Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $2,000,000 of auto-callable notes linked to the common stocks of Apple Inc. and Microsoft Corporation. The notes have a trade date of August 7, 2026, an original issue date of August 12, 2026, and a stated maturity date of August 12, 2031, subject to adjustment.

The notes pay no interest and may be automatically called on August 12, 2027 if each underlier’s closing level on August 9, 2027 is at or above its initial level; in that case investors receive $1,427 per $1,000 face amount. If not called, the cash settlement depends on the lesser performing underlier, with a 150% upside participation rate when both final levels exceed initial levels, principal protection down to a 60% trigger buffer level for each underlier, and full downside exposure below that, meaning investors could lose their entire investment.

The initial levels are $313.33 for Apple and $499.99 for Microsoft100% original issue price due to underwriting discounts and structuring costs.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked Medium-Term Notes, Series F, with an aggregate face amount of $6,243,000. The notes pay no interest and return at maturity depends on the S&P 500® Index level on the determination date relative to an initial level of 7,757.64.

If the final index level is at or above the buffer level of 85% of the initial level, holders receive a capped maximum settlement amount of $1,075.30 per $1,000 face amount. If the final level is below the buffer level, principal is reduced by approximately 1.1765% for every 1% the index falls below the buffer, and investors can lose up to their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, and their secondary-market value may be significantly lower than the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay contingent quarterly coupons only when the index is at or above 65% of the initial level of 552.09.

The notes can be automatically called from February 2027 through May 2031 if the index is at or above the initial level, returning principal plus the due coupon. If not called, at maturity on August 12, 2031 investors are protected only down to 50% of the initial level; below that, losses are one‑for‑one and can reach 100% of principal.

The underlier uses up to 500% leverage, a 40% volatility target and a 6% per‑annum daily decrement, all of which can significantly erode performance and magnify downside. The estimated value is about $955 per $1,000 face amount, and investors take on the unsecured credit risk of GS Finance Corp. and Goldman Sachs Group.

GS Finance Corp. is offering $7,767,000 aggregate face amount of Medium-Term Notes, Series F, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. These are equity-linked, auto-callable Market Linked Securities tied to the common stock of Marvell Technology, Inc., maturing on August 10, 2029.

Each note has a $1,000 face amount and pays a monthly contingent coupon of $22.75 (27.30% per annum) only if the stock closing price on the relevant calculation day is at or above a coupon threshold set at 50% of the starting price. Missed coupons have a memory feature and can be paid later if the threshold is met.

The notes are automatically called at par plus the applicable coupon and any unpaid coupons if, on any monthly call date from November 2026 to July 2029, the stock closes at or above the starting price of $218.72. If not called, principal is protected at maturity only if the final stock price is at or above a downside threshold equal to 50% of the starting price; below that level, investors have full downside exposure and can lose more than 50%, up to their entire principal. The estimated value at pricing is $967 per $1,000, below the original offering price, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term notes linked to the S&P 500 Index with an aggregate face amount of $1,331,000. Payment at maturity in August 2031 depends on index performance from the August 7, 2026 trade date to the determination date.

For each $1,000 note, if the final index level is at or above the initial level of 7,757.64, holders receive a capped maximum settlement amount of $1,523. If the index falls but stays at or above the 85% buffer level (a 15% decline), investors receive the full face amount. Below the buffer, principal loss amplifies at approximately 117.65% of index losses beyond the 15% buffer, down to a potential 100% loss of invested principal, and the notes pay no interest.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The initial issue price is 100% of face amount, with a 0.5% underwriting discount and 99.5% of face amount in net proceeds to the issuer. Tax treatment is uncertain and described as a pre-paid derivative contract in respect of the S&P 500 Index.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F linked to the common stock of NVIDIA Corporation. The offering size is $2,613,000 face amount, issued at 100% with a 1.5% underwriting discount and 98.5% net proceeds to the issuer.

The notes pay a contingent quarterly coupon of $37 per $1,000 face amount when NVIDIA’s closing level on a coupon observation date is at or above the coupon trigger level, set at 70% of the $223.96 initial underlier level. The same 70% level is the trigger buffer level. The notes are automatically called if, on any call observation date from February 8, 2027 through May 7, 2029, the underlier is at or above the initial level; in that case holders receive $1,000 per note plus the due coupon.

If the notes are not called, at maturity on August 10, 2029 investors receive $1,000 per note only if the final NVIDIA level is at or above the trigger buffer level. Below that level, principal is reduced one-for-one with the underlier return and can fall to zero, so investors may lose their entire investment. Upside in NVIDIA is capped at return of principal plus coupons; investors do not participate in further stock gains.

The pricing supplement highlights that the estimated value of the notes on the trade date is less than the original issue price, primarily due to underwriting discounts, a structuring fee of up to 0.45%, and other costs. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on an exchange, and may have limited or no secondary market liquidity. U.S. federal tax treatment is uncertain; the issuer intends to treat the notes as income-bearing prepaid derivative contracts, with coupon payments generally taxed as ordinary income and FATCA and potential section 871(m) considerations for non-U.S. holders.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Goldman Sachs Momentum Builder Focus ER Index-Linked Notes due August 19, 2031. The notes provide principal repayment at maturity, subject to issuer and guarantor credit risk, and no periodic interest.

At maturity, investors receive $1,000 per note plus upside if the Goldman Sachs Momentum Builder Focus ER Index has risen from the trade date. The payoff above principal equals 885% of the index return, giving leveraged exposure to gains. If the final index level is equal to or below the initial level, investors receive only the $1,000 face amount.

The index is a rules-based, volatility- and momentum-controlled multi-asset strategy, capped at 5% realized volatility and subject to a 0.65% per annum deduction, with the ability to allocate heavily to cash-like positions. Key risks include complex index mechanics, potential underperformance versus direct investments, limited liquidity, market and rate sensitivity, credit risk of GS Finance Corp. and Goldman Sachs, and treatment as contingent payment debt instruments for U.S. tax purposes, which can create taxable income before any cash payment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,562,000 of market-linked medium-term notes tied to NVIDIA Corporation common stock. Each security has a $1,000 face amount, offers a monthly contingent coupon of $10 (a 12.00% per annum rate) and may be auto-called from November 2026 to July 2027 if the stock closes at or above the $223.96 starting price on a call date.

Coupons are paid only when the stock closes at or above the coupon threshold price, set at 60% of the starting price, with a memory feature that can pay previously unpaid coupons. If not called, principal repayment at maturity in August 2027 depends on the final stock price relative to a downside threshold also set at 60% of the starting price; a finish below this level results in a loss of more than 40% of principal, potentially up to 100%.

The estimated value at pricing is approximately $981 per $1,000 face amount, below the original offering price, reflecting structuring costs and dealer compensation. Investors do not receive dividends or upside participation in NVIDIA shares and are fully exposed to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked structured notes with an aggregate face amount of $15,393,000 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and does not pay periodic interest.

At maturity on August 10, 2028, the cash payment per $1,000 depends on S&P 500® Index performance from the August 7, 2026 trade date, with a 20% buffer and a maximum upside settlement amount of $1,200. Gains match index performance up to the cap; moderate losses (within the 20% buffer) produce positive returns equal to the absolute index move; deeper declines below the buffer level (80% of the initial index level of 7,757.64) result in principal loss.

The original issue price is 100% of face, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. Key risks include potential loss of a substantial portion of principal, no interest, capped upside, secondary market and liquidity uncertainty, credit risk of the issuer and guarantor, and uncertain U.S. tax treatment of the notes as pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes with an aggregate face amount of $1,284,000 tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes feature an automatic annual call if the index closes at or above rising call levels from 101% to 106% of the initial index level, paying $1,000 plus a fixed call premium of 14.40% to 86.40% per $1,000 face amount when called.

If not called, at maturity in August 2033 investors receive, per $1,000, either $1,000 + (100% × index gain) when the index finishes above its initial level, or $1,000 if the index is flat or lower, so downside is limited to return of principal, subject to issuer and guarantor credit risk. The index dynamically reallocates among equity, fixed income, commodity and cash exposures, is calculated on an excess return basis over the federal funds rate, and is reduced by a 0.65% per annum fee, meaning high cash allocations can materially dampen index performance.

The original issue price is 100% of face amount, with a 4.5% underwriting discount and 95.5% net proceeds. The issuer’s estimated value is $893 per $1,000 at trade date, below issue price. The notes pay no periodic interest and are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of income based on a 5.3408% comparable yield and a projected maturity payment of $1,453.75 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500 Futures Excess Return Index, maturing in 2030. Each note has a $1,000 face amount and pays no interest; all return comes at maturity based on index performance.

If the final index level is at or above the initial level, investors receive $1,000 plus 152.5% of the index gain. If the index declines by up to the 25% buffer (down to 75% of the initial level), investors receive the absolute value of the index return, turning moderate losses into gains. Below the 75% buffer level, principal is exposed 1:1 to further declines, and investors can lose a substantial portion of their investment, as low as 25% of face amount in the worst hypothetical shown.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, do not provide any rights in futures or underlying stocks, and are expected to have an estimated value below the issue price. Returns depend on an equity futures index, which can underperform the S&P 500 due to financing costs, negative roll yield and market disruptions. U.S. tax treatment is uncertain; the issuer intends to treat the notes as prepaid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,297,000 of callable index-linked notes due August 12, 2031. The notes are issued at 100% of face amount, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer, and do not bear interest.

Unless redeemed on August 12, 2027 for $1,120 per $1,000, the maturity payment depends on the lesser performing of the Nasdaq-100 Index® and S&P 500® Index. If both final index levels exceed their initial levels (29,722.30 for Nasdaq-100; 7,757.64 for S&P 500), investors receive $1,000 plus 100% of the lesser index’s gain; otherwise they receive only $1,000. The estimated value at pricing is about $984 per $1,000, and payments are subject to the credit risk of GS Finance Corp. and the guarantor. For U.S. tax purposes the notes are treated as contingent payment debt instruments, requiring accrual of taxable ordinary income based on a 5.13% comparable yield and a projected maturity payment of $1,292.89 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked medium-term notes maturing on August 14, 2029, tied to the common stock of Advanced Micro Devices, Inc., the Class A common stock of Robinhood Markets, Inc., and the common stock of Tesla, Inc. Initial index stock prices are $483.36 (AMD), $93.29 (HOOD) and $328.58 (TSLA).

The notes pay a conditional monthly coupon of $18.042 per $1,000 (1.8042% monthly, up to about 21.65% per annum) only when each stock’s closing price on a coupon observation date is at or above 50% of its initial price. The notes are automatically called, at par plus coupon, if on any call observation date (from August 2027 through July 2029) each stock is at or above its initial price.

If not called, principal repayment depends on a trigger event at final valuation on August 7, 2029. If at least one stock finishes at or above its initial price, or if no trigger event occurs, investors receive full face amount (plus final coupon if each stock is at or above 50% of its initial price). If all stocks finish below their initial prices and any is below 50% of its initial price, repayment is reduced in proportion to the worst-performing stock, and investors can lose up to 100% of principal and receive no coupon. The estimated value at pricing is $972 per $1,000 face amount. The aggregate face amount on the original issue date is $379,000, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $446,000 aggregate face amount of auto-callable, income-bearing notes linked to the Class C common stock of Dell Technologies Inc., the common stock of QCOM Incorporated and the Class A common stock of Palantir Technologies Inc. The notes trade date is August 7, 2026, original issue date August 14, 2026, and stated maturity August 14, 2029, unless automatically called between August 2027 and July 2029 when all three stocks close at or above their initial prices of $453.77, $167.86 and $172.01, respectively.

Holders may receive contingent monthly coupons of $19.334 per $1,000 (1.9334% monthly, up to about 23.2% per annum) only when each stock is at or above 50% of its initial price; otherwise the coupon is zero. Principal is protected at maturity only if either no trigger event occurs (at least one stock at or above its initial price) or, if a trigger event occurs, all stocks are at or above 50% of their initial prices. If a trigger event occurs and any stock finishes below 50% of its initial price, repayment is reduced one-for-one with the worst-performing stock, potentially to zero.

The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and the guarantor. The estimated value at pricing is approximately $960 per $1,000 face amount; the original issue price is 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Russell 2000, S&P 500 and EURO STOXX 50 indexes, maturing in 2029. Investors receive a quarterly coupon of $18.75 per $1,000 (1.875%, up to 7.5% per year) only if on each observation date all three indexes are at or above 60% of their initial level. The notes are automatically called at par plus coupon if, on any call observation date from February 2027, all indexes are at or above their initial levels.

If not called, principal repayment at maturity depends solely on the lesser performing index. If that index is at or above 60% of its initial level, investors receive full principal; otherwise the payoff is $1,000 × (1 + lesser performing underlier return), exposing holders to full loss of principal. The issuer states the estimated value at pricing will be less than the 100% issue price, secondary market liquidity is uncertain, and returns are subject to the credit risk of GS Finance Corp. and its parent, as well as complex U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $28,767,630 of Buffer Autocallable GEARS, unsecured structured notes linked to the iShares Semiconductor ETF (SOXX). The notes are issued in $10 denominations, trade on August 7, 2026 and mature August 10, 2029, unless automatically called.

The notes provide 1.40x upside gearing if the final ETF price exceeds the initial price of $543.27, subject to an autocall feature: if on August 16, 2027 the ETF is at or above 100% of the initial price, investors receive $10 plus a 25% call return and the notes terminate. A 20% buffer applies at maturity; below 80% of the initial price, principal is reduced point-for-point, and a drop to zero would leave investors with 20% of face value. The estimated value is $9.70 per $10 face amount. No coupons are paid, the notes are not listed, and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $5,505,000 of Auto-Callable Dual Directional Trigger PLUS notes linked to the Nasdaq-100 Index®, maturing on August 10, 2028. The notes do not pay interest and are principal-at-risk.

The notes are automatically called if, on August 16, 2027, the index closing value is at least the initial index value of 29,722.30, paying a fixed $1,133 per $1,000 and then terminating. If not called, at maturity investors receive: 150% of any positive index return; or, for final index levels between 80% and 100% of the initial value, principal plus the absolute index return (up to a 20% gain); or, if the index falls below the downside threshold of 23,777.84 (80% of initial), a payment proportional to index performance, potentially zero.

The initial estimated value is about $977 per $1,000, below the issue price, reflecting dealer compensation and structuring costs. Investors are exposed to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., market volatility in the Nasdaq-100 Index, limited liquidity, and uncertain tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,712,000 aggregate face amount of auto-callable notes linked to three State Street sector ETFs (Financial XLF, Technology XLK, Health Care XLV). The notes pay no interest and mature on August 12, 2031, unless automatically called.

The notes are automatically called on November 9, 2026 if each ETF is at least 90% of its initial level, paying $1,075 per $1,000. If held to maturity and all ETFs stay above 90%, investors earn a leveraged upside of 125% participation on the lesser-performing ETF plus a 10% adjustment. If any ETF finishes below 70% of its initial level, repayment is reduced at a buffer rate of about 142.86% of losses below that threshold, and principal can be lost in full. The estimated economic value is $979 per $1,000 face amount at pricing, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked, no-coupon notes whose payoff depends on an equally weighted basket of 7 large-cap stocks, each with an initial weighting of approximately 14.29% and an initial basket level of 100. The notes may be automatically called on August 20, 2027 if the basket level is at least 100, paying $1,207 per $1,000 face amount on August 25, 2027. If not called, the notes mature on August 10, 2028, with upside participation of 125% of any positive basket return and a downside buffer: full principal repayment for basket declines up to 20%, and losses at a 125% rate beyond that, potentially down to zero. The estimated value at pricing is about $952 per $1,000 face amount, reflecting dealer margin and structuring costs, and investors bear the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Trigger Callable Contingent Yield Notes linked to the least performing of the S&P 500® Index, Russell 2000® Index and Nasdaq-100 Index®. The notes have a face amount in $10 increments, trade date expected on August 11, 2026, and mature August 16, 2029, unless redeemed earlier.

The notes pay a contingent coupon of $0.285 per $10 per quarter (up to 11.4% p.a.) only if on every trading day in the prior observation period each index stays at or above its coupon barrier of 70% of its initial level. From November 2026 through May 2029, GS may call the notes on any coupon date at 100% of face amount plus any due coupon. At maturity, if not called and each index is at or above its downside threshold of 60% of its initial level, investors receive $10 per $10 face amount plus any final coupon. If any index finishes below its downside threshold, repayment is reduced dollar-for-dollar with the percentage loss of the lesser performing index and the investor can lose up to 100% of principal. The estimated initial value is $9.65–$9.95 per $10, below the 100% issue price, and any payment is subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of MP Materials Corp. The notes pay a fixed $12.959 monthly coupon per $1,000 face amount (1.2959% monthly, up to approximately 15.55% per annum) until automatic call or maturity, expected on August 19, 2027.

The notes are automatically called at par plus the coupon if MP’s stock closing price on any monthly call observation date is at or above the initial stock price. If not called, at maturity investors receive $1,000 per note if MP’s final stock price is at least 80% of the initial price. Below this 20% buffer, principal is reduced linearly, so investors can lose a substantial portion of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and their estimated initial value is between $925 and $955 per $1,000, below the issue price, with limited liquidity and complex market, anti-dilution and tax features.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the EURO STOXX 50 Index under its Medium-Term Notes, Series F program. The notes run from an expected trade date of August 26, 2026 to a stated maturity on August 31, 2028 and are cash-settled.

At maturity, investors receive for each $1,000 face amount: full principal plus leveraged upside if the index is above its initial level, with an upside participation rate of 139%; full principal repayment if the index decline does not exceed the 10% buffer amount (buffer level 90% of the initial level); or a proportional loss beyond the buffer, with a 100% buffer rate. The notes do not bear interest, and investors may lose a substantial portion of principal, illustrated by a hypothetical 67% loss if the index ends at 23% of its initial level.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is disclosed as less than the original issue price, reflecting fees and structuring costs, which may weigh on secondary market prices. The issuer expects to treat the notes as a pre-paid derivative contract for U.S. federal income tax purposes, though the tax outcome is uncertain and FATCA rules apply.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, maturing on an expected date of August 28, 2031. The notes pay a contingent monthly coupon of $12.50 per $1,000 face amount (1.25% per month, up to 15% per year) only when the index is at or above 60% of its initial level on the monthly observation date. The notes are automatically called at par plus the applicable coupon if, on specified quarterly observation dates from August 2027 to May 2031, the index is at or above its initial level.

If the notes are not called, principal repayment at maturity depends on index performance. A 40% trigger buffer applies: if the final index level is below 40% of the initial level, investors lose principal in proportion to the index decline and can lose their entire investment. The underlying index uses up to 500% leverage, targets 40% volatility, and applies a 6% per‑annum daily decrement, which systematically reduces index returns. The estimated value on the trade date is expected to be $885–$935 per $1,000, below the 100% issue price, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering structured Medium-Term Notes, Series F linked to the SPDR® Gold Trust and iShares® Silver Trust. The notes mature on August 13, 2029 and may be redeemed early at 100% of face amount plus any due coupon on specified quarterly dates from August 2027 through May 2029.

The notes pay a contingent monthly coupon of $13.209 per $1,000 (1.3209% monthly, up to about 15.85% per annum) only if on the relevant observation date each ETF is at or above 70% of its initial level (GLD $398.47, SLV $57.50). If at maturity the lesser-performing ETF is below 70% of its initial level, principal is reduced one-for-one with that ETF’s loss and investors can lose up to their entire investment, with no final coupon.

The estimated value at pricing is expected between $925 and $955 per $1,000 face amount, reflecting model values below issue price, and investors are exposed to the unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Buffered S&P 500 Index-Linked Notes due 2027 under its Medium-Term Notes, Series F program. The notes provide exposure to the S&P 500 Index with a limited downside “buffer” and a capped upside.

For each $1,000 note at maturity, investors receive: if the S&P 500 final level is above the initial level, a positive return equal to the index return, capped at a maximum settlement amount of $1,132.50; if the index is between the initial level and the 85% buffer level, repayment of the $1,000 face amount; if the index falls below the buffer level, losses of 1% of principal for each 1% decline below the buffer, with examples down to a 15% payout if the index falls to zero. The notes pay no interest and are cash-settled.

Key dates include a trade date of August 17, 2026, an original issue date of August 20, 2026, a determination date of December 17, 2027 and a stated maturity date of December 22, 2027, each subject to adjustment. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may trade below the issue price, are not listed on an exchange, and carry uncertain U.S. tax treatment characterized as a pre-paid derivative contract in the issuer’s view.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2027 linked to the common stock of Tesla, Inc. The notes are part of the Medium-Term Notes, Series F program.

For each $1,000 face amount, investors may receive a monthly contingent coupon of $12.917 (1.2917% per month, up to approximately 15.50% per annum) on each coupon payment date if the Tesla share price on the related observation date is at or above 57% of the initial underlier level, which also serves as the trigger buffer level. If Tesla closes below that trigger on an observation date, no coupon is paid.

The notes are automatically called if on any call observation date (from March 1 to August 31, 2027) Tesla’s closing level is at or above the initial level, in which case investors receive $1,000 plus the due coupon, ending the investment early. If the notes are not called and Tesla’s final level on September 30, 2027 is at or above the trigger buffer, investors receive $1,000 per note at maturity. If the final level falls below the trigger buffer, repayment is reduced 1:1 with Tesla’s negative return, down to a total loss of principal. The notes expose holders to full downside risk below the buffer, no upside participation beyond principal repayment, and the credit risk of both GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes pay no interest, are scheduled to run from an expected original issue date of August 17, 2026 to an expected maturity date of August 17, 2032, and are subject to an automatic annual call feature from 2027 through 2031.

If not called, each $1,000 note pays $1,720 (a 72% maturity return) if the final index level is at least 103% of the initial level; otherwise it returns only the $1,000 face amount. Annual call payments are capped via fixed call returns ranging from 12% to 60% if the index meets rising call levels.

The index allocates among futures-based equity, fixed income, commodity indices and a return-based money market position, with daily 5% volatility control and a momentum risk control overlay. Performance is calculated on an excess return over the federal funds rate and reduced by a 0.65% per annum deduction, and significant time may be spent in non-interest-bearing cash positions. The estimated value on the trade date is expected between $885 and $925 per $1,000 face amount, below the issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering ETF-linked Medium-Term Notes, Series F maturing on August 16, 2029. The notes are linked to three ETFs: State Street Consumer Staples Select Sector SPDR ETF, State Street Utilities Select Sector SPDR ETF and Invesco S&P 500 Low Volatility ETF, with payments based on ETF levels rather than their underlying indices.

Investors may receive a monthly contingent coupon of $6.25 per $1,000 (0.625%, up to 7.5% per year) on observation dates from September 2026 to August 2029, but only if the closing level of each ETF is at least 70% of its initial level; otherwise the coupon for that month is zero. The issuer may redeem the notes at 100% of face amount plus any coupon due on any coupon payment date from August 2027 through July 2029.

If the notes are not redeemed, principal repayment at maturity depends on the lesser performing ETF. If each ETF’s final level is at least 70% of its initial level, investors receive $1,000 plus the final coupon. If any ETF finishes below 70%, repayment is reduced in proportion to the worst ETF’s decline and the investor can lose up to 100% of principal with no final coupon. The estimated initial value is $925–$955 per $1,000, below the 100% issue price, reflecting structuring and distribution costs and GS’s pricing models.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Index-Linked Notes due 2029 linked to the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index. Each note has a $1,000 face amount and pays no interest.

The notes may be automatically called on scheduled call payment dates if, on the related observation date, the closing level of each underlier is at or above its initial level. In that case, investors receive $1,000 plus a fixed call premium (starting at 13.5% in August 2027 and increasing to 39.375% by July 2029). If not called, payment at maturity depends solely on the lesser performing underlier. If all final underlier levels are above initial levels, investors participate 100% in the upside of the worst performer; if the worst final level is between 70% and 100% of its initial level, principal is returned; if it falls below 70%, repayment is reduced one-for-one with the loss, down to a possible total loss of principal.

Returns are further subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is stated to be less than the issue price, secondary market liquidity is uncertain, and the U.S. tax treatment is described as uncertain, with the notes treated as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Buffered S&P 500 Index-Linked Notes due October 21, 2027 under its Medium-Term Notes, Series F program. The notes are linked to the S&P 500 Index and do not bear interest.

At maturity, for each $1,000 note, investors receive: if the index has risen, $1,000 plus the index return, capped at a maximum settlement amount of $1,109; if the index has fallen by up to the 15% buffer, $1,000; and if it has fallen by more than 15%, a reduced amount equal to $1,000 plus 100% of the index loss beyond the buffer, which can result in a substantial loss of principal.

The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below face value, have limited liquidity, provide no dividends or shareholder rights in S&P 500 companies, and involve uncertain U.S. tax treatment characterized as a pre-paid derivative contract in respect of the index.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Index-Linked Notes due 2029 tied to the Nasdaq-100, Russell 2000 and S&P 500 indexes. The notes pay no interest and repay principal and any upside only in cash.

The notes may be automatically called monthly starting in November 2027 if each index is at or above its initial level, in which case investors receive $1,000 per note plus a fixed call premium (rising from 17.1885% to 40.1065% over time). If not called, maturity payment depends solely on the worst-performing index. If that index finishes above its initial level, investors participate 100% in its gain; if it finishes between 70% and 100% of its initial level, principal is returned; if it falls below 70% of its initial level, repayment is reduced one-for-one with the loss in that index and investors can lose their entire investment.

Payments are subject to the credit risk of GS Finance Corp. and its guarantor. The estimated value on the trade date will be lower than the issue price, secondary market liquidity is uncertain, and the U.S. tax treatment is described as uncertain.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500 Futures Excess Return Index, maturing on August 17, 2029. Payment at maturity depends on index performance from the August 14, 2026 trade date to the August 14, 2029 determination date.

For each $1,000 note, if the final index level is at or above the initial level, investors receive $1,000 plus 120% of the index gain. If the index is below the initial level but at or above the 75% buffer level, investors receive the absolute value of the index loss as a positive return, up to a 25% maximum. If the index falls below the buffer level, investors lose 1% of face amount for each 1% decline beyond the buffer, and could lose a substantial portion of principal; a hypothetical 19% final level yields only 44% of face. The notes pay no interest, are unsecured obligations subject to the credit risk of the issuer and guarantor, may trade below issue price, and embed structural, liquidity, futures-rolling and tax risks, including uncertain U.S. federal income tax treatment as a prepaid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered S&P 500 Futures Excess Return Index-Linked Notes due 2028 under its medium-term note program. Each note has a $1,000 face amount and pays no interest; all return comes at maturity based on the S&P 500 Futures Excess Return Index.

At maturity, investors receive cash linked to index performance from trade date to determination date. Gains match the index return but are capped at $1,250 per $1,000. A 25% buffer provides upside for moderate declines: if the index falls by up to 25%, the note gains the same percentage. Below a 25% decline, principal is exposed 1:1 beyond the buffer, and investors can lose a substantial portion of principal, down to 25% of face in the extreme example shown. The notes are subject to the credit risk of GS Finance Corp. and its guarantor, may trade below issue price, are not listed, and link to equity futures (with potential negative roll yields and financing costs), making them riskier than conventional interest-bearing debt.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked, auto-callable notes tied to the common stock of SoFi Technologies, Inc., maturing on August 23, 2029. Each security has a $1,000 face amount and pays a quarterly contingent coupon of at least $44.25 (at least 17.7% per annum) only if the SoFi stock closing price on the relevant calculation day is at or above 50% of the starting price.

From November 2026 through May 2029, the notes are subject to automatic call if SoFi’s stock closes at or above 90% of the starting price on a call date, returning the face amount plus the final contingent coupon. If not called, principal repayment at maturity depends on the final stock price: investors receive $1,000 if it is at least 50% of the starting price, but if it is below that downside threshold they are fully exposed to the decline from the starting price and can lose more than half, up to all, of their principal. Investors do not participate in any stock upside beyond coupons and receive no dividends. The estimated value on the pricing date is $925–$955 per $1,000 face amount, below the $1,000 offering price, reflecting fees, hedging and structuring costs, 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 Index-Linked Notes due 2029 linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes do not bear interest and expose investors to the performance of the least-performing index.

The notes may be automatically called on specified monthly call observation dates from February 2028 to July 2029 if each index is at or above its initial level, in which case investors receive $1,000 plus a fixed call premium per $1,000 face amount, starting at 20.6262% and stepping up over time. If not called, at maturity in August 2029 investors receive: upside participation of 100% of the lesser-performing index’s gain if all indices finish above initial levels; full principal repayment if each final level is at least its 70% trigger buffer; or a loss matching the lesser-performing index’s negative return if any index finishes below its trigger buffer, which can result in a total loss of principal.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are part of its Medium-Term Notes, Series F program. They will not be listed on an exchange, their estimated value at pricing will be less than the issue price, and their market value will depend on index levels, volatility, interest rates and the creditworthiness of the issuer and guarantor. Tax treatment is uncertain; counsel opines they may reasonably be treated as pre-paid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index‑Linked Notes due 2028 under its Medium‑Term Notes, Series F program. The notes are linked to the Nasdaq‑100 Index®, Russell 2000® Index and S&P 500® Index.

Investors receive a contingent monthly coupon of $7.917 per $1,000 (0.7917% monthly, up to ~9.5% per annum) only if on each observation date every index is at or above 75% of its initial level. The notes are automatically called if on any call observation date each index is at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon and the term ends early.

If the notes are not called, principal repayment at maturity (July 17, 2028) depends on the worst‑performing index. Full principal is repaid only if each final index level is at or above 70% of its initial level; otherwise repayment equals $1,000 multiplied by the lesser‑performing index return, and investors can lose up to 100% of principal. The issuer discloses that the estimated value at pricing will be below the original issue price due to fees and structuring costs, that secondary market liquidity may be limited, that the notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., and that U.S. tax treatment is uncertain.

GS Finance Corp. provides a supplemental fact sheet for securities linked to the S&P 500® Futures 35% VT Adaptive Response 6% Decrement Index (USD) ER, an index that tracks the S&P 500® Futures Excess Return Index with a rules-based overlay. The overlay adjusts exposure daily based on volatility, calendar signals and price patterns, with a maximum exposure of 450% and a maximum daily change in leverage of 100%. The index applies a daily decrement equal to 6.0% per annum. The index launch date is July 24, 2026, with history available since January 4, 2000, and the sheet reports hypothetical and historical annualized returns for selected periods, while emphasizing these are not indications of future performance.

The risk discussion highlights that investors in notes linked to this index are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., leverage and volatility-target risks, the decrement potentially outweighing benefits, and the possibility of realizing significant losses, including a total loss if the index level falls to zero. Additional risks arise from the use of trading signals, potential negative roll yields in futures, differences between futures-linked exposure and direct equity ownership, market disruptions, and uncertain tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $4,448,000 of Bearish Autocallable Absolute Return Notes linked to the S&P 500® Index, maturing on August 10, 2028. The notes pay no interest and repay principal only under defined index conditions.

The initial S&P 500® level is 7,709.96. The notes are automatically called at par if on any observation day the index closes below 90% of this level, ending the investment with a 0% return. If not called and the index return at maturity is ≥ 0%, holders receive a fixed 7.5% gain ($1,075 per $1,000). If the index declines but is between 90% and 100% of the initial level, investors gain the absolute index decline up to 10% (maximum $1,100). Below 90%, only principal ($1,000) is repaid.

The structure is primarily bearish, benefiting most when the S&P 500® ends modestly below its start but not below 90%. The estimated value is $973 per $1,000 at pricing, below issue price, and the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,000,000 of Callable S&P 500® Index-Linked Notes due August 11, 2031. The notes pay no interest and are issued at 100% of face amount, with a 2.5% underwriting discount and 97.5% net proceeds.

Unless redeemed early, the cash payment at maturity per $1,000 equals $1,000 plus 100% of any positive S&P 500 return from an initial level of 7,709.96; if the index return is zero or negative, holders receive $1,000. The issuer may redeem the notes in whole on quarterly call dates from August 2027 to May 2031 at $1,000 plus a call premium rising from 9.1% to 43.225%.

The estimated value is approximately $961 per $1,000 at pricing, below the issue price. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., the notes will not be listed on any exchange, and they are treated as contingent payment debt instruments for U.S. tax purposes with a comparable yield of 5.16% per annum.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $4,448,000 of Bearish Autocallable Absolute Return S&P 500® Index-Linked Notes due August 9, 2029. The notes pay no interest and all payments depend on S&P 500® performance, subject to the issuer’s and guarantor’s credit risk.

The notes are automatically called at par if on any observation day the S&P 500® closes below 70% of the initial level of 7,709.96, ending the investment with a 0% return. If never called and the final index level is at or above the initial level, holders receive a fixed 15.5% return, or $1,155 per $1,000. If the index is below the initial level but at or above 70% at maturity, investors receive the absolute negative return, up to 30%, for a maximum payment of $1,300 per $1,000. If the final level is below 70%, or the notes are called early, only the $1,000 face amount is paid.

The issue price is 100% of face, with an underwriting discount of 0.75% and net proceeds of 99.25%. The issuer estimates the initial value at $975 per $1,000, reflecting structuring and distribution costs and its pricing models.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,043,000 of contingent income auto-callable notes linked to a common share of Carnival Corporation Ltd. The notes pay a monthly coupon of $12.25 per $1,000 (1.225%, up to 14.70% per annum) only if, on each observation date, the Carnival share closes at or above the coupon trigger level of 57% of the $28.79 initial level; otherwise the coupon is zero.

The notes may be automatically called on specified dates if the share closes at or above the initial level, returning $1,000 per note plus the coupon then due. If not called, at maturity on September 10, 2027, investors receive $1,000 per note if the final share level is at or above the 57% trigger buffer; below that, principal is reduced one-for-one with the share’s decline, potentially to zero, so investors could lose their entire investment. The issue price is 100% of face, with a 2.15% underwriting discount and net proceeds of 97.85%, and the notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and to secondary-market and tax risks described in the risk factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose return depends on the common stock of Advanced Micro Devices, Inc. and NVIDIA Corporation. The notes pay no interest and may be automatically called quarterly starting on August 23, 2027 if on a call observation date both stocks close at or above their initial index stock prices. On a call, holders receive $1,000 plus a call premium (from 28.8% on the first call date up to 136.8% on the last) per $1,000 face amount.

If not called, the maturity payment on the expected August 19, 2031 stated maturity date depends on the lesser performing stock. If both final prices are at or above initial prices, investors receive a capped maximum settlement of $2,440 per $1,000 face amount. If any final price is below its initial price but both remain at or above 65% of initial (a 35% buffer), the payoff equals $1,000 plus the absolute return of the lesser performer. If any final price is below 65% of initial, principal is reduced dollar-for-dollar beyond the 35% buffer, and investors can lose a substantial portion of principal.

The estimated value on the trade date is expected to be between $885 and $925 per $1,000 note, reflecting dealer costs and margins. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are characterized for U.S. tax purposes as pre-paid derivative contracts on the reference stocks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,128,000 of Autocallable Leveraged Buffered Notes linked to the iShares Semiconductor ETF. The notes pay no interest and are scheduled to mature on August 10, 2028, subject to an automatic call feature.

The notes are automatically called on August 19, 2027 if SOXX’s closing level is at least the initial level of $532.52, paying $1,250 per $1,000 face amount. If not called, the maturity payoff depends on the arithmetic-average ETF level on five August 2028 dates: investors receive leveraged upside at a 176.5% participation rate when the final level exceeds the initial level; full principal back if the decline is up to 35%; and amplified downside beyond a 65% buffer level, losing about 1.5385% of principal for each additional 1% drop, with the possibility of total loss.

The original issue price is 100% of face, including a 1.5% underwriting discount, with net proceeds of 98.5%. The bank’s estimated value at pricing is about $972 per $1,000, below issue price. Payments are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, and the notes will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Equity-Linked Notes due 2029 linked to the common stock of NVIDIA, Palantir Technologies and Tesla. The notes have a $1,000 face amount and pay no interest.

On the August 11, 2027 call observation date, if each stock’s closing level is at or above its initial level, the notes are automatically called and pay $1,171 per $1,000 on the August 16, 2027 call payment date. If not called, the August 16, 2029 maturity payment equals at least $1,000 and up to $1,000 + 100% of the gain of the lesser performing stock.

Returns depend on the worst-performing underlier, the issuer’s and guarantor’s credit, and secondary market conditions. The estimated value at pricing is less than the issue price, and the notes are treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,650,000 in Autocallable Buffered S&P 500® Index-Linked Notes due August 9, 2028. The notes pay no interest and are issued at 100% of face amount, with net proceeds of 98.5% after a 1.5% underwriting discount.

The notes may be automatically called on August 16, 2027 if the S&P 500® closing level is at or above the initial level of 7,709.96, paying $1,088.5 per $1,000 on August 18, 2027. If not called, at maturity investors receive: the greater of $1,177 or full upside participation if the index is at or above the initial level; full principal back for index declines of up to 10%; and a leveraged loss of approximately 1.1111% of principal for each 1% decline beyond the 10% buffer, down to total loss.

The estimated value at pricing is about $974 per $1,000 face amount, below issue price, reflecting structuring costs and dealer margin. Payments depend on the S&P 500® level only on the call observation and determination dates and are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp. is issuing $1,000,000 aggregate face amount of autocallable buffered notes linked to the iShares Semiconductor ETF, guaranteed by The Goldman Sachs Group, Inc. The notes are issued at 100% of face but have an estimated value of about $988 per $1,000.

The notes pay no interest and mature on August 10, 2028, unless automatically called on August 18, 2027 if SOXX is at or above the initial level of $530.70, triggering a call payment of $1,389 per $1,000. If not called, maturity payment depends on ETF performance: full upside at a 100% participation rate, return of principal down to a 20% decline, and losses at 1.25x beyond that buffer, potentially up to a total loss of principal.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any governmental agency.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the common stock of Corning Incorporated, Generac Holdings Inc. and Occidental Petroleum Corporation. The notes are scheduled to mature on August 15, 2028, unless automatically called beginning in February 2027.

Investors may receive quarterly contingent coupons of at least $67.5 per $1,000 face amount (at least 6.75% quarterly, up to at least 27% per annum) only if on each observation date all three stocks close at or above 50% of their initial prices. The notes are automatically called, returning face amount plus the then-accrued coupon, if on any call observation date all three stocks are at or above their initial prices.

If not called, at maturity holders receive $1,000 plus a final coupon if the worst-performing stock is at or above 50% of its initial price; otherwise repayment of principal is reduced one-for-one with the worst stock’s negative return and investors can lose up to 100% of principal and all coupons. The notes’ estimated value at pricing is $925–$955 per $1,000, below the 100% issue price, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering buffered digital equity-linked notes due September 9, 2027 linked to the Class A common stock of Coinbase Global, Inc. (COIN). Each note has a $1,000 face amount and pays no interest.

At maturity, if the final COIN level on the September 7, 2027 determination date is at or above the 50% buffer level of the initial level of $153.60, investors receive the maximum settlement amount of $1,192 per $1,000, capping upside. If the final level is below the buffer, the payoff is reduced by 2% of face for every 1% COIN falls below the buffer, with losses up to 100% of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. Market value before maturity can be affected by COIN’s price and volatility, interest rates, and issuer credit spreads. Tax treatment is uncertain; counsel views the notes as a pre-paid derivative contract, but the IRS could assert a different treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged, callable notes linked to the S&P 500® Futures Excess Return Index, maturing on a stated date expected to be September 5, 2031. The notes pay no interest and may be redeemed early at the issuer’s option on specified monthly call payment dates, at 100% of face amount plus a call premium that starts at 20.0004% in September 2027 and rises to 98.3353% by August 2021.

If not called, the cash paid at maturity per $1,000 face amount depends on index performance from the August 31, 2026 trade date to the September 2, 2031 determination date. If the final index level is at or above the initial level, the payoff equals $1,000 plus 2.275 times the index return. If the final level is between 60% and 100% of the initial level, investors receive $1,000 plus the absolute index return. Below 60% of the initial level, investors participate fully in losses and can lose their entire principal. The estimated value at pricing is expected between $885 and $935 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.