Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $3,130,000 of leveraged buffered index-linked notes in two separate offerings tied to the S&P 500® and Russell 2000® indices. The S&P 500® tranche has $2,977,000 face amount, a 200% participation rate and a maximum settlement of $1,212.5 per $1,000, while the Russell 2000® tranche has $153,000 face amount, a 110% participation rate and a $1,171.5 cap.

Both notes offer a 10% downside buffer: if the index falls less than 10%, holders receive back the $1,000 face amount; below the 90% buffer level, principal is reduced in line with index losses beyond that buffer, so substantial loss of capital is possible. The notes pay no interest and all payments depend on the credit of GS Finance Corp. and its parent. Estimated values at pricing are $961 and $960 per $1,000, below the 100% issue price, reflecting fees, hedging costs and dealer margin.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked notes with an aggregate face amount of $223,000. The notes run from a January 27, 2026 trade date to a November 1, 2028 stated maturity, with no interim interest payments.

At maturity, investors receive for each $1,000 face amount either the face amount if the S&P 500® final level is at or below the initial level of 6,978.60, or $1,000 plus the index return if positive, capped at a maximum settlement amount of $1,150. This structure provides full principal repayment at maturity but limits upside to a 15% gain.

The original issue price is 100% of face, with a 1.78% underwriting discount and 98.22% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed, may have limited liquidity, and their estimated value at pricing is less than the issue price. For U.S. tax purposes, they are treated as contingent payment debt instruments, with a comparable yield of 4.1538% per year and a projected maturity payment of $1,121.79 per $1,000.

GS Finance Corp. is offering $3,024,000 of Trigger Autocallable Contingent Yield Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the lesser performer of the Russell 2000® Index and the EURO STOXX 50® Index.

Investors may receive quarterly contingent coupons of $0.19375 per $10 face amount (7.75% per year) only if both indices stay at or above 70% of their initial levels on each observation date. Starting July 2026, the notes are automatically called at par plus any coupon if both indices are at or above their initial levels.

If not called and either index finishes below 60% of its initial level at maturity, repayment is reduced one-for-one with the loss of the weaker index, and investors can lose all principal. The notes are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is $9.81 per $10 face amount.

The Goldman Sachs Group, Inc. is offering unsecured fixed-to-floating rate notes due April 2, 2027. Each note has a $1,000 minimum denomination and will pay a fixed annual rate of 4.30% from March 2, 2026 to but excluding July 2, 2026, with interest paid monthly.

From July 2, 2026 to but excluding April 2, 2027, the notes will pay a floating rate equal to daily compounded SOFR plus 0.15%, subject to a minimum rate of 0.00% per year, also paid monthly. The notes are not bank deposits, are not insured by the FDIC or any government agency, will not be listed on an exchange, and are subject to the issuer’s credit risk as unsecured obligations of Goldman Sachs.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2029 under its Medium-Term Notes, Series N program. The notes pay interest at 4.125% per annum from the expected original issue date of February 13, 2026 to the expected stated maturity on February 13, 2029.

Interest is expected to be paid annually on February 13, beginning February 13, 2027. Goldman Sachs may, at its option, redeem the notes in whole on quarterly redemption dates starting February 13, 2027 at 100% of principal plus accrued interest. The notes are issued in global form through DTC, are subject to U.S. federal income taxation on interest and potential FATCA withholding, and are being distributed by Goldman Sachs & Co. LLC and InspereX LLC with various selling restrictions in the U.S., EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is offering $6,500,000 principal amount of callable fixed rate notes due January 29, 2038, bearing interest at 5.10% per annum. Interest is paid once a year on January 29, starting January 29, 2027, using a 30/360 (ISDA) day‑count convention.

The notes are issued at 100% of principal in $1,000 denominations. Underwriters receive a 1.9% discount, so Goldman Sachs expects proceeds of $6,376,500 before expenses. Starting January 29, 2028, the issuer may redeem all notes on specified quarterly dates at 100% of principal plus accrued interest. The notes are unsecured Medium‑Term Notes, Series N, held only in DTC book‑entry form and are not FDIC insured or bank obligations.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2036 under its Medium-Term Notes, Series N program. The notes pay 5.10% annual interest from the original issue date, with interest expected to be paid each February 13, starting in 2027.

Goldman Sachs may redeem the notes at its option, 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 notes are unsecured debt obligations, are not bank deposits, and are not insured by the FDIC or any government agency.

The notes will be issued in book-entry form through DTC and distributed by Goldman Sachs & Co. LLC and InspereX LLC, with varying initial prices to certain retirement and fee-based advisory accounts. The documents outline U.S. tax treatment, FATCA withholding, selling restrictions in multiple jurisdictions, and disclose that Goldman Sachs & Co. LLC has a conflict of interest under FINRA Rule 5121.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2031 that pay interest at 4.55% per annum from the original issue date, expected to be February 13, 2026, until the stated maturity date, expected to be February 13, 2031. Interest is expected to be paid annually on February 13, beginning in 2027.

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, upon at least five business days’ notice. The notes are unsecured senior debt under the Medium-Term Notes, Series N program, are not bank deposits, are not FDIC-insured, and involve U.S. federal income tax and FATCA considerations described in the accompanying prospectus materials. Goldman Sachs & Co. LLC and InspereX LLC are underwriting the new issue, with Goldman Sachs & Co. LLC treated as having a conflict of interest under FINRA rules.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2033 as part of its Medium-Term Notes, Series N. The notes pay interest at 4.625% per annum from the expected original issue date of February 13, 2026 to the expected stated maturity date of January 29, 2033.

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 starting August 13, 2027 at 100% of principal plus accrued interest. The notes are issued in global form through DTC, are subject to U.S. tax rules including FATCA, and are offered only to permitted investors in certain non-U.S. jurisdictions under local securities laws.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is reopening previously issued structured notes by offering an additional $810,000 face amount tied to the Nasdaq‑100, Russell 2000 and S&P 500 indices.

The notes pay a contingent monthly coupon of $8.75 per $1,000 (0.875% monthly, up to 10.5% per year) only if each index stays at or above 70% of its initial level on the observation date. The notes may be automatically called if all indices are at or above their initial levels, returning principal plus any due coupon.

If the notes are not called, the maturity payment depends solely on the worst-performing index. As long as that index is at or above 70% of its initial level, investors receive full principal back. If it falls below 70%, principal is reduced one‑for‑one with the loss in that index, and investors can lose their entire investment. Investors also face the credit risk of GS Finance Corp. and its parent guarantor and limited liquidity in any secondary market.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, a benchmark based on E-mini S&P 500 futures rather than the cash S&P 500® Index.

At maturity in August 2028, each $1,000 note pays a cash amount based on index performance from the trade date. If the index ends at or above its initial level, holders gain an amplified positive return at an upside participation rate of at least 112%. If the index declines but stays within a 15% buffer, holders receive a positive return equal to the absolute decline. If the index falls more than 15%, losses match the drop beyond the buffer, and a substantial portion of principal can be lost.

The notes pay no interest, are unsecured senior obligations of GS Finance Corp., and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. They are not bank deposits, are not FDIC-insured, may have limited or no secondary market, and their estimated initial value is less than the original issue price. Tax treatment is uncertain and relies on treatment as a prepaid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the EURO STOXX 50® Index, maturing in 2031. These notes pay no interest and the amount repaid at maturity depends entirely on index performance.

If the final index level is at or above the initial level, investors receive $1,000 plus the upside participation rate of at least 153% times the index gain. If the index is down but not below 60% of the initial level, investors receive a positive return equal to the absolute index loss. If the index falls below this 60% trigger buffer level, principal is exposed 1:1 to the index decline and investors can lose up to 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. The estimated value at pricing is less than the 100% issue price due to underwriting discounts, structuring fees, and issuance costs, which can also depress secondary market prices. Key risks include potential loss of principal, lack of interest payments, market and volatility risk of European equities, limited or no secondary market liquidity, and uncertain U.S. tax treatment, including potential FATCA implications.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 tied to the Class A common stock of Bloom Energy Corporation. These notes are unsecured obligations and are not principal protected.

Investors may receive quarterly coupons only when Bloom Energy’s stock closes at or above a coupon trigger level set at 50% of the initial level. If on any call observation date the stock closes at or above its initial level, the notes are automatically redeemed early at face value plus the applicable coupon.

If the notes are not called and Bloom Energy’s final level on the determination date is below the trigger buffer level (also 50% of the initial level), repayment of principal is reduced one-for-one with the stock’s decline, and investors can lose their entire investment. Upside in Bloom Energy beyond the initial level does not increase principal repayment.

The pricing supplement highlights that the notes’ estimated value at pricing will be lower than the original issue price, reflects secondary market and liquidity risks, and stresses exposure to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. It also notes complex and uncertain U.S. federal tax treatment.

GS Finance Corp. is offering autocallable contingent coupon equity-linked notes due 2028, linked to the common stock of NVIDIA Corporation and fully guaranteed by The Goldman Sachs Group, Inc.

Each $1,000 note can pay a quarterly coupon of at least $39.75 (3.975%) if, on the observation date, NVIDIA’s share level is at or above 60% of its initial level. If on any call observation date the share level is at or above the initial level, the notes are automatically called at $1,000 plus the coupon.

At maturity, if not called and NVIDIA is at or above 60% of its initial level, investors receive $1,000 plus any final coupon; below that 60% “trigger buffer,” repayment is reduced one-for-one with the stock’s loss, down to a complete loss of principal. Investors face the credit risk of GS Finance Corp. and the guarantor, potential illiquidity, an initial value below the issue price, and complex, uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured structured notes whose return depends on the worst performer among three ETFs: KraneShares CSI China Internet, State Street SPDR S&P Biotech and VanEck Semiconductor.

The notes pay no interest and mature on an expected date of February 14, 2028. For each $1,000 note, investors receive a maximum of $1,238.5 if each ETF stays at or above 60% of its initial level on the determination date. If any ETF finishes below 60% but all are at or above 50%, investors receive $1,000. If any ETF ends below 50%, repayment is reduced in line with the worst ETF’s loss and investors can lose their entire principal.

The estimated value at pricing is expected to be $925–$965 per $1,000, below the 100% issue price, reflecting fees, hedging costs and issuer credit spreads. Investors are exposed to GS Finance Corp. and Goldman Sachs credit risk and do not receive dividends or ownership rights in the ETFs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the EURO STOXX 50^® Index, maturing in 2031. The payoff at maturity depends on index performance between the trade date and the determination date.

If the index rises, holders receive their face amount plus an enhanced return based on an upside participation rate of at least 157.5%. If the index falls but not below 75% of its initial level, investors receive only their face amount back. If the index drops more than the 25% buffer, principal is reduced in line with the index decline below the buffer, and investors can lose a substantial portion of their investment.

The notes pay no interest, carry the credit risk of GS Finance Corp. and its guarantor, and may trade below the issue price because their initial estimated value is lower than the original price. Liquidity is not assured, market value can be volatile, and the U.S. tax treatment is described as uncertain, with the notes intended to be treated as pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 tied to the common stock of Chipotle Mexican Grill, Inc.

The notes pay quarterly contingent coupons only if the stock is at or above a coupon trigger level set at 60% of the initial stock level on each observation date. The same 60% level acts as a trigger buffer for principal at maturity.

If the notes are not automatically called and the final stock level is at or above the trigger buffer, holders receive back face amount plus any final coupon. If it is below the buffer, repayment is reduced one-for-one with the stock’s decline, and investors can lose their entire investment.

The notes can be automatically called on specified dates if the stock is at or above its initial level, in which case investors receive face amount plus the coupon then due. The product is unsecured, subject to the credit risk of GS Finance Corp. and its guarantor, will not be listed on an exchange, and may have limited secondary liquidity. The estimated value at pricing is lower than the original issue price, and tax treatment is complex and uncertain.

The Goldman Sachs Group, Inc. is offering senior unsecured fixed rate notes due February 13, 2031 as part of its Medium-Term Notes, Series N program. The notes pay interest at a fixed rate of 4.30% per annum from the original issue date.

Interest is paid semiannually on February 13 and August 13 of each year, starting August 13, 2026, using a 30/360 (ISDA) day count convention. The notes are issued in U.S. dollars in $1,000 minimum denominations, will settle through DTC in book-entry form, and will not be listed on any securities exchange.

The notes are not redeemable at the issuer’s option before maturity and are eligible for both full and covenant defeasance under the existing senior debt indenture. Distribution is through Goldman Sachs & Co. LLC as underwriter and market maker, with related conflicts of interest disclosed and extensive selling and marketing restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes maturing in 2030. These notes return the index performance from trade date to determination date, but gains are capped by a maximum settlement amount of $1,395 per $1,000.

If the final S&P 500® level is above the initial level, holders receive $1,000 plus index return, up to the cap. If the final level is equal to or below the initial level, holders receive only the $1,000 face amount, so downside is limited to foregone return rather than loss of principal at maturity.

The notes pay no periodic interest and may be worth less than face value if sold before maturity. The economic value at pricing is lower than the issue price due to underwriting discounts, structuring fees and issuance costs. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor and are treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp. is offering $1,499,000 of Autocallable Buffered Notes linked to the iShares Russell 2000 ETF, maturing on January 30, 2031 and guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and may be automatically called on February 2, 2027; if the ETF is at least 105% of the $263.98 initial level, holders receive $1,100 per $1,000 on the call payment date. If not called, maturity payment depends on ETF performance: 176% participation in gains; full principal back if declines are within 10%; and leveraged losses (about 1.1111% loss per 1% drop beyond the 10% buffer), with the possibility of losing the entire investment. The estimated value at pricing is about $984 per $1,000, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp. is offering 345,000 units of senior unsecured autocallable contingent coupon barrier notes linked to the Class A common stock of Palantir Technologies Inc., each with a $10 principal amount, for total proceeds of $3,450,000 before discounts and expenses.

The notes pay a quarterly contingent coupon of $0.6025 per unit (a 24.10% per annum rate) only if Palantir’s share price on each observation date is at least 65% of the starting value of $167.47, which sets both the coupon barrier and threshold at $108.86. They are automatically called if the stock is at or above the starting value on specified call dates, returning principal plus that period’s coupon.

If not called, the notes mature in about three years on February 2, 2029. At maturity, investors receive full principal only if Palantir’s ending value is at or above the 65% threshold; otherwise, repayment falls 1‑to‑1 with the stock’s decline, with up to 100% of principal at risk.

The initial estimated value is about $9.64 per $10 unit, reflecting structuring and distribution costs. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., have a minimum initial purchase of $100,000, are not listed on any exchange, and may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable, principal-at-risk notes linked to the EURO STOXX 50® Index, maturing in March 2029. Each security has a $1,000 face amount and is sold at an original offering price of $1,000.

The notes may be automatically called in March 2027 if the index is at or above its starting level, paying $1,000 plus a call premium of at least 10%. If not called, at maturity investors get 150% of any index gain, full principal back if losses are within a 15% buffer, and 1‑to‑1 losses beyond that, up to an 85% loss of face amount.

The estimated value on the pricing date is expected between $900 and $930 per $1,000, reflecting structuring costs and dealer compensation. The notes pay no interest or dividends, are unsecured obligations subject to issuer and guarantor credit risk, and are designed to be held to maturity without exchange listing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $770,000 of medium-term notes linked to the Class A common stock of Rivian Automotive, Inc. The notes pay a contingent quarterly coupon only if Rivian’s share price on each observation date is at or above 55% of the initial level of $15.75.

The notes are automatically called at $1,000 per note plus the due coupon if Rivian’s share price is at or above the initial level on any call observation date. If not called, and at maturity Rivian’s final level is at or above 55% of the initial level, investors receive back the $1,000 face amount plus any final coupon.

If the final level falls below the 55% trigger buffer, repayment is reduced one-for-one with Rivian’s decline, and investors can lose their entire principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited liquidity, and involve complex, uncertain U.S. tax treatment, including ordinary income on coupons and potential withholding for non-U.S. investors.

GS Finance Corp. is offering S&P 500® Index-linked notes that pay no interest and mature around March 2, 2028. The payoff depends on how far the index moves from its initial level between the 2026 trade date and the 2028 determination date.

If the S&P 500 stays within a band of 80%–120% of its initial level, investors receive their principal plus the absolute index return, capped at a 20% gain, so both moderate gains and moderate declines can produce positive returns. If the index finishes below 80% or above 120%, a barrier event occurs and the notes instead pay a fixed contingent return of at least 3.5%, or at least $1,035 per $1,000 face amount.

The preliminary estimated value is between $925 and $965 per $1,000, reflecting structuring costs and dealer margins. Repayment depends on the credit of GS Finance Corp. and the guarantee from The Goldman Sachs Group, Inc., and the notes are treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,134,800 of autocallable notes linked to the Russell 2000® Index, in $10 denominations, maturing in January 2029.

The notes can be automatically called quarterly beginning after 12 months if the index closes at or above 100% of its initial level of 2,659.674. If called, investors receive $10 plus a fixed call return based on an 11.40% per annum rate, with scheduled call payouts ranging from $11.14 to $13.42 per $10 note depending on when calling occurs. Upside is capped at these call amounts, so investors do not participate in further index gains above the barrier.

If the notes are not called, at maturity investors receive $10 plus $10 times the index return; any index decline is fully passed through, so they may receive far less than face value, including a total loss. The notes pay no coupons, are unsecured, not FDIC insured, and carry the credit risk of GS Finance Corp. and the guarantor. The original issue price is 100% of face amount, with a 2.00% underwriting discount and issuer net proceeds of 98.00%, and the initial estimated value is approximately $9.69 per $10.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked buffered digital notes under its Medium-Term Notes, Series F program. These notes pay no interest and return a cash amount at maturity based on the S&P 500® performance.

If the final index level is at or above 90% of the initial level, investors receive a capped maximum settlement amount expected to be between $1,143.30 and $1,168.50 per $1,000 face amount. If the index finishes below the 90% buffer level, repayment of principal declines at about 1.1111% for every 1% drop below the buffer, and investors can lose their entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500® Index-linked notes due August 18, 2031. The notes pay no interest and the payoff depends on S&P 500 performance between the trade date and an August 13, 2031 determination date.

For each $1,000 face amount, investors receive $1,000 plus the S&P 500 return if the index finishes above its initial level, capped at a maximum settlement amount of at least $1,422.50. If the final index level is equal to or below the initial level, investors receive only the $1,000 face amount.

The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below the issue price due to fees and pricing model effects, and are treated as contingent payment debt instruments for U.S. tax purposes, requiring annual taxation of imputed ordinary income even though no cash is paid until maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due 2031 tied to the Russell 2000 and S&P 500 indexes. The notes can pay a quarterly coupon of at least $15.625 per $1,000 (about 6.25% per year) if on each observation date both indexes are at or above 55% of their initial levels.

At maturity, if not earlier redeemed, investors receive $1,000 per note if each index is at or above 55% of its initial level. If either index finishes below that trigger buffer, repayment is reduced in line with the weaker index and can fall to zero, meaning a total loss of principal. The issuer may redeem the notes at par plus any due coupon on quarterly dates from August 2026 through November 2030. Investors face the credit risk of GS Finance Corp. and its parent and the notes will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon notes linked to the Russell 2000 and S&P 500 indexes, maturing in February 2031.

The notes pay a contingent quarterly coupon of at least $19.25 per $1,000 (about 1.925% quarterly, up to 7.7% per year) only if on each observation date both indexes are at or above 55% of their initial level. If either index is below this level, no coupon is paid for that quarter.

The issuer may redeem the notes early at par on any coupon payment date from August 2026 through November 2030, plus any due coupon. If the notes are held to maturity and not redeemed, investors receive par back only if both final index levels are at or above 55% of their initial levels. Otherwise, repayment is reduced in line with the weaker index’s loss, and investors can lose up to 100% of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp. is offering leveraged notes linked to the S&P 500® Index, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes provide 300% upside participation in the index return, but any positive payoff is capped by a maximum settlement amount expected between $1,158.70 and $1,186.60 per $1,000 face amount.

If the final S&P 500® level is above the initial level, investors receive $1,000 plus 300% of the index gain, up to the cap. If the final level is at or below the initial level, the payoff equals $1,000 plus the underlier return, so investors lose 1% of principal for every 1% index decline and could lose their entire investment. The notes pay no interest, have no dividend or shareholder rights, and their market value and repayment depend on the credit of GS Finance Corp. and its guarantor.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes due 2033 that pay 4.50% interest per year. The notes are part of Goldman Sachs’ Medium-Term Notes, Series N program and will be issued in U.S. dollars in $1,000 denominations.

Interest is paid semiannually on February 13 and August 13 of each year, starting August 13, 2026, using a 30/360 (ISDA) day count convention, until the stated maturity date of February 14, 2033. The notes are not redeemable early by the issuer, will not be listed on any securities exchange, and will be issued only in book-entry form through DTC.

Goldman Sachs & Co. LLC will act as underwriter, calculation agent and market maker, and this affiliate relationship constitutes a “conflict of interest” under FINRA Rule 5121. U.S. investors will generally be taxed on interest as ordinary income, and the notes are subject to FATCA withholding rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Monolithic Power Systems, Inc. The notes pay fixed coupons of $25.625 per $1,000 quarterly (up to 10.25% per year) until maturity or automatic call.

The notes may be automatically redeemed at par plus the coupon if the stock closes at or above the initial price on specified quarterly observation dates. At maturity in 2029, if not called, investors receive par plus the final coupon if the stock has not fallen more than 40%. If the stock has declined by more than 40%, repayment of principal is reduced one-for-one with the stock loss, down to zero, so all invested principal can be lost. The estimated initial value is between $925 and $965 per $1,000, reflecting fees, hedging and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering zero-coupon notes linked to the common stock of Kratos Defense & Security Solutions, Inc. The notes pay no interest and are scheduled to mature in February 2029, unless automatically called earlier.

The notes are automatically redeemed in February 2027 for $1,470 per $1,000 face amount if the KTOS stock price on the call observation date is at or above the initial price. If not called, maturity payment depends on KTOS performance: investors get 1.5x upside if the stock rises, full principal back if it falls by up to 50%, and a proportional loss (down to a total loss) if it declines by more than 50%. The estimated initial fair value is disclosed as between $925 and $955 per $1,000, reflecting embedded fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $50,200,000 of unsecured Autocallable GEARS notes linked to the S&P 500^® Index, maturing in 2031.

Each security has a $10 face amount. If on the February 1, 2027 call observation date the index is at or above 100% of its initial level of 6,915.61, the notes are automatically called and pay $10 plus a 10.3% call return on February 4, 2027.

If not called, at maturity investors receive $10 plus the S&P 500 return multiplied by an upside gearing of 1.85 when the final index level exceeds the initial level, $10 if it is equal, and a proportionally reduced amount if it is lower, with the possibility of losing the entire investment. The notes pay no coupons, are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and had an estimated value of approximately $9.89 per $10 at pricing. The issue price is 100% of face amount, with a 0.25% underwriting discount and 99.75% net proceeds to the issuer; minimum initial purchase is $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2032. The notes do not pay periodic interest and returns depend entirely on index performance.

The notes can be automatically called semi-annually if the index is at or above its initial level on a call observation date, paying $1,000 plus a call premium (starting at least 9.50% and stepping up over time) per $1,000 face amount. If never called, and the final index level is at or above the initial level, investors receive $1,000 plus a maturity premium of at least 57%.

If the notes are not called and the final index level is below the initial level, investors receive only the $1,000 face amount, so upside is capped while downside is limited to issuer and guarantor credit risk. The issuer’s estimated value is $885–$935 per $1,000 at pricing, below the issue price, and the index itself is subject to fees, volatility and momentum controls, and significant cash allocations that can dampen performance.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due 2028 under its Medium-Term Notes, Series F program. These notes pay no interest and are designed to return at least the $1,000 face amount at maturity.

At maturity, investors receive $1,000 per note plus the S&P 500® return if the index is above its initial level, but this upside is capped by a maximum settlement amount of at least $1,180, limiting total gain to about 18%. If the index is flat or down, investors receive only the face amount, with no upside participation.

The notes carry the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, and will not be listed on an exchange. For U.S. tax purposes they are treated as contingent payment debt instruments, requiring accrual of ordinary income over the term based on a comparable yield, even though cash is paid only at maturity. Holders have no rights in the S&P 500® constituent stocks, including dividends.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered notes linked to the Russell 2000® Index, maturing in 2031 under its Medium-Term Notes, Series F program.

At maturity, for each $1,000 note, investors receive: if the index is above its initial level, $1,000 plus the index return, capped at a maximum settlement amount of at least $2,115. If the index is between 85% and 100% of its initial level, investors receive back the $1,000 face amount. If the index falls below 85%, principal is reduced 1% for each 1% decline below that buffer, so a substantial 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 guarantor, and are expected to have an initial estimated value below the issue price. Liquidity may be limited, secondary prices may be volatile, and the U.S. federal tax treatment is described as uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indexes, maturing in 2028. These notes are part of its Medium-Term Notes, Series F program.

Investors receive monthly coupons only if each index stays at or above 80% of its initial level on the relevant observation date. The notes can be automatically called before maturity if all indexes are at or above their initial levels, returning principal plus the due coupon.

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 at final observation, investors receive full principal back. Below 70%, repayment falls one-for-one with the worst index’s loss, and investors can lose their entire investment.

The filing highlights that the notes’ estimated value on the trade date is lower than the original issue price, that secondary market liquidity and pricing are uncertain, that returns are subject to the issuer’s and guarantor’s credit risk, and that U.S. tax treatment is complex and uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering trigger autocallable contingent yield notes linked to the worst performer of the SPDR S&P 500 ETF (SPY) and State Street Energy Select Sector SPDR ETF (XLE).

The notes pay a quarterly contingent coupon between $0.2125 and $0.225 per $10 (about 8.50%–9.00% per year) only if both ETFs are at or above 70% of their initial prices on each observation date. Starting July 2026, the notes are automatically called if both ETFs are at or above their initial levels, returning $10 plus the coupon. If not called and either ETF finishes below 70% on the January 29, 2029 determination date, principal is reduced one-for-one with the loss of the weaker ETF, and investors can lose their entire investment. The estimated value at pricing is $9.50–$9.80 per $10, with a 2.00% underwriting discount, and all payments depend on the credit of GS Finance Corp. and Goldman Sachs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the Russell 2000® Index and the S&P 500® Index, maturing on or about March 1, 2029. The notes pay no interest and all return comes at maturity.

For each $1,000 face amount, investors participate 100% in the lesser-performing index, with upside capped at a maximum settlement amount of at least $1,600. A 15% downside buffer applies: as long as the worst index is not below 85% of its initial level, losses are avoided and modest declines can still produce positive returns via an “absolute return” feature.

If the lesser-performing index falls more than 15%, principal is reduced by the decline beyond that buffer, so investors can lose a substantial portion of their investment. The estimated value on the trade date is expected to be $925–$965 per $1,000, reflecting fees, hedging costs, and issuer credit spreads.

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 repay at least the $1,000 face amount at maturity.

If the index level on the determination date is above its initial level, investors receive $1,000 plus the upside participation rate (at least 125%) times the index gain. If the index is flat or lower, investors only receive the face amount, resulting in no investment return.

The notes are unsecured debt subject to the credit risk of GS Finance Corp. and its parent guarantor. Returns are tied to E-mini S&P 500 futures, which can diverge from the cash S&P 500® Index and may be adversely affected by financing costs, negative roll yield, interest rates and market disruptions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to Alphabet Class C, NVIDIA, Meta Class A and Tesla shares. The notes pay variable monthly coupons and may be automatically called before maturity.

Holders receive the maximum coupon of $7.917 per $1,000 (0.7917% monthly, about 9.5% per year) if each stock closes at or above 80% of its initial price on a coupon observation date, and a minimum coupon of $0.209 (0.0209% monthly, about 0.25% per year) otherwise. The notes can be automatically redeemed from January 2027 through December 2030 if all stocks are at or above their initial prices, returning principal plus the applicable coupon.

The trade date is expected to be January 30, 2026, with maturity expected on February 6, 2031, subject to the automatic call feature. Payments depend on GS Finance Corp. and Goldman Sachs credit, and the estimated value on the trade date is expected between $885 and $935 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,000-denomination market-linked notes tied to the S&P 500® Index, maturing on March 1, 2030. Investors receive full principal repayment at maturity, subject to issuer and guarantor credit risk.

At maturity, if the index is above its starting level, holders earn 100% of the index’s percentage gain, capped at a maximum return of at least 24.00% (at least $1,240.00 per note). If the index is flat or down, investors receive only the $1,000 face amount and no interest or dividends.

The estimated value on the pricing date is expected between $900 and $930 per $1,000 note, below the original offering price, reflecting structuring and distribution costs, including an underwriting discount of up to 3.825%. The notes are intended to be held to maturity and will not be listed on an exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033. The notes pay no interest and can be automatically called each year if the index meets rising call levels, delivering principal plus a call premium.

If held to maturity and not called, investors receive principal back when the index is flat or down, and 100% upside participation if it is higher. The index is complex, uses daily rebalancing, volatility and momentum controls, and applies a 0.65% annual deduction, with significant potential allocation to cash-like positions.

The preliminary estimated value is $850–$880 per $1,000 face amount, below the issue price, reflecting fees and structuring costs. The notes carry the credit risk of GS Finance Corp. and the guarantor, may have limited liquidity, and are expected to be treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity index-linked, auto-callable market-linked securities tied to the S&P 500® Index, each with a $1,000 face amount and maturing in March 2029.

The notes pay no interest and may be automatically called in March 2027 if the index is at or above its starting level, returning $1,000 plus a call premium of at least 8.15%. If not called, investors get 100% upside participation at maturity, full principal protection only down to a 10% decline, and 1‑for‑1 losses beyond that, with up to 90% of principal at risk. The estimated initial fair value is $900–$930 per $1,000, below the issue price, and all payments depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes maturing on January 31, 2033 linked to the common stock of Western Digital, Micron Technology and Carvana.

Holders receive a contingent monthly coupon of $6.875 per $1,000 (0.6875% monthly, up to 8.25% per year) only if on a given observation date the closing price of each stock is at least 75% of its initial level. Miss that condition and the coupon for that month is zero, with no make-up apart from the ratcheting formula.

The notes are automatically called at par plus coupon if, on any call observation date from January 2027 through December 2032, all three stocks are at or above their initial prices. The aggregate face amount on the original issue date is $382,000, with an underwriting discount of 4.125% and net proceeds of 95.875% of face. The issuer’s estimated value is about $926 per $1,000 at pricing, below the 100% issue price, reflecting fees and hedging costs.

Payments depend entirely on the credit of GS Finance Corp. and the guarantor, and investors have no rights in the underlying shares. Extensive anti-dilution and market disruption provisions allow the calculation agent, Goldman Sachs & Co. LLC, to adjust calculations or postpone observations, which may affect coupons, call decisions and secondary market value.

The Goldman Sachs Group, Inc. is offering $2.5 billion of 5.387% Fixed-Rate Reset Subordinated Notes due 2041. The notes pay a fixed 5.387% coupon, semi-annually, from February 2, 2026 to February 2, 2036, then reset to the five-year U.S. Treasury rate plus 1.180% until maturity on February 2, 2041.

The notes are unsecured and subordinated to Goldman Sachs’ senior debt, with acceleration generally only upon bankruptcy, insolvency or reorganization. Goldman may redeem earlier for certain tax reasons, on a make-whole basis from 2031 to 2036, at par on February 2, 2036, or at par on or after August 2, 2040. The issue is priced at 100% of principal, with a 0.450% underwriting discount, yielding approximately $2.49 billion in gross proceeds for general corporate purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Russell 2000® Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes pay a monthly coupon of $13.667 per $1,000 face amount (1.3667% monthly, up to approximately 16.4% per annum) only if on each observation date all three underliers are at or above 75% of their initial levels.

The notes can be automatically called on monthly observation dates from July 2026 through December 2031 if each underlier is at or above its initial level, in which case holders receive $1,000 per note plus the coupon. If not called, the notes mature on January 28, 2032. Principal repayment depends on the worst-performing underlier: if each final level is at least 60% of its initial level, holders receive full principal (and a final coupon if the 75% trigger is met); if any underlier finishes below 60% of its initial level, repayment is reduced in line with the lesser performing underlier’s loss, potentially down to zero and with no coupon.

The aggregate face amount on the original issue date is $3,775,000, with an original issue price of 100% of face amount, a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The estimated value on the trade date is approximately $995 per $1,000, reflecting structuring costs and model-based pricing. Payments are unsecured obligations subject 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 buffered notes with an aggregate face amount of $583,000 under its Medium-Term Notes, Series F program.

The notes pay no interest and may be automatically called on January 31, 2028 if the S&P 500 closing level on January 24, 2028 is at or above the initial level of 6,915.61. If called, holders receive $1,133.50 per $1,000 face amount. If not called, payment at maturity in January 2031 depends on index performance with 100% upside participation and a 20% downside buffer; below the 80% buffer level, principal is reduced one-for-one, potentially down to 20% of face if the index falls to zero.

The issue price is 100% of face, with a 3.6% underwriting discount and 96.4% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, involve uncertain tax treatment, and will not be listed on any exchange.