Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to Alphabet Class A, Meta Class A and NVIDIA stock. The notes pay no interest and mature in March 2031, unless automatically called in February 2028.

If, on the call observation date, each stock closes at or above 90% of its initial price, the notes are redeemed early for at least $1,220 per $1,000 face amount. If not called, and all three final stock prices exceed their initial levels at maturity, investors receive $1,000 plus 125% of the gain of the worst-performing stock; otherwise they receive only the $1,000 face amount.

The preliminary estimated value at pricing is between $885 and $935 per $1,000, reflecting fees, hedging and structuring costs. Investors are exposed to the unsecured credit risk of GS Finance Corp. and its parent, potential illiquidity, capped early-call upside and various market, volatility and correlation risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $39,996,750 of trigger callable contingent yield notes due February 2029, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Nasdaq‑100 Index.

The notes pay a quarterly contingent coupon of $0.279 per $10 (up to 11.16% per year) only if each index stays at or above 70% of its initial level on every trading day in the observation period. From May 2026 to November 2028, the issuer can redeem the notes at par plus any coupon due.

At maturity, if not redeemed and each index is at or above 60% of its initial level, investors receive full principal back plus any final coupon. If any index ends below 60%, repayment is reduced one‑for‑one with the decline of the worst index, and investors can lose their entire investment. The notes are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering callable notes maturing in March 2031 linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The note’s payoff depends entirely on this leveraged, rules-based futures index.

Quarterly coupons of at least $28.75 per $1,000 (2.875%) accrue only when the index is at or above 60% of its initial level. If the index ever closes at or above its initial level on observation dates from February 2027 to November 2030, the notes are automatically called at par plus the due coupon.

If not called, principal at maturity is protected only down to a 50% trigger buffer level. Below that, repayment is reduced one-for-one with the index loss, and investors can lose their entire investment. The index itself uses up to 500% leverage, volatility targeting, calendar-based signals, and a 6% per annum daily decrement, all of which can magnify losses and cause it to lag the S&P 500® Index. The estimated value at pricing is expected between $850 and $890 per $1,000, below the issue price, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2038 under its Medium-Term Notes, Series N program. The notes are expected to bear interest at 5.25% per annum from the original issue date, expected to be February 9, 2026, to the stated maturity date, expected to be February 9, 2038.

Interest is expected to be paid annually on February 9 of each year, beginning February 9, 2027. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on specified quarterly redemption dates on or after February 9, 2028 at 100% of principal plus accrued interest. The notes are issued in book-entry form through DTC and are subject to various selling and investor eligibility restrictions in multiple jurisdictions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500 Index, Nasdaq-100 Technology Sector Index and iShares Russell 2000 ETF. The notes are expected to mature on February 8, 2029, unless automatically called starting in August 2026.

Investors may receive a monthly contingent coupon of $7.709 per $1,000 face amount (0.7709% monthly, about 9.25% per year) when the closing level of each underlier is at least 60% of its initial level. If on a call observation date each underlier is at or above its initial level, the notes are automatically redeemed at face amount plus that month’s coupon.

If the notes are not called, principal at maturity depends on the worst-performing underlier. If each underlier’s final level is at least 60% of its initial level, holders receive full principal plus any final coupon. If any underlier finishes below 60%, repayment is reduced in proportion to the worst underlier’s loss and holders can lose most or all of their investment, with no coupon. The notes carry the unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes due February 16, 2029 linked to three equity indexes: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.

The notes may pay a $10 coupon per $1,000 each month (1% monthly, up to 12.00% per annum) only if, on the relevant observation date, each index is at or above 70% of its initial level. Beginning August 2026, the notes are automatically called at $1,000 plus coupon if all indexes are at or above their initial levels.

If the notes are not called and on the final determination date any index finishes below 70% of its initial level, the maturity payment is reduced one-for-one with the worst-performing index, and investors can lose their entire principal. The pricing supplement highlights that the notes’ estimated value on the trade date is lower than the original issue price and that returns are exposed to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., with no listing and uncertain secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering digital equity-linked notes due March 2, 2029, tied to the common stock of Netflix, Inc.

For each $1,000 note, investors receive a cash payment at maturity based on the Netflix stock level on the February 27, 2029 determination date. If the final level is at or above the initial level set on the February 27, 2026 trade date, the payout is capped at a maximum settlement amount of $1,244.50. If the final level is below the initial level, investors receive only the $1,000 face amount, and the notes pay no periodic interest.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, and the initial issue price is higher than the model-based estimated value. The notes are treated as contingent payment debt instruments for U.S. federal income tax purposes, which can require recognizing taxable ordinary income each year before any cash is received.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering leveraged buffered notes linked to the Invesco QQQ ETF, maturing around February 8, 2029. The notes pay no interest and repayment depends on QQQ’s level at a single determination date near maturity.

If QQQ finishes above the initial level of 626.14, investors receive principal plus 68% of the ETF’s percentage gain. If QQQ is flat or down by up to 30%, investors receive only their principal. If QQQ falls by more than 30%, repayment is reduced dollar‑for‑dollar beyond this buffer, and losses can be substantial.

The issuer’s estimated value at pricing is between $925 and $955 per $1,000 face amount, reflecting fees and hedging costs. Payments are unsecured and subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group. The product also involves tax uncertainty and does not pass through QQQ dividends.

The Goldman Sachs Group, Inc. is offering unsecured floating rate notes that pay interest based on compounded SOFR plus 0.93% per annum, subject to a minimum rate of 0.00% and a maximum of 5.50% per annum. Interest is expected to be paid quarterly until the stated maturity date of February 5, 2031, when principal is due.

Each note is expected to have a $1,000 denomination and will be treated as a variable rate debt instrument for U.S. federal income tax purposes. The notes are not bank deposits, are not FDIC insured, and will not be listed on any securities exchange or be subject to issuer redemption, so liquidity and pricing will depend on any developing secondary market and Goldman Sachs’ creditworthiness.

GS Finance Corp. offers S&P 500®-linked, principal-at-risk notes under a pricing supplement dated January 30, 2026. The offering is for an aggregate face amount of $831,000 in notes with a face amount of $1,000 each, trade date January 30, 2026, original issue date February 4, 2026, and stated maturity February 4, 2031.

Payment at maturity depends on the S&P 500 Index performance from the trade date to the determination date (January 30, 2031), with a 15% buffer (buffer level = 85% of initial level), a maximum settlement amount of $1,750 per $1,000 face, and no periodic interest. The notes are unsecured senior debt of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc.

GS Finance Corp. is offering leveraged callable notes linked to the S&P 500® Futures Excess Return Index, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are scheduled to mature in March 2031 unless Goldman redeems them early.

At maturity, investors receive $1,000 per note plus 1.5 times any positive index return; if the index return is zero or negative, they receive only the $1,000 face amount. Goldman may redeem the notes on monthly call dates from March 2027 through January 2031 at $1,000 plus a fixed call premium that steps up from 12% to 59%. The estimated value at pricing is expected between $885 and $935 per $1,000 face amount, reflecting structuring costs and dealer compensation, and investors are exposed 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 S&P 500®-linked notes with an aggregate face amount of $477,000. The notes pay no interest and return at maturity depends entirely on S&P 500 performance between the trade date and determination date.

For each $1,000 note, if the final S&P 500 level is at or above 80% of the initial level of 6,969.01, investors receive a capped maximum settlement amount of $1,135. If the index finishes below the 80% trigger buffer level, principal is exposed 1-for-1 to index losses relative to the initial level, and investors can lose up to their entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing market-linked notes tied to the EURO STOXX 50 Index and the iShares MSCI EAFE ETF with a total face amount of $1,397,000.

The notes offer 173% upside participation on the worst-performing underlier if both finish above their initial levels. If either underlier finishes at or below its initial level but both stay at or above 90% of initial (a 10% buffer), investors simply receive back face value. If any underlier closes below its 90% buffer, principal is reduced 1% for each 1% decline of the lesser-performing underlier beyond the buffer, so a large loss of principal is possible.

The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, may trade at a discount to issue price, and involve additional risks from foreign markets, ETF tracking, currency moves and uncertain, potentially complex U.S. tax treatment.

GS Finance Corp. is offering callable, principal-at-risk notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes have a stated maturity date of January 31, 2031 and may be automatically called on observation dates beginning July 2026 through October 2030 if the index closes at or above the initial underlier level of 515.80.

Quarterly coupons of up to $40.25 per $1,000 (i.e., 4.025% quarterly, potential 16.1% per annum) are payable only when the index closing level on an observation date is at least 65% of the initial underlier level; a 6.0% per annum decrement is deducted daily from the index. The estimated value at pricing was approximately $973 per $1,000 face amount.

GS Finance Corp. is offering $2,381,000 aggregate face amount of autocallable, buffered notes linked to the State Street SPDR S&P Bank ETF (KBE), guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and mature February 3, 2028, unless automatically called.

If on the call observation date (February 5, 2027) the closing level of KBE is greater than or equal to the initial level of $64.05, the notes will be automatically redeemed on the call payment date for $1,132 per $1,000 face amount. If not called, the maturity payoff is: (1) if the final level > initial, $1,000 plus 125% of the ETF return; (2) if final level ≥ 90% of initial, $1,000; (3) if final level < 90% of initial, a downside payoff that can result in substantial loss. The estimated value at pricing was approximately $965 per $1,000; original issue price was 100% with an underwriting discount of 1.75%.

GS Finance Corp. is offering $8.7 million of fixed coupon index-linked notes due August 3, 2027, guaranteed by The Goldman Sachs Group, Inc. The notes pay a fixed coupon of $35.25 per $1,000 face amount (3.525% semi-annually, up to 7.05% per year).

At maturity, investors receive $1,000 per note plus the final coupon if both the Russell 2000® and Nasdaq-100 Index® are at or above 80% of their initial January 27, 2026 levels. Below that 20% buffer, principal is reduced based on the lesser-performing index at a 125% downside rate, and investors can lose their entire investment. The original issue price is 100% of face, with an underwriting discount of 0.5% and an estimated value of about $985 per $1,000.

GS Finance Corp. is offering auto-callable structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, maturing in February 2031, with The Goldman Sachs Group, Inc. as guarantor.

Investors can receive a monthly coupon of $12.084 per $1,000 (about 14.5% per year) when the index closes at or above 50% of its initial level on an observation date. The notes are automatically called, returning face amount plus coupon, if the index is at or above its initial level on designated call observation dates starting in February 2027.

If the notes are not called and the final index level falls below 50% of the initial level, principal is repaid in proportion to the index performance, and investors can lose up to 100% of their investment. The index itself uses up to 500% leverage, volatility targeting, calendar-based signals and a 6% per annum decrement, which together can magnify losses and cause the index to trail a similar strategy without a decrement. The estimated value on the trade date is expected between $885 and $925 per $1,000 face amount, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,680,000 of medium-term notes linked to Broadcom, NVIDIA and SoFi common stock. Investors may receive contingent quarterly coupons of $70.75 per $1,000 face amount when all three shares stay at or above 60% of their initial levels.

The notes can be automatically called if all underliers are at or above their initial levels on specified observation dates, returning $1,000 per note plus any due coupon. If the notes are not called and any stock ends below 60% of its initial level at maturity, principal is reduced in line with the worst performer and investors can lose their entire investment. The issuer highlights that the notes’ estimated value at pricing is below the issue price, that secondary market liquidity and pricing are uncertain, and that U.S. tax treatment is complex and not definitively settled.

GS Finance Corp. is issuing zero-coupon, auto-callable notes linked to the Russell 2000® Index, Nasdaq-100 Technology Sector Index and State Street® Utilities Select Sector SPDR® ETF, with an aggregate face amount of $3,835,000, guaranteed by The Goldman Sachs Group, Inc.

The notes pay no interest and may be automatically called starting on January 29, 2027 if all three underliers are at or above their initial levels, delivering $1,000 plus a call premium of 12% to 59% depending on the call date. If not called, at maturity on February 5, 2031 investors receive $1,600 per $1,000 if every underlier is at or above its initial level, $1,000 if each is at or above 70% of its initial level, or a loss based on the worst-performing underlier if any finishes below 70%. A severe decline in the weakest underlier can result in a complete loss of principal. The estimated value on the trade date is approximately $935 per $1,000, reflecting fees including a 4.125% underwriting discount and net proceeds of 95.875% of face amount.

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 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.

The notes pay a monthly contingent coupon of $8.334 per $1,000 face amount (0.8334% monthly, up to about 10% per year) only when each index is at or above 60% of its initial level on the observation date. The notes can be automatically called starting in August 2026 if all indices are at or above their initial levels, returning principal plus the applicable coupon.

If the notes are not called and any index ends below 60% of its initial level at maturity, repayment of principal is reduced one-for-one with the worst-performing index and can fall to zero, so investors may lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, have an estimated value below the issue price, will not be listed on an exchange and may have limited or no secondary market liquidity.

GS Finance Corp. is offering market-linked notes tied to the EURO STOXX 50® Index, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount, with a total offering of $2,279,000 and a stated maturity on February 1, 2029.

At maturity, investors receive at least the $1,000 face amount, plus 100% of any index gain, capped at a maximum return of 22.40% (maximum payment $1,224 per note). The notes pay no interest or dividends and have no exchange listing, so they are generally designed to be held to maturity.

The original offering price is $1,000 per note, but the initial estimated value is about $956 per $1,000, reflecting structuring and distribution costs. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. For U.S. tax purposes they are treated as contingent payment debt instruments, with a comparable yield of 4.1442% and a projected maturity payment of $1,132.73 per $1,000 note for accrual calculations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, market-linked notes tied to the lowest performer among the S&P 500 Index, Russell 2000 Index and State Street Technology Select Sector SPDR ETF, maturing on August 16, 2029.

Investors may receive a monthly contingent coupon of at least $7.75 per $1,000 (at least 9.30% per annum) only if the lowest-performing underlier on each calculation day is at or above 70% of its starting value. From August 2026 to July 2029, the notes are automatically called at par plus a final coupon if the lowest underlier is at or above its starting value.

If not called, principal is repaid in full at maturity only if the lowest underlier on the final calculation day is at or above 70% of its starting value. Otherwise, repayment is reduced one-for-one with the underlier’s decline, with losses greater than 30% and up to 100% of principal possible. The notes do not participate in any upside of the underliers and pay no dividends.

All payments are 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 $955 per $1,000, below the $1,000 original offering price.

GS Finance Corp. is offering leveraged buffered notes linked to the S&P 500^® Index, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. These medium-term notes, due in 2031, pay a cash amount at maturity based on index performance from trade date to determination date.

For each $1,000 face amount, if the final index level is above the initial level, holders receive $1,000 plus 101.5% of the index gain. If the index is flat or down but not below 85% of the initial level, holders receive $1,000. Below this 15% buffer, principal is reduced one-for-one with index losses beyond the buffer, so investors can lose a substantial portion of their investment.

The notes do not bear interest and provide no dividends or shareholder rights in S&P 500 companies. Market value before maturity can be volatile and depends on index levels, interest rates, volatility and the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. U.S. federal tax treatment is uncertain; the issuer and its counsel expect treatment as a prepaid derivative contract, but the IRS could assert a different view. The notes will not be listed on any exchange, and any secondary market making by Goldman Sachs & Co. LLC may be limited.

GS Finance Corp. is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are unsecured senior debt obligations.

The notes may be automatically called on specified annual observation dates if the index closes at or above rising call levels (from 100.50% up to 103.00% of the initial level), paying $1,000 plus an indexed call premium per $1,000 face amount. If never called, at maturity investors receive $1,000 per $1,000 face amount if the final index level is at or below the initial level, and 100% participation in any index gain if the final level is higher.

The underlying index is a rules-based, daily rebalanced strategy that allocates among equity, bond, commodity and money market exposures, with a 5% volatility control, a momentum risk control overlay and an annual deduction of 0.65%. The preliminary estimated value is disclosed as $850 to $890 per $1,000, below the original issue price. Key risks include issuer and guarantor credit risk, lack of interest, capped autocall returns, complex index methodology, potential large allocations to cash and treatment as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Blackstone Inc. with an aggregate face amount of $750,000.

The notes pay no interest and mature on February 2, 2033, but can be automatically called quarterly from January 2027 if Blackstone’s share price is at least 90% of the initial price of $146.79. If called, holders receive $1,000 per note plus a call premium that starts at 12.25% and steps up over time.

If not called, maturity payment depends on Blackstone’s price on January 28, 2033. At or above 80% of the initial price, holders receive a capped maximum of $1,857.50 per $1,000 note. Between 75% and 80%, principal is returned. Below 75%, repayment falls one-for-one with the stock, and the entire investment can be lost. The initial estimated value is about $982 per $1,000 note, reflecting fees and hedging costs, and the notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering leveraged callable notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are expected to run from an original issue date of March 4, 2026 to a stated maturity of March 4, 2031, unless Goldman Sachs redeems them early.

At maturity, if the index has risen, holders receive $1,000 plus 200% of the index gain; if the index is flat or down, holders receive only the $1,000 face amount. Starting in March 2027, Goldman Sachs may redeem the notes monthly at $1,000 plus a scheduled call premium that steps up over time to at least 50.3978% by February 4, 2031.

The index tracks E-mini S&P 500 futures rather than the S&P 500® Index itself, introducing futures-specific risks such as negative roll yield and financing costs. The estimated value on the trade date is expected between $885 and $935 per $1,000, reflecting fees and hedging costs. Investors face the credit risk of GS Finance Corp. and The Goldman Sachs Group, potential illiquidity, note tax treatment as contingent payment debt instruments, and no dividends or shareholder rights.

GS Finance Corp. is offering principal-protected notes due March 1, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Goldman Sachs Momentum Builder® Focus ER Index, which uses daily rebalancing, volatility control and momentum risk control features.

At maturity, investors receive at least the $1,000 face amount per note, and participate in any index gain at an upside participation rate of at least 325%. The notes pay no interest, expose holders to the credit risk of the issuer and guarantor, and reference an index whose performance is reduced by a 0.65% per annum deduction and excess‑return methodology over the federal funds rate, with potentially large allocations to low‑yielding cash positions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, linked to the Class A common stock of Bloom Energy Corporation. The aggregate face amount is $1,813,000, issued in $1,000 denominations.

The notes pay a contingent quarterly coupon: on each coupon payment date, investors receive up to $85 per $1,000 note multiplied by the number of elapsed coupon observation dates, minus coupons already paid, but only if Bloom Energy’s closing level is at or above 50% of the initial level; otherwise the coupon is $0. The notes are automatically called if, on any call observation date starting July 28, 2026, the underlier closes at or above the initial level, returning principal plus the due coupon.

At maturity on February 1, 2029, if not previously called, investors receive for each $1,000 note: $1,000 when the final underlier level is at or above 50% of the initial level, or $1,000 plus $1,000 times the underlier return when it is below 50%. As illustrated, if the final level falls to 12% of the initial level, the cash settlement amount would be 12% of face value, implying an 88% loss for notes bought at par. The notes do not participate in upside above par, offer no shareholder or dividend rights in Bloom Energy, are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and may trade below the original issue price because that price exceeds the model-based estimated value.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers Trigger Callable Contingent Yield Notes linked to the S&P 500, Russell 2000 and EURO STOXX 50. The notes pay a quarterly contingent coupon between $0.225 and $0.2375 per $10 face amount (up to 9.00%-9.50% per year) only if each index closes at or above 70% of its initial level on the observation date.

Starting in May 2026 through November 2030, Goldman may redeem the notes at par plus any due coupon. If not redeemed and any index finishes below 65% of its initial level at maturity, investors suffer a loss matching the worst index’s decline and could lose their entire principal. The estimated initial value is $9.60–$9.90 per $10, and all payments depend on the credit of GS Finance Corp. and its guarantor.

The Goldman Sachs Group, Inc. is issuing $8,500,000 of callable fixed rate notes due January 21, 2031. The notes pay interest at 4.30% per annum, with annual payments each January 30 starting January 30, 2027, and at maturity.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any January 30, April 30, July 30 or October 30 on or after January 30, 2027, with at least five business days’ notice. The initial price to the public is 100% of principal, with a 1.265% underwriting discount and expected proceeds to Goldman Sachs of $8,392,475 before approximately $15,000 of offering expenses.

The Goldman Sachs Group, Inc. is offering $2,000,000 of Callable Fixed Rate Notes due January 22, 2036 under its Medium-Term Notes, Series N program. The notes pay fixed interest at 4.95% per annum, with interest payable on January 30 of each year and at maturity, starting January 30, 2027.

Goldman Sachs may redeem the notes, in whole but not in part, on quarterly redemption dates (January 30, April 30, July 30 and October 30) on or after July 30, 2027 at 100% of principal plus accrued interest. The notes are offered at 100% of principal, with a 1.6% underwriting discount, providing approximately $1,968,000 in gross proceeds before expenses. The notes are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, are not FDIC insured, and are subject to U.S. tax rules including FATCA.

The Goldman Sachs Group, Inc. is offering $13,000,000 of callable fixed-rate notes due January 30, 2031, paying 4.50% annual interest. Interest is paid each January 30, starting January 30, 2027. Goldman Sachs may redeem all notes at par plus accrued interest on any January 30 from 2027 onward.

The notes are issued under the Medium-Term Notes, Series N program, settle through DTC as global securities, and are not insured by any government agency or a bank. Underwriters purchase the notes at 99.355% of principal, with a 0.645% underwriting discount, and may make a secondary market but are not obligated to do so.

The Goldman Sachs Group, Inc. is issuing $7,000,000 of callable fixed-rate notes due January 22, 2041, paying interest at 5.25% per annum. Interest is paid each January 30 starting in 2027, using a 30/360 day-count convention.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on quarterly redemption dates beginning July 30, 2028. The notes are unsecured senior debt, offered in $1,000 denominations, not FDIC insured, and not listed on any exchange. Underwriters purchase the notes at 97.821% of principal, providing approximately $6,847,470 in gross proceeds before about $15,000 of estimated expenses.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,175,000 of structured notes linked to Dutch Bros Inc. Class A stock. The notes pay fixed coupons of $26.75 per $1,000 quarterly (2.675% per quarter, up to 10.7% per year) until maturity on February 1, 2029, unless called earlier.

The notes are automatically called if Dutch Bros’ closing price on any quarterly call observation date is at or above the initial price of $57.44, in which case holders receive $1,000 per note plus the coupon. If not called, principal repayment is protected as long as the stock has not fallen 50% or more; at or above the 50% trigger buffer, investors get $1,000 plus the final coupon.

If the final stock price is more than 50% below the initial price, investors suffer a 1-for-1 loss on principal matching the stock’s decline, potentially losing their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, and have an estimated value of about $959 per $1,000 at pricing, below the 100% issue price due to fees, structuring and hedging costs.

The Goldman Sachs Group, Inc. is offering $2,000,000 of callable fixed rate notes due January 22, 2046 under its Medium-Term Notes, Series N program. The notes bear interest at a fixed rate of 5.40% per annum, starting from January 30, 2026.

Interest is paid on January 30 of each year, beginning January 30, 2027, and on the maturity date, using a 30/360 day-count convention. Goldman Sachs may redeem the notes at 100% of principal plus accrued interest, in whole but not in part, on each January 30, April 30, July 30 and October 30 on or after January 30, 2029, with at least five business days’ notice.

The initial price to the public is 100% of principal, with an underwriting discount of 2.33%, resulting in proceeds to Goldman Sachs of 97.67% before expenses. The notes are unsecured senior debt, are not FDIC insured, have no stock exchange listing, and will settle in book-entry form through DTC.

The Goldman Sachs Group, Inc. is offering $8,000,000 principal amount of callable fixed rate notes due January 30, 2030. The notes pay a fixed interest rate of 4.25% per annum from January 30, 2026, with interest payable annually on January 30, starting January 30, 2027.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on each January 30, April 30, July 30 and October 30 on or after January 30, 2028, with at least five business days’ notice. The initial price to the public is 100% of principal, with an underwriting discount of 0.502%, resulting in proceeds to Goldman Sachs of 99.498% of principal, or $7,959,840, before approximately $15,000 of offering expenses.

The notes are unsecured senior debt under the Medium-Term Notes, Series N program, are not bank deposits, and are not insured or guaranteed by any governmental agency or bank. Goldman Sachs & Co. LLC and InspereX LLC are the underwriters and may make a market in the notes, but no trading market is assured.

The Goldman Sachs Group, Inc. is offering $6,500,000 of callable fixed rate notes due January 21, 2033, paying interest at 4.60% per annum. Interest is paid annually each January 30, starting January 30, 2027, and on the stated maturity date.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any January 30, April 30, July 30 or October 30 on or after July 30, 2027, with at least five business days’ notice. The notes are offered at 100% of principal, with underwriting discounts of 1.555%, resulting in proceeds before expenses of $6,398,925 to Goldman Sachs.

The Goldman Sachs Group, Inc. is offering $4,500,000 of callable fixed rate notes due January 30, 2036 under its Medium-Term Notes, Series N program. The notes pay simple interest at 5.05% per annum, with annual payments each January 30 starting January 30, 2027.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any January 30, April 30, July 30 or October 30 on or after January 30, 2028, with at least five business days’ notice. Net proceeds before expenses are 98.924% of principal, or $4,451,580, and the notes are unsecured senior obligations that are not bank deposits or FDIC insured.

Goldman Sachs Group, Inc. is issuing $25,000,000 of callable fixed rate notes due March 30, 2027 under its Medium‑Term Notes, Series N program. The notes pay fixed interest at 3.75% per annum from January 30, 2026 to the stated maturity date, with interest paid on the maturity date unless redeemed earlier.

Goldman Sachs may redeem the notes, in whole but not in part, on the 30th day of each month (with a modified February 2027 date) starting July 30, 2026, at 100% of principal plus accrued interest. The initial price to the public is 100% of face amount, with underwriting discount of 0.11%, resulting in issuer proceeds of $24,972,500 before expenses. The notes are unsecured obligations of The Goldman Sachs Group, Inc., are issued in book‑entry form through DTC, and are not bank deposits or FDIC‑insured.

The Goldman Sachs Group, Inc. is offering $188,576,000 of callable fixed rate notes due July 30, 2029, bearing interest at 4.25% per year.

Interest accrues from January 30, 2026 and is paid semiannually on January 30 and July 30, starting July 30, 2026. Goldman Sachs may redeem the notes, in whole, at 100% of principal plus accrued interest on quarterly redemption dates beginning July 30, 2026.

The initial price to the public is 100.00% of principal, with an underwriting discount of 0.407%, resulting in proceeds before expenses of 99.593% of principal, or $187,808,495.68. The notes are issued under Goldman Sachs’ Medium-Term Notes, Series N program.

The Goldman Sachs Group, Inc. is offering $10,500,000 of callable fixed rate notes due January 30, 2029. The notes pay interest at 4.125% per annum from January 30, 2026, with payments made annually on January 30, starting January 30, 2027.

Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates on or after January 30, 2027 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 0.362% and proceeds to Goldman Sachs of $10,461,990 before expenses.

The notes are issued as global securities through DTC, are unsecured debt of Goldman Sachs, and are not bank deposits or insured by any government agency.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2046 under its Medium-Term Notes, Series N program. The notes pay interest at 5.50% per annum from the original issue date, expected to be February 13, 2026, until the stated maturity date, expected to be January 29, 2046.

Interest is expected to be paid annually on February 13 and at maturity, with the first payment on February 13, 2027. Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates on or after February 13, 2029 at 100% of principal plus accrued interest.

The notes will be issued only in book-entry form through DTC and are not bank deposits or FDIC-insured. The distribution is led by Goldman Sachs & Co. LLC and InspereX LLC, with various selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland and standard U.S. federal income tax treatment as interest-bearing debt.

The Goldman Sachs Group, Inc. is offering callable fixed rate senior notes due 2038 that pay interest at 5.125% per annum, from the original issue date expected on February 12, 2026 to the stated maturity date expected on February 12, 2038. Interest is expected to be paid annually on February 12, starting in 2027.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on specified quarterly redemption dates on or after February 12, 2028 at 100% of principal plus accrued interest. The notes are issued as Medium-Term Notes, Series N, in book-entry form through DTC, and are not bank deposits, are unsecured, and are not FDIC insured.

The notes will be distributed by Goldman Sachs & Co. LLC and InspereX LLC under a negotiated underwriting discount, with flexible pricing for certain retirement and fee-based advisory accounts. The filing also details U.S. federal income tax treatment, the application of FATCA withholding, and significant selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp. is offering leveraged buffered notes linked to the Russell 2000® Index, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return depends entirely on index performance between the trade and determination dates.

At maturity, for each $1,000 note, investors receive $1,000 plus 200% of any positive index return, capped at a maximum settlement amount of at least $1,265. If the index falls but stays within a 10% buffer (down to 90% of the initial level), principal is returned.

If the index falls more than 10%, losses match the decline below the buffer, and a substantial portion of principal can be lost. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, will not be listed on an exchange, and their estimated value at pricing will be below the original issue price.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2031 that pay interest at 4.35% per annum. Interest is expected to be paid annually on February 13, beginning February 13, 2027, with the stated maturity date expected to be January 29, 2031.

Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates starting February 13, 2027 at 100% of principal plus accrued interest. The notes are issued as Medium-Term Notes, Series N, will settle through DTC in global form, and are distributed by Goldman Sachs & Co. LLC and InspereX LLC under a negotiated underwriting arrangement.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2036 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 5.00% per annum from the expected original issue date of February 13, 2026 to the expected stated maturity date of January 29, 2036.

Interest is expected to be paid annually on February 13 and at maturity, with the first payment on February 13, 2027. Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates on or after August 13, 2027 at 100% of principal plus accrued interest.

The notes will be issued in book-entry form through DTC, are unsecured senior debt obligations of The Goldman Sachs Group, Inc., and are not bank deposits or insured by any governmental agency. FATCA withholding may apply, and the offering includes detailed selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2030 that pay interest at 4.30% per annum from the original issue date, expected to be February 13, 2026, until the stated maturity date, expected to be February 13, 2030.

Interest is expected to be paid annually on February 13, beginning February 13, 2027. Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates on or after February 13, 2028 at 100% of principal plus accrued interest.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2041 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 5.30% per year from the original issue date, with interest expected to be paid annually each February 13, starting in 2027 and at maturity.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on quarterly redemption dates beginning in August 2028 at 100% of principal plus accrued interest. The notes are unsecured senior debt obligations, not bank deposits, and are subject to FATCA withholding and various selling restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the iSharesae MSCI Emerging Markets ETF and maturing in February 2029.

Each note has a $1,000 face amount and pays no interest. At maturity, if the ETF level is above its initial level, investors receive $1,000 plus the ETF return, capped at a maximum settlement amount of $2,320 per note. If the final level is at or above 70% of the initial level (a 30% trigger buffer), investors receive back the $1,000 face amount. If the ETF falls below 70% of its initial level, repayment is reduced 1% for each 1% decline, and investors can lose up to their entire principal.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are part of its Medium-Term Notes, Series F program. The return is based on the ETF, not directly on its underlying MSCI Emerging Markets Index.