“Given our progress and what we see in our pipelines, we expect this flywheel of activity to continue.”

In context

“David Solomon: Thank you, operator. Good morning, everyone. I know it's a busy morning with all the reports. We appreciate you being on our call. Thank you for joining us. We delivered record results for the second quarter and year to date. In the quarter, we generated record revenues of $20.3 billion, record earnings per share of $20.98, and an ROE of 23.5% and an ROTE of 25.5%. Our performance reflects the strength of our global franchise, the depth of our relationships, and our ability to harness the power of One Goldman Sachs in a very strong operating environment. Momentum across our franchise has accelerated as clients continue to pursue greater scale to invest and compete more effectively. This desire for scale has driven a significant increase in strategic deal-making activity with large cap corporate M&A volumes up 90% through the first half of 2026. At the same time, the AI investment cycle is expanding capital needs beyond core technology into infrastructure, energy and data centers, generating a ripple effect across industries. This is creating significant opportunities for Goldman Sachs to provide structuring, financing, risk management, and capital markets execution across both public and private markets. Beyond the infrastructure buildout, companies large and small are working to integrate AI into their operations, increasing demand for advice and execution capabilities as they adapt to a rapidly evolving competitive landscape. Against this backdrop, the trust we have built with clients over decades continues to position Goldman Sachs at the center of their most strategic and consequential transactions. This includes acting as lead left bookrunner on the record-breaking IPO for SpaceX and equity raise for Alphabet, as well as advising Dominion Energy's sale to NextEra Energy and Comcast spinoff of NBCUniversal. We have further expanded our lead as the number one M&A advisor and earlier this year became the first bank to cross the $1 trillion in announced volumes over a six-month period. This longstanding leadership, combined with our One Goldman Sachs operating ethos, creates a real multiplier effect. Our advisory relationships are often the genesis of client activity across the franchise. What starts as an advisory mandate in the boardroom increasingly extends into opportunities for our Capital Solutions Group, including financing, risk management, capital markets execution, and distribution, as well as investment opportunities for Asset Wealth Management clients. While we have made considerable progress strengthening connectivity across the firm, we continue to see opportunities to further collaborate across our Global Banking & Markets and Asset Wealth Management franchise. We believe there is substantial runway to deepen the connectivity between advisory financing and capital markets, investing and wealth management in ways that will enhance value for our clients and drive long-term growth. Given our progress and what we see in our pipelines, we expect this flywheel of activity to continue. Even with very strong investment banking revenues this quarter, our backlog increased to its highest level in 5 years and its second highest level on record, underpinned by a record advisory backlog and reflecting the strength and breadth of our client engagement. Beyond investment banking, momentum also accelerated across our equities and FICC businesses. Equities produced record revenues amid shifting market dynamics and elevated activity levels as single stock volatility and dispersion remained high. Client activity was particularly strong in Asia, driven in part by robust AI capital formation and investment. This strength also extended into financing, where we generated another quarter of record revenues as we deployed our balance sheet to support clients with average prime balances rising to another record. We also delivered a very strong performance in FICC with broad-based strength across both intermediation and financing as we supported clients globally. In intermediation, performance was driven by robust activity as clients turned to us for principal liquidity and risk management amid ongoing volatility in rates and commodities. In financing, we generated record revenues reflecting the continued strong demand for asset secured financing solutions. Across asset and wealth management, we are relentlessly driving our growth strategy forward with quarterly management and other fees up 20% year-over-year. We delivered our 34th consecutive quarter of long-term net inflows, including $19 billion in wealth management. Our wealth management client assets reached a record of roughly 2 trillion, and our total assets under supervision surpassed a record 4 trillion. In this cycle of elevated capital formation and strategic activity, the opportunity set for our ultra-high net worth franchise is also expanding. Our high touch wealth management business has never been better positioned to help founders and executives realize and manage newly created wealth with unique capabilities and solutions. Combining trusted advice with access to differentiated investment opportunities across our platform. Since the start of 2025, we've seen nearly 900 referrals to wealth management from investment banking, demonstrating the benefits of our One Goldman Sachs operating approach. Within alternatives, despite some pressure in segments of the industry, investor interest across our platform remained incredibly strong, driving a record $59 billion of fundraising in the second quarter and $85 billion of fundraising year to date. We raised $31 billion in private credit this quarter alone, a testament to our strong track record of performance and our clients' continued desire to partner with experienced investors like Goldman Sachs. More broadly, demand for private markets remains robust as clients deploy capital across credit, equity, and real assets, and our ability to originate and structure opportunities continues to differentiate our offering. We continue to scale our solutions platform, and last week we were appointed to manage both Verizon's and Lockheed Martin's retirement plans, which collectively represent $70 billion in assets under supervision. These mandates from large, sophisticated corporate pension sponsors underscore the growing demand for comprehensive, integrated OCIO solutions capable of managing complex portfolios across public and private markets. As a leading provider of OCIO services globally, we are well-positioned to capture this attractive secular growth opportunity. We are also further accelerating growth across Asset & Wealth Management through targeted acquisitions that are enhancing and scaling our capabilities. Our recent acquisitions, Industry Ventures and Innovator, are both showing solid momentum in the first few months of integration. We will continue to evaluate opportunities to expand our client offering, strengthen our franchise, and accelerate growth. Let me touch on capital and regulation more broadly. We remain very engaged with our regulators to ensure better alignment of regulatory outcomes with underlying risk and look forward to swift progress towards a more balanced framework. As we again demonstrated this quarter, our robust capital position and disciplined dynamic resource management enable us to support clients across market conditions and drive accretive returns. This also allows us to return meaningful capital to shareholders. In line with our priority to sustainably grow our dividend, we recently announced an increase in our quarterly dividend to $5 a share, representing a 25% increase versus a year ago and 150% increase over the last five years. We also repurchased $4 billion of common stock in the quarter. Looking forward, we know that things rarely move in a straight line. We continue to see a largely resilient economic backdrop in the U.S., risks can emerge quickly and drive periods of disruption and volatility across markets. A keen focus on risk management remains paramount as we support clients across a range of market conditions. It's also clear that we are seeing broad-based momentum across the franchise and a very strong environment for client activity. The build-out of AI infrastructure remains in its early stages. We believe this multi-year investment cycle will continue to drive elevated levels of strategic activity, financing, and capital formation across markets. The more expansive and complex this opportunity becomes, the more it plays to our firm's strengths. Very few firms have the global breadth of relationships, the depth of talent, the engineering capabilities, differentiated data, market insights, and financial resources to serve clients and capitalize on this opportunity set. These have been foundational strengths of Goldman Sachs for decades. Just as we are helping clients navigate this period of change, we are also implementing learnings within our own firm. There has been much debate around the broader implications of AI on the workforce. It will change how work gets done, it will not replace what matters most in driving our business, our extraordinary people. We see AI as a transformational technology that expands the capabilities of our best-in-class talent. Our capacity to drive commercial impact for our clients. Reflecting on our record results, I'm proud of our people and our performance. There is no question that a confluence of market tailwinds is supporting client activity. We will remain disciplined in how we invest and manage risk. I feel very confident about the forward trajectory of Goldman Sachs as a result of years of strategic execution to strengthen our businesses, enhance connectivity across the firm. We are exceptionally well-positioned to serve our clients and deliver for our shareholders. With that, I'll turn it over to Denis to walk through our financial results in more detail.”