Here are the 424B prospectus supplements from Goldman Sachs Group Inc. (GS) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow GS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GS filings page.
The Goldman Sachs Group, Inc. is issuing $8,500,000 of callable fixed rate notes due January 21, 2031. The notes pay interest at 4.30% per annum, with annual payments each January 30 starting January 30, 2027, and at maturity.
Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any January 30, April 30, July 30 or October 30 on or after January 30, 2027, with at least five business days’ notice. The initial price to the public is 100% of principal, with a 1.265% underwriting discount and expected proceeds to Goldman Sachs of $8,392,475 before approximately $15,000 of offering expenses.
The Goldman Sachs Group, Inc. is offering $2,000,000 of Callable Fixed Rate Notes due January 22, 2036 under its Medium-Term Notes, Series N program. The notes pay fixed interest at 4.95% per annum, with interest payable on January 30 of each year and at maturity, starting January 30, 2027.
Goldman Sachs may redeem the notes, in whole but not in part, on quarterly redemption dates (January 30, April 30, July 30 and October 30) on or after July 30, 2027 at 100% of principal plus accrued interest. The notes are offered at 100% of principal, with a 1.6% underwriting discount, providing approximately $1,968,000 in gross proceeds before expenses. The notes are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, are not FDIC insured, and are subject to U.S. tax rules including FATCA.
The Goldman Sachs Group, Inc. is offering $13,000,000 of callable fixed-rate notes due January 30, 2031, paying 4.50% annual interest. Interest is paid each January 30, starting January 30, 2027. Goldman Sachs may redeem all notes at par plus accrued interest on any January 30 from 2027 onward.
The notes are issued under the Medium-Term Notes, Series N program, settle through DTC as global securities, and are not insured by any government agency or a bank. Underwriters purchase the notes at 99.355% of principal, with a 0.645% underwriting discount, and may make a secondary market but are not obligated to do so.
The Goldman Sachs Group, Inc. is issuing $7,000,000 of callable fixed-rate notes due January 22, 2041, paying interest at 5.25% per annum. Interest is paid each January 30 starting in 2027, using a 30/360 day-count convention.
Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on quarterly redemption dates beginning July 30, 2028. The notes are unsecured senior debt, offered in $1,000 denominations, not FDIC insured, and not listed on any exchange. Underwriters purchase the notes at 97.821% of principal, providing approximately $6,847,470 in gross proceeds before about $15,000 of estimated expenses.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,175,000 of structured notes linked to Dutch Bros Inc. Class A stock. The notes pay fixed coupons of $26.75 per $1,000 quarterly (2.675% per quarter, up to 10.7% per year) until maturity on February 1, 2029, unless called earlier.
The notes are automatically called if Dutch Bros’ closing price on any quarterly call observation date is at or above the initial price of $57.44, in which case holders receive $1,000 per note plus the coupon. If not called, principal repayment is protected as long as the stock has not fallen 50% or more; at or above the 50% trigger buffer, investors get $1,000 plus the final coupon.
If the final stock price is more than 50% below the initial price, investors suffer a 1-for-1 loss on principal matching the stock’s decline, potentially losing their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, and have an estimated value of about $959 per $1,000 at pricing, below the 100% issue price due to fees, structuring and hedging costs.
The Goldman Sachs Group, Inc. is offering $2,000,000 of callable fixed rate notes due January 22, 2046 under its Medium-Term Notes, Series N program. The notes bear interest at a fixed rate of 5.40% per annum, starting from January 30, 2026.
Interest is paid on January 30 of each year, beginning January 30, 2027, and on the maturity date, using a 30/360 day-count convention. Goldman Sachs may redeem the notes at 100% of principal plus accrued interest, in whole but not in part, on each January 30, April 30, July 30 and October 30 on or after January 30, 2029, with at least five business days’ notice.
The initial price to the public is 100% of principal, with an underwriting discount of 2.33%, resulting in proceeds to Goldman Sachs of 97.67% before expenses. The notes are unsecured senior debt, are not FDIC insured, have no stock exchange listing, and will settle in book-entry form through DTC.
The Goldman Sachs Group, Inc. is offering $8,000,000 principal amount of callable fixed rate notes due January 30, 2030. The notes pay a fixed interest rate of 4.25% per annum from January 30, 2026, with interest payable annually on January 30, starting January 30, 2027.
Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on each January 30, April 30, July 30 and October 30 on or after January 30, 2028, with at least five business days’ notice. The initial price to the public is 100% of principal, with an underwriting discount of 0.502%, resulting in proceeds to Goldman Sachs of 99.498% of principal, or $7,959,840, before approximately $15,000 of offering expenses.
The notes are unsecured senior debt under the Medium-Term Notes, Series N program, are not bank deposits, and are not insured or guaranteed by any governmental agency or bank. Goldman Sachs & Co. LLC and InspereX LLC are the underwriters and may make a market in the notes, but no trading market is assured.
The Goldman Sachs Group, Inc. is offering $6,500,000 of callable fixed rate notes due January 21, 2033, paying interest at 4.60% per annum. Interest is paid annually each January 30, starting January 30, 2027, and on the stated maturity date.
Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any January 30, April 30, July 30 or October 30 on or after July 30, 2027, with at least five business days’ notice. The notes are offered at 100% of principal, with underwriting discounts of 1.555%, resulting in proceeds before expenses of $6,398,925 to Goldman Sachs.
The Goldman Sachs Group, Inc. is offering $4,500,000 of callable fixed rate notes due January 30, 2036 under its Medium-Term Notes, Series N program. The notes pay simple interest at 5.05% per annum, with annual payments each January 30 starting January 30, 2027.
Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any January 30, April 30, July 30 or October 30 on or after January 30, 2028, with at least five business days’ notice. Net proceeds before expenses are 98.924% of principal, or $4,451,580, and the notes are unsecured senior obligations that are not bank deposits or FDIC insured.
Goldman Sachs Group, Inc. is issuing $25,000,000 of callable fixed rate notes due March 30, 2027 under its Medium‑Term Notes, Series N program. The notes pay fixed interest at 3.75% per annum from January 30, 2026 to the stated maturity date, with interest paid on the maturity date unless redeemed earlier.
Goldman Sachs may redeem the notes, in whole but not in part, on the 30th day of each month (with a modified February 2027 date) starting July 30, 2026, at 100% of principal plus accrued interest. The initial price to the public is 100% of face amount, with underwriting discount of 0.11%, resulting in issuer proceeds of $24,972,500 before expenses. The notes are unsecured obligations of The Goldman Sachs Group, Inc., are issued in book‑entry form through DTC, and are not bank deposits or FDIC‑insured.
The Goldman Sachs Group, Inc. is offering $188,576,000 of callable fixed rate notes due July 30, 2029, bearing interest at 4.25% per year.
Interest accrues from January 30, 2026 and is paid semiannually on January 30 and July 30, starting July 30, 2026. Goldman Sachs may redeem the notes, in whole, at 100% of principal plus accrued interest on quarterly redemption dates beginning July 30, 2026.
The initial price to the public is 100.00% of principal, with an underwriting discount of 0.407%, resulting in proceeds before expenses of 99.593% of principal, or $187,808,495.68. The notes are issued under Goldman Sachs’ Medium-Term Notes, Series N program.
The Goldman Sachs Group, Inc. is offering $10,500,000 of callable fixed rate notes due January 30, 2029. The notes pay interest at 4.125% per annum from January 30, 2026, with payments made annually on January 30, starting January 30, 2027.
Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates on or after January 30, 2027 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 0.362% and proceeds to Goldman Sachs of $10,461,990 before expenses.
The notes are issued as global securities through DTC, are unsecured debt of Goldman Sachs, and are not bank deposits or insured by any government agency.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2046 under its Medium-Term Notes, Series N program. The notes pay interest at 5.50% per annum from the original issue date, expected to be February 13, 2026, until the stated maturity date, expected to be January 29, 2046.
Interest is expected to be paid annually on February 13 and at maturity, with the first payment on February 13, 2027. Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates on or after February 13, 2029 at 100% of principal plus accrued interest.
The notes will be issued only in book-entry form through DTC and are not bank deposits or FDIC-insured. The distribution is led by Goldman Sachs & Co. LLC and InspereX LLC, with various selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland and standard U.S. federal income tax treatment as interest-bearing debt.
The Goldman Sachs Group, Inc. is offering callable fixed rate senior notes due 2038 that pay interest at 5.125% per annum, from the original issue date expected on February 12, 2026 to the stated maturity date expected on February 12, 2038. Interest is expected to be paid annually on February 12, starting in 2027.
Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on specified quarterly redemption dates on or after February 12, 2028 at 100% of principal plus accrued interest. The notes are issued as Medium-Term Notes, Series N, in book-entry form through DTC, and are not bank deposits, are unsecured, and are not FDIC insured.
The notes will be distributed by Goldman Sachs & Co. LLC and InspereX LLC under a negotiated underwriting discount, with flexible pricing for certain retirement and fee-based advisory accounts. The filing also details U.S. federal income tax treatment, the application of FATCA withholding, and significant selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.
GS Finance Corp. is offering leveraged buffered notes linked to the Russell 2000® Index, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return depends entirely on index performance between the trade and determination dates.
At maturity, for each $1,000 note, investors receive $1,000 plus 200% of any positive index return, capped at a maximum settlement amount of at least $1,265. If the index falls but stays within a 10% buffer (down to 90% of the initial level), principal is returned.
If the index falls more than 10%, losses match the decline below the buffer, and a substantial portion of principal can be lost. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, will not be listed on an exchange, and their estimated value at pricing will be below the original issue price.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2031 that pay interest at 4.35% per annum. Interest is expected to be paid annually on February 13, beginning February 13, 2027, with the stated maturity date expected to be January 29, 2031.
Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates starting February 13, 2027 at 100% of principal plus accrued interest. The notes are issued as Medium-Term Notes, Series N, will settle through DTC in global form, and are distributed by Goldman Sachs & Co. LLC and InspereX LLC under a negotiated underwriting arrangement.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2036 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 5.00% per annum from the expected original issue date of February 13, 2026 to the expected stated maturity date of January 29, 2036.
Interest is expected to be paid annually on February 13 and at maturity, with the first payment on February 13, 2027. Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates on or after August 13, 2027 at 100% of principal plus accrued interest.
The notes will be issued in book-entry form through DTC, are unsecured senior debt obligations of The Goldman Sachs Group, Inc., and are not bank deposits or insured by any governmental agency. FATCA withholding may apply, and the offering includes detailed selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2030 that pay interest at 4.30% per annum from the original issue date, expected to be February 13, 2026, until the stated maturity date, expected to be February 13, 2030.
Interest is expected to be paid annually on February 13, beginning February 13, 2027. Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates on or after February 13, 2028 at 100% of principal plus accrued interest.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2041 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 5.30% per year from the original issue date, with interest expected to be paid annually each February 13, starting in 2027 and at maturity.
Goldman Sachs may redeem the notes at its option, in whole but not in part, on quarterly redemption dates beginning in August 2028 at 100% of principal plus accrued interest. The notes are unsecured senior debt obligations, not bank deposits, and are subject to FATCA withholding and various selling restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the iShares ae MSCI Emerging Markets ETF and maturing in February 2029.
Each note has a $1,000 face amount and pays no interest. At maturity, if the ETF level is above its initial level, investors receive $1,000 plus the ETF return, capped at a maximum settlement amount of $2,320 per note. If the final level is at or above 70% of the initial level (a 30% trigger buffer), investors receive back the $1,000 face amount. If the ETF falls below 70% of its initial level, repayment is reduced 1% for each 1% decline, and investors can lose up to their entire principal.
The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are part of its Medium-Term Notes, Series F program. The return is based on the ETF, not directly on its underlying MSCI Emerging Markets Index.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, maturing on February 3, 2031.
The notes pay contingent quarterly coupons of 2.75% (up to 11% per year) only when the index is at least 60% of the initial level on an observation date. Starting in January 2027, the notes are automatically called if the index is at or above the initial level, returning principal plus the due coupon.
If held to maturity and never called, principal is protected only down to a 50% buffer; below that, losses match index declines and can reach 100%. The index uses up to 500% leverage and a daily 6% per annum decrement, which both amplify downside and create performance drag. The estimated value on the trade date is about $914 per $1,000 face amount, versus a 100% issue price, reflecting fees and issuer funding costs.
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.