Goldman Sachs Group Inc. 424B Filings

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 $25,054,000. For each $1,000 note, investors may receive a contingent monthly coupon of $4.25 (0.425% monthly, up to 5.10% per annum) when, on the relevant observation date, the S&P 500® closing level is at least 70% of the initial level of 7,489.72.

At maturity on February 7, 2028, if not earlier redeemed, investors receive $1,000 per note if the final index level is at or above the 60% buffer level. Below that level, principal is reduced according to a formula using a 40% buffer amount and a 100% buffer rate, so a substantial loss of principal is possible. Upside is capped at repayment of face amount; there is no participation in S&P 500® gains.

GS Finance Corp. may, at its option, redeem all notes at par plus any due coupon on any coupon payment date from November 2026 through January 2028. The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and the guarantor. The original issue price is 100% of face amount, including a 0.7% underwriting discount, and the estimated value is lower. The issuer intends to treat the notes as contingent payment debt instruments for U.S. federal income tax purposes, with holders taxed on deemed ordinary income based on a comparable yield and projected payments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $385,000 of Performance Leveraged Upside Securities (PLUS) linked to an equally weighted basket of 10 U.S. and foreign energy and industrial stocks. The notes are unsecured, pay no interest and are not listed on any exchange.

At maturity on August 11, 2027, holders receive for each $1,000: if the basket has risen, $1,000 plus 150% of the basket’s gain, capped at a maximum payment of $1,449 (144.90% of principal). If the basket is flat, investors receive $1,000. If the basket has declined, repayment is reduced 1:1 with the basket, with no minimum, so the entire principal may be lost. Returns also depend on the credit of GS Finance Corp. and the guarantor.

The initial issue price is 100% of principal, but the estimated value is approximately $950 per $1,000, reflecting fees and structuring costs. Goldman Sachs & Co. LLC takes a 1.50% underwriting discount, and Morgan Stanley Wealth Management receives a $15 per note selling concession, including a $5 structuring fee.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $395,000 of notes linked to the EURO STOXX 50® Index under its Medium-Term Notes, Series F program. The initial underlier level is 6,358.01.

At maturity on August 5, 2031, investors receive for each $1,000 note either (i) $1,000 plus 135% of any positive index return, or (ii) $1,000 if the index is flat or down, so principal is repaid at maturity but no downside gain is provided. The notes pay no periodic interest and may trade below face value before maturity.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor and are not insured or exchange-listed. For U.S. tax purposes they are treated as contingent payment debt instruments with a comparable yield of 5.24% per annum and a projected maturity payment of $1,299.92 per $1,000, driving annual ordinary income accruals even though cash is received only at maturity. The filing highlights secondary-market, liquidity, foreign-market and tax risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $55,176,000 of Autocallable Contingent Coupon Index-Linked Notes due August 3, 2029, linked to the S&P 500, Russell 2000 and Nasdaq‑100 indices.

Investors may receive a $10.334 contingent monthly coupon per $1,000 face amount (about 1.0334% monthly, up to ~12.4% per year) only if on each observation date all three indices are at least 70% of their initial levels. The notes are automatically called, returning face amount plus that month’s coupon, if from October 2026 through June 2029 all indices are at or above their initial levels.

If not called, principal repayment depends on the worst‑performing index. Full principal is repaid if each index is at least 75% of its initial level. Between 70% and 75%, a partial buffer applies via a 25% buffer amount and ~133.33% buffer rate, allowing only limited loss. Below 70%, repayment is reduced in line with the worst index, and investors can lose their entire investment. Payments are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering GE Vernova Inc. common stock-linked notes with an aggregate face amount of $600,000 under its Medium-Term Notes, Series F program. The notes are issued at 100% of face amount with a 1.1% underwriting discount and 98.9% of face amount in net proceeds to the issuer.

The notes pay no interest and mature on September 3, 2027, with the payoff based on GE Vernova’s stock performance. For each $1,000 note, if the final underlier level is at or above the trigger buffer level of 52.65% of the initial level, investors receive a maximum settlement amount of $1,200. If the final level is below the trigger buffer level, the cash settlement equals $1,000 plus $1,000 times the underlier return, producing losses in line with the stock’s decline and potentially a total loss of principal. The initial underlier level is $990.29, and the notes are characterized for tax purposes as a pre-paid derivative contract, with uncertain tax consequences.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering structured Medium-Term Notes, Series F, linked to the Goldman Sachs Momentum Builder® Focus ER Index. The aggregate face amount is $1,137,000, sold at 100% of face with a 1.25% underwriting discount and 98.75% net proceeds to the issuer.

The notes feature an automatic call on August 5, 2027 if the index on the August 2, 2027 call observation date is at or above the initial level of 113.45; in that case holders receive $1,100 per $1,000 face (a 10% premium), and the term ends early. If not called, at maturity on August 3, 2029 investors receive for each $1,000: $1,000 plus 300% of any positive index return, or $1,000 if the index is flat or down, subject to issuer and guarantor credit risk and no interim interest.

The index is a rules-based, daily rebalanced multi-asset strategy with volatility control at 5%, momentum risk control and a 0.65% per annum deduction, operating on an excess-return-over-federal-funds-rate basis. Goldman estimates the notes’ value on the trade date at $941 per $1,000 face, below issue price, with a $59 "additional amount" amortizing to zero by October 30, 2026. For U.S. tax purposes, the notes are treated as contingent payment debt instruments requiring accrual of ordinary income based on a comparable yield of 4.9867% and a projected $1,161.44 payment at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no-coupon structured notes linked to an equally weighted basket of 11 large-cap technology and industrial stocks. The notes have a face amount of $2.06 million in aggregate (denominations of $1,000) and are issued at 100% of face with a 2% underwriting discount (including up to 0.65% structuring fee), resulting in 98% net proceeds to the issuer.

The initial basket level is 100, with each stock weighted at approximately 9.091%. The notes may be automatically called on August 9, 2027 if the basket level is at or above 100, paying $1,170 per $1,000 on August 12, 2027. If not called, they mature on August 3, 2029, paying: (i) for a positive basket return, $1,000 plus 200% of the basket’s gain; (ii) for basket returns between 0% and -30%, $1,000 plus the absolute basket loss; or (iii) for basket returns below -30%, $1,000 plus the full (negative) basket return, exposing investors to losses beyond a 30% drop, potentially to less than 70% of face.

The notes’ estimated value on the trade date is approximately $920 per $1,000, below issue price, and secondary market prices may be further reduced by dealer spreads and commissions. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., receive no dividends from the basket stocks, and have no shareholder rights. Complex provisions address market disruption events, anti-dilution adjustments and reorganization events.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon notes due June 4, 2029 linked to the VanEck Semiconductor ETF. Investors receive quarterly coupons of $48.125 per $1,000 face amount (4.8125% quarterly, up to 19.25% per annum) only if, on each observation date, the ETF’s level is at or above 80% of its initial level. If the ETF closes below this trigger on an observation date, the coupon for that quarter is $0.

At maturity, if the notes have not been redeemed and the ETF’s final level is at or above the 80% buffer level, investors receive $1,000 per note plus any final coupon. If the final level is below the buffer, principal is reduced one-for-one with the ETF’s decline beyond the 20% buffer, via the formula $1,000 × (1 + buffer rate × (underlier return + buffer amount)); losses can be substantial. Illustratively, at 20% of the initial level, the cash settlement is 40% of face amount, implying a 60% loss, and at 0%, only 20% of face amount is repaid.

The issuer may redeem the notes at par on any coupon payment date from March 2027 through March 2029, paying $1,000 plus any due coupon, which can limit potential income if called when conditions are favorable. 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 estimated value at pricing is less than the original issue price. U.S. tax treatment is uncertain and may involve ordinary income on coupons and constructive ownership rules.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable S&P 500 Index-linked notes due August 8, 2030 as part of its Medium-Term Notes, Series F program. Each note has a $1,000 face amount, is sold at 100% of face, and pays no interest.

The notes may be automatically called on August 17, 2027 if, on the August 12, 2027 call observation date, the S&P 500 Index is at or above its initial level. In that case, holders receive $1,100 per $1,000 face amount and the investment ends early.

If not called, the maturity payment depends on index performance. Investors receive upside at a 190% participation rate when the final index level exceeds the initial level. A 10% buffer protects against moderate declines, but if the index falls below 90% of its initial level, losses apply at a buffer rate of approximately 111.11%, potentially resulting in a total loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited liquidity, and their estimated value at issuance is less than the original issue price. U.S. federal income tax treatment is uncertain and relies on treatment as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing Autocallable Contingent Coupon Equity‑Linked Notes due 2029 linked to the common stock of NVIDIA Corporation. Each note has a $1,000 face amount and pays contingent quarterly coupons.

On each coupon payment date, the coupon per $1,000 equals ($37 × the number of elapsed coupon observation dates) minus coupons previously paid, but only if NVIDIA’s closing level on the related observation date is at or above the coupon trigger level of 70% of the initial level; otherwise the coupon is $0. The notes are subject to an automatic call if, on any call observation date starting February 8, 2027, NVIDIA’s closing level is at or above its initial level, in which case investors receive $1,000 per $1,000 face amount plus the coupon then due.

If not called, at maturity in August 2029 investors receive $1,000 per $1,000 face amount if the final NVIDIA level is at or above the 70% trigger buffer level. If it is below, repayment is $1,000 + ($1,000 × underlier return), fully exposing investors to downside and potentially resulting in a total loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed, and have an estimated value on the trade date that is less than the original issue price. U.S. tax treatment is uncertain and described as an income‑bearing pre‑paid derivative contract.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the EURO STOXX 50 Index with an aggregate face amount of $2,301,000. The notes have an automatic call feature: if on August 13, 2027 the index closing level is at or above the initial level of 6,358.01, the notes are redeemed early and investors receive $1,136.50 per $1,000 face amount on August 18, 2027.

If not called, the notes mature on August 3, 2028 and pay a cash settlement based on index performance, with a 150% upside participation rate for gains and a 15% downside buffer. Below the 85% buffer level, losses accelerate at a buffer rate of approximately 117.65%, and investors can lose their entire principal. The notes pay no interest, are subject to the credit risk of GS Finance Corp. and its parent guarantor, will not be listed on any exchange, and their secondary-market value may be significantly below the issue price. U.S. tax treatment is uncertain and the issuer intends to treat the notes as pre-paid derivative contracts for tax purposes.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500 Futures Excess Return Index-linked Medium-Term Notes, Series F, with an aggregate face amount of $2,148,000. The notes pay no periodic interest and return at least the face amount at maturity on August 5, 2031, subject to issuer and guarantor credit risk.

For each $1,000 note, if the final underlier level exceeds the initial level of 598.42, the cash settlement equals $1,000 plus 137% of the index return; if the final level is equal to or below the initial level, investors receive $1,000. The underlier tracks E-mini S&P 500 futures and can differ materially from the S&P 500 Index, with performance affected by futures pricing, implicit financing costs, and negative roll yields.

The original issue price is 100% of face amount, including a 1.125% underwriting discount, for net proceeds of 98.875% to the issuer. The notes are treated as contingent payment debt instruments for U.S. tax purposes, using a comparable yield of 5.24% per annum and a projected maturity payment of $1,299.92 per $1,000. Market value before maturity may be volatile and influenced by underlier performance, interest rates, and the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing callable index-linked notes with an aggregate face amount of $2,347,000, tied to the Goldman Sachs Momentum Builder ^® Focus ER Index. The notes pay no interest and may be automatically called annually if the index closes at or above 101% of the initial index level of 113.45, paying $1,000 plus a call premium of 11.50%, 23.00%, 34.50% or 46.00% depending on the call year.

If not called, at maturity on August 5, 2031 investors receive $1,000 plus 100% of any positive index return; if the index is flat or down, only principal is returned. The index is a rules-based, volatility- and momentum-controlled multi-asset index calculated on an excess-return basis over the federal funds rate and reduced by a 0.65% per annum fee, with potentially large allocations to cash-like positions. The original issue price is 100% of face, but the issuer’s estimated value is $927 per $1,000 at trade, reflecting embedded costs, and the notes 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 Medium-Term Notes, Series F that are auto-callable, equity ETF-linked, principal-at-risk securities tied to the VanEck Gold Miners ETF and maturing on August 3, 2029. Each security has a $1,000 face amount and pays no interest or dividends.

The notes may be automatically called on specified call dates if the ETF’s closing price is at or above 85% of the starting price, paying $1,130 to $1,390 per $1,000, corresponding to call premiums of 13.00%–39.00%. If never called and the ETF falls more than the 15.00% buffer, investors have 1‑to‑1 downside exposure and may lose up to 85.00% of principal. The estimated value at pricing is about $962 per $1,000, below the $1,000 offering price, and all payments are subject to the unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The securities are not listed and are intended to be held to maturity.

GS Finance Corp. is offering $2,222,000 of Absolute Return Trigger Notes linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return depends entirely on the index level on the determination date of July 31, 2028.

The initial index level is 7,489.72. If the final level stays between 80% and 120% of this level (no barrier event), investors receive principal plus the absolute index return, with maturity payout between 100% and 120% of face value. If the index falls below 80% or rises above 120% (a barrier event), the maturity payment is fixed at 106.75% of face value.

The notes are issued at 100% of face amount, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The estimated value at pricing is about $983 per $1,000 note, reflecting structuring costs and dealer compensation, and the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500®-linked Medium-Term Notes, Series F, with an aggregate face amount of $3,126,000. The notes are principal-protected at maturity and do not bear interest.

For each $1,000 note held to the stated maturity date of February 5, 2031, investors receive: if the S&P 500® final level exceeds the initial level of 7,489.72, $1,000 + ($1,000 × underlier return), capped at a maximum settlement amount of $1,502; if the final level is equal to or below the initial level, investors receive only the $1,000 face amount. Upside is therefore limited, while downside at maturity is floored at par, but secondary-market prices can be below face value.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income based on a 5.18% comparable yield and a projected maturity payment of $1,263.19 per $1,000. The estimated value on the trade date is less than the 100% issue price, reflecting underwriting and structuring fees and other costs, and there is no assurance of an active secondary market.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked medium-term notes with an aggregate face amount of $2,550,000. Each note has a $1,000 face amount and pays no interest during its term.

At maturity on May 3, 2029, investors receive either the face amount or a positive return linked to the S&P 500® Index. If the final index level exceeds the initial level of 7,489.72, the payment equals $1,000 plus the index return, capped at a maximum settlement amount of $1,215 per note; otherwise, investors receive $1,000. Principal is protected at maturity but upside is limited and the notes carry the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500® Index-linked medium-term notes with an aggregate face amount of $2,426,000. The notes run from a trade date of July 31, 2026 to a stated maturity date of August 3, 2028 and pay no interest.

At maturity, for each $1,000 note, investors receive a cash amount based on the S&P 500® performance. Upside exposure is 125% of index gains, capped at a maximum settlement of $1,210 per note (121% of face). A 10% buffer means index losses up to 10% produce equal positive returns via the “absolute underlier return”. If the index falls more than 10%, investors lose 1% of face for each 1% drop below the 90% buffer level, down to as little as 10% of face. Key risks include potential substantial principal loss, no dividends or interest, market and liquidity risks, and 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 S&P 500® Index-linked notes under its Medium-Term Notes, Series F program with an aggregate face amount of $4,492,000. The notes pay no interest and return at least the face amount at maturity on August 3, 2028, subject to issuer and guarantor credit risk.

For each $1,000 note, if the S&P 500® closing level on July 31, 2028 exceeds the initial level of 7,489.72, investors receive $1,000 plus the index return, capped at a maximum settlement amount of $1,152.50. If the final level is equal to or below the initial level, investors receive only $1,000. Upside is thus limited to a 15.25% gain, while downside to maturity is principal-protected in nominal terms, but there is no protection against inflation or interim market value declines.

The original issue price is 100% of face amount, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The notes are unsecured obligations exposed to the credit risk of both GS Finance Corp. and the guarantor and may trade below face value before maturity. For U.S. tax purposes they are treated as contingent payment debt instruments, using a comparable yield of 4.8267% per annum and a projected maturity payment of $1,101.38 per $1,000, causing taxable income accruals before any cash is received.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the S&P 500 Futures Excess Return Index with an aggregate face amount of $522,000. The notes provide 198.35% upside participation in any positive underlier return from the trade date to the determination date.

Principal is protected only down to a 50% trigger buffer level; if the final underlier level falls more than 50% below the initial level, repayment is reduced one-for-one with the index decline and investors can lose their entire investment. The notes pay no interest, are unsecured obligations subject to the credit risk of the issuer and guarantor, and are not listed on any securities exchange.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500® Index-linked notes under its Medium-Term Notes, Series F program with an aggregate face amount of $1,110,000. Each note has a $1,000 face amount and pays no interest; all return comes from the cash settlement at maturity.

The payoff depends on the S&P 500® performance from the trade date to the determination date. If the final index level is at or above the initial level of 7,489.72, investors receive $1,000 plus 125% of any positive index return, capped at a maximum settlement of $1,190 per $1,000. If the index falls but stays at or above the 90% buffer level (a 10% buffer amount), investors gain the absolute value of the index loss. Below the buffer level, investors lose 1% of face amount for each 1% decline beyond the buffer, and could incur substantial principal loss.

The notes are subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, and may have limited or no secondary market liquidity. The original issue price equals 100% of face amount; dealers receive a structuring fee of up to 0.45%. Tax treatment is uncertain; counsel’s opinion treats the notes as a pre-paid derivative contract for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of 7 large-cap stocks, with an aggregate face amount of $5,018,000. The notes pay no interest and mature on August 3, 2028, unless automatically called on August 18, 2027.

The basket has an initial level of 100 and a 15% downside buffer (buffer level 85). If on the call observation date the basket level is at or above 100, the notes are redeemed for $1,246.5 per $1,000. If not called, at maturity investors participate in positive basket performance at a 125% upside participation rate; between 0% and –15% basket return they receive $1,000, and below –15% principal is reduced using a buffer rate of about 117.65%, with potential loss of all principal.

The estimated value is approximately $951 per $1,000 at pricing, below the issue price of 100% due to fees and hedging costs. The notes are unsecured obligations 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 market-linked notes due July 31, 2031 tied to the lowest performing of Dell Class C, Palantir Class A, Snowflake, and Axon Enterprise common stocks. The notes pay a monthly contingent coupon of $10.917 per $1,000 (about 13.10% per annum) only when the lowest performing stock on a calculation day is at or above its coupon threshold price, set at 75% of its starting price; missed coupons can be paid later via a memory feature. From July 2027 through June 2031, the notes are automatically callable at par plus the applicable coupon(s) if the lowest performer is at or above its starting price. If not called, investors receive $1,000 principal per note at maturity, without any participation in stock upside or dividends, subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The original offering price is $1,000 per note, while the estimated value at pricing is about $971 per $1,000 face amount, and there is no exchange listing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering basket-linked notes with an aggregate face amount of $4,674,000. The notes pay no interest and are linked to an equally weighted basket of six large-cap stocks (Alphabet, Broadcom, Coherent, Eaton, RTX, Vistra), each with an initial weighting of approximately 16.667% and an initial basket level of 100.

The notes may be automatically called on August 13, 2027 if the basket level is at or above 100, in which case holders receive $1,210 per $1,000 on August 18, 2027. If not called, at maturity on August 3, 2028 holders receive: (1) $1,000 plus 1.5 times any positive basket return; (2) $1,000 if the basket decline is up to 20%; or (3) $1,000 plus 125% of the loss beyond 20%, exposing principal to loss down to zero.

The original issue price is 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer. The estimated value at pricing is approximately $955 per $1,000 face amount. The notes carry full credit risk of GS Finance Corp. and the guarantor, and do not provide any dividends or shareholder rights in the underlying stocks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable index-linked notes tied to the Goldman Sachs Momentum Builder® Focus ER Index with an aggregate face amount of $1,237,000. The notes may be automatically called annually if the index closes at or above rising call levels from 101% to 106% of the initial index level, paying $1,000 plus a call premium of 14.10% to 84.60% per $1,000. If never called, at maturity investors receive $1,000 plus 100% of any positive index return; if the index is flat or down, only principal is repaid. The index is subject to a 0.65% per annum deduction and excess-return over the federal funds rate, and can allocate heavily to cash, which may limit upside. The estimated value on the trade date is $888 per $1,000, below the 100% issue price. For U.S. tax purposes, the notes are treated as contingent payment debt instruments with a comparable yield of 5.4413% and projected payment at maturity of $1,463.90 per $1,000, driving annual taxable ordinary income even without interim cash payments.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering index-linked Medium-Term Notes, Series F, with an aggregate face amount of $2,622,000. The notes are linked to the EURO STOXX 50® Index and do not pay periodic interest.

At maturity on August 5, 2031, investors receive for each $1,000 face amount: if the final index level exceeds the initial level, $1,000 plus 164% of the index gain; if the index is between 75% and 100% of the initial level, $1,000; if it is below 75%, principal is reduced 1-for-1 with index losses beyond the 25% buffer, potentially down to 25% of face value in extreme declines.

The original issue price is 100% of face, with a 1.125% underwriting discount and 98.875% net proceeds to the issuer. The notes are unsecured, subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, and involve additional risks from foreign equity exposure and uncertain U.S. tax treatment, including characterization as a pre-paid derivative contract and possible FATCA implications.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes due August 3, 2028 with an aggregate face amount of $2,842,000. The notes pay no interest and the payoff depends on the lesser performing of the Russell 2000® Index and S&P 500® Index between July 31, 2026 and July 31, 2028.

If both index returns are positive, investors receive 100% participation in the lesser index return, capped at a maximum settlement amount of $1,207.5 per $1,000 face amount (a 20.75% maximum gain). If either index ends at or below its initial level (2931.339 for Russell 2000; 7489.72 for S&P 500), investors receive the greater of the performance-based amount or the minimum settlement amount of $950, implying up to a 5% loss of principal.

The estimated value at pricing is about $968 per $1,000 note, below the issue price, reflecting fees and hedging costs. The underwriting discount is 2.55% of face, with net proceeds of 97.45% to the issuer. For tax purposes, the notes are treated as contingent payment debt instruments with a comparable yield of 4.8267% and a projected maturity payment of $1,101.38 per $1,000.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of 7 large-cap stocks. The notes pay no interest, have a face amount of $4,175,000 in aggregate at issuance, and may be automatically called on August 13, 2027 if the basket level is at or above the initial level of 100, in which case investors receive $1,219 per $1,000 face amount on August 18, 2027.

If not called, the notes mature on August 3, 2028. At maturity, investors participate at a 125% upside rate on any positive basket return, receive full principal back if the basket decline is within a 20% buffer, and incur amplified losses beyond that buffer via a 125% buffer rate, potentially losing their entire investment. The estimated initial value is approximately $950 per $1,000 face amount, below the 100% issue price, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,128,000 of Leveraged Callable S&P 500 Futures Excess Return Index-Linked Notes maturing August 5, 2031. The notes are unsecured, do not bear interest, and are issued in $1,000 denominations.

At maturity, if not earlier redeemed, investors receive at least the face amount. If the S&P 500 Futures Excess Return Index rises above the initial level of 598.42 from the July 31, 2026 trade date to the determination date, the payoff equals $1,000 plus 200% of the index gain; otherwise, $1,000 is returned.

GS Finance Corp. may redeem the notes monthly from August 5, 2027 through July 3, 2031 at $1,000 plus a fixed call premium (from 13.2504% up to 65.1478% per the call schedule). The estimated value at pricing is about $959 per $1,000 face amount, below the 100% issue price, reflecting structuring costs and dealer margin. Investors are exposed to the credit risk of GS Finance Corp. and the guarantor and to complex tax treatment as contingent payment debt instruments.

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 $883,000. The notes have a trade date of July 31, 2026, mature on August 3, 2029, and are issued at 100% of face with a 1% underwriting discount.

The notes do not pay interest. At maturity, for each $1,000 note, investors receive: (i) $1,000 plus 152% of any positive index return; (ii) $1,000 if the index decline is within the 20% buffer (final level at or above 80% of the initial level); or (iii) $1,000 reduced dollar-for-dollar with index losses below the buffer, leading to substantial principal loss in adverse scenarios. The product is subject to the credit risk of GS Finance Corp. and the guarantor, complex futures-based underlier behavior (including negative roll yield and financing costs), uncertain tax treatment, and limited or no secondary market liquidity.

GS Finance Corp. is offering $3,519,000 face amount of Autocallable Buffered S&P 500® Index-Linked Notes due August 3, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and may be automatically called on August 13, 2027 if the S&P 500® closes at or above the initial level of 7,489.72, in which case holders receive $1,104.3 per $1,000 on August 18, 2027. If not called, maturity payment depends on index performance: with full 100% upside participation and a minimum of $1,208.6 per $1,000 if the index is at or above its initial level; return of principal if the index has fallen by up to 10%; and losses of about 1.1111% for each 1% decline beyond the 10% buffer, potentially up to a total loss. The original issue price is 100% of face, including a 1.5% underwriting discount, for net proceeds of 98.5% of face to the issuer. The issuer’s estimated value is about $984 per $1,000 at pricing, reflecting structuring and distribution costs, and secondary market prices are expected to track this model-based value plus a declining additional amount.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable indexed notes with an aggregate face amount of $2,332,000 linked to the Russell 2000® Index and the S&P 500® Index. The notes are issued at 100% of face amount, with a 2% underwriting discount (including up to 0.65% structuring fee), resulting in 98% net proceeds to the issuer.

The notes do not bear interest. They will be automatically called on August 12, 2027 if, on the August 9, 2027 call observation date, each underlier’s closing level is at or above its initial level; in that case, investors receive $1,116 per $1,000 face amount (111.6%). If not called, the August 3, 2029 maturity payment depends solely on the lesser performing underlier, with a 125% upside participation rate when both underliers finish above their initial levels. A 20% buffer (buffer level 80% of initial) provides limited downside protection, but if any underlier finishes below its buffer, principal is reduced one-for-one with the loss beyond 20%, potentially down to 20% of face in extreme scenarios.

Investors are exposed to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., face uncertain secondary market liquidity, and the estimated value on the trade date is less than the original issue price due to fees and hedging costs. U.S. tax treatment is uncertain; the notes are expected to be treated as pre-paid derivative contracts.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering $797,000 of structured notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are part of the Medium-Term Notes, Series F program.

At maturity on August 3, 2029, for each $1,000 face amount investors receive cash based on index performance: if the final underlier level is above the initial level, the payoff is $1,000 plus 165% of the index gain. If the index finishes at or above the 90% buffer level, investors receive $1,000. Below the buffer, principal declines 1% for each 1% drop beyond the 10% buffer, and a substantial loss of principal is possible.

The underlier tracks E-mini S&P 500 futures, not the S&P 500 Index itself, and its level is affected by futures financing costs and negative roll yields. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, may have limited liquidity, and the estimated value at pricing is less than the 100% original issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $1,734,000 under its Medium-Term Notes, Series F program. The notes have an original issue price of 100% of face amount, an underwriting discount of 0.75% and net proceeds of 99.25%.

The notes may be automatically called on August 9, 2027 if, on the August 2, 2027 call observation date, the S&P 500® closing level is at or above the initial underlier level of 7,489.72. In that case, holders receive a fixed $1,055 per $1,000 face amount and the term ends early. If not called, at the August 7, 2029 maturity investors receive, per $1,000, either $1,000 + $1,000 × 100% × underlier return when the final index level exceeds the initial level, or $1,000 if the index is flat or lower.

The notes do not bear interest, expose holders to the credit risk of GS Finance Corp. and its guarantor, and may trade below face value. For U.S. tax purposes they are treated as contingent payment debt instruments, with a comparable yield of 5.00% per annum and a projected payment at maturity of $1,162.52 per $1,000 used to determine taxable ordinary income over the life of the notes.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes have an aggregate face amount of $650,000 and an original issue price of 100% of face amount, with net proceeds of 99.75% of face amount after a 0.25% underwriting discount.

The notes may be automatically called semi-annually if the index closing level on a call observation date is at least the initial index level of 113.45, paying for each $1,000 face amount $1,000 + ($1,000 × call premium), with call premiums from 10.50% to 68.25%. If never called, the August 4, 2033 maturity payoff per $1,000 is: $1,000 + ($1,000 × 73.5%) if the final index level is at least the initial level, or $1,000 otherwise, so downside is limited to return of principal, subject to issuer and guarantor credit risk.

The index is a rules-based, volatility-controlled, momentum strategy allocating among equity, fixed income, commodity and cash-equivalent exposures, calculated on an excess-return basis over the federal funds rate and subject to an additional 0.65% per annum deduction. The estimated value on the trade date is $944 per $1,000, below issue price, and for U.S. tax purposes the notes are treated as contingent payment debt instruments with a comparable yield of 5.4413%, requiring accrual of ordinary income over the life of the notes.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the VanEck Semiconductor ETF (SMH) with an aggregate face amount of $2,245,000. The notes pay a contingent quarterly coupon of $54.375 per $1,000 (5.4375% quarterly, up to 21.75% per annum) only if on each coupon observation date the ETF’s closing level is at or above the coupon trigger level, set at 80% of the initial underlier level.

At maturity on May 3, 2029, if not previously redeemed, investors receive per $1,000 face amount: $1,000 if the final underlier level is at or above the buffer level (also 80% of the initial level), or $1,000 + ($1,000 × buffer rate × (underlier return + buffer amount)) if below the buffer, exposing investors to substantial downside, with examples showing losses down to 80% of principal. Upside in the ETF above the initial level does not increase principal repayment.

The company may, at its option, redeem the notes in whole on any coupon payment date from February 2027 through February 2029 at $1,000 per $1,000 of face amount plus any due coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on any exchange, and may have limited secondary market liquidity. The initial issue price is 100% of face amount, with a 1% underwriting discount and 99% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $8,850,000 of Contingent Income Auto-Callable Securities with Memory Coupon linked to the Class A common stock of Alphabet Inc. The notes are issued at 100% of principal in $1,000 denominations and are principal at risk unsecured obligations.

The notes pay a contingent quarterly coupon of $26.25 per $1,000 per observation period, using a memory feature, only if Alphabet’s closing price on the relevant observation date is at or above the downside threshold price of $231.4845 (65.00% of the $356.13 initial share price. Missed coupons can be paid later if the threshold is met. If on any call observation date the stock closes at or above the initial share price, the notes are automatically called and investors receive $1,000 plus the coupon then due.

If not previously called and the final share price on July 31, 2029 is below the downside threshold, repayment of principal is reduced 1-to-1 with the share performance factor and can fall to zero. Investors do not participate in any upside of Alphabet’s stock. The estimated value is approximately $975 per $1,000 note, reflecting underwriting discount and structuring costs, and the notes are subject 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 auto-callable notes linked to the EURO STOXX 50® Index with an aggregate face amount of $1,114,000. The notes are issued at 100% of face amount, do not bear interest, and may be automatically called on August 12, 2027 if the index on the August 9, 2027 call observation date is at or above the initial level of 6,358.01, in which case investors receive $1,196 per $1,000 face amount.

If not called, the August 3, 2029 maturity payoff depends on index performance, with a 150% upside participation rate for gains and full principal return if the final level is between 80% and 100% of the initial level. If the final level is below the 80% trigger buffer level, principal is exposed one-for-one to index losses and investors may lose their entire investment. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below issue price, are not listed, and involve complex tax and valuation considerations described in the risk and tax sections.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index with an aggregate face amount of $5,291,000.

The notes pay a contingent monthly coupon of $8.792 per $1,000 face amount (0.8792% monthly, up to ~10.55% per annum) only if on each observation date every underlier is at or above its coupon trigger level of 70% of the initial level. The notes are automatically called quarterly if all underliers are at or above their initial levels, returning principal plus the due coupon.

If not called, at maturity in 2028 investors receive $1,000 per note if every underlier’s final level is at or above its 60% trigger buffer level; otherwise repayment is reduced based on the “lesser performing” index and can fall to $0, so the entire investment can be lost. The issuer warns that the estimated value at trade date is less than the 100% issue price, market value may be volatile and illiquid, investors bear full credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and U.S. tax treatment is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering basket-linked notes tied to an equally weighted basket of 11 semiconductor and infrastructure stocks. The notes pay no interest and have an initial basket level of 100 with each stock weighted at approximately 9.091%.

The notes may be automatically called on August 9, 2027 if the basket level is at least 100, paying $1,220 per $1,000 on August 12, 2027. If not called, at maturity on August 3, 2029 investors receive: leveraged upside at a 200% participation rate for positive basket returns; a positive payoff equal to the absolute basket return when the basket is between 70 and 100; and full downside exposure if the basket falls below the 70% trigger buffer level, potentially losing most or all principal.

The aggregate face amount is $3,825,000, issued at 100% of face with a 0% underwriting discount plus up to 0.65% structuring fee. The issuer’s estimated value is about $940 per $1,000 at pricing, and payments are subject to 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 Russell 2000^® Index‑linked notes with an aggregate face amount of $125,000 under its Medium‑Term Notes, Series F program. The notes mature on August 5, 2031, with the payoff based on the index level on the July 31, 2031 determination date.

For each $1,000 note, investors receive: (1) if the final index level is above the initial level, 100% upside participation in the index return; (2) if the final level is between 85% and 100% of the initial level, return of face value; (3) if the final level is below 85%, a linear loss matching the index decline beyond the 15% buffer, potentially reducing principal to as low as 15% of face value. The notes pay no interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, with limited liquidity, an estimated value below the 100% issue price, and uncertain U.S. tax treatment characterized as a pre‑paid derivative contract in respect of the underlier.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1,200,000 of Medium-Term Notes, Series F, linked to three equity indices: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.

The notes pay a contingent monthly coupon of $9.167 per $1,000 face amount (0.9167% monthly, up to about 11.00% per year) only if on each observation date every underlier is at or above 70% of its initial level (the coupon trigger level). The same 70% level serves as a trigger buffer for principal protection.

The notes are subject to an automatic call feature: if on any call observation date each underlier is at or above its initial level, investors receive $1,000 per note plus the due coupon, and the notes terminate early. If the notes are not called and, at maturity on August 3, 2029, any underlier finishes below its 70% trigger buffer level, repayment of principal is reduced one-for-one with the return of the worst-performing index, down to a total loss of investment.

Investors face the credit risk of GS Finance Corp. and its parent, potential illiquidity, market value sensitivity to many factors, and uncertain U.S. tax treatment, with the notes intended to be treated as income-bearing prepaid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the Russell 2000 Index and the S&P 500 Index with an aggregate face amount of $2,523,000. The notes have a trade date of July 31, 2026, a stated maturity of August 7, 2028, and are issued at 100% of face amount with a 0.8% underwriting discount.

The notes pay no interest. They are automatically called on August 9, 2027 if each index on the call observation date is at or above its initial level, in which case investors receive $1,130 per $1,000 face amount, capping the call return. If not called, the cash settlement at maturity depends solely on the lesser performing index, with a 200% upside participation rate when both final index levels exceed their initial levels, principal protection between an 85% buffer level and the initial level, and losses beyond a 15% buffer that can reach a substantial portion of principal.

The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and the guarantor, are not listed on any exchange, may have limited secondary market liquidity and uncertain market value, and involve uncertain U.S. federal income tax treatment, including potential FATCA and 871(m) considerations.

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 $2,131,000. Each note has a $1,000 face amount, is issued at 100% of face, and does not bear interest.

At maturity on August 3, 2028, the cash payment per $1,000 depends on S&P 500 performance from the initial underlier level of 7,489.72 to the determination date. Upside is leveraged at a 300% upside participation rate but capped at a maximum upside settlement amount of $1,207.50 per $1,000. A 10% buffer protects against moderate declines: if the index finishes between 90% and 100% of the initial level, investors gain the absolute index return. Below the 90% buffer level, principal is exposed 1:1 to further losses, and investors can lose a substantial portion of their 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, may have limited or no secondary market liquidity, and carry uncertain U.S. federal income tax treatment, which counsel characterizes as a pre-paid derivative contract on the S&P 500.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing equity-linked medium-term notes tied to the S&P 500 Futures Excess Return Index with an aggregate face amount of $960,000. The notes pay no interest and return at least the face amount at maturity.

For each $1,000 note, if the final underlier level on July 31, 2029 is above the initial level of 598.42, the cash payment equals $1,000 plus 104% of the index return; if the index is flat or lower, investors receive $1,000. The trade date is July 31, 2026, original issue date August 5, 2026, and stated maturity August 3, 2029.

The original issue price is 100% of face, including a 1% underwriting discount, yielding 99% net proceeds to the issuer. The tax discussion treats the notes as contingent payment debt instruments, using a comparable yield of 4.9867% and a projected maturity payment of $1,161.44 per $1,000.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering $5,440,000 of market-linked notes tied to the MSCI EAFE Index. The notes have a face amount of $1,000 each and return at maturity depends on index performance from the July 31, 2026 trade date to the July 31, 2028 determination date.

If the final index level is above the initial level of 3,176.14, investors gain 200% of the index return, capped at a maximum settlement of $1,296.50 per $1,000 note. If the index is flat or down by up to the 10% buffer (final level at or above 90% of initial), investors receive principal back. Below the 90% buffer level, principal is lost 1:1 with index losses beyond that threshold, with hypothetical outcomes down to 10% of face. The notes pay no interest, carry issuer and guarantor credit risk, are not listed, and their value can be affected by market, FX, liquidity and tax factors; they are treated for U.S. tax purposes as pre-paid derivative contracts, subject to uncertainty.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500 Futures Excess Return Index-linked notes with an aggregate face amount of $924,000 under its Medium-Term Notes, Series F program.

Each note has a $1,000 face amount, no interest, and matures on February 5, 2029, with payoff tied to the index performance from the July 31, 2026 trade date to the January 31, 2029 determination date. If the final index level is at or above the initial level of 598.42, investors receive $1,000 plus 126% of the positive index return. If the index declines but stays within the 15% buffer (down to 85% of the initial level), investors gain the absolute value of the index loss. Below the 85% buffer level, principal is reduced 1% for each additional 1% decline, and investors can lose a substantial portion of principal, as illustrated by a 21% final level yielding only 36% of face value.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market liquidity, and their market value can be affected by interest rates, index volatility, and the pricing models of Goldman Sachs & Co. LLC.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked notes under its Medium-Term Notes, Series F program with an aggregate face amount of $2,052,000. The notes pay no interest and are held to the stated maturity date of August 5, 2031.

For each $1,000 note, investors receive at maturity: if the S&P 500® final level exceeds the initial level of 7,489.72, $1,000 + ($1,000 × underlier return), capped at a maximum settlement amount of $1,532.50 (153.250% of face); if the final level is equal to or below the initial level, investors receive only the $1,000 face amount.

The notes are subject to the credit risk of GS Finance Corp. and the guarantor, are not listed, may have limited or no secondary market liquidity, and their estimated value at pricing is less than the 100% original issue price (98.875% net proceeds after a 1.125% underwriting discount). For U.S. tax purposes they are treated as contingent payment debt instruments, with a comparable yield of 5.24% per annum and a projected maturity payment of $1,299.92 on a $1,000 investment, causing taxable ordinary income accruals before any cash is received.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, zero-coupon notes linked to an equally weighted basket of 9 large-cap tech-related stocks, each initially weighted at approximately 11.111% with an initial basket level of 100. The notes may be automatically called on August 13, 2027 if the basket level is at least 100, paying $1,212.1 per $1,000 face amount on August 18, 2027.

If not called, the notes mature on August 3, 2028. At maturity, investors receive: (i) $1,000 plus 125% of any positive basket return; (ii) $1,000 if the basket is flat to down but not below a 20% buffer (basket level ≥ 80); or (iii) a loss amplified by a 125% buffer rate if the basket falls more than 20%, with potential loss of the entire principal. The notes do not pay interest or dividends and are subject to the credit risk of GS Finance Corp. and the guarantor. The aggregate face amount is $5,855,000, issued at 100% with a 1.5% underwriting discount and estimated value of about $952 per $1,000 at pricing.