Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged callable notes linked to the S&P 500® Futures Excess Return Index, maturing in February 2033. The notes pay no interest and return at least the $1,000 face amount at maturity, subject to issuer and guarantor credit risk.

If the index rises, holders receive 3.69× the index gain on top of principal; if it is flat or down, they receive only principal. The issuer may redeem the notes monthly from February 2027 to January 2033 at 100% of face amount plus a fixed call premium that steps up over time. The estimated value at pricing is expected between $885 and $925 per $1,000 face amount.

GS Finance Corp. is offering unsecured market-linked notes, guaranteed by The Goldman Sachs Group, Inc., tied to Robinhood Markets’ Class A stock and maturing on February 11, 2027.

Each $1,000 note can pay a monthly contingent coupon of at least $22.5 (27.00% per annum) if Robinhood’s stock closes at or above 60% of the starting price on the monthly calculation day. From August 2026 to January 2027, if the stock closes at or above the starting price on a call date, the notes are automatically redeemed at face value plus the coupon.

If not called, investors receive $1,000 at maturity only if the final stock price is at least 60% of the starting price; otherwise, repayment is $1,000 times the stock performance factor, meaning losses greater than 40% and potentially the entire principal. Investors do not participate in any stock gains or dividends, and all payments depend on the credit of GS Finance Corp. and its guarantor. The initial estimated value is $925–$955 per $1,000, below the $1,000 issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $500,000 of stock-linked notes tied to Adobe, Salesforce and ServiceNow. The notes can pay contingent monthly coupons of $8.459 per $1,000 face amount per observation date, but only when each stock closes at or above 70% of its initial level.

The notes may be automatically called quarterly if each stock is at or above its initial level, returning $1,000 per note plus any due coupon. At maturity in 2030, if not called, principal repayment depends on the worst-performing stock, with a 40% buffer down to 60% of its initial level.

If the worst stock finishes below 60% of its initial level, repayment falls in line with that decline, with examples showing returns as low as 40% of face value, meaning substantial loss of principal is possible. The issue price includes a 0.85% underwriting discount and exceeds the model-based estimated value, and investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., as well as uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero-coupon notes linked to the common stock of NVIDIA Corporation. The notes may be automatically called on the call observation date if NVIDIA’s stock is at or above the initial index stock price, paying $1,180 per $1,000 face amount on the call payment date.

If not called, the maturity payment depends on NVIDIA’s stock performance: an upside participation rate of 118% for gains, an absolute return if the stock declines by up to 20%, and losses if it falls by more than 20%, so investors can lose substantial principal. The structure includes anti-dilution adjustments, market disruption provisions, and is subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is expected to be between $925 and $965 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest and may be automatically called quarterly starting in February 2027 if the index closes at or above 85% of its initial level, returning principal plus a fixed call premium.

If not called, repayment in February 2031 depends on index performance. A final level at or above 85% of the initial level pays a capped maximum of $1,875.04 per $1,000 face amount. A decline of up to 40% returns principal; below that, losses match the index decline and can reach 100% of invested principal. The underlier uses up to 500% leverage and a 6% annual decrement, which can magnify losses and drag performance. The estimated initial value is between $885 and $935 per $1,000, below the issue price, reflecting fees, hedging and issuer funding economics, 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 offering autocallable contingent coupon notes linked to the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500 indices, maturing in 2030.

The notes may pay a monthly coupon of $9.167 per $1,000 face amount (0.9167% monthly, about 11.00% per annum) only if on each observation date all three indices are at or above 70% of their initial levels. If any index is below this coupon trigger, that month’s coupon is $0.

The notes are automatically called if, on specified call observation dates starting in February 2027, each index is at or above its initial level, returning $1,000 per note plus the due coupon.

If not called, principal repayment at maturity depends solely on the worst-performing index. If its final level is at least 70% of its initial level, investors receive full principal. If it finishes below 70%, principal is reduced one-for-one with that index’s decline, and investors can lose their entire investment.

Key risks include the possibility of zero coupons, substantial loss of principal, lack of listing, secondary market uncertainty, and the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated economic value at pricing will be lower than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Russell 2000® Index under its Medium-Term Notes, Series F program. The notes do not pay interest and expose holders to the credit risk of both the issuer and guarantor.

The notes may be automatically called in February 2027 if the index closes at or above the initial level, in which case investors receive a fixed cash amount of $1,120 per $1,000 face amount. If not called, the February 2029 maturity payoff depends on index performance, with a 160% upside participation rate for gains and a 90% trigger buffer level.

If the final index level is below the trigger buffer level, repayment of principal is reduced one-for-one with index losses, and investors can lose their entire investment. The document emphasizes that the estimated value of the notes at pricing is less than the original issue price and that secondary market prices may be significantly lower than the purchase price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $730,000 of structured notes linked to the common stock of Adobe Inc. The notes pay a contingent monthly coupon of $8.625 per $1,000 face amount only when Adobe’s share price is at or above 70% of the initial level.

The notes can be automatically called on specified observation dates if Adobe’s price is at or above the initial level of $271.93, returning $1,000 per note plus any due coupon. If not called, principal repayment at maturity depends on Adobe’s final level: investors receive full principal only if the stock stays at or above 70% of the initial level.

If Adobe closes below this 70% trigger buffer at maturity, repayment is reduced one-for-one with the stock’s decline, and investors can lose up to 100% of their investment. The product also carries the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., potential illiquidity, an initial value below issue price, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes due in February 2030 tied to the lesser performance of the MSCI EAFE Index and the EURO STOXX 50® Index. The notes do not pay interest.

At maturity, for each $1,000 face amount, investors receive: (1) $1,000 plus 200% of the positive return of the lesser-performing index if both indexes finish above their initial levels; (2) $1,000 if each index is at or above 80% of its initial level; or (3) $1,000 plus the lesser-performing index return plus 20% if any index is below 80%, which reduces principal.

The preliminary estimated value is between $905 and $945 per $1,000 face amount, reflecting structuring and distribution costs. Repayment depends on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and investors face market, currency, tax and liquidity risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, market-linked notes tied to the Class A common stock of Robinhood Markets, Inc. These securities pay a quarterly contingent coupon of at least $54.00 per $1,000 (a rate of at least 21.60% per annum) only when the Robinhood stock closing price on the relevant calculation day is at or above 60% of the starting price, with a memory feature that can redeem previously missed coupons.

If the notes are not automatically called and Robinhood’s stock closes below 60% of the starting price on the final calculation day, holders lose more than 40% of principal and could lose the entire investment. The notes do not participate in stock upside or dividends and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated initial value is between $890 and $920 per $1,000 face amount, below the $1,000 original offering price, and the underwriting discount can be up to 2.325%.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,126,000 of callable equity-linked notes due February 6, 2029. The notes pay no interest and are issued at 100% of face amount in $1,000 denominations, with an estimated value of about $948 per $1,000 at pricing.

The payoff depends on the worst performer among Alphabet Class C, Meta Class A and NVIDIA stock. If all three final prices exceed their initial prices, investors receive principal plus 3x the lesser-performing stock’s gain; otherwise they receive only the $1,000 face amount.

Goldman may redeem the notes monthly from February 2027 to January 2029 at 100% of face plus a fixed call premium (rising from about 11.5% to 33.544%), capping upside. Investors bear the unsecured credit risk of GS Finance Corp. and the guarantor, and U.S. holders are taxed under contingent payment debt instrument rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term, principal-at-risk notes linked to the iShares Bitcoin Trust ETF (IBIT), maturing in February 2029. Each security has a $1,000 face amount, pays no interest and is designed to be held to maturity.

The notes are auto-callable in February 2027 if IBIT’s fund closing price is at or above the starting price, paying $1,000 plus a call premium of at least 18%. If not called, at maturity investors receive 125% of any positive ETF return, full principal back if losses are within a 20% buffer, and 1‑for‑1 downside beyond that, with up to 80% loss of principal.

The estimated value at pricing is expected between $900 and $930 per $1,000, below the original offering price. All payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. The structure embeds extensive bitcoin and crypto‑market risks, including high volatility, regulatory uncertainty, security threats and valuation challenges.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stock of Permian Resources Corporation. The notes pay contingent quarterly coupons only when the stock closes at or above 60% of its initial price on each observation date.

The notes can be automatically called starting in August 2026 through November 2028 if the stock closes at or above its initial price on a call observation date, returning face amount plus the applicable coupon. At maturity in February 2029, if not called, holders receive face amount back only if the stock has not fallen more than 40% from its initial level.

If the stock is down more than 40% at maturity, repayment is reduced one-for-one with the stock decline, and no coupon is paid, so investors can lose most or all of their principal. The preliminary estimated value is between $925 and $955 per $1,000 face amount, reflecting structuring and distribution costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,024,000 of market-linked notes tied to the MSCI EAFE Index and the EURO STOXX 50® Index. The notes pay no interest and return depends entirely on the lesser performing index.

If both final index levels are above their initial levels, investors receive $1,000 plus 204.5% of the lesser performing index gain per $1,000 note. If any index is at or below its initial level but both stay at or above 70% of their initial levels, holders simply receive the $1,000 face amount.

If either index falls below 70% of its initial level, repayment is $1,000 times the lesser performing index return, which can reduce principal up to a total loss. The notes are subject to issuer and guarantor credit risk, secondary market price swings, foreign market and currency influences, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked Medium-Term Notes tied to the common stock of Humana Inc. These $1,000 face-amount securities pay a high contingent coupon of $62.50 per quarter (25.00% per annum) only if Humana’s stock on each calculation day is at or above 80% of the starting price of $193.02.

The notes are auto-callable from May 2026 through November 2026 if Humana’s stock closes at or above the starting price, in which case investors receive $1,000 plus the final contingent coupon and no further payments. If not called and the final stock price is at or above 80% of the starting price, investors receive $1,000 back at maturity.

If the final stock price is below this 80% downside threshold, principal is exposed on a leveraged basis: investors lose 1.25% of face amount for each 1% decline beyond 20%, up to a total loss. Investors do not participate in any upside of Humana’s stock and receive no dividends. The estimated value at pricing is about $966 per $1,000 face amount versus a $1,000 original offering price, reflecting fees, hedging and issuer funding costs. The total offering shown is $1,000,000, with a 1.575% underwriting discount and $984,250 in proceeds to the issuer. All payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are designed to be held to maturity, with no exchange listing.

GS Finance Corp. is offering autocallable contingent coupon notes due February 15, 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Nasdaq-100 Index®, Russell 2000® Index, and S&P 500® Index.

Investors receive monthly coupons of $7.917 per $1,000 face amount per observation date on a “memory” basis only when each index closes at or above 70% of its initial level. The notes can be automatically called starting with the August 10, 2026 observation if all indexes are at or above their initial levels, returning $1,000 per note plus the applicable coupon.

If the notes are not called and, on the February 12, 2029 determination date, the worst-performing index is at or above 70% of its initial level, investors receive full principal back. If the worst index finishes below 70%, maturity payment is $1,000 plus $1,000 × the worst index return, so losses can reach 100% of principal. The document highlights that the notes’ estimated value at pricing is below the issue price, markets may be illiquid, investors bear the credit risk of the issuer and guarantor, and U.S. tax treatment is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $750,000 of NVDA-linked notes that pay contingent quarterly coupons and expose principal to market and credit risk.

The notes pay $40 per $1,000 (4% per quarter, up to 16.00% per year) only if NVIDIA’s stock closes at or above 60% of the $185.61 initial level on each observation date. The notes may be automatically called starting August 2026 if the stock is at or above the initial level, returning $1,000 per note plus any due coupon.

At maturity in February 2029, if not called, holders receive $1,000 per note when the final NVIDIA level is at least 50% of the initial level; below that 50% trigger buffer, repayment falls one-for-one with the stock, and the entire investment can be lost. The filing highlights limited upside (principal return plus coupons only), uncertain tax treatment, potential illiquidity, and full exposure to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked medium-term notes with an aggregate face amount of $17,130,000. The payment at maturity depends on the index level change from the trade date to the determination date.

For each $1,000 note, if the final underlier level exceeds the initial level of 6,917.81, investors receive $1,000 plus 300% of the index return, capped at a maximum settlement amount of $1,184.50. If the final level is equal to or below the initial level, the payoff is $1,000 plus $1,000 times the underlier return, creating a one‑for‑one downside so investors can lose up to their entire principal.

The notes do not pay interest, offer no dividends or shareholder rights in S&P 500® constituents, and may trade below face value before maturity. The original issue price is 100% of face, with a 1.13% underwriting discount and 98.87% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $5,000,000 of S&P MidCap 400® Index-linked notes due May 29, 2031. The notes pay no interest and return depends on the index’s averaged performance over defined initial (January 30–April 9, 2026) and final (February 25–May 23, 2031) averaging periods.

If the final index level is at least 104% of the initial level, investors earn leveraged upside (193.4% participation) above a 4% threshold, capped at a maximum settlement amount of $1,870.3 per $1,000. Between 96% and 104% of the initial level, investors receive only principal back. Between 92% and 96%, losses are magnified by a 200% buffer rate, and below 92% investors lose one-for-one with the index, potentially their entire investment.

The notes’ initial estimated value on the trade date is approximately $973 per $1,000, below the issue price, reflecting fees and hedging costs. Payments are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $565,000 of equity‑linked, principal‑at‑risk notes tied to an equally weighted basket of Broadcom and Shopify shares.

The $1,000‑denomination notes pay a contingent monthly coupon of $8.334 (about 10% per year) only when the basket is at or above 80% of its starting level on the relevant calculation day. Missed coupons can be “remembered” and paid later if the basket recovers above that threshold.

From August 2026 through January 2029, the notes are auto‑callable at par plus the applicable coupon if the basket is at or above its starting level. If not called, investors receive full principal at maturity in February 2029 only if the final basket level is at or above 80% of the starting level; below that level, losses track basket declines beyond a 20% buffer, with up to 80% of principal at risk. The estimated value at pricing is about $944 per $1,000, below the issue price, and all payments depend on the credit of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $863,000 aggregate face amount of unsecured, non-interest-bearing notes linked to three equity underliers: the STOXX® Europe 600 Index, the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF.

At maturity on February 8, 2029, each $1,000 note pays a cash amount based on the lesser performing underlier. If all three finish above their initial levels (617.93, 5,995.35 and $101.45), investors receive $1,000 plus 225.5% of the gain of the worst performer. If any underlier is at or below its initial level but all remain at or above 90% of their initial levels, investors receive the $1,000 face amount. If any underlier ends below 90% of its initial level, repayment is reduced dollar-for-dollar beyond the 10% buffer, and investors can lose a substantial portion of principal.

The notes are issued at 100% of face amount, with a 0.6% underwriting discount and 99.4% net proceeds to the issuer. The estimated value on the trade date is approximately $974 per $1,000, and secondary market prices may be lower. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. and do not include dividends on the indices or ETF.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Dow Jones Industrial Average®-linked notes that pay no interest and return principal only at maturity on February 5, 2032.

The notes are issued in $10 denominations, with $2,000,000 aggregate face amount initially offered. Both the initial and final index levels are based on arithmetic averages over multi‑month periods in 2026 and 2031–2032, so the payoff does not track a single day’s index level.

If the final index level is at or above specified thresholds, investors receive tiered upside with gearings of 0.70x, 4.00x or 1.80x, capped at a maximum cash payment of $25.65 per $10 face amount (a 156.50% maximum return). If the final level is below the initial level, losses are 1% of principal for each 1% index decline, down to a total loss of the invested principal.

The estimated value at pricing is $9.76 per $10 note, below the 100% issue price, reflecting dealer compensation, hedging and structuring costs. 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 their secondary-market value may differ materially from the estimated value and face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the Class A common stock of AppLovin Corporation. The notes have a face amount of $1,700,000 in aggregate and mature on February 8, 2029, unless redeemed early.

Investors may receive contingent quarterly coupons of $60 per $1,000 (6% per quarter, up to 24% per year) only when AppLovin’s closing price on an observation date is at least 50% of the initial price of $483. Missed coupons are not made up. At maturity, if the stock’s final price is at least 50% of the initial level, investors receive $1,000 plus any final coupon; if it is below 50%, repayment is reduced one‑for‑one with the stock loss, potentially to zero.

The issuer can redeem the notes at 100% of face value plus any due coupon on quarterly payment dates from August 2026 through November 2028. The estimated value at pricing is approximately $940 per $1,000, reflecting fees and hedging costs, and investors are exposed to the unsecured credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $55,275,000 of S&P 500®–linked notes maturing on February 3, 2028. These notes pay no interest; the only payment is at maturity and depends on S&P 500 performance between the trade and determination dates.

For each $1,000 note, if the final S&P 500 level is at or above 90% of the initial level, investors receive a maximum settlement amount of $1,167, capping upside. If the index finishes below the 90% buffer, the notes lose about 1.1111% of face value for every 1% decline below the buffer, and investors can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor. The original issue price is 100% of face amount, including a 1.1% underwriting discount, so the initial estimated value is lower than the issue price. The notes will not be listed, secondary market liquidity is uncertain, and the U.S. tax treatment is described as uncertain, with the issuer intending to treat the notes as prepaid derivative contracts.

The Goldman Sachs Group, Inc. is offering unsecured fixed-to-floating rate notes due February 9, 2029. Each note has a principal amount of $1,000 and pays a fixed 4.50% annual interest rate, with quarterly payments on May 9 and August 9, 2026.

From August 9, 2026 to February 9, 2029, interest switches to compounded SOFR plus 0.80% per year, with a minimum interest rate of 0.00%, paid quarterly. The notes are not redeemable before maturity, will not be listed on an exchange, and are not insured by the FDIC or any government agency.

Goldman Sachs & Co. LLC acts as underwriter and calculation agent, with broad discretion in setting SOFR-based rates and benchmark replacements, which may affect note value. The notes are treated as variable rate debt for U.S. tax purposes, may involve original issue discount income, and are subject to Goldman Sachs’ credit risk and various structural, market, SOFR, tax and ERISA-related considerations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Sandisk, Western Digital and Micron. The notes pay a contingent monthly coupon of 2.5834% (up to about 31% per year) only when each stock closes at or above 50% of its initial price.

The notes can be automatically called from August 2026 through January 2029 if all three stocks are at or above their initial prices, returning principal plus the applicable coupon. If held to maturity in February 2029 and no trigger event occurs, investors receive full principal back, plus a final coupon if each stock is at least 50% of its initial level.

If a trigger event occurs (all final prices below initial levels) and any stock finishes below 40% of its initial price, repayment is reduced in proportion to the worst-performing stock and investors can lose most or all of principal. The estimated value at pricing is expected to be $890–$930 per $1,000 face amount, below the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the iShares Silver Trust and SPDR Gold Trust. The notes pay no interest and may be automatically called from February 2027 if both ETFs are at least 90% of their initial levels, with call premiums from 14% up to 52.5%.

If not called, holders receive at maturity either $1,560 per $1,000 face amount if both ETFs are at least 90% of initial levels, $1,000 if both are between 70% and 90%, or a reduced amount based on the worst ETF plus a 30% buffer when any ETF finishes below 70%. The maturity gain is capped at a 56% premium, and the estimated value on the trade date is expected between $905 and $945 per $1,000 face amount. Investors bear full issuer and guarantor credit risk and do not receive any ETF dividends.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500® Futures Excess Return Index, maturing in 2031. These notes pay no interest and the amount you receive at maturity depends entirely on the index performance.

If the final index level is above the initial level, the notes provide 193% upside participation on the index gain. If the final level is at or above 50% of the initial level, investors receive the full face amount. If the index falls below this 50% trigger buffer, repayment is reduced one-for-one with the index loss, and investors can lose their entire investment.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. They are not bank deposits, are not insured by the FDIC, and will not be listed on any securities exchange. Extensive risk factors highlight valuation uncertainty, potential illiquidity, futures-specific risks such as negative roll yield, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger callable contingent yield notes linked to the worst performer of the S&P 500®, Russell 2000® and EURO STOXX 50® indices. The notes have a $10 face amount and pay a $0.275 quarterly contingent coupon (up to 11.00% per annum) only if, on every trading day in the prior observation period, each index stays at or above 70% of its initial level.

Starting in May 2026 through February 2029, the issuer may redeem the notes on any coupon payment date at 100% of face amount plus any due coupon. If not redeemed, principal is protected at maturity only if each index is at or above 60% of its initial level; otherwise repayment is reduced one-for-one with the decline of the worst index, and investors can lose their entire investment. The estimated value at pricing is expected to be between $9.65 and $9.95 per $10, below the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes maturing in 2028 as part of its Medium-Term Notes, Series F program.

Each $1,000 note pays at maturity based on the index performance from the trade date to the determination date. If the S&P 500® finishes above its initial level, holders receive $1,000 plus the index return, but this is capped at a maximum settlement amount of $1,114 per $1,000. If the final index level is at or below the initial level, investors receive only the $1,000 face amount.

The notes pay no periodic interest, are unsecured obligations exposed to the credit risk of both GS Finance Corp. and its parent guarantor, and may trade below the original issue price because the initial estimated value is lower than the issue price. They are treated as contingent payment debt instruments for U.S. tax purposes, generally requiring U.S. holders to accrue taxable income over the term even though cash is only paid at maturity.

The Goldman Sachs Group, Inc. is issuing $25,000,000 of unsecured floating rate notes due February 5, 2031. The notes pay quarterly interest at compounded SOFR plus 0.93% per annum, subject to a minimum rate of 0.00% and a maximum rate of 5.50%.

The notes are issued at 100% of principal amount in $1,000 denominations, with a 0.6% underwriting discount, resulting in 99.4% of principal as net proceeds to Goldman Sachs. The notes are not bank deposits, are not FDIC insured, will not be listed on an exchange, and are not subject to redemption before maturity.

Interest starts accruing on February 5, 2026, with payments every February 5, May 5, August 5 and November 5, beginning May 5, 2026. Investors are exposed to Goldman Sachs’ credit risk and to SOFR fluctuations, and U.S. tax rules treat the notes as variable rate debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Nasdaq-100 Index^® maturing in 2031. The notes pay no interest and repayment depends entirely on index performance and Goldman Sachs credit risk.

The notes may be automatically called in 2027 if the index is at or above its initial level, paying $1,104 per $1,000 face amount. If held to maturity and not called, investors get 175% upside participation and full principal back if the index finishes at or above 75% of its initial level. Below that 75% trigger buffer, repayment falls one-for-one with the index and investors can lose their entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the State Street® SPDR® S&P® Bank ETF (KBE). The notes pay no interest and are scheduled to mature in February 2028 unless automatically called in February 2027.

If on the call observation date the ETF’s level is at or above its initial level, the notes are automatically redeemed for at least $1,140 per $1,000 face amount. If not called, maturity repayment depends on KBE’s performance: gains are enhanced by a 125% upside participation rate, there is a 10% downside buffer, and losses beyond that buffer reduce principal. Investors face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated initial value is $925–$955 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering income-bearing auto-callable notes linked to the common stock of Broadcom Inc., Advanced Micro Devices, Inc. and JPMorgan Chase & Co. The notes pay contingent monthly coupons of $12.917 per $1,000 face amount (1.2917% monthly, with the potential for up to approximately 15.5% per year) whenever on a coupon observation date the closing price of each stock is at least 60% of its initial level set on February 3, 2026.

Starting in August 2026 through January 2029, the notes are automatically called if on any call observation date all three stocks are at or above their initial prices, returning the $1,000 face amount plus the due coupon. If the notes are not called, principal repayment at maturity in February 2029 depends on the worst-performing stock. If at least one stock finishes at or above its initial price, investors receive full principal back, and if all three are at or above 60% of initial, they also receive the final coupon. If all three finish below their initial prices and any stock closes below 50% of its initial price, repayment is reduced in proportion to the lesser-performing stock’s loss, with potential losses greater than 50% of principal and no coupon. The estimated value on the trade date is expected between $890 and $955 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor, with no stock ownership, dividends, or listing and only limited anti-dilution protection.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Ethereum-linked structured notes tied to the iShares Ethereum Trust ETF (ETHA). The notes pay no interest and return principal at maturity if the ETF’s final level is at or below its initial level.

If the ETF rises, investors receive 100% participation in the ETF return, but the payout is capped at a maximum settlement amount of $1,840 per $1,000 face amount, corresponding to a cap level of 184% of the initial ETF level. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

The product is exposed to ether’s extreme volatility and numerous digital-asset risks, including valuation challenges, security threats, fraud and manipulation, regulatory uncertainty, and potential forks of the Ethereum network. The estimated value on the trade date is expected to be between $885 and $935 per $1,000, below the original issue price, and the notes will be treated as contingent payment debt instruments for U.S. tax purposes, requiring annual accrual of taxable income before any cash is received.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk contingent income auto-callable notes linked to the worst-performing of the S&P 500, Russell 2000 and Nasdaq-100 indexes, maturing in February 2028.

Investors may receive a quarterly contingent coupon of at least $21 per $1,000 if on each observation date every index is at or above 70% of its initial level. The notes auto-call if all indexes are at or above their initial levels on a call observation date, returning principal plus that coupon. If never called and any index finishes below 70% at maturity, repayment is reduced 1-to-1 with the worst index and can fall to zero. The estimated value is between $920 and $980 per $1,000, with a 2% underwriting discount and no listing on an exchange.

Goldman Sachs’ GS Finance Corp. is offering contingent income auto-callable securities linked to the common stock of GE Vernova Inc., maturing on February 16, 2029. These unsecured notes are fully principal at risk and guaranteed by The Goldman Sachs Group, Inc.

Investors receive a contingent quarterly coupon of at least $33.375 per $1,000 per observation period only when GE Vernova’s share price is at or above a downside threshold set at 50% of the initial price. The notes auto-call if the stock is at or above its initial price on any call observation date, paying back principal plus the due coupon, with no further payments. If held to maturity and the final share price is below the threshold, repayment falls in line with the stock’s decline and can be substantially below principal, down to zero. The estimated value is disclosed between $910 and $970 per $1,000 issue price, and the securities will not be listed on any exchange, exposing holders to both market and Goldman Sachs credit risk.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk Trigger Jump Securities linked to Microsoft common stock, maturing on February 10, 2028. The notes pay no interest and are unsecured obligations.

If Microsoft’s final share price on the valuation date is at least its initial price, each $1,000 note pays back principal plus a fixed upside payment of at least $357, capping total return at least 35.70%. If the final price is below the initial but at or above 90% of it, investors receive only the $1,000 principal.

If the final price falls below 90% of the initial level, repayment is reduced 1% for each 1% decline, down to zero, so investors may lose their entire investment. The estimated value is disclosed as $905 to $965 per $1,000 note, the notes will not be listed, and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering non-interest-bearing, auto-callable notes linked to the iShares Silver Trust (SLV) and SPDR Gold Trust (GLD). Each note has a $1,000 face amount and is expected to mature in February 2030, unless called earlier starting in February 2027.

The notes can be automatically redeemed if both ETFs are at least 90% of their initial levels on specified observation dates, paying $1,000 plus a call premium ranging from 14% to 52.5%. If held to maturity and not called, investors receive $1,560 per $1,000 if both ETFs are at or above initial levels, $1,000 if both stay above 70%, or a reduced amount with 1:1 downside beyond a 30% buffer based on the weaker ETF. The estimated initial value is between $905 and $945 per $1,000 face amount.

GS Finance Corp, guaranteed by The Goldman Sachs Group, is offering callable notes linked to the Nasdaq-100 Index® that mature in February 2031. The notes pay no interest and may be redeemed early at the issuer’s option starting in March 2027 for $1,000 per note plus a fixed call premium.

At maturity, if not called, investors receive leveraged upside of 1.5 times any positive index return. A 20% buffer protects against moderate declines: if the index is between 80% and 100% of its initial level, investors receive $1,000. Below 80%, losses are magnified at a 1.25-to-1 rate, and the entire principal can be lost.

The estimated value at pricing is expected between $885 and $935 per $1,000 face amount, reflecting structuring costs and dealer compensation. Repayment depends on the credit of GS Finance Corp and its parent guarantor. The notes are unsecured, not FDIC insured, and carry complex market, liquidity, tax and regulatory risks.

Goldman Sachs’ GS Finance Corp. plans to issue principal-at-risk Contingent Income Auto-Callable Securities linked to Microsoft common stock, maturing in February 2029. The notes pay a contingent quarterly coupon of at least $25.625 per $1,000 when Microsoft’s closing price on a coupon observation date is at or above a downside threshold set at 75% of the initial share price.

The securities can be automatically called on quarterly call observation dates starting May 2026 if Microsoft’s price is at or above the initial share price, returning the $1,000 principal plus the coupon then due, with no further payments. If the notes are not called and Microsoft’s final share price on the February 2029 determination date is at or above the downside threshold, investors receive $1,000 plus the final coupon.

If the final share price is below the downside threshold, repayment of principal falls one-for-one with the stock’s decline, and the maturity payment can be substantially less than $1,000 per note, down to zero. Investors do not participate in any upside beyond return of principal and coupons. The estimated initial value is disclosed as $910 to $970 per $1,000 security, reflecting structuring and distribution costs, and the notes remain subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes linked to the iShares® Bitcoin Trust ETF (IBIT) that do not pay interest and return principal at maturity, with potential upside tied to bitcoin via the ETF.

For each $1,000 note, holders receive at least $1,000 at the expected March 4, 2031 maturity. If the ETF rises from the initial level, the payoff increases 1-for-1 with the ETF return, but is capped at a maximum settlement amount of $1,820 (182% of face). If the ETF is flat or down, only the $1,000 face amount is paid.

The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and guarantor, and to the extreme volatility and regulatory, security, valuation and liquidity risks of bitcoin, since IBIT seeks to track the price of bitcoin. The estimated value on the trade date is expected between $885 and $935 per $1,000 note, below the original issue price.

GS Finance Corp. is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, due in 2031 and fully guaranteed by The Goldman Sachs Group, Inc.

Each $1,000 note pays no interest and returns cash at maturity based on index performance. Gains above the initial level are amplified by an upside participation rate of 194.6%. A 15% buffer protects principal against moderate declines, but if the index falls more than 15%, investors lose 1% of face amount for each additional 1% drop and can lose a substantial portion of principal.

The notes are unsecured obligations exposed to the credit risk of both the issuer and guarantor and are linked to futures on the S&P 500 Index, whose behavior can differ from owning the index or its stocks directly and may be adversely affected by financing costs, contango and negative roll yields.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2027 tied to NVIDIA common stock. Investors receive a monthly coupon of $13.084 per $1,000 face amount (about 1.3084% monthly, up to ~15.7% per year) only when NVIDIA’s closing level on the observation date is at least 59% of the initial level.

If the notes are not automatically called and NVIDIA’s final level on the determination date is below the 59% trigger buffer level, repayment of principal is reduced one-for-one with the underlier return and investors can lose their entire investment. The notes can be automatically called if NVIDIA’s level is at or above its initial level on specified call observation dates, in which case investors receive $1,000 per note plus the due coupon and the investment ends early. The document highlights that the estimated value at pricing is lower than the issue price, the notes depend on the credit of GS Finance Corp. and Goldman Sachs, offer no shareholder rights in NVIDIA, and have uncertain and complex U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2029 tied to the Nasdaq-100, Russell 2000 and S&P 500 indexes. The notes can pay a monthly coupon of $10.042 per $1,000 (about 12.05% per year) when all indexes stay at or above 70% of their initial levels.

If all three indexes are at or above their initial levels on a call observation date, the notes are automatically redeemed early at par plus the coupon. At maturity, if not called, principal repayment depends solely on the worst-performing index. As long as that index is at or above 70% of its initial level, investors receive the full $1,000 per note; if it falls below 70%, repayment is reduced one-for-one with the loss in that index and can drop to zero, meaning a total loss of principal.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, index-linked notes tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes pay no interest and return at least the $1,000 face amount at maturity if not called.

If the index on the determination date is at least 101% of its initial level, investors receive a capped maximum settlement of $1,770 per $1,000 face amount, reflecting a 77% maturity return. The notes can be automatically called semi-annually from February 2027 to August 2032 with predefined call returns that increase over time.

The index uses daily rebalancing, a 5% volatility-control overlay and a momentum-based risk control that can shift most exposure into non-interest-bearing cash, while applying a 0.65% per annum deduction and excess-return structure over the federal funds rate. The estimated value on the trade date is expected between $885 and $925 per $1,000, below the issue price, and investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due in 2031 under its Medium-Term Notes, Series N program. The notes are expected to pay fixed interest of 4.65% per annum from the original issue date to the stated maturity date.

Interest is expected to be paid annually each February 10, starting in 2027. Goldman Sachs may redeem the notes, in whole but not in part, on quarterly redemption dates beginning in 2027 at 100% of principal plus accrued interest. The notes will clear through DTC, are subject to U.S. tax rules including FATCA, and are offered through underwriters including Goldman Sachs & Co. LLC and InspereX LLC with distribution and selling restrictions in multiple international jurisdictions.

GS Finance Corp. is offering structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, maturing on the expected date of February 16, 2029, unless called earlier.

The notes can be automatically redeemed starting in February 2027 if the index is at or above its initial level, returning principal plus a coupon. Otherwise, investors may receive quarterly coupons of $33.50 per $1,000 (3.35% per quarter, up to 13.4% per year) only when the index is at least 60% of its initial level on observation dates.

If held to maturity and not called, principal is protected only down to 50% of the initial index level; below that, repayment falls one-for-one with the index and investors can lose their entire investment. The index itself uses up to 500% leverage, volatility targeting, calendar-based signals and a daily 6% per annum decrement, all of which can magnify losses and cause it to lag a similar index without a decrement. The notes’ estimated value on the trade date is expected to be between $925 and $955 per $1,000, reflecting structuring costs and credit spreads.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2034 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 5.00% per annum from the original issue date, expected to be February 18, 2026, to the stated maturity, expected to be August 18, 2034.

Interest is payable semi-annually, on each February 18 and August 18, starting August 18, 2026. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on quarterly redemption dates starting February 18, 2028, at 100% of principal plus accrued interest.

The notes are senior debt issued in book-entry form through DTC and are subject to U.S. federal income tax rules for interest and capital gains, as well as FATCA withholding. Distribution is through Goldman Sachs & Co. LLC, with specific selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.