SACHS REPORTS

SECOND QUARTER 2026 EARNINGS RESULTS

The Goldman Sachs Group, Inc. and Subsidiaries

Assets Under Supervision (unaudited)3,5

$ in billions

ASSET CLASS (as of period-end)

Alternative investments

$

$

$

Equity

Fixed income

Total long-term AUS

Liquidity products

Total AUS

$

$

$

ROLLFORWARD (for the three months ended)

Beginning balance

$

$

$

Net inflows / (outflows):

Alternative investments

9

Equity

8

Fixed income

—

Total long-term AUS net inflows / (outflows)6

Liquidity products

Total AUS net inflows / (outflows)

5

Net market appreciation / (depreciation)

Ending balance

$

$

$

Footnotes

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

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

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.