Goldman Q2 equities revenue $7.42B and IB fees up 55% as backlog grows

Equities revenue reached $7.42 billion in the second quarter, up 72% from a year earlier and from $5.33 billion in the first quarter. FICC rose 32% year over year to $4.59 billion, and investment banking fees climbed 55% to $3.40 billion. The investment banking backlog grew from both the end of the first quarter and the end of 2025, which points to fee income in coming quarters.

• Equities $7,416M, up 72% YoY (Q1 2026: $5,326M)
• FICC $4,592M, up 32% YoY
• Investment banking fees $3,395M, up 55% YoY
• Investment banking backlog above the end of Q1 2026 and the end of 2025