Goldman Sachs (GS) Investment Banking Fees Jump 52% in First Half of 2026

Investment banking activity at The Goldman Sachs Group, Inc. (GS) gathered significant momentum in the first half of 2026, aided by improving dealmaking and capital market conditions. The company's investment banking fees jumped 52% year over year to $6.24 billion, driven by broad-based strength across its advisory and underwriting businesses.

The improvement was particularly pronounced in equity underwriting. In the first six months of 2026, advisory revenues rose 46% year over year to $2.87 billion, while equity underwriting revenues surged 90% to $1.52 billion. Debt underwriting revenues advanced 37% to $1.84 billion. In the second quarter alone, investment banking fees climbed 55% to $3.40 billion, with equity underwriting benefiting from higher secondary and initial public offerings, debt underwriting supported by increased leveraged-finance and asset-backed activity, and advisory revenues gaining from higher industry-wide completed M&A volumes.

In the second quarter, Goldman remained #1 in announced and completed M&A, equity and equity-related offerings, and leveraged lending, while ranking #2 in high-yield debt. The firm's investment banking backlog has reached a five-year high, including a record advisory backlog, providing revenue visibility. Similar to Goldman, close peers JPMorgan (JPM) and Morgan Stanley (MS) are benefiting from industry-wide improvement in the operating environment; Morgan Stanley's investment banking fees jumped 47% year over year in the first half of 2026.

The pace of recovery could remain uneven, however. Deal completions and IPO activity are sensitive to market volatility, economic conditions, financing availability, trade-policy uncertainty, geopolitical developments and regulatory approvals. Over the past year, GS shares have gained 40.3% versus 22.5% for the industry, though markets move and past results do not guarantee future outcomes.