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13:30
Jul 14 ◎

GS FY2026 Q2 Watch

Goldman Sachs Group, Inc. (The) (GS) FY2026 Q2 Earnings Call

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David Solomon

Alphabet's equity raise is a major capital markets event, contributing to GS's record equity underwriting revenues.

"This includes acting as lead left book runner on the record-breaking IPO for SpaceX and equity raise for Alphabet, as well as advising Dominion Energy's sale to Nextera Energy and Comcast's spinoff of NBC Universal."

GOOGL WATCH

David Solomon

Dominion Energy's sale to Nextera Energy represents a major M&A transaction driven by the AI infrastructure build-out and energy demand.

D WATCH

David Solomon

Nextera Energy's acquisition of Dominion Energy signals continued consolidation in the energy sector, driven by power demand from AI infrastructure.

NEE WATCH

David Solomon

GS's advisory role in Comcast's spinoff of NBC Universal highlights the media sector's strategic restructuring activity.

CMCSA WATCH

David Solomon

GS's appointment to manage Verizon's retirement plan demonstrates the growing demand for integrated OCIO solutions in the corporate pension space.

"We continue to scale our solutions platform, and last week we were appointed to manage both Verizon's and Lockheed Martin's retirement plans, which collectively represent $70 billion in assets under supervision."

VZ WATCH

David Solomon

GS's appointment to manage Lockheed Martin's retirement plan demonstrates the growing demand for integrated OCIO solutions in the corporate pension space.

LMT WATCH

David Solomon

Management's tone is highly optimistic, framing the AI investment cycle as a multi-year tailwind driving elevated M&A, financing, and capital markets activity, with strong confidence in the firm's ability to capture these opportunities.

"We believe this multi-year investment cycle will continue to drive elevated levels of strategic activity, financing, and capital formation across markets."

GS WATCH

Denis Coleman

Management notes significant demand for financing across all instruments and regions, attributing it to the AI capex super-cycle that outstrips their willingness to supply, implying a pricing power shift towards lenders. — The demand for balance sheet to fund AI infrastructure is creating a seller's market for financing, allowing banks like Goldman to be more selective on pricing and terms.

"We are in the middle of an AI CapEx super cycle where there are demands on financing into every single financing instrument in every region of the world and across every single industry."

MS WATCH JPM WATCH

Denis Coleman

Record gross third-party alternatives fundraising of $59 billion in Q2, leading to an upward revision of full-year fundraising guidance to exceed $125 billion from a prior $75-100 billion target. — The strength in alternatives fundraising is largely in private credit, where Goldman is winning mandates, indicating further market share gains in the space.

"Given the strength we've seen year-to-date, we now expect full-year fundraising to exceed $125 billion."

KKR WATCH APO WATCH BX WATCH

HIGH

13:30
Apr 13 ◎

GS FY2026 Q1 Watch

Goldman Sachs Group, Inc. (The) (GS) FY2026 Q1 Earnings Call

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David Solomon

Goldman Sachs is advising on a significant energy sector acquisition, contributing to its record investment banking revenues.

"Cotera Energy's $26 billion sale to Devon Energy"

DVN WATCH

David Solomon

Goldman Sachs is acting as advisor on the large strategic merger, indicating a major transaction with fee potential for the bank.

"This includes the announced $43 billion merger of Unilever's food business with McCormick"

MKC WATCH

David Solomon

Goldman Sachs is advising on a major acquisition, indicative of robust M&A activity and potential fee income.

"Cisco's $29 billion acquisition of Jethro Restaurant Depot"

CSCO WATCH

David Solomon

Goldman Sachs is collaborating with Anthropic to enhance its AI and cybersecurity capabilities, indicating a strategic partnership.

"We have the model. We're working closely with Anthropic and all of our security vendors to kind of harness frontier capabilities wherever it's possible"

ANTHROPIC WATCH

David Solomon

Goldman Sachs is advising on a major strategic divestiture for Unilever, highlighting its role in significant corporate restructuring.

"This includes the announced $43 billion merger of Unilever's food business with McCormick"

UL WATCH

David Solomon

Management expresses strong confidence in future growth, driven by a robust M&A pipeline, record equity financing, and AI-driven efficiency gains, despite ongoing geopolitical and macro uncertainties.

"We remain confident that over time, 1GS 3.0 will drive stronger operating leverage, greater resilience, and improved efficiency in returns"

GS WATCH

David Solomon

Management views potential volatility in private credit as a strategic opportunity, noting spreads are becoming 'more lender-friendly', which could allow it to deploy capital at better terms. — A repricing in private credit could be a major tailwind for Goldman's alternative investment business, allowing it to generate higher risk-adjusted returns and gain market share.

"one of the things that we're seeing that's just interesting is quite constructive for our business is that spreads are becoming more lender-friendly."

ARCC WATCH

HIGH

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