Goldman Sachs Group (GS) 424B Filings

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.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to a weighted equity index basket instead of paying interest. The basket blends the S&P 500 (41%), MSCI EAFE (23%), S&P MidCap 400 (15%), Russell 2000 (12%) and MSCI Emerging Markets (9%).

At maturity in 2028, investors receive 1.5x any positive basket return, capped at a maximum cash payment of $1,280 per $1,000 face amount if the basket rises to about 118.667% of its initial level or higher. A 5% downside buffer protects full principal if the basket decline is 5% or less, but beyond that losses track the basket return plus 5%, so investors can lose a substantial portion of principal.

The notes are unsecured obligations exposed to the credit risk of GS Finance Corp. and its parent guarantor. The estimated value at pricing is expected between $925 and $965 per $1,000, reflecting embedded fees, market-making spreads and the issuer’s pricing models, and secondary market liquidity is not assured.

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.