Goldman Sachs Group Inc.: 2Q26 EPS PREVIEW: Rising deal activity fuels a multiplier effect across firm

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Goldman Sachs Group Inc.: 2Q26 EPS PREVIEW: Rising deal activity fuels a multiplier effect across firm

Equity Research

U.S. Large-Cap Banks

25 June 2026

Goldman Sachs Group Inc.

2Q26 EPS PREVIEW: Rising deal

activity fuels a multiplier effect

GS OVERWEIGHTacross firm

Unchanged

Strong momentum in M&A continues, driven by AI, U.S. Large-Cap Banks POSITIVE

infrastructure, and large-scale deals, with volumes tracking Unchanged

near record levels for 2026. This activity is fueling broader Price Target USDUnchanged1048.00

revenue opportunities across financing, hedging, trading, and Price (23-Jun-26) USD 1094.44

AWM, while IPO markets continue to recover. Expect healthy Potential Upside/Downside -4.2% Source: Bloomberg, Barclays Research

buyback.

Market Cap (USD mn) 335510

Shares Outstanding (mn) 306.56

Free Float (%) 99.54

Expected Results 52 Wk Avg Daily Volume (mn) 2.2

Expected results: Our 2Q26 EPS estimate is $14.11 (+$0.17 on higher IBD fees) vs. consensus of Dividend Yield (%) 1.65

$13.91. We believe GS is well positioned to capitalize on rising global financing demand, Return on Equity TTM (%) 15.69

particularly in infrastructure and AI, with ongoing large-scale transactions. Its M&A business Current BVPS (USD) 370.29

continues to lead the market, benefiting from a client-driven bias toward scale and ongoing Source: Bloomberg

corporate consolidation, while AI continues to accelerate activity. Announced M&A volumes are

on pace for a record year or near the 2021 peak. This M&A activity should create a “multiplier” Price Performance Exchange-NYSE

effect across the broader franchise, driving incremental opportunities in acquisition financing, 52 Week range USD 1125.00-630.01

hedging, secondary market making, and AWM inflows. The IPO market is also recovering, with