Rubbish Check
CNBC Finance · August 1, 2026
source“Goldman traders are on pace for a record year. A close-up look at how they’re doing it”
R2/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates CNBC's claim that Goldman traders are "on pace for a record year" a 2/10 because Goldman's own Q2 2026 filings show equities trading hit $7.42 billion, up 72% year over year, marking a third straight quarter of surpassing every prior industry benchmark.
The Verdict
Lightly altered. The headline uses the hedge "on pace" rather than declaring a record already booked, which is the honest way to frame a mid-year projection, and the underlying numbers back it up almost exactly.
What actually happened
Goldman Sachs reported blowout second-quarter 2026 results, with total net revenue reaching $20.34 billion for the three months ended June 30, up 39% from a year earlier, and net earnings of $6.63 billion compared with $3.72 billion in the second quarter of 2025. The strength was concentrated in trading: Goldman's equities desk pulled in $7.42 billion, up 72% year over year, with strength spread across derivatives and cash products on the intermediation side as well as prime services within equities financing, marking the third straight quarter that Goldman's equities operation had surpassed every prior benchmark set by any bank. The bank's broader markets division also posted a record.
Key facts
- Q2 2026 net revenue: $20,338 million, up from $14,583 million a year earlier.
- Equities trading revenue: $7.42 billion, up 72% year over year, a third consecutive record quarter.
- Global Banking & Markets segment: record net revenues of $15,520 million, up 53% year-on-year.
- First-half 2026 net revenue: $37,565 million, versus $29,645 million in the first half of 2025.
- Q2 return on equity: annualized ROE of 23.5%, with year-to-date ROE of 21.7%.
What to watch for
The "on pace" framing is a projection, not a booked result, so it hinges on Q3/Q4 holding up; equities desks are volatility-dependent and a quiet back half of 2026 could flatten the trajectory. Watch whether the compensation ratio rises alongside record revenue, since trader bonuses tend to eat into the "record year" narrative for shareholders even as headline revenue climbs.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
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