Waseem Al-Muflehi, 15, and Yahye Omar Mohamed, 14, both from Birmingham, disappeared in the water at Barmouth beach last Sunday.
Yahye's body was recovered from the sea at Sunny Sands in the Llanaber area on Friday morning.
Waseem's body was found in the same area on Saturday.
Insp Andy McGregor, of North Wales Police, said: "Yesterday evening Waseem was identified by family members and as with the family of his friend Yahye Omar Mohamed our thoughts are very much with them at this very difficult time."
The boys' deaths are not being treated as suspicious and the coroner has been informed.
The pair were on a trip to Barmouth with about 500 people from Birmingham's Somali and Yemeni communities when one of them was seen to disappear under the water.
Members of the group tried to reach them but the wind and waves were said to have been too strong.
A second body which washed ashore in Gwynedd has been identified as a teenager who went missing with his friend while swimming in the sea.