10:44 AM EDT, 07/16/2025 (MT Newswires) -- Goldman Sachs ( GS ) logged stronger-than-expected second-quarter results, buoyed by record equity trading revenue and a surge in investment banking gains.

Per-share earnings rose to $10.91 from $8.62 a year earlier, above the FactSet-polled consensus estimate of $9.65. Revenue jumped 15% annually to $14.58 billion, while analysts projected $13.51 billion.

"At this time, the economy and markets are generally responding positively to the evolving policy environment," Chief Executive David Solomon said in a statement. "But as developments rarely unfold in a straight line, we remain very focused on risk management."

Global banking and markets revenue grew 24% year on year to $10.12 billion, driven by a 36% surge in equities to a record $4.3 billion. Investment banking fees jumped 26% amid "significantly" higher revenue in advisory that was partially offset by a drop in debt underwriting.

"The deal-making environment has been remarkably resilient," Solomon said at an earnings call, according to a FactSet transcript. "While activity was slower in the first half of the quarter, announced M&A volumes for the year to date are 30% higher year over year, and 15% greater than the comparable five year average."

Goldman's result follow JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) reporting investment banking gains on Tuesday that helped drive their second-quarter results above Wall Street's expectations.

Earlier in the week, US President Donald Trump reportedly said the US will impose "very severe tariffs" on Russia in the absence of a deal in 50 days. In social media posts Saturday, Trump revealed plans to impose 30% tariffs on the European Union and Mexico, effective Aug. 1.

Goldman's asset and wealth management revenue fell 3% to $3.78 billion, reflecting declines in equity and debt investments. Total assets under supervision reached $3.293 trillion as of the end of the quarter, up from $2.934 trillion a year earlier.

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