Goldman Sachs to Report Q2 Earnings — Wall Street Expects $9.53 EPS

New York — Goldman Sachs is scheduled to release its second-quarter earnings before the U.S. market opens on Wednesday, with Wall Street analysts anticipating solid results fueled by a rebound in investment banking and trading activity.

According to estimates from LSEG (London Stock Exchange Group), Goldman is expected to post:

• Earnings per share (EPS): $9.53

• Revenue: $13.47 billion

• Fixed income trading revenue: $3.28 billion

• Equities trading revenue: $3.65 billion

• Investment banking fees: $1.9 billion

Goldman Sachs executives will host their investor call at 9:30 a.m. ET.

The bank’s performance is likely to benefit from stronger market volatility, driven in part by renewed trade policy tensions under President Trump’s second-term tariff measures, which have shaken global markets in bonds, currencies, and commodities.

What’s Driving the Optimism

• Rebounding M&A activity: A recovery in equity valuations since April has spurred increased deal-making and debt issuance.

• Asset management momentum: Rising stock markets have lifted assets under management, supporting fee income.

• Market trading tailwinds: Goldman’s core strength in fixed income and equities trading is expected to deliver again this quarter.

Peer Performance & Sector Outlook

Goldman’s earnings follow better-than-expected results from JPMorgan Chase, Citigroup, and Wells Fargo, all of which posted strong earnings and revenue in their Q2 reports on Tuesday. That has set high expectations for Goldman, which derives the bulk of its revenue from Wall Street-centric operations, including trading and advisory services.

Goldman Sachs shares are up 23% year-to-date, reflecting renewed investor confidence in traditional banking profitability.

As other banks shift toward more diversified consumer businesses, Goldman remains highly leveraged to market performance, making it prone to earnings swings, but also capable of delivering outsized returns in volatile quarters like Q2 2025.