Goldman Sachs Group Inc SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing structured notes linked to an equally weighted basket of eight U.S.-listed stocks, with an initial basket level of 100. The notes may be automatically called on a call observation date expected in January 2027 if the basket level is at or above the initial level, in which case investors receive at least $1,166 per $1,000 face amount on the call payment date.

If not called, the notes mature on a stated maturity date expected in December 2027. At maturity, holders get: enhanced upside via a 125% participation rate on any positive basket return; full principal repayment if the basket is flat or down by up to 15%; and a buffered downside with losses increasing beyond that buffer, based on a buffer rate of approximately 117.65%. The issuer estimates the initial economic value at $900–$930 per $1,000, below the issue price, reflecting fees and structuring costs. Payments depend on basket performance and the credit of GS Finance Corp. and Goldman Sachs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable, index-linked notes that pay no interest and are scheduled to mature in December 2030 unless called earlier. The notes are tied to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, which uses up to 500% leverage, a 40% volatility target and applies a fixed 6% per annum daily decrement that drags on performance.

The notes are automatically called if, on any call observation date starting in May 2027, the index closes at or above 80% of its initial level, paying back principal plus a call premium. If held to maturity and not called, investors receive a capped maximum of $1,712.5 per $1,000 face amount if the index ends at or above 80% of its initial level, full principal back if the decline is up to 50%, and a proportional loss (down to total loss) if the decline exceeds 50%.

The estimated value at pricing is expected to be between $885 and $925 per $1,000 face amount, below the issue price, reflecting fees and hedging costs. Key risks include leveraged index exposure, the decrement, potential loss of the entire investment, lack of interest payments, complex index rules and the unsecured credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable structured notes linked to the stocks of Apple, Amazon, Alphabet Class C and NVIDIA. The notes pay a contingent monthly coupon of at least $12.292 per $1,000 (about 1.2292% per month, approximately 14.75% per year) only when on a coupon observation date each stock is at or above 60% of its initial price. The notes can be automatically called on monthly dates from December 2026 through November 2028 if all four stocks are at or above their initial prices, returning the $1,000 face amount plus the applicable coupon.

If the notes are not called, principal repayment at maturity in early 2029 depends on the worst-performing stock. As long as each stock is at least 80% of its initial price, investors receive full principal plus the final coupon. If the worst stock is between 60% and 80%, investors receive between 80% and 99.99% of face value plus any final coupon. If any stock finishes below 60%, repayment falls in line with that stock’s loss beyond a 20% buffer and the investor receives no final coupon, potentially losing a substantial portion of principal. The indicative estimated value is $890–$920 per $1,000 at pricing, reflecting fees and model assumptions, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk contingent income auto-callable securities linked to the worst-performing of the S&P 500® Index, Russell 2000® Index and Nasdaq-100 Index® maturing in December 2027. Investors may receive a contingent quarterly coupon of at least $22.25 per $1,000 only when the closing value of each index on an observation date is at or above 70% of its initial level; otherwise the coupon for that quarter is zero.

The notes are automatically called if, on a call observation date, all three indexes are at or above their initial values, paying back principal plus the coupon then due, with no further payments. If the notes are not called and, at maturity, any index finishes below 70% of its initial level, repayment of principal is reduced one-for-one with the decline of the worst-performing index and can be zero. Investors do not participate in any index upside.

The notes are unsecured, subject to the credit risk of GS Finance Corp. and its parent, will not be listed on an exchange, and their estimated value is $920–$980 per $1,000 at pricing, below the 100% issue price due to fees, hedging and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of nine large-cap stocks, including Alphabet, Microsoft, Meta and NVIDIA. The notes pay no interest and return depends entirely on the basket’s performance.

The notes may be automatically called on the call observation date if the basket level is at or above the initial level of 100, in which case investors receive at least $1,160 per $1,000 face amount on the call payment date. If not called, at maturity investors get $1,000 plus 125% of any positive basket return, full principal back if the basket decline is up to 20%, and a buffered loss if the basket falls by more than 20%, calculated at a 125% buffer rate.

The structure exposes holders to market risk in the basket, as well as the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected between $900 and $930 per $1,000, below the original issue price, reflecting fees, hedging costs and issuer economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due September 28, 2028 as part of its Medium-Term Notes, Series F program. These notes pay no interest and repay at least the face amount at maturity.

For each $1,000 note, holders receive $1,000 if the S&P 500® final level is equal to or below its initial level. If the index is higher, the payoff is $1,000 plus the index return, capped at a maximum settlement amount of at least $1,150, so upside participation is limited.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and are not bank deposits or FDIC insured. They are expected to be treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over the term, and will not be listed on any securities exchange, with any secondary market depending on dealer market-making.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable notes whose return is linked to the VanEck Semiconductor ETF (SMH). The notes pay no fixed interest and may pay no coupons at all.

On each quarterly payment date, starting in March 2026, investors receive a coupon of at least $25 per $1,000 face amount (at least 2.5% quarterly, up to at least 10% per annum) only if SMH is at or above 80% of its initial level on the related observation date. Goldman may redeem the notes at 100% of face amount plus any due coupon on any payment date from June 2026 through June 2028.

At maturity in September 2028, if the ETF is at or above 80% of its initial level, holders receive $1,000 plus the final coupon. If it is below 80%, principal is reduced in proportion to the decline beyond a 20% buffer and no final coupon is paid. The estimated value on the trade date is expected between $925 and $965 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Nasdaq-100 Index^® maturing in January 2028. The notes pay no interest and may be automatically called in January 2027 if the index on the December 2026 observation date is at or above its initial level, in which case investors receive at least $1,110 per $1,000 of face amount.

If the notes are not called, the maturity payment depends on index performance, with a 125% upside participation rate on gains and a 15% downside buffer, so losses begin if the index falls below 85% of its initial level. In severe declines, investors can lose a substantial portion of principal, as illustrated by hypothetical cases. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on an exchange, may have limited liquidity, and involve uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500® Futures Excess Return Index, maturing in 2031. The notes provide at least 192% upside participation in index gains from the trade date to the determination date.

If the final index level is at or above 70% of the initial level (a 30% trigger buffer), investors receive full principal, but no interest. If the final level falls below 70%, repayment is reduced 1% for every 1% decline in the index, and investors could lose their entire investment.

The notes pay no coupons, are unsecured obligations exposed to the credit risk of GS Finance Corp. and the guarantor, and track equity futures rather than the S&P 500® itself. Risks highlighted include model-based pricing below issue price, potential negative roll yield in futures, secondary market illiquidity and uncertain U.S. tax treatment.