Americas Capital Markets: 2Q26 EPS Wrap-up: CME, NTRS, RJF and SF

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Americas Capital Markets: 2Q26 EPS Wrap-up: CME, NTRS, RJF and SF

Equity Research

23 July 2026 | 5:42AM EDT

Following today’s 2Q results, we adjust EPS estimates and PTs for CME, NTRS, RJF Alexander Blostein, CFA

+1(212)357-9976 |

and SF. See inside for details. alexander.blostein@gs.com

Goldman Sachs & Co. LLC

Aditya Sharma, CFA

+1(212)934-9869 |

aditya.x.sharma@gs.comRJF (Buy): F3Q26 EPS - More than meets the eye despite an in-line quarter Goldman Sachs India SPL

Michael Vinci

+1(212)357-8239 |

RJF reported F3Q26 adjusted EPS of $3.14, with PPNR ~1% ahead of Consensus michael.vinci@gs.com

after adjusting for offsetting one-timers (elevated legal expense in Professional Fee

Anthony Corbin

line). The stock is likely to be negatively received on the headline, as NII disappointed, +1(212)357-7512 |

but we see several meaningful offsets that may not be immediately obvious on first anthony.corbin@gs.comGoldman Sachs & Co. LLC

read: (1) the NII “miss” was largely a geography issue between on-balance-sheet NII Vaasu Gupta

and third-party sweep fees, with combined cash revenues actually in-line with +1(332)245-7522vaasu.x.gupta@gs.com|

Consensus; (2) recruiting momentum remains best-in-class, with YTD NNA >6% ann. Goldman Sachs India SPL

basis; and (3) core PPNR margins of ~19.8% (ex legal/provision) are within striking

distance of the 20% target, with catalysts for expansion in FY27 and beyond. Our

forward estimates come down modestly: FY27E/28E EPS moves down by ~3%,

primarily on lower NII assumptions, but we remain ~2% above Consensus through

FY28E.

n Firmwide NII + third-party sweep fees totaled $658M in F3Q26, up ~1%

sequentially from $650M, broadly in-line with management’s prior guidance for

modest sequential growth. Firmwide NII was $560M, roughly flat Q/Q, as