Goldman Sachs, opens new tab exceeded second-quarter profit expectations as dealmaking picked up and market volatility ​amid the U.S.-Iran war boosted equities revenue to a record, sending shares to an all-time peak.

Inflation risks and uncertainty over interest rates ‌kept investors on edge, resulting in aggressive portfolio reassessment and stronger revenue from equities trading desks.

The equities business fetched revenue of $7.42 billion, surging 72% from a year ago. Revenue from the fixed income, currency and commodities business jumped 32% to $4.59 billion.

“Momentum has accelerated ​throughout our businesses,” CEO David Solomon said in a statement.

“The buildout of AI infrastructure remains in its early stages, and we believe this multi-year ​investment cycle will continue to drive elevated levels of strategic activity, financing and capital formation across markets,” he added on a ⁠call with analysts.

Goldman shares jumped to a record high and were last up 7.2%. The stock was the biggest gainer on the blue-chip Dow (.DJI), opens new tab.

Total profit was $6.63 billion, ​or $20.98 per share, for the three months ended June 30. That compares with $3.72 billion, or $10.91 per share, a year earlier. 

Goldman shares have outperformed the benchmark S&P 500 index (.SPX), opens new tab this year, stirring some concerns about how much further the stock can run.

Goldman’s investment banking fees rose 55% to $3.4 billion in the quarter, helped by higher stock and debt sales, as well as a pickup in advisory revenue.

Corporate dealmaking remained resilient ‌despite the ⁠conflict in the Middle East, driven in part by companies’ efforts to expand and strengthen their AI businesses. Volumes could end the year near 2021 highs, Goldman has said.

Goldman advised on $1.2 trillion of announced mergers and acquisitions in the first half of 2026, marking a record pace for any investment bank and about $425 billion ahead of its closest rival, Chief Financial Officer Denis Coleman said.