Markets & Finance

Goldman Sachs reported second-quarter 2026 diluted EPS of $20.98 against a consensus estimate of $14.54, with net revenues of $20.34 billion exceeding expectations by $3.94 billion, driven by a record $7.42 billion in equities revenue and a 55 percent year-over-year rise in investment banking fees. The SpaceX IPO contributed an estimated $100 million in direct underwriting fees to Goldman, though analysts note that indirect soft-dollar trading commissions from hedge funds seeking IPO allocations likely added a larger but unquantifiable sum across its trading desks. The quarter's 23.5 percent annualized return on equity and 78 percent year-over-year earnings growth reflected a combination of elevated market volatility, a record IPO cycle, and expanding asset management fees rather than any single transaction.

JPMorgan Chase reported Q2 2026 net income of $21.2 billion, or $7.70 per share, the largest quarterly profit ever recorded by a US bank, beating the $5.80 consensus by 32%. However, roughly $4.3 billion of that after-tax outperformance came from a single Visa share sale, and management described the 86% surge in Equity Markets revenue as 'improbable to repeat.' Stripping out one-time items, adjusted EPS of $6.14 still beat the underlying consensus by about 7%, and the firm raised its full-year net interest income guidance to approximately $105.5 billion while authorizing a new $50 billion share repurchase program.

Vertex Pharmaceuticals agreed on July 6, 2026, to purchase Crinetics Pharmaceuticals at $85.00 per share in cash, a 102% premium, valuing the equity at $10 billion. The deal adds Palsonify, the first approved once-daily oral acromegaly therapy, and atumelnant, a Phase 3 drug for congenital adrenal hyperplasia, with combined peak sales projected above $5 billion. Vertex, which derived roughly 93% of its 2025 revenue from cystic fibrosis drugs, expects the acquisition to become accretive to non-GAAP operating income by 2029.