Every 424B that Goldman Sachs Group Inc. (GS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow GS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GS filings page.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes due 2029 tied to the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. The notes do not pay interest and are unsecured obligations subject to the credit risk of both the issuer and guarantor.
The notes can be automatically called annually if each index is at or above its initial level on the call observation date, paying back principal plus a fixed call premium (14% on the first call date or 28% on the second). If not called, maturity payment depends on the worst-performing index, with a 200% upside participation rate on gains and a 70% trigger buffer level. If any index finishes below its trigger buffer level, investors lose principal in line with the lesser performing index and could lose their entire investment. The estimated value at pricing is lower than the issue price, and secondary market prices may be further reduced by dealer discounts, bid/ask spreads and changing market conditions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $17,533,270 of trigger autocallable contingent yield notes due 2029, linked to the Russell 2000® and S&P 500® indices. The notes pay a quarterly contingent coupon of $0.205 per $10 face amount (up to 8.20% per annum) only when both indices close at or above 70% of their initial levels.
Starting in August 2026, the notes are automatically called if both indices are at or above their initial levels, returning $10 per note plus the contingent coupon. If not called and any index finishes below its 70% downside threshold at maturity, investors suffer a loss matching the decline of the weaker index and can lose their entire principal. The notes are unsecured and fully subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and their estimated value at pricing is $9.86 per $10 face amount, below the issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes linked to the S&P 500® Index, called Trigger Autocallable GEARS. Each security has a $10 face amount and may be automatically called early.
The notes can be automatically redeemed on the February 12, 2027 call observation date if the index is at or above 100% of its initial level, paying $10 plus a 12.25% call return. If not called, they mature on February 10, 2031.
At maturity, if still outstanding and the index is above its initial level, investors receive $10 plus 1.5 times the index gain. If the index is at or below the initial level but at or above 75% of it, investors receive only $10. Below the 75% downside threshold, repayment is reduced one-for-one with the index loss and investors can lose their entire principal.
The securities pay no coupons, offer no dividends from index stocks, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected between $9.65 and $9.95 per $10 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,593,000 of auto-callable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes pay no interest and return principal at maturity, subject to issuer and guarantor credit risk.
The notes are automatically called on semi-annual dates if the index is at or above the initial level of 113.04, paying $1,000 plus a call premium that starts at 9.50% and rises to 52.25%. If not called, and the final index level is at or above the initial level, investors receive $1,000 plus a 57% maturity premium; if it is below, they receive only the $1,000 face amount.
The index uses daily rebalancing, 5% volatility and momentum controls, and deducts the federal funds rate and 0.65% per year, so large allocations to cash positions can materially reduce index returns. The estimated value on the trade date is $963 per $1,000, below the 100% issue price, and U.S. holders are taxed under contingent payment debt instrument rules based on a 4.635% comparable yield.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering autocallable contingent coupon equity-linked notes due 2027 linked to NVIDIA common stock. Each note has a $1,000 face amount and can be automatically called quarterly if NVIDIA’s share price is at or above its initial level.
Coupons are paid quarterly only if NVIDIA’s closing level is at least 55% of the initial level on the observation date, using a step-up formula starting from $34.875 per observation. If the notes are not called, principal is protected only while the final level stays at or above 55% of the initial level; below that, losses mirror the stock’s decline and can reach 100% of invested principal.
The notes do not offer upside above par if NVIDIA rises and provide no dividends or shareholder rights. The estimated value at pricing is lower than the 100% issue price, secondary market liquidity is not assured, and investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc. is offering fixed rate Medium-Term Notes, Series N, expected to pay interest at 3.78% per annum from the original issue date, expected to be February 17, 2026, to the stated maturity date, expected to be April 19, 2027.
Interest is expected to be paid on the maturity date only. The notes will be issued as global securities through DTC and may be sold at varying initial prices to public, with fee-based advisory accounts able to purchase below 100% of principal, reducing underwriting discounts.
The notes are expected to be issued with original issue discount for U.S. federal income tax purposes, requiring holders to accrue income before cash is received. The offering is subject to FATCA withholding rules and includes detailed selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland. Goldman Sachs & Co. LLC, an affiliate of the issuer, acts as underwriter, creating a disclosed conflict of interest under FINRA Rule 5121.
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 and maturing in 2031. The notes provide 182% upside participation in index gains, subject to no cap.
Investors receive full principal at maturity if the index does not fall more than the 20% buffer; losses beyond that are one-for-one with index declines below the buffer. The notes pay no interest, are subject to issuer and guarantor credit risk, may trade below issue price, and carry complex tax and market risks tied to equity futures, roll yield and interest rates.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes tied to the common stock of NVIDIA Corporation. The initial underlier level is $171.88, the coupon trigger level is 60% of that level and the trigger buffer level is 50%.
Investors receive a contingent monthly coupon only when NVIDIA’s closing level on a coupon observation date is at or above the coupon trigger level; the coupon formula uses $10.667 per observation date, net of prior coupons. The notes are automatically called on specified quarterly dates if NVIDIA’s closing level is at least the initial level, returning $1,000 per $1,000 face amount plus the due coupon.
If the notes are not called and NVIDIA’s final level is below the trigger buffer level, repayment of principal is reduced one-for-one with the underlier return, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and their estimated initial value is lower than the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no fixed interest; monthly coupons of 0.4042% are paid only when the index is at or above 60% of its initial level on the observation date.
The issuer may redeem the notes at par plus any due coupon on monthly coupon dates from February 2027 through January 2031. If not redeemed, investors receive $1,000 per note at maturity in February 2031 plus any final coupon, subject to issuer and guarantor credit risk.
The index uses leveraged exposure up to 500%, volatility targeting, calendar‑based trading signals and a daily 6% per‑annum decrement, all of which can magnify losses and cause performance to lag the S&P 500® and its futures index. The estimated value on the trade date is expected to be between $850 and $890 per $1,000 face amount.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering buffered digital notes linked to the S&P 500® Index. These notes pay no interest and return a cash amount at maturity based on index performance.
For each $1,000 face amount, if the final S&P 500® level is at or above 90% of its initial level, holders receive a maximum settlement amount expected to be between $1,144.90 and $1,170.40. If the final level is below the 90% buffer, the payoff drops below principal, with losses of about 1.1111% for every 1% decline beyond the buffer, up to a total loss of principal.
The document highlights that the original issue price exceeds the model-based estimated value of the notes, that secondary market prices may be lower, and that payments depend on the credit of GS Finance Corp. and its parent. It also explains that U.S. tax treatment is uncertain and describes the notes as prepaid derivative contracts on the S&P 500®.
GS Finance Corp. is offering Performance Leveraged Upside Securities ("PLUS") linked to TOPIX with an aggregate original principal amount of $2,244,000. The PLUS mature on August 9, 2027 and reference the index closing value on the valuation date of August 4, 2027, subject to adjustment.
Each $1,000 PLUS provides 300% leverage on positive index performance up to a maximum payment at maturity of $1,291 per PLUS (129.10% of principal). If the final index value is below the initial index value (3,655.58), the payment equals $1,000 × (final/initial), exposing holders to loss of principal. The estimated value at issuance was approximately $963 per PLUS. Payments are unsecured and subject to the credit risk of GS Finance Corp. and guarantor The Goldman Sachs Group, Inc..
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable equity-linked notes due 2031 tied to Amazon, Meta Platforms Class A, Microsoft and Tesla common stock. The notes are issued in $1,000 face amounts and do not pay periodic interest.
The notes can be automatically called on monthly observation dates if the closing level of each stock is at or above its initial level, paying $1,000 plus a call premium that starts at 9.1008% and steps up over time. If never called and each final level is at or above its initial level, investors receive $1,000 plus a 45.504% maturity premium.
If the notes are not called and any stock finishes below its initial level, investors receive only $1,000, so downside is limited to return of principal but upside is capped. Key risks include the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., an initial estimated value below the issue price, potentially limited liquidity and price declines in secondary trading, lack of shareholder rights in the underliers, and complex U.S. federal income tax treatment as contingent payment debt instruments that can require accrual of ordinary income before any cash is received.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable notes linked to the S&P 500 Index, iShares Russell 2000 Growth ETF and State Street Utilities Select Sector SPDR ETF, maturing in February 2029.
The notes may be automatically called monthly from April 2026 to January 2029 if the closing level of each underlier is at or above its initial level, in which case holders receive the $1,000 face amount plus the applicable coupon. On each monthly observation date, if every underlier is at or above 75% of its initial level, investors receive a coupon of $9.167 per $1,000 (0.9167% monthly, up to about 11% per year); otherwise the coupon for that month is zero.
If the notes are not called, the maturity payment depends on the worst-performing underlier. If each final level is at least 75% of its initial level, holders receive $1,000 plus the final coupon. If any underlier finishes below 75%, repayment is reduced using a buffer rate of about 133.33%, and investors can lose up to their entire principal. The notes do not pay dividends on the referenced ETFs or stocks and are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor. The estimated initial value is expected between $925 and $965 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $649,000 of structured notes tied to the Russell 2000, S&P 500 and EURO STOXX 50 indices. The notes pay a contingent quarterly coupon of $23.125 per $1,000 (2.3125%, up to 9.25% annually) only if each index is at or above 70% of its initial level on the observation date.
The notes can be automatically called starting in August 2026 if all three indices are at or above their initial levels, returning $1,000 per note plus the due coupon. If not called, maturity is in February 2029. If any index finishes below 70% of its initial level at maturity, principal is reduced one-for-one with the worst index’s loss, and investors can lose their entire investment. The issue price exceeds the model-based estimated value, the notes are exposed to issuer and guarantor credit risk, have limited liquidity, and involve uncertain U.S. tax treatment.
GS Finance Corp. is offering autocallable equity-linked notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to Broadcom, Alphabet Class A and Meta Class A shares and do not pay periodic interest.
Each $1,000 note offers 300% upside participation in the lesser-performing stock if all underliers rise, and a one-time automatic call in 2027 paying $1,570 per $1,000 if all underliers are at or above their initial levels. A 60% trigger buffer per underlier provides limited downside protection, but if any underlier finishes below its trigger level at maturity, repayment is reduced one-for-one with that stock’s loss, and investors can lose their entire principal. Payments also depend on the credit of GS Finance Corp. and its parent guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering callable contingent coupon notes linked to the iShares Silver Trust ETF. The notes run to an expected maturity of February 14, 2028, unless redeemed early.
Investors may receive a monthly coupon of $28.75 per $1,000 face amount (2.875% monthly, up to 34.5% per year) if, on each observation date, SLV’s closing level is at least 80% of the initial level of $66.69. If SLV is below that 80% trigger, no coupon is paid for that month, and it is possible to receive no coupons over the life of the notes.
If the notes are not called and SLV is at or above 80% of the initial level at maturity, investors receive their $1,000 principal plus the final coupon. If SLV finishes below 80% of the initial level, the payoff is fully exposed to the ETF’s loss, and investors can lose up to 100% of principal.
Goldman may redeem the notes at par plus any due coupon on monthly payment dates from August 2026 through January 2028. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated initial value is stated between $925 and $955 per $1,000, reflecting fees and structuring costs.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the EURO STOXX 50®, Nasdaq-100® and Russell 2000® indices, with an aggregate face amount of $8,000,000.
Investors can receive a contingent coupon of $11 per $1,000 (1.1% monthly, up to 13.2% per year) when, on a monthly observation date, each index is at least 70% of its initial level. Starting in August 2026, if on any call observation date all three indices are at or above their initial levels, the notes are automatically redeemed at face amount plus that month’s coupon.
A trigger event occurs if any index closes below 65% of its initial level on any trading day during the measurement period. If a trigger occurs and the notes are not called, principal repayment at maturity is reduced one-for-one based on the worst-performing index’s return, down to a possible total loss of principal. Payments also depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable equity-linked notes due February 23, 2029 tied to NVIDIA, Palantir and Tesla stock. The notes do not pay interest and repayment depends on stock performance.
The notes are automatically called on May 26, 2026 if each underlier on the call observation date is at or above its initial level, in which case holders receive $1,560 per $1,000 face amount. If not called, maturity payment is based on the lesser performing stock, with a 150% upside participation rate and a 50% trigger buffer level for each underlier.
If any underlier finishes below its trigger buffer level at maturity, principal is reduced one-for-one with the loss in that stock and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below face value and carry uncertain U.S. tax treatment.
GS Finance Corp. is offering $15,865,310 of Trigger Autocallable Contingent Yield Notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the least performing of the Russell 2000® Index and the S&P 500® Index.
Investors can receive a contingent coupon of $0.255 per $10 quarterly (up to 10.20% per year) only if both indices are at or above 70% of their initial levels on each observation date. Starting in August 2026, the notes are automatically called if both indices are at or above their initial levels, returning face amount plus that coupon.
If the notes are not called and either index finishes below 70% of its initial level at maturity, repayment is reduced in line with the lesser-performing index’s loss, and all principal can be lost. Payments also depend on the credit of GS Finance Corp. and its parent guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes maturing in February 2029 linked to a weighted equity basket. The basket is composed of the S&P 500 Index (41%), MSCI EAFE (23%), S&P MidCap 400 (15%), Russell 2000 (12%) and MSCI Emerging Markets (9%).
The notes pay no interest. At maturity, investors receive 1.5x any positive basket return, capped at a maximum settlement of $1,407 per $1,000 of face amount (about a 40.7% maximum gain). A 5% downside buffer protects principal for basket declines up to 5%; beyond that, losses match the basket decline minus 5%, so investors can lose a substantial portion of principal.
The estimated value on the trade date is expected between $925 and $965 per $1,000, reflecting fees and dealer economics. Repayment depends entirely on the credit of GS Finance Corp. and its guarantor, and investors do not receive dividends or any rights in the underlying index constituents.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of The Charles Schwab Corporation, Wells Fargo & Company, Citigroup Inc., and Advanced Micro Devices, Inc. The notes are expected to trade from a February 17, 2026 trade date to a stated maturity on February 25, 2033, unless automatically called.
Investors receive a monthly contingent coupon of $6.875 per $1,000 face amount (0.6875% monthly, up to 8.25% per annum) only if the closing price of each stock on the relevant observation date is at least 70% of its initial price. The notes are automatically called, returning face amount plus coupon, if on any call observation date each stock closes at or above its initial price.
If the notes are not called, investors receive face amount at maturity plus any final coupon, with no participation in stock appreciation and no protection against missing coupons. Payments depend entirely on the credit of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected between $885 and $925 per $1,000 face amount, reflecting fees, hedging and model-based pricing.
GS Finance Corp. is offering autocallable contingent coupon index-linked notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The notes reference the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index.
Investors may receive a $10 monthly coupon per $1,000 face amount (1% per month, up to 12% per year) only when the closing level of each index on a coupon observation date is at least 70% of its initial level. If any index is below that 70% coupon trigger, the coupon for that month is zero.
Beginning August 17, 2026, the notes are automatically called if on any call observation date all three indices are at or above their initial levels; investors then receive $1,000 per note plus the applicable coupon and the notes terminate early.
If the notes are not called, principal repayment at maturity depends on the worst-performing index. If the final level of every index is at least 70% of its initial level, investors receive $1,000 per note (plus any final coupon). If any index finishes below 70%, repayment is reduced one-for-one with the lesser performing index return, and investors can lose up to their entire investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is lower than the issue price, there may be limited or no secondary market, and the notes will not be listed on any exchange. U.S. tax treatment is uncertain and expected to follow income-bearing prepaid derivative contract treatment as described by tax counsel.
GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the iShares Silver Trust ETF. The notes pay a monthly coupon of $8.125 per $1,000 face amount (0.8125% monthly, up to 9.75% per year) only when SLV is at or above 50% of its initial level on the observation date.
The notes can be automatically called starting in August 2026 if SLV is at or above its initial level, returning $1,000 per note plus that month’s coupon. At maturity in 2027, investors get $1,000 back only if SLV is at least 50% of its initial level; otherwise, repayment falls in line with SLV’s loss and can go to zero. The estimated value on the trade date is expected to be $925–$965 per $1,000, and investors bear both silver price risk and the credit risk of GS Finance Corp and its guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the EURO STOXX 50® Index, maturing in 2028. The notes do not pay interest and are part of the issuer’s Medium-Term Notes, Series F program.
The notes may be automatically called on the February 19, 2027 call observation date if the index is at or above its initial level, paying $1,126.90 on the February 24, 2027 call payment date for each $1,000 face amount. If not called, at maturity in February 2028 investors receive a cash amount based on index performance, with a 125% upside participation rate and a downside buffer to 85% of the initial index level.
If the final index level falls below the 85% buffer level, repayment is reduced using a buffer rate of approximately 117.65%, and investors can lose up to their entire principal. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited liquidity, and their estimated value at pricing is lower than the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due February 14, 2031 tied to the Nasdaq-100, Russell 2000 and S&P 500 indices.
Investors receive a quarterly coupon of $17.625 per $1,000 (1.7625% quarterly, up to 7.05% per year) only if on each observation date all three indices are at or above 65% of their initial levels. The notes may be automatically called starting in 2027 if all indices are at or above their initial levels, returning principal plus the applicable coupon.
If the notes are not called and on the final date any index is below 55% of its initial level, repayment of principal is reduced one-for-one with the worst-performing index, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, and the estimated value at issuance will be lower than the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes are scheduled to mature in September 2028 and may be redeemed monthly by the issuer from March 2027 to August 2028 at 100% of face value plus any due coupon.
The notes pay a conditional monthly coupon of $9.167 per $1,000 face amount (0.9167% monthly, about 11% per year) only when the index is at or above 50% of its initial level on the observation date; otherwise no coupon is paid. At maturity, if the final index level is at least 50% of its initial level, investors receive full principal; if it is lower, repayment is reduced one-for-one with the index decline and can fall to zero.
The underlier uses up to 500% leverage, targets 40% volatility, and applies a 6.0% per annum daily decrement, all of which can magnify losses and cause performance to lag an equivalent non-decrement index. The estimated value on the trade date is expected to be $925–$965 per $1,000, below the issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering principal-at-risk notes linked to the lesser performance of the State Street® Technology Select Sector SPDR® ETF and the VanEck Semiconductor ETF. The notes pay no interest and return depends entirely on ETF performance.
If both ETFs finish at or above their initial levels, investors receive $1,000 plus 150% of the lesser ETF’s gain per $1,000. If either ETF finishes below its initial level, repayment is reduced one-for-one with the lesser performer, and investors can lose up to their entire investment. The estimated initial value is $885–$925 per $1,000, reflecting fees and hedging costs, and repayment is also subject to Goldman Sachs’ credit risk.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, income-bearing notes linked to the Russell 2000® Index, the S&P 500® Index and the State Street® Consumer Staples Select Sector SPDR® ETF.
The notes pay a monthly coupon of $8.667 per $1,000 (0.8667% monthly, about 10.4% per year) only when the closing level of each underlier on a coupon observation date is at least 70% of its initial level. Quarterly, starting in August 2026, the notes are automatically called if each underlier is at or above its initial level, returning face amount plus the applicable coupon.
If not called, at maturity in February 2030 investors receive full principal plus the final coupon if every underlier is at or above 70% of its initial level, or principal back with no coupon if all are at or above 65% but any is below 70%. If any underlier finishes below 65% of its initial level, repayment is reduced one-for-one with the worst performer, down to total loss of principal and no coupon. The notes carry the credit risk of GS Finance Corp. and the guarantor, and their estimated value on the trade date is expected between $905 and $945 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked, auto-callable notes tied to GE Vernova Inc. common stock, maturing February 16, 2029. These securities pay a monthly contingent coupon of at least $11.334 per $1,000 face amount (about 13.60% per annum) only when the stock closes on or above a coupon threshold set at 60% of the starting price, with a memory feature for previously missed coupons.
The notes may be automatically called monthly from August 2026 through January 2029 if the stock closes at or above the starting price, returning face amount plus due coupons. If not called, investors receive $1,000 at maturity only if the final stock price is at or above a downside threshold also at 60% of the starting price; otherwise they suffer full downside exposure from the starting price and can lose more than 40%, up to their entire principal. The estimated value at pricing is expected between $925 and $955 per $1,000, they pay no dividends, are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and are designed to be held to maturity with no exchange listing.
GS Finance Corp. is offering autocallable contingent coupon equity-linked notes due 2029, linked to the common stock of NVIDIA Corporation. The notes pay a quarterly coupon of $37.5 per $1,000 face amount (3.75% quarterly, up to 15.00% per year) only if, on each coupon observation date, NVIDIA’s share price is at least 60% of the initial level.
If on any call observation date NVIDIA’s price is at or above the initial level, the notes are automatically called and investors receive $1,000 per note plus the due coupon, ending the investment early. At maturity, if not called, investors receive $1,000 per note if the final NVIDIA level is at least 60% of the initial level; otherwise principal is reduced one-for-one with NVIDIA’s loss, and the entire investment can be lost.
The notes are senior unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. The notes do not provide direct ownership of NVIDIA shares, dividends, or voting rights and will not be listed on any exchange.
GS Finance Corp. is issuing $500,000 of callable 10-Year CMT Rate-Linked Range Accrual Notes due February 6, 2041, guaranteed by The Goldman Sachs Group, Inc. Investors receive monthly interest that depends on how often the 10-year Constant Maturity Treasury rate is at or below 5.00%.
For each interest period, GS multiplies an interest factor of 9.25% by the fraction of scheduled U.S. government securities business days when the 10-year CMT rate is at or below 5.00%, using a 30/360 (ISDA) convention. GS may redeem the notes at par plus accrued interest on any monthly interest payment date on or after February 6, 2027.
The notes price at 100% of face amount with a 4.3% underwriting discount and 95.7% net proceeds to the issuer. The estimated value at pricing is approximately $909.2 per $1,000 face amount, reflecting structuring and distribution costs and GS’s internal funding and pricing models.
GS Finance Corp. is offering autocallable contingent coupon index-linked notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.
Investors receive a monthly coupon of $10.75 per $1,000 face amount (1.075% monthly, up to 12.9% per year) only if each index is at or above 75% of its initial level on the observation date. The notes may be automatically called if all indexes are at or above their initial levels on specified call observation dates, returning $1,000 per note plus the due coupon.
If the notes are not called and, at maturity, any index finishes below 70% of its initial level, repayment of principal is reduced based on the worst-performing index, and investors can lose up to their entire investment. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value of the notes on the trade date 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 Russell 2000® Index, Nasdaq-100 Index® and State Street® Energy Select Sector SPDR® ETF.
The notes pay no interest and may be automatically called between February 2027 and February 2028 if all three underliers close at or above step-down call levels, triggering repayment of principal plus a call premium of 22%, 33% or 44% per $1,000, depending on call date.
If not called, at maturity in February 2031 holders receive, per $1,000, either a minimum of $1,500 or 125% of the gain of the worst underlier if all underliers are at least 96% of initial, full principal back if all are at least 70%, or a proportional loss based on the worst underlier if any finishes below 70%, risking up to a total loss of principal.
The estimated initial value is $885–$925 per $1,000, and payments are subject to the unsecured credit risk of GS Finance Corp. and its parent; the notes are not FDIC insured.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $25,748,750 of Trigger Autocallable Contingent Yield Notes due 2031 linked to the worst performer of the State Street SPDR S&P 500 ETF Trust (SPY) and the State Street Energy Select Sector SPDR ETF (XLE).
The notes pay a quarterly contingent coupon of $0.2325 per $10 (up to 9.30% per annum) only if on each observation date both ETFs close at or above 70% of their initial prices, which also serve as downside thresholds. Starting in February 2027, the notes are automatically called if both ETFs are at or above their initial prices, returning face amount plus the coupon then due.
If not called and on the 2031 determination date either ETF finishes below its 70% downside threshold, repayment is reduced one-for-one with the decline of the lesser-performing ETF, and investors can lose all of their principal and receive no final coupon. The notes are unsecured and fully subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is about $9.63 per $10 face amount versus a 100% issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked, auto-callable notes tied to Advanced Micro Devices common stock, maturing February 15, 2029. These $1,000 denomination securities pay a monthly contingent coupon of at least $11.334 (about 13.60% per year) only when AMD’s closing price on the relevant calculation day is at or above 50% of the starting price, with a memory feature that can repay missed coupons later.
The notes are automatically called from August 2026 to January 2029 if AMD’s closing price on a call date is at or above the starting price, returning face amount plus the applicable coupons. If not called and AMD’s final price is at or above 50% of the starting price, investors receive only their $1,000 principal back. If the final price is below that 50% downside threshold, repayment is proportional to AMD’s decline from the starting price, so more than half and up to all principal can be lost.
Holders do not participate in any upside of AMD above the starting price and receive no dividends on the stock. The notes are unsecured obligations of GS Finance Corp., fully exposed to the credit risk of both the issuer and the Goldman Sachs Group guarantor, and are not listed on an exchange. The estimated value on the pricing date is expected to be between $925 and $955 per $1,000 face amount, below the original offering price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to Micron, Meta, Tesla and Seagate shares. The notes pay a monthly conditional coupon of $10.834 per $1,000 face amount (1.0834% monthly, up to about 13% per year) when each stock’s closing price is at least 65% of its initial level on the observation date.
The notes can be automatically called quarterly from February 2027 through November 2030 if each stock is at or above its initial price, returning face amount plus the applicable coupon. If not called, they mature in February 2031 at $1,000 per $1,000 face amount plus any final coupon. Estimated value at pricing is expected between $885 and $925 per $1,000, reflecting fees and hedging costs. Investors face the credit risk of GS Finance Corp. and the guarantor, may receive no coupons, and may have limited or no secondary market liquidity.
The Goldman Sachs Group, Inc. is offering fixed rate senior notes due February 24, 2031 as part of its Medium-Term Notes, Series N program. The notes bear interest at 4.40% per annum, paid semiannually on February 24 and August 24, beginning August 24, 2026.
The notes are issued in minimum denominations of $1,000, will not be listed on any securities exchange, and are not redeemable at the issuer’s option before maturity. Interest is calculated using the 30/360 (ISDA) day-count convention, and the notes are subject to standard U.S. federal income tax rules for debt, including FATCA withholding.
Goldman Sachs & Co. LLC acts as underwriter, may conduct market-making, and has a FINRA Rule 5121 “conflict of interest” as an affiliate of the issuer. The offering is restricted in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, with sales largely limited to institutional or professional investors under local regulations.
The Goldman Sachs Group, Inc. is offering fixed rate notes due February 24, 2033 as part of its Medium-Term Notes, Series N program. The notes pay interest at 4.75% per annum, with payments on February 24 and August 24 each year, starting August 24, 2026.
The notes are issued in minimum denominations of $1,000, in U.S. dollars, and will not be listed on any securities exchange. They are senior debt securities under a 2008 indenture, issued in book-entry form through DTC, with Goldman Sachs & Co. LLC acting as calculation agent and underwriter.
Interest is calculated using a 30/360 (ISDA) day count convention, and the notes are not subject to issuer redemption before maturity. U.S. holders generally recognize ordinary interest income and capital gain or loss on disposition, and the notes are generally subject to FATCA withholding rules.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered digital notes linked to the S&P 500® Futures Excess Return Index, maturing in 2030.
For each $1,000 note, if the final index level is at or above 75% of the initial level, investors receive a capped payoff of $1,303, or 130.3% of face value. If the final level is below 75%, principal is reduced 1% for each 1% drop beyond that buffer, with losses potentially large.
The notes pay no interest, are unsecured obligations of GS Finance Corp. with a full and unconditional guarantee from The Goldman Sachs Group, Inc., and are not listed on any exchange. Key risks include issuer and guarantor credit risk, secondary market illiquidity, futures-specific risks such as negative roll yield and financing costs, and uncertain U.S. tax treatment.
The Goldman Sachs Group, Inc. is offering fixed-rate senior notes due February 26, 2029, paying interest at 4.10% per annum in U.S. dollars. The notes are issued in $1,000 denominations under Goldman Sachs’ Medium-Term Notes, Series N program and will not be listed on any securities exchange.
Interest is paid semi-annually on February 24 and August 24 of each year, beginning August 24, 2026, using a 30/360 (ISDA) day-count convention. The notes are issued in book-entry form through DTC, with Goldman Sachs & Co. LLC acting as underwriter and calculation agent. The notes are intended for institutional and professional investors, with specific selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due February 20, 2029. The notes are linked to the Nasdaq-100, Russell 2000 and S&P 500 indices.
Investors may receive a monthly coupon of $8.709 per $1,000 (0.8709%, up to about 10.45% per year) only if, on each observation date, the closing level of every index is at or above 70% of its initial level; otherwise the coupon is zero.
At maturity, if the notes have not been redeemed and the worst-performing index is at or above 70% of its initial level, investors receive the full $1,000 per note (plus any final coupon). If the worst index finishes below 70%, repayment is reduced one-for-one with that index’s loss, and investors can lose up to their entire principal.
Goldman Sachs may, at its option, redeem the notes in whole on any coupon payment date from February 2027 through January 2029 at $1,000 per note plus any due coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below issue price, are not listed on any exchange, and have complex tax and valuation characteristics.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,890,000 of S&P 500® Index-linked Medium-Term Notes, Series F. These notes pay no interest and return a cash amount at maturity based on S&P 500 performance.
If the final index level on the determination date is at or above 90% of its initial level (the buffer level), holders receive a maximum settlement amount of $1,155 per $1,000 face value, capping upside. If the index finishes below the buffer, principal loss accelerates at about 1.1111% for every 1% the index falls below the buffer, up to a total loss of the investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The pricing supplement highlights that the model-based estimated value at pricing is lower than the 100% original issue price and that secondary market prices may be lower than face value.
The Goldman Sachs Group, Inc. is offering fixed rate notes due February 24, 2033 as part of its Medium-Term Notes, Series N program. The notes will pay interest at a fixed rate of 4.65% per annum, with payments made on February 24 and August 24 each year, starting August 24, 2026.
The notes will be issued in minimum denominations of $1,000, will not be listed on any securities exchange, and will be issued in book-entry form through DTC. Goldman Sachs & Co. LLC will act as underwriter and calculation agent, and the offering is subject to various regional selling and investor eligibility restrictions.
GS Finance Corp. is offering autocallable contingent coupon notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to three equity indexes: the Nasdaq-100, Russell 2000 and S&P 500.
Holders can receive a monthly coupon of $8.959 per $1,000 (0.8959%, up to about 10.75% per year) only if, on each observation date, every index is at or above 70% of its initial level. If any index is below that coupon trigger, no coupon is paid for that month.
The notes may be automatically called on specified dates if all indexes are at or above their initial levels, returning principal plus the coupon then due. If the notes are not called, repayment at maturity depends solely on the worst-performing index: if its final level is at least 60% of its initial level, principal is returned; if it falls below 60%, principal is reduced one-for-one with that index’s loss, and investors can lose their entire investment.
The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and guarantor, are not bank deposits, and are not FDIC insured. The pricing supplement highlights that the estimated value at pricing will be lower than the original issue price due to underwriting discounts, hedging and structuring costs, and that secondary market values may be volatile and uncertain.
The Goldman Sachs Group, Inc. is offering fixed-rate senior notes due February 24, 2031, paying 4.50% per annum in U.S. dollars. Interest is paid semiannually on February 24 and August 24, starting August 24, 2026, using a 30/360 (ISDA) day-count convention.
The notes are part of Goldman Sachs’ Medium-Term Notes, Series N program, issued in $1,000 denominations, and will not be listed on any securities exchange. They are unsecured obligations of the parent company, issued in book-entry form through DTC, with Goldman Sachs & Co. LLC acting as underwriter, calculation agent and potential market maker.
Sales are restricted to professional or institutional investors in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland under local regulations. Interest is taxable as ordinary income for U.S. holders, and the notes are generally subject to FATCA withholding rules. The underwriting affiliate’s role creates a disclosed conflict of interest under FINRA Rule 5121.
The Goldman Sachs Group, Inc. is offering U.S. dollar-denominated callable notes expected to settle on February 10, 2026 and to mature on February 10, 2031, unless earlier redeemed. The notes do not bear periodic interest; instead, investors receive principal plus a fixed premium if the notes are called or held to maturity.
Goldman Sachs may redeem the notes in whole on expected call dates in 2027, 2028, 2029 or 2030 at $1,000 per note plus a call premium, or pay a maturity premium at the 2031 stated maturity. The notes are unsecured obligations subject to Goldman Sachs’ credit risk, are expected to be issued with original issue discount for U.S. tax purposes, will not be listed on an exchange, and may have limited secondary market liquidity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,585,000 of leveraged buffered notes linked to the Invesco QQQ ETF, maturing on February 8, 2029. The notes pay no interest and repay principal based solely on the ETF’s level on the determination date.
For each $1,000 note, investors receive: full principal plus 68% of any positive ETF return; full principal if the ETF has fallen by up to 30%; or a loss equal to the ETF decline beyond 30%, so a large drop can significantly erode principal. The initial ETF level is $626.14, with a 30% buffer level set at 70% of that value.
The estimated value at pricing is about $976 per $1,000 face amount, below the 100% issue price, reflecting fees, hedging and funding costs. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk and secondary-market and liquidity risks described in the document.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering autocallable contingent coupon index-linked notes tied to the Russell 2000®, S&P 500®, EURO STOXX 50® and Nikkei 225.
The notes pay a monthly coupon of $10 per $1,000 face amount (1% monthly, up to 12% per annum) only if on each observation date every index is at or above 70% of its initial level. Starting in May 2026, the notes are automatically called if all indices are at or above their initial levels, returning principal plus the applicable coupon.
If not called, the notes mature in April 2029. Principal repayment depends solely on the worst-performing index: investors are fully protected down to a 30% decline, but if any index falls more than 30%, repayment is reduced using a buffer rate of approximately 142.86%, and investors can lose up to their entire investment. The estimated value on the trade date is expected to be between $922 and $962 per $1,000 face amount, reflecting structuring costs and dealer compensation.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2046 under its Medium-Term Notes, Series N program. The notes are expected to be issued on February 23, 2026 and pay interest at a fixed rate of 5.80% per annum from the original issue date to, but excluding, the stated maturity date, expected to be February 23, 2046.
Interest is expected to be paid annually on each February 23, beginning on February 23, 2027. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on each February 23, May 23, August 23 and November 23 on or after February 23, 2028 at 100% of the outstanding principal amount plus accrued and unpaid interest to, but excluding, the redemption date.
The notes are senior debt issued in book-entry form through DTC, have no sinking fund, and investors cannot require early repayment. They are not bank deposits, are not insured by the FDIC or any governmental agency, and are subject to U.S. tax rules including FATCA. Goldman Sachs & Co. LLC and InspereX LLC act as underwriters, with the initial price to the public potentially varying for certain retirement and fee-based advisory accounts and with detailed selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index, maturing in 2028. Each note has a $1,000 face amount and pays no interest.
At maturity, if the index is above its initial level, investors receive $1,000 plus 200% of the index gain, capped at a maximum settlement amount of $1,205 per $1,000. If the index is flat or down by up to 15%, investors receive back the $1,000 face amount. If the index falls more than 15%, principal is reduced 1% for each additional 1% decline, so investors can lose a substantial portion of their investment. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below face value before maturity, and have uncertain U.S. tax treatment.