$320.62 billion. That is how much Goldman Sachs’ total liabilities increased from December 2025 to June 2026, reaching $2.00 trillion.
Net income rose 78% from the comparable period to $6.6 billion. Diluted earnings per share climbed 92.3%, helped by a 4.2% reduction in diluted shares.
The latest 10-Q describes a bank with more business moving through it, and more funding and obligations moving alongside it. Goldman’s cash and cash equivalents reached $187.27 billion, up $23.01 billion from the end of 2025, primarily because financing activities provided cash.
The revenue engine was especially busy in equities. Goldman said equities revenue rose 72% to $7.42 billion in the latest reported period, with higher derivatives and cash-product activity, plus prime financing. Investment banking revenue also rose 55% to $3.40 billion, driven by equity underwriting and leveraged-finance and asset-backed activity.
The filing links those revenue increases to higher underwriting, intermediation and financing activity, while the balance-sheet disclosure links liability increases to client activity and funding. Banking, in other words, is one of the few businesses where a larger cash pile can arrive with a much larger list of things owed.
Goldman’s own explanation of the balance-sheet expansion is broad but specific about the sources:
"As of June 2026, total liabilities in our consolidated balance sheets were $2.00 trillion, an increase of $320.62 billion from December 2025, reflecting increases in unsecured borrowings of $81.92 billion (primarily driven by net issuances), customer and other payables of $68.19 billion (reflecting our clients’ activities), trading liabilities of $61.23 billion (primarily due to increases in equity securities, government and agency obligations and corporate debt, reflecting the impact of our and our clients' activities, and derivative instruments reflecting the impact of equity price movements), deposits of $56.53 billion (reflecting increases across all sources, primarily in consumer deposit, transaction banking deposit and other deposit balances), and collateralized financings of $52.53 billion (reflecting the impact of our and our clients’ activities)."
10-Q 2026-08-03
The disclosure separates client activity from Goldman’s own borrowings, but the scale is the point. Unsecured borrowings, deposits, payables, trading liabilities, and collateralized financings all moved higher at once.
The income statement’s Equities line had an equally activity-heavy explanation:
"Net revenues in Equities were $7.42 billion, 72% higher than the second quarter of 2025, due to significantly higher net revenues in Equities intermediation, including significantly higher net revenues in derivatives and in cash products, and in Equities financing, primarily driven by significantly higher net revenues in prime financing."
10-Q 2026-08-03
Goldman also disclosed that its investment-banking-fee backlog increased from December 2025, reflecting higher estimated revenue from potential advisory transactions. That gives the current activity some forward-looking bookkeeping support, though a backlog is not revenue and the company does not say how much ultimately converts.
There is a smaller accounting detail in the same direction: capital spending rose 9.4% year over year. It is not large enough here to explain the profit jump, but it is a separate measure of spending alongside the reported revenue and balance-sheet changes.
Goldman shares closed at $1,027.03 on August 3, up 0.9% that day. The next useful disclosure is whether total liabilities and unsecured borrowings remain at these elevated levels in Goldman’s next quarterly report, or move with the activity associated with the revenue surge.
Goldman’s latest filing pairs stronger transaction activity with a $2.00 trillion liability base: more earnings, more plumbing.