Research · Sep 3, 2026
Goldman Sachs FY2025 revenue ~$51B (+13-15% YoY) with net income ~$14B and adj. EPS ~$41.50 — recovery from FY2023 trough ($22.87 EPS) toward FY2021 cycle peak ($59.45 EPS). M&A advisory revenue ~$4.2B trending toward FY2021 peak of $8B as deal activity normalizes. Asset & Wealth Management AUM/AUS reached ~$3.2T with pre-tax margin progressing toward 30%+ target. Platform Solutions consumer banking strategic exit continuing — Marcus deposits being wound down, Apple Card + GM Card partnership exits being negotiated. FY2026 thesis: M&A advisory recovery toward FY2021 peak (potential +$2-3B revenue); Asset & Wealth Management AUM growth + alternative investments scaling (private equity + private credit + infrastructure); Platform Solutions losses elimination via strategic exit; key risks: M&A activity stays compressed (regulatory + funding environment), competitive intensity in advisory and alternatives.
Research · Jun 12, 2026
GS lead bookrunner on SpaceX 4x oversubscribed IPO. Single deal $300-400M net economics. Retail allocation creates underwriter risk dynamics.
Research · Jun 9, 2026
Goldman Solomon: 'no AI jobs apocalypse'. GS/JPM/MS price margin expansion (productivity) not headcount compression. Cohort positioning across three scenarios.
Research · Apr 23, 2026
Blackstone's Q1 beat and 'best year ever' IPO forecast confirm the $197B pipeline is executable, yet Goldman Sachs and Morgan Stanley trade at the same 12-13x forward multiple as JPMorgan despite deriving 18-22% of revenue from investment banking versus JPM's 7%. Long GS and MS versus JPM over six months targets 8-12% relative return as Q2 and Q3 underwriting revenue surfaces the fee differential.
Research · Apr 13, 2026
Europe's surging energy market volatility, with traders facing 21-hour days per Bloomberg, spills over to boost US refining margins for Valero, Exxon, and Chevron while supercharging commodities trading at Goldman Sachs and JPMorgan. Recent financials show resilient FCF and margins, with VLO leading price gains at +43% over 3M. Bullish: Buy the dip for volatility-fueled profits.
Research · Apr 13, 2026
The Federal Reserve's scrutiny of banks' private credit exposure creates a divergence in financial stocks: traditional banks like JPMorgan face regulatory risks while alternative asset managers like Blackstone and Apollo stand to gain market share. This analysis ranks six financial giants based on their exposure and positioning for the coming regulatory changes.
Research · Apr 13, 2026
Ahead of March PPI and GS/NFLX earnings, stagflation favors XOM, NEM, and COST over vulnerable banks and streamers. Energy and gold lead with strong FCF and margins, while GS faces growth headwinds. Ranked picks emphasize cheap inflation hedges.
Research · Apr 13, 2026
See It Market's report on easing 2026 IPO bottlenecks—with SpaceX and AI unicorns leading—positions MS and GS for fee windfalls amid rebounding underwriting pipelines. Recent 20%+ IB revenue growth and healthy backlogs support bullish calls, while ARKK eyes innovation upside despite YTD lags.
Research · Apr 13, 2026
Resilient U.S. labor data ahead of PPI and Goldman earnings signals fewer Fed cuts, boosting big banks' NII. JPM, BAC, and WFC lead with strong deposits and growth guidance, while GS and COF lag on exposure.
Research · Apr 10, 2026
SEC's options roundtable agenda release advances reform talks on liquidity and fees, spotlighting ICE and CBOE's dominance amid record volumes. Brokers like SCHW/IBKR face PFOF scrutiny, but exchanges' premiums reflect growth tailwinds. Neutral outlook favors scaled players.
Research · Apr 10, 2026
Jane Fraser's NY Fed Council appointment spotlights big banks' rotating regulatory influence, with JPM, Citi, and MS best positioned for policy foresight amid flat TTM growth and weak shares. Analysis ranks six majors by exposure, metrics, and conviction. Key: NII guidance and Basel outcomes to track.
Research · Apr 10, 2026
Anchored in Morgan Stanley's insights on AI, energy, and oil driving M&A, this analyzes six firms' exposure to Q1's megadeal boom. Boutiques like Evercore and Houlihan Lokey lead conviction rankings due to high-margin advisory focus, followed by bulge-bracket giants.
Research · Apr 9, 2026
SEC fines surged in FY2025 per Bloomberg's April 7 report, shifting from Biden priorities—hammering financials (JPM, GS) and crypto (COIN) via debt strains and probes, while tech holds firm. Banks' profits resilient; COIN vulnerable. Bullish JPM/GS, cautious elsewhere.
