Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero-coupon structured notes linked to the common stocks of Netflix, SoFi Technologies and Whirlpool. The notes have an aggregate face amount of $550,000 and are issued in $1,000 denominations.

The notes may be automatically called on annual observation dates from August 13, 2027, paying for each $1,000 face amount $1,000 plus a call premium of 70%, 140%, 210% or 280% as time passes if all three stocks are at or above their initial prices ($73.69 NFLX, $18.10 SOFI, $43.00 WHR). If not called, at maturity on August 11, 2031 investors receive, per $1,000, either $4,500 if all final prices are at least their initial levels, $1,000 if each is at least 50% of its initial level, or otherwise $1,000 plus the return of the worst-performing stock, potentially less than 50% of face value.

The notes do not bear interest and expose holders to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. Estimated value on the trade date is approximately $989 per $1,000 face amount, below the 100% issue price, with an underwriting discount of 0.75% and net proceeds to the issuer of 99.25% of face amount.

GS Finance Corp. is offering $7,550,000 of autocallable buffered notes linked to the EURO STOXX® Banks Index, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are issued at 100% of face amount, in $1,000 denominations.

The notes may be automatically called on August 16, 2027 if the index is at or above the initial level of 320.09, paying $1,190 per $1,000 on August 18, 2027. If not called, they mature on August 9, 2028. At maturity, investors receive at least the $1,380 threshold per $1,000 if the index is flat or higher, $1,000 if the index is down up to 10%, and a reduced amount if the index falls more than 10%, losing about 1.1111% of principal for each 1% drop beyond the 10% buffer, up to total loss.

The notes’ estimated value at pricing is about $968 per $1,000, below issue price, reflecting dealer compensation and hedging costs. Market value will depend on index performance, volatility, rates and the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due February 17, 2028. Payments depend on the worst performer among the Nasdaq-100, Russell 2000 and S&P 500 indices.

The notes pay a monthly contingent coupon of $9.584 per $1,000 (0.9584%, up to ~11.5% per year) only if on each observation date all three indices are at least 70% of their initial levels. At maturity, if no call has occurred and all final index levels are at or above 70% of their initial levels, investors receive $1,000 plus any final coupon; otherwise repayment is $1,000 × (1 + lesser performing underlier return), creating potential for substantial or total loss of principal.

GS Finance Corp. may redeem the notes at par plus any coupon on any coupon payment date from November 2026 through January 2028. The notes are unsecured obligations subject to the credit risk of the issuer and guarantor, their estimated value at pricing is less than the original issue price, and no exchange listing or assured secondary market is provided.

GS Finance Corp. is offering $4,448,000 of Bearish Autocallable Absolute Return S&P 500® Index-Linked Notes due August 9, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return depends on the S&P 500® Index level between the trade date and determination date.

The notes are automatically called at par if on any call observation date the index closes at less than 80% of the initial level of 7,709.96; in that case, investors receive only their principal with a 0% return. If not called and the index return is ≥ 0%, investors receive a fixed 15.5% gain, or $1,155 per $1,000 face amount. If the index ends between 80% and 100% of its initial level, investors receive the absolute index loss as a positive return, capped so the maximum payoff is $1,200 per $1,000. If the index ends below 80%, investors receive only principal.

The structure is designed for investors with a primarily bearish or range-bound view on the S&P 500®. The original issue price is 100% of face, but the initial estimated value is about $973 per $1,000, reflecting fees and hedging costs, and secondary-market value will be model-driven and sensitive to volatility, rates and Goldman Sachs credit.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2029 tied to the Nasdaq-100, Russell 2000 and S&P 500 indices. For each $1,000 face amount, investors may receive a $10.417 monthly coupon (1.0417% monthly, up to approximately 12.5% per annum) on each coupon payment date if the closing level of each underlier on the related observation date is at least 70% of its initial level.

The notes are automatically called if, on any call observation date from November 9, 2026 through July 9, 2029, each underlier is at or above its initial level; in that case investors receive $1,000 per note plus the applicable coupon. If not called, at maturity on August 10, 2029, investors receive $1,000 per note only if every underlier’s final level is at or above its 70% trigger buffer. Otherwise, repayment is reduced in line with the lesser performing underlier return, and investors could lose their entire principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The issuer states the estimated value on the trade date will be less than the original issue price, and secondary market values may be materially lower. Tax treatment is uncertain and described as an income-bearing pre-paid derivative contract.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked Medium-Term Notes, Series F, with an aggregate face amount of $1,782,000. For each $1,000 note held to maturity on August 9, 2029, investors receive: if the S&P 500 final level exceeds the initial level of 7,709.96, a cash amount of $1,000 + ($1,000 × underlier return) capped at a maximum settlement amount of $1,233 (123.3% of face); if the final level is equal to or below the initial level, only the $1,000 face amount is repaid. The notes pay no periodic interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The original issue price is 100% of face, including a 2% underwriting discount, for net proceeds of 98% of face to the issuer. The issuer states the notes’ estimated value on the trade date is lower than the issue price, and secondary market prices may be further reduced by dealer spreads and commissions. For U.S. tax purposes, the notes are treated as contingent payment debt instruments with a comparable yield of 4.9071% per annum and a projected maturity payment of $1,158.70 per $1,000, causing investors to accrue taxable ordinary income over the term even though cash is only received at maturity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering fixed coupon equity-linked notes due August 14, 2028 linked to the common stock of KLA Corporation, Lam Research Corporation and Marvell Technology, Inc. The notes pay a fixed coupon of $17.917 per month per $1,000 face amount (1.7917% monthly, up to approximately 21.5% per annum) from September 2026 to maturity.

At maturity, in addition to the final coupon, investors receive $1,000 per note if each stock’s return is at or above -20%. If any stock falls below 80% of its initial price, the principal is reduced based on the lesser performing stock’s return beyond the 20% buffer, so a substantial loss of principal is possible. The payoff depends only on the worst-performing stock, and upside is capped at return of face amount plus coupons. The notes are unsecured obligations of GS Finance Corp. and subject to the credit risk of both the issuer and the guarantor. The estimated initial value is expected to be $925–$955 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable yield notes linked to the S&P 500® Futures 40% VT Adaptive Response 4% Decrement Index (USD) ER. The notes are expected to trade on August 10, 2026, be issued on August 13, 2026 and mature on August 13, 2032, unless automatically called between February 2027 and May 2032.

Holders receive a $15.667 coupon per $1,000 (1.5667% monthly, up to about 18.8% per annum) on each monthly payment date only if, on the related observation date, the index is at or above 70% of its initial level. The notes are automatically called at par plus coupon if, on any quarterly call observation date, the index is at or above its initial level. If not called, principal repayment at maturity is contingent: if the final index level is at or above the 50% trigger buffer level, investors receive full face amount (plus any final coupon if the 70% trigger is met); if below 50%, repayment is reduced 1:1 with the index decline, up to a total loss.

The underlier uses up to 500% leverage, targets 40% volatility and applies a 4.0% per annum daily decrement, which systematically drags performance and can magnify losses. The estimated value on the trade date is expected to be $885–$935 per $1,000 face amount, below the 100% issue price, reflecting fees, hedging costs and model-based pricing. The issuer highlights significant risks, including leverage, decrement drag, complex rules-based signals, credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and uncertain tax treatment.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500 Index under its Medium-Term Notes, Series F program. These notes provide no interest payments and repayment depends entirely on index performance.

At maturity, for each $1,000 note, investors receive $1,000 plus 200% of the S&P 500 return when the index is above its initial level, but this upside is capped at a maximum settlement amount of $1,142.50, limiting gains to 14.25%. If the final index level is equal to or below the initial level, the payoff is $1,000 plus $1,000 times the index return, exposing investors to full downside and the potential loss of their entire principal.

The trade date is August 21, 2026, with a determination date of September 21, 2027 and stated maturity on September 24, 2027. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, will not be listed on an exchange, may have limited liquidity and price transparency, and carry complex tax treatment characterized as a pre-paid derivative contract in respect of the S&P 500 Index.

Goldman Sachs is offering securities linked to the S&P 500® Futures 35% VT Adaptive Response 6% Decrement Index (USD) ER (Bloomberg: SPAR35V6). This rules-based index provides volatility-targeted exposure to the S&P 500® Futures Excess Return Index using daily adjustments, subject to a maximum exposure of 450% and a maximum daily change in leverage of 100%.

The index is further reduced by a daily decrement equal to 6.0% per annum. It rebalances daily, is calculated in USD, and was launched on July 24, 2026, with backtested history shown from January 4, 2000 and from January 4, 2021 for the comparative tables. For the period ended July 31, 2026, the index shows annualized returns of 15.96% (1 year), 3.65% (3 years), 2.19% (5 years), and 9.11% since January 4, 2021, with corresponding annualized volatility of 36.85%, 37.79%, 37.03%, and 36.74%. On July 31, 2026, its exposure to the S&P 500® Futures Excess Return Index was 278.59%. Much of the performance and volatility data is based on hypothetical back-tested results, which may differ from actual future outcomes, and the materials highlight investment and product-specific risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing unsecured basket-linked notes maturing on August 10, 2028. The notes pay no interest and the cash payment at maturity depends on an unequally weighted basket of 38 listed stocks, with an initial basket level of 100.

The maturity payment per $1,000 face amount equals 100.1% (the adjustment factor) times $1,000 plus $1,000 multiplied by the basket return. If the basket return is less than approximately -0.100%, investors receive less than $1,000 and could lose their entire investment. The initial aggregate face amount is $5,955,000, sold at 100% of face with no underwriting discount, so net proceeds to the issuer are also 100% of face. Repayment 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 Autocallable Index-Linked Notes due 2029 linked to the Nasdaq-100 Index and Russell 2000 Index. The notes pay no interest and may be automatically called semi-annually if each index is at or above its initial level, returning principal plus a call premium.

If not called, the cash settlement at maturity depends on the lesser performing index, with a 150% upside participation rate on gains. A 15% buffer applies: if any index finishes below 85% of its initial level, investors lose principal in proportion to the decline beyond the buffer and may lose a substantial portion of their investment. The notes are subject to the credit risk of GS Finance Corp. and its parent, may trade below issue price because the estimated value is lower than the original issue price, are not listed on any exchange, and involve uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due in 2031 that do not bear interest. The notes’ cash payment at maturity depends on a series of quarterly observation dates from November 2026 to August 2031, using interim S&P 500 returns between observation dates rather than the index’s simple start-to-end performance.

For each observation date, the period return is: the interim index return if positive, capped at a maximum period return of 3.4%; 0% if between 0% and -15%; or the interim return plus a 15% buffer if below -15%. The maturity payment per $1,000 equals $1,000 multiplied by the compounded product of 100% plus each period return. Principal is at risk: a single large negative quarter (worse than about -62.02%) can produce an overall loss, and if every quarter is worse than -15%, investors lose a substantial portion of principal. Even if every interim return hits the cap, the maximum payout is $1,951.68972251 per $1,000.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, below the issue price, reflecting fees, hedging costs and dealer compensation, and secondary-market prices may be lower.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable contingent coupon notes linked to the common stock of Microsoft Corporation. For each $1,000 face amount, investors are expected to receive a fixed monthly coupon of $8.584 (0.8584%, up to approximately 10.3% per annum) until maturity or earlier automatic call.

The notes may be automatically called in full if, on any monthly call observation date from February 2027 through August 2027, Microsoft’s closing price is at or above the initial index stock price. Upon a call, investors receive $1,000 plus the coupon then due, and no further payments.

If not called, the maturity payment on the expected September 24, 2027 stated maturity date depends on the index stock return. If Microsoft’s final price is at least 68% of the initial price (the trigger buffer price), investors receive $1,000 plus the final coupon. If it is below 68%, principal is reduced one-for-one with the stock decline, and investors can lose up to their entire investment. The estimated value at pricing is expected to be $925–$955 per $1,000, reflecting fees and hedging costs, and all payments are 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 issuing $948,000 of autocallable index-linked notes due August 8, 2031. The notes pay no interest and are linked to three futures-based equity indices: S&P 500® Futures Excess Return, Russell 2000® Futures Excess Return and Dow Jones Industrial Average Futures Excess Return, with initial levels of 616.74, 403.00 and 582.757, respectively.

The notes may be automatically called on observation dates in August 2027 and February 2028 if all indices are at least 105% of their initial levels, paying principal plus a call premium of 30% or 45%. If held to maturity and not called, investors receive principal plus a 335% upside participation on the lesser-performing index if all final levels exceed initial levels; full principal if each index is at least 70% of its initial level; otherwise they are fully exposed to the downside of the worst index and can lose their entire investment. The estimated value is approximately $952 per $1,000 face amount, versus a 100% issue price, reflecting structuring and distribution costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital Nasdaq-100 Index®-Linked Notes due August 17, 2028 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and pays no interest.

At maturity, investors receive a cash amount based on the Nasdaq-100 Index® performance from the August 13, 2026 trade date to the August 14, 2028 determination date. If the final index level is at or above the initial level, payment is capped at the maximum upside settlement amount of $1,150 per $1,000. If the index declines but stays at or above the 80% buffer level, the payoff increases with the absolute index loss. Below the 20% buffer, investors lose 1% of principal for each additional 1% index decline, and may lose a substantial portion of their investment.

The notes are senior unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not insured by any governmental agency, and will not be listed on any exchange. The issuer states that the estimated value at pricing will be less than the original issue price, secondary market liquidity is uncertain, and U.S. tax treatment is uncertain, with the notes intended to be treated as a pre-paid derivative contract.

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 2029. Each note has a $1,000 face amount, no interest, and cash settlement only.

At maturity, if the index level is at or above the initial level, holders receive $1,000 plus 140% of the index gain. If the index has fallen but remains at or above the 80% buffer level (a 20% buffer), investors receive the absolute value of the index loss as a positive return. Below the buffer, principal is reduced 1:1 with index declines beyond the buffer, and investors may lose a substantial portion of principal.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. They do not provide dividends, interest, or any rights in the underlying futures or stocks. Key dates include a trade date of August 14, 2026, original issue date of August 19, 2026, determination date of August 14, 2029, and stated maturity date of August 17, 2029. The issuer highlights credit risk, complex futures-based index behavior (including negative roll yield and financing costs), uncertain tax treatment, and limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers Autocallable Contingent Coupon Equity-Linked Notes due 2027 linked to the common stock of Tesla, Inc. The notes pay a contingent monthly coupon of $10.584 per $1,000 (1.0584% monthly, about 12.7% per annum) only if on each coupon observation date Tesla’s closing level is at or above the coupon trigger level of 56% of the initial underlier level.

The notes are subject to an automatic call if on any call observation date (from March 1, 2027 through August 30, 2027) Tesla’s closing level is at or above the initial level; if called, investors receive $1,000 per $1,000 face amount plus the coupon then due. If not called, at maturity in October 2027 investors receive: $1,000 if the final Tesla level is at or above the trigger buffer level of 56% of the initial level, or $1,000 plus $1,000 times the underlier return if below that level, exposing investors to losses down to a complete loss of principal. Upside is capped at return of face amount, so investors do not benefit from any appreciation in Tesla shares above the initial level.

The notes carry the credit risk of GS Finance Corp. and the guarantor, may trade below the issue price (the estimated value is lower than par), will not be listed on an exchange, and have uncertain U.S. tax treatment as income-bearing pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable income notes linked to the S&P 500 Index, Russell 2000 Index, and State Street Consumer Staples Select Sector SPDR ETF. The initial underlier levels are 7,723.55 (S&P 500), 3,019.188 (Russell 2000) and $85.33 (XLP).

The notes pay a conditional monthly coupon of $9.167 per $1,000 (0.9167%, up to ~11.00% per year) when on a coupon observation date each underlier is at least 70% of its initial level. If any underlier is below 70%, no coupon is paid for that month.

The notes may be automatically called on monthly observation dates from November 2026 to July 2029 if each underlier is at or above its initial level; in that case investors receive $1,000 per note plus the due coupon and the product terminates. If not called, at the August 9, 2029 maturity, if the worst-performing underlier is at least 70% of its initial level, investors receive principal plus the final coupon. If the worst underlier finishes below 70%, repayment is reduced one-for-one with that underlier’s loss, and investors can lose up to 100% of principal. All payments are 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 equity-linked notes whose payoff depends on an equally weighted basket of six NYSE-listed stocks (Boeing, Freeport-McMoRan, Home Depot, Johnson & Johnson, NRG Energy, Uber). Each note has a $1,000 face amount, a 100 initial basket level and a term from an expected trade date of August 21, 2026 to an expected stated maturity of August 24, 2028. The notes pay no interest. At maturity, investors receive: the face amount plus 100% of any positive basket return, capped at a maximum settlement amount of $1,350 per $1,000; the full face amount if the basket has declined by up to 15%; or a loss of principal equal to the basket loss beyond the 15% buffer if the basket falls more than 15%. The cap level is 135% of the initial basket level and the buffer level is 85%. The estimated value on the trade date is expected to be $925–$955 per $1,000, below issue price, and 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 issuing auto-callable notes linked to three underliers: the S&P 500 Index, the Russell 2000 Index and the State Street Consumer Staples Select Sector SPDR ETF. The notes have an aggregate face amount of $1,586,000, an original issue price of 100%, an underwriting discount of 0.7% and net proceeds of 99.3% of face amount. The notes pay a conditional monthly coupon of $9.042 per $1,000 face amount (0.9042% monthly, or up to about 10.85% per year) when on a coupon observation date the closing level of each underlier is at least 70% of its initial level. They may be automatically called on monthly call observation dates from February 2027 through July 2029 if each underlier is at or above its initial level, returning principal plus the applicable coupon. If not called, at maturity on August 9, 2029 investors receive principal plus the final coupon if every underlier is at or above 70% of its initial level; otherwise repayment is reduced in proportion to the worst-performing underlier, with potential loss of the entire investment and no coupon. Payments are unsecured and subject to the credit risk of GS Finance Corp. and its guarantor, and investors forgo dividends on the ETF and index constituents.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, zero-coupon notes linked to the common stock of SoFi Technologies, Inc., the Class A common stock of Robinhood Markets, Inc., and the common stock of Microsoft Corporation. The $468,000 aggregate face amount may be increased later.

The notes pay no interest and mature on August 8, 2031, unless automatically called starting August 12, 2027 when all three stocks close at or above step-down call levels. If called, holders receive $1,000 plus a call premium (up to 177.75% of face late in the term). If not called, maturity payoff per $1,000 depends on the worst-performing stock: $2,975 if each final price is at least 80% of its initial level; $1,000 if all are at least 75% but any is below 80%; otherwise $1,000 plus $1,000 times the worst return plus a 25% buffer, exposing investors to substantial principal loss. Returns are capped and 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 issuing Medium-Term Notes, Series F linked to the common stock of Broadcom Inc. and NVIDIA Corporation. The aggregate face amount is $1,600,000, sold at 100% of face with a 1.5% underwriting discount and 98.5% net proceeds.

The notes pay no interest and may be automatically called on August 18, 2027 if on the August 13, 2027 call observation date each underlier is at or above its initial level. In that case, holders receive $1,441 per $1,000 face amount. If not called, the August 3, 2028 maturity payment is based solely on the lesser performing underlier: 200% upside participation when both final levels exceed their initial levels; full principal repayment if each final level is at or above its 70% buffer level; and leveraged downside below the buffer, with potential loss of the entire investment.

The structure exposes investors to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., limited liquidity because the notes are not listed, market value sensitivity to equity and interest-rate conditions, and uncertain U.S. tax treatment characterized as a pre-paid derivative contract. The notes are subject to FATCA and other U.S. tax rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon VanEck Gold Miners ETF-Linked Notes due 2031 under its Medium-Term Notes, Series F program. The notes are linked to the VanEck Gold Miners ETF (GDX) and are not principal protected.

Holders receive a contingent monthly coupon of $9.209 per $1,000 face amount (0.9209% monthly, up to ~11.05% p.a.) only if on each observation date the ETF is at or above the coupon trigger level of 75% of the initial level; otherwise the coupon is zero. The notes are autocallable from August 23, 2027: if on any call observation date GDX is at or above its initial level, investors receive $1,000 per note plus the then-due coupon and the notes terminate.

At maturity, if not called, investors receive $1,000 per note when the final underlier level is at or above the 75% buffer level. Below that, repayment is reduced using a 25% buffer amount and 100% buffer rate; for example, at 19% of the initial level, the cash settlement would be 44% of face, implying a 56% loss of invested principal. Upside is capped at par; investors do not participate in any ETF appreciation. Key risks include the credit risk of GS Finance Corp. and the guarantor, potential lack of secondary market liquidity, the ETF’s concentration in gold and silver mining companies, its 2025 index change, foreign market and FX exposure, and complex, uncertain U.S. tax treatment, including possible application of Section 1260 and FATCA.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked auto-callable buffered notes with an aggregate face amount of $4,950,000 under its Medium-Term Notes, Series F program. The notes do not bear interest and are unsecured obligations subject to the credit risk of both the issuer and guarantor.

The notes are linked to the S&P 500® Index, with an initial underlier level of 7,723.55, a 190% upside participation rate and a 10% downside buffer. If on the call observation date the index is at or above the initial level, the notes are automatically called and pay $1,100 per $1,000 face amount, capping return. If not called, at maturity investors receive: for index gains, $1,000 plus 190% of the index return; for index levels between 90% and 100% of the initial, $1,000; and below 90%, a buffered loss based on a buffer rate of approximately 111.11%, with the possibility of losing the entire investment.

The original issue price equals 100% of face amount, but exceeds the model-based estimated value. The notes are not listed, and secondary market value may be materially lower than purchase price, influenced by index performance, interest rates and the creditworthiness of GS Finance Corp. and the guarantor. The U.S. tax treatment is uncertain and based on characterization as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term notes linked to the S&P 500 Futures Excess Return Index with an aggregate face amount of $1,866,000. Each note has a $1,000 face amount, original issue price of 100% of face, a 1% underwriting discount and 99% net proceeds to the issuer.

At maturity on August 8, 2031, investors receive cash based on index performance from the August 5, 2026 trade date to the determination date. If the final index level is above the initial level of 616.74, the payoff equals $1,000 plus 204.1% of the index gain. If the final level is between 80% and 100% of the initial level, investors receive full principal. Below the 80% buffer level, principal is reduced 1% for each 1% decline below the buffer, up to an 80% loss at a zero index level.

The notes do not bear interest, are unsecured obligations of GS Finance Corp. and are subject to the credit risk of both the issuer and guarantor. They will not be listed on any securities exchange, and any secondary market making by Goldman Sachs & Co. LLC is discretionary. The filing highlights risks including estimated value below issue price, market volatility, futures-specific risks such as negative roll yield, and uncertain U.S. tax treatment as pre-paid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $6,447,000 of Medium-Term Notes, Series F, in the form of contingent income auto-callable notes linked to the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index.

The notes pay a contingent monthly coupon of $11.375 per $1,000 (1.1375% monthly, up to 13.65% per annum) only if on each observation date all three underliers are at or above their coupon trigger level, set at 70% of each initial underlier level. The same 70% level also serves as the trigger buffer level that protects principal at maturity.

The notes are automatically called if, on any call observation date starting November 5, 2026, all underliers are at or above their initial levels; investors then receive $1,000 per note plus the due coupon. If not called and any underlier finishes below its trigger buffer level on August 6, 2029, the cash settlement equals $1,000 plus $1,000 times the lesser performing underlier return, so principal loss can be up to 100%. Payments depend on the credit of GS Finance Corp. and the guarantor, and the notes will not be listed, with secondary market value influenced by interest rates, underlier volatility and credit spreads.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500 Futures Excess Return Index-linked notes with an aggregate face amount of $1,481,000. Each note has a $1,000 face amount, an original issue price of 100% and pays no interest.

At maturity on August 10, 2028, the cash payment per $1,000 depends on the index performance from the August 5, 2026 trade date to the August 7, 2028 determination date. If the final index level is at or above the initial level of 616.74, investors receive $1,000 plus 125% of the index return, capped at a maximum settlement of $1,252 per note. If the index is below the initial level but at or above the 80% buffer level, investors receive $1,000 plus the absolute value of the index loss.

If the final level falls below the 80% buffer, principal is reduced 1% for every 1% decline below the buffer, so investors may lose a substantial portion of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed, and the estimated value at pricing is lower than the issue price.

GS Finance Corp. is offering callable S&P 500® index-linked notes due on a stated maturity date expected to be August 25, 2031, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return at least principal at maturity if not called, subject to issuer and guarantor credit risk.

The issuer may redeem the notes quarterly from August 25, 2027 through May 23, 2031 at 100% of face amount plus a call premium of at least 9.26% on the first call date, rising to at least 43.985% on the final call date. If held to maturity and not redeemed, investors receive $1,000 per note plus 100% of any positive S&P 500® return from the trade date to the determination date; if the index return is zero or negative, they receive $1,000.

The original issue price is 100% of face amount, with a 2.5% underwriting discount and 97.5% net proceeds to the issuer. The estimated value at pricing is expected between $885 and $915 per $1,000 note, reflecting structuring costs and dealer compensation, and the notes are treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable S&P 500 Index-linked notes due August 2031 under its Medium-Term Notes, Series F program. The notes pay no interest and may be automatically called in August 2027 if the S&P 500 closing level is at or above the initial level.

If called, investors receive $1,075 per $1,000 face amount, capping return at a 7.5% premium. If not called, maturity payment depends on S&P 500 performance, with a 125% upside participation rate above the initial level and a 35% downside buffer so that losses begin only if the index falls below 65% of the initial level, after which principal is reduced one-for-one with further declines. The notes carry the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. and their estimated value at pricing is disclosed as lower than the original issue price.

GS Finance Corp. is offering $553,000 of auto-callable, equity-linked notes under its Medium-Term Notes, Series F program, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are linked to CrowdStrike, Netflix and Oracle shares.

The notes are automatically called quarterly if each underlier is at or above its initial level, paying $1,000 + ($1,000 × call premium) per $1,000 face amount, with call premiums ranging from 85% to 233.75%. If not called and each final underlier level is at or above its initial level, holders receive $1,000 + ($1,000 × 255.00%) (355% of face). If any underlier finishes below its initial level but at or above its 60% trigger buffer level, principal is returned.

If any underlier ends below its 60% trigger buffer and the notes have not been called, repayment is $1,000 + ($1,000 × lesser performing underlier return), exposing investors to losses up to 100% of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed, may have limited or no secondary market, and carry uncertain U.S. tax treatment (intended as pre-paid derivative contracts and generally subject to FATCA rules).

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the VanEck Junior Gold Miners ETF, iShares® Silver Trust and Global X Uranium ETF. The notes pay a fixed monthly coupon of $9.75 per $1,000 (0.975% monthly, up to 11.7% per annum), regardless of ETF performance while outstanding.

The notes may be automatically called on scheduled observation dates if each ETF is at or above its initial level, returning $1,000 plus the coupon. If not called, at maturity in August 2029 investors receive $1,000 per note plus the final coupon if each ETF is at least 60% of its initial level (a 40% downside buffer). If any ETF is below 60%, repayment is reduced one-for-one with the “lesser performing” ETF and investors can lose up to their entire principal.

The estimated fair value at pricing is expected between $925 and $965 per $1,000, below issue price, reflecting structuring costs and dealer compensation. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and secondary market prices may be volatile and below face amount.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes due 2031 tied to the MSCI EAFE Index and the EURO STOXX 50® Index. The payoff depends only on the lesser performing underlier.

At maturity, for each $1,000 note, investors receive: (1) $1,000 plus 231% of the lesser underlier’s positive return if both indices finish above their initial levels; (2) $1,000 if any index is at or below its initial level but both stay at or above 65% of initial; or (3) $1,000 times the lesser underlier return if any index falls below 65% of its initial level, which can result in a total loss of principal. The notes pay no interest and are subject to the credit risk of the issuer and guarantor, market and liquidity risk, foreign market and currency exposure, and uncertain U.S. tax treatment, including potential FATCA and section 871(m) implications.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes maturing on August 9, 2029 whose payoff depends on an equally weighted basket of 8 large-cap technology and growth stocks (Alphabet, Amazon.com, Meta Platforms, Microsoft, Oracle, Palantir, Salesforce and Tesla). The notes pay no interest and are issued at 100% of face amount, with estimated value of about $927 per $1,000 at pricing.

The initial basket level is 100. At maturity, investors receive: (1) if the basket return is positive, $1,000 plus 110% of the basket gain, capped by a maximum settlement amount of $1,850 (a cap level of about 177.273% of the initial basket); (2) if the basket is flat to down but no worse than -10%, full principal of $1,000; and (3) if the basket is below the 90% buffer level, principal reduced by the basket loss beyond 10%, so substantial losses are possible. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and secondary market value may be below face due to fees, model value and market factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due August 9, 2029, linked to the common stock of Freeport‑McMoRan Inc. The initial underlier level is $68.18, the closing level on August 6, 2026.

The notes pay a contingent quarterly coupon of $40 per $1,000 face amount (4% quarterly, up to 16.00% per annum) on each coupon payment date only if the underlier’s closing level on the related observation date is at or above the coupon trigger level, set at 50% of the initial underlier level. The same 50% level functions as a trigger buffer for principal.

The notes are automatically called if, on any call observation date from February 8, 2027 through May 7, 2029, the underlier’s closing level is at or above the initial level; in that case, investors receive $1,000 per $1,000 face amount plus the applicable coupon. If not called, payment at maturity depends on the final underlier level: investors receive $1,000 per $1,000 face amount if the final level is at or above the trigger buffer level, but receive $1,000 plus $1,000 times the underlier return if it is below, which can result in a complete loss of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They will not be listed on any exchange, may have limited secondary liquidity, and their estimated value at pricing will be less than the original issue price.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable contingent coupon barrier notes linked to the common stock of Salesforce, Inc. and ServiceNow, Inc. with an aggregate face amount of $1,011,000. For each $1,000 note, investors may receive a monthly contingent coupon of $26.667 (2.6667% monthly, up to approximately 32.00% per annum) if on each coupon observation date both underliers are at or above 70% of their initial levels. The initial underlier levels are $192.98 for Salesforce and $117.22 for ServiceNow; the 70% level serves as both the coupon trigger and the trigger buffer.

The notes can be automatically called beginning August 5, 2027 if, on any call observation date, both underliers are at or above their initial levels; in that case, investors receive $1,000 per note plus the applicable coupon, and the term ends early. If the notes are not called, at maturity on August 9, 2029 investors receive: (i) $1,000 per note if the final level of each underlier is at or above its 70% trigger buffer, or (ii) $1,000 + ($1,000 × lesser performing underlier return) if any underlier finishes below its buffer. Because the payoff is based on the lesser-performing stock, a poor outcome in one underlier can cause large principal losses, and investors can lose their entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the VanEck Gold Miners ETF and the State Street SPDR S&P Bank ETF, maturing on May 10, 2029, with an aggregate face amount of $727,000 (subject to increase). The notes pay a contingent monthly coupon of $9.709 per $1,000 (0.9709% monthly, about 11.65% per annum) only if on each observation date both ETFs are at or above 70% of their initial levels ($83.68 for GDX and $71.00 for KBE). The notes are automatically called in whole if, on any call observation date from February 2027 to April 2029, both ETFs are at or above their initial levels, returning principal plus the applicable coupon.

If not called, principal repayment at maturity is based on the lesser-performing ETF, with a 20% buffer: full principal is repaid if each final level is at least 80% of its initial level; partial loss applies between 70% and 80%; and if either ETF ends below 70%, the loss exceeds 10% and no final coupon is paid. The estimated value is about $941 per $1,000 at pricing, below the 100% issue price, 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 leveraged buffered notes linked to the S&P 500 Futures Excess Return Index, maturing August 10, 2028. The payoff depends on index performance between August 6, 2026 (initial level 615.57) and the August 7, 2028 determination date.

If the final index level is above the initial level, holders receive an enhanced upside of 149.4% of the index gain. If the index falls but stays within the 10% buffer (down to 90% of the initial level), investors receive their full $1,000 face amount. Below the 90% buffer level, principal is reduced one-for-one with index losses beyond the buffer, and investors can lose a substantial portion of principal.

The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and are not listed on any exchange. Market value can be significantly affected by interest rates, volatility, futures roll effects, negative roll yield, and liquidity, and the economic value at issuance is less than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay contingent quarterly coupons of $40.5 per $1,000 (4.05% per quarter, up to 16.2% per year) when the index on an observation date is at least 65% of its initial level. From February 2027 through May 2031, the notes are automatically called if the index is at or above its initial level, returning face amount plus the applicable coupon. At maturity in August 2031, if not called, investors receive $1,000 per note when the final index level is at least 50% of the initial level, otherwise principal is reduced 1-for-1 with the index decline, potentially to zero. The underlier uses up to 500% leverage, targets 40% volatility and applies a 6% per annum daily decrement, which drags performance. Estimated initial value is $885–$935 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500®-linked notes with an aggregate face amount of $51,605,000. The notes pay no interest and repay a cash amount at maturity based on the S&P 500® Index performance from the trade date to the determination date.

If the final index level is at or above the 90% buffer level, investors receive a capped maximum settlement of $1,176.80 per $1,000 face amount (117.680%). If the index finishes below the buffer, principal declines about 1.1111% for each 1% the index ends below the buffer, down to a total loss. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, may have limited or no secondary market liquidity, have an estimated value below the original issue price due to fees and structuring costs, and carry uncertain U.S. tax treatment. They are not bank deposits and are not insured by the FDIC or any governmental agency.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked medium-term notes tied to the common stock of NVIDIA Corporation. Each security has a $1,000 face amount, no coupons, and is designed to be held to maturity on September 2, 2027.

At maturity, investors receive $1,000 plus a contingent fixed return of at least 18.35% (at least $183.50) per security if NVIDIA’s ending price is at or above a threshold price equal to 75% of the starting price. If the ending price is below this threshold, principal is exposed 1-for-1 to NVIDIA’s decline from the starting price, and investors can lose up to 100% of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, offer no dividends or interest, are not exchange-listed, and have an estimated value on the pricing date of $925–$955 per $1,000, below the original offering price, reflecting structuring costs and dealer compensation.

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 and may be automatically called annually from August 2027 to August 2032 if the index is at least 101% of the initial level of 114.07 on a call observation date. In that case, investors receive $1,000 plus a fixed call return for each $1,000 face amount.

If the notes are not called, on the August 9, 2033 maturity date investors receive $1,000 if the final index level is below 101% of the initial level, or a maximum of $1,665 per $1,000 (a 66.5% cap) if the final index level is at or above 101%. The index uses daily rebalancing, volatility control at 5%, and a momentum risk control overlay, and is calculated on an excess return basis over the federal funds rate with an additional 0.65% per annum deduction. The aggregate initial face amount is $20,000, issued at 100% of face with a 4.1% underwriting discount and 95.9% net proceeds to the issuer.

The estimated value at pricing is approximately $900 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and secondary market value may be materially below face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered equity-linked notes due August 30, 2029 under its Medium-Term Notes, Series F program. The notes are linked to the common stock of Marvell Technology, Inc. and are issued in $1,000 face amounts.

At maturity, investors receive cash based on Marvell’s stock performance: full participation in the underlier return when the final level exceeds the initial level, capped at a maximum settlement amount of $3,050 per $1,000; return of principal if the final level is between 60% and 100% of the initial level; and a linear loss of principal if the final level falls below 60%, with a 40% buffer and 100% buffer rate. The notes do not bear interest and are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. They are unsecured, not FDIC insured, will not be listed on an exchange, and their estimated value at pricing will be less than the original issue price due to fees and dealer economics. The issuer’s tax counsel expects the notes to be treated as pre-paid derivative contracts for U.S. federal income tax purposes, though the tax outcome remains uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, income-bearing notes linked to the stock of International Business Machines, Oracle and The Walt Disney Company. The notes pay a contingent quarterly coupon of $47.575 per $1,000 face amount (4.7575% quarterly, up to 19.03% per year) only if on each observation date all three stocks close at or above 50% of their initial prices. The notes may be automatically called from November 2026 through May 2027 if all three stocks are at or above their initial prices, returning face value plus the due coupon.

If not called, at the August 9, 2027 maturity the principal repayment depends on a “trigger event.” If all three final prices are below their initial prices and any is below 50% of its initial price, repayment is reduced in line with the worst-performing stock and can fall to zero, with no coupon. If the trigger is avoided, investors receive full principal and, if all stocks are at or above 50% of initial, the final coupon. The aggregate initial face amount is $1,375,000, with a 1% underwriting discount and an estimated initial value of about $961 per $1,000, reflecting structuring and distribution costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Broadcom, Microsoft, Palantir Technologies Class A and NVIDIA. The notes pay no interest and are scheduled to mature on August 19, 2031, with a trade date expected to be August 14, 2026.

The notes may be automatically called quarterly beginning August 16, 2027 if on a call observation date the closing price of each stock is at or above its initial price. In that case, holders receive $1,000 plus a call premium (starting at 14.4% and stepping up to 68.4% as the notes remain outstanding). If the notes are never called, the maturity payoff per $1,000 depends on the lesser performing stock: if all final prices are at or above their initial prices, investors receive the maximum settlement amount of $1,720 (a 72% maturity premium); if any stock finishes below its initial price, investors receive only the $1,000 face amount.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be $885–$925 per $1,000, below the original issue price of 100% of face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, linked to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, with an aggregate face amount of $1,380,000.

Each note has a $1,000 face amount and pays a contingent monthly coupon of $5.834 (0.5834% monthly, up to approximately 7.00% per annum) only if, on the related observation date, the closing level of each underlier is at or above 70% of its initial level. If any underlier is below its coupon trigger level, the coupon for that month is $0.

Unless earlier redeemed, investors receive $1,000 per note at maturity on August 7, 2031, plus the final coupon, if any. The company may redeem the notes in whole on any coupon payment date from November 2026 through July 2031, paying $1,000 per note plus any due coupon. The initial underlier levels are 17,489.41 (Nasdaq-100 Technology Sector Index), 3,036.975 (Russell 2000 Index) and 7,736.52 (S&P 500 Index), with a coupon trigger at 70% of each level.

The original issue price is 100% of face amount, with a 0.7% underwriting discount and 99.3% net proceeds to the issuer. The issuer’s estimated value is $991 per $1,000 note, reflecting structuring and distribution costs and lower secondary-market value at issuance. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may pay no coupons over their life, and are not listed, so liquidity and resale values may be limited.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest and mature on the stated maturity date, expected to be August 17, 2033, unless automatically called starting in February 2027 when the index closing level is at least 91% of the initial level. On a call, investors receive $1,000 plus a specified call premium per $1,000 face amount; if held to maturity and not called, investors receive a maximum of $2,015.056 per $1,000 if the final index level is at least 91% of the initial level, full principal back if the index has fallen by up to 40%, and a 1‑for‑1 loss below that buffer, down to total loss.

The underlier uses a 40% volatility target, leverage up to 500%, and a fixed 6.0% per annum decrement, which drags performance and ensures it trails a comparable index without this feature. The estimated value at pricing is expected between $885 and $935 per $1,000, below the 100% issue price. Investors are exposed to index methodology risks, leverage and futures roll effects, as well as the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the Russell 2000 Index and the S&P 500 Index with an aggregate face amount of $443,000. For each $1,000 note held to August 9, 2028, investors receive the maximum settlement amount of $1,150 if the final level of each index on the determination date is at least its initial level. If any index finishes below its initial level, investors receive only the $1,000 face amount, with no upside. The notes pay no periodic interest and their market value can fluctuate with index levels, interest rates and the credit of GS Finance Corp. and its guarantor. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income over their term based on a 4.715% comparable yield, even though cash is paid only at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing Leveraged Buffered Basket-Linked Notes due August 24, 2028. The notes pay no interest and the repayment of principal depends on a weighted equity basket: S&P 500 (35%), Russell 2000 (20%), EURO STOXX 50 (15%), Nasdaq-100 (15%) and MSCI Emerging Markets (15%). The initial basket level is 100.

At maturity, for each $1,000 note, investors receive: (1) up to $1,265 if the basket rises, with 200% upside participation capped once the basket reaches 113.25% of its initial level; (2) full principal back if the basket decline is within a 10% buffer; or (3) a loss of principal if the basket falls more than 10%, with losses matching the basket return beyond the buffer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated initial value is $925–$965 per $1,000 face amount.