No. 2: Allegro, E-flat major, 3/4 time

The overall structure is a three-part form: A–B–A–Coda. In the A section in E-flat major, scales in triplets traverse freely. The A section itself is also in a three-part form, with a middle section (measures 25–51) in the parallel minor, E-flat minor, inserted. When the opening section is recapitulated in a shortened form, a G-flat major triad (measure 82) is reinterpreted as its enharmonic equivalent, an F-sharp major triad, which then functions as the dominant chord for the B section, appearing in B minor. If notated without enharmonic reinterpretation, the B section would originally be in C-flat minor, revealing that the A and B sections are in a mediant relationship. Both the progression by mediant relationships and the technique of moving deeper into the circle of fifths are hallmarks of Schubert.

The dance-like B section contrasts in character with the A section, which features flowing scales, yet its basic accompaniment rhythm is shared with the A section. In the B section, the removal of triplets from the melody brings the dance-like accompaniment rhythm to the forefront.

After the return of the A section, the B section reappears in a transformed state as the Coda (from measure 251). The Coda begins in C minor and, through a series of modulations, concludes in E-flat minor, resulting in an unusual tonal structure where the entire piece starts in a major key and ends in its parallel minor.