Americas Capital Markets: CY2Q26 EPS Wrap-up: ARES, BEN, CBOE, TROW, VIRT, and WT

Research evidence excerpt

Americas Capital Markets: CY2Q26 EPS Wrap-up: ARES, BEN, CBOE, TROW, VIRT, and WT

Equity Research

3 August 2026 | 12:01PM EDT

Americas Capital Markets: CY2Q26 EPS Wrap-up: ARES, BEN, CBOE,

TROW, VIRT, and WT

Following CY2Q26 earnings releases from ARES, BEN, CBOE, TROW, VIRT, and WT, we Alexander Blostein, CFA

+1(212)357-9976 |

revise our EPS estimates, price targets, and highlight key takeaways from the quarter. alexander.blostein@gs.com

Goldman Sachs & Co. LLC

Aditya Sharma, CFA

+1(212)934-9869 |

aditya.x.sharma@gs.comARES (Buy): Record pipelines and broad-based fundraising reinforce FRE Goldman Sachs India SPL

growth runway Anthony Corbin +1(212)357-7512 |

anthony.corbin@gs.com

Following 2Q26 results, we reiterate our Buy rating on ARES and marginally Michael Vinci

revise our 2026/27/28 EPS estimates to $5.87/$7.36/$8.98 from +1(212)357-8239michael.vinci@gs.com|

$5.83/$7.33/$8.94. Management reiterated its 16%-20% FRE growth target for Goldman Sachs & Co. LLC

2026, supported by accelerating organic management fee growth through the back Vaasu+1(332)245-7522Gupta |

half of the year amid a record deployment pipeline across segments and record vaasu.x.gupta@gs.comGoldman Sachs India SPL

available capital, robust institutional and non-Credit Wealth fundraising, and

constructive margin commentary pointing toward the upper end of the

0bps-150bps annual FRE margin expansion guidance for 2026. We expect organic

management fee growth to accelerate through 2H26 on an improving capital

markets backdrop and a diverse fundraising pipeline (where we see runway for

~$135bn in 2026). Further, deployment of $35.9bn improved sequentially despite

geopolitical volatility, with management pointing to a record forward investment

pipeline and a US DL inbounds up 30%-35% sequentially.