Goldman Sachs Group (GS) 424B Filings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Goldman Sachs Group, Inc. is offering fixed-rate senior notes due February 18, 2037 under its Medium-Term Notes, Series N program. The notes pay interest at 5.00% per annum, with payments made each February 18, starting February 18, 2027, using a 30/360 (ISDA) day-count convention.

The notes are issued in $1,000 denominations in book-entry form through DTC, are not redeemable early at the issuer’s option, and will not be listed on any securities exchange. Distribution is through Goldman Sachs & Co. LLC, which has a conflict of interest under FINRA Rule 5121, and the offering is subject to detailed selling and investor restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland. U.S. holders generally recognize ordinary interest income on coupons 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 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.