Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of six large-cap stocks: Amazon, Arista Networks, Boston Scientific, KLA, Parker-Hannifin and Boeing.

The notes pay no interest and have a face amount of $6,811,000 in aggregate, with a January 27, 2028 maturity. They may be automatically called on February 5, 2027 if the basket level is at or above 100, in which case investors receive $1,122 per $1,000 on February 10, 2027. Otherwise, at maturity investors get $1,000 plus 150% of any positive basket return, full principal back if the basket is down up to 15%, and buffered downside losses beyond that using a buffer rate of about 117.65%. The estimated value is about $956 per $1,000 at pricing, reflecting fees and issuer economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100, Russell 2000 and S&P 500-linked notes with an aggregate face amount of $550,000. These notes pay a contingent quarterly coupon of $26.75 per $1,000 (2.675% quarterly, up to 10.70% per year) only if each index closes at or above 70% of its initial level on the relevant observation date.

The notes can be automatically called on specified quarterly dates starting July 23, 2026 if every index is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon. If not called, at maturity in January 2031 investors receive $1,000 per note only if the worst-performing index is at or above 70% of its initial level. If any index finishes below this trigger buffer, repayment is reduced in line with the lesser performing index return, and investors may 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 carry uncertain U.S. tax treatment.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is issuing $7,086,000 of equity-linked notes maturing on January 28, 2031. These notes pay no interest and the payoff depends on the lesser performer of the S&P 500 Index, State Street Consumer Staples Select Sector SPDR ETF and State Street Health Care Select Sector SPDR ETF.

If all three underliers finish at or above their initial levels, investors receive principal plus 3.2× the gain of the worst performer. If any underlier is below its start but all remain at or above 60% of initial, investors receive only the $1,000 face amount per note. If any underlier closes below 60% of its initial level, repayment is reduced one-for-one with the loss of the worst underlier and investors can lose their entire principal.

The original issue price is 100% of face amount, with a 3% underwriting discount and an additional structuring fee of up to 0.85%. The issuer’s estimated value is about $950 per $1,000 note on the trade date, reflecting offering costs and dealer margin. Repayment is an unsecured obligation subject to the credit risk of GS Finance Corp and its parent guarantor, and the notes have complex tax, market, liquidity and sector-concentration risks.

GS Finance Corp. is offering $115,000 of structured notes linked to the common stock of The Mosaic Company. Each $1,000 note can pay a contingent quarterly coupon of $37.625 (3.7625% quarterly, up to 15.05% per year) when Mosaic’s closing level is at or above 60% of the initial level.

The initial Mosaic level is $28.79, with both the coupon trigger and downside buffer set at 60% of that level. The notes are automatically called at par, plus any due coupon, if Mosaic is at or above the initial level on a call observation date. If held to maturity and Mosaic finishes below the 60% trigger buffer, investors’ principal is reduced one-for-one with the underlier return, up to a total loss of the investment.

The notes price at 100% of face amount with a 2% underwriting discount, yielding 98% net proceeds to the issuer. Payments depend on the credit of GS Finance Corp. and its guarantor, The Goldman Sachs Group, Inc., and the notes are unsecured, unlisted, and carry significant market, equity and tax risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering unsecured, auto-callable notes linked to the common stock of Blackstone Inc. The notes pay no interest and are scheduled to mature in early 2033 unless automatically called starting in January 2027.

Each $1,000 note is called if Blackstone’s stock closes at or above 90% of its initial level on an observation date, paying $1,000 plus a call premium that starts at 12.25% and steps up over time. If never called, maturity payments depend on Blackstone’s final price: at or above 80% of the initial level pays a capped $1,857.5 per $1,000; between 75% and 80% returns only $1,000; below 75% produces a proportional loss, up to a total loss of principal.

The estimated value at pricing is expected between $885 and $925 per $1,000, reflecting fees and hedging costs. Investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, potential illiquidity, complex anti-dilution and market‑disruption adjustments, and no shareholder rights in Blackstone.

GS Finance Corp. is offering $5,507,000 of equity-linked notes tied to a basket of eight large-cap stocks, fully guaranteed by The Goldman Sachs Group, Inc. The basket is equally weighted, with each stock starting at 12.5% and an initial basket level of 100.

The notes pay no interest and mature on January 27, 2028, but may be automatically called on February 5, 2027 if the basket is at or above its initial level, in which case investors receive $1,164 per $1,000 on February 10, 2027. If not called, maturity payments depend on basket performance: investors participate at 125% of any upside, receive full principal back if the basket is down by up to 15%, and lose principal if it falls more than 15%, with losses scaled by a buffer rate of about 117.65%.

The notes are unsecured and subject to the credit risk of GS Finance Corp. and its guarantor, offer an original issue price of 100% with a 1.5% underwriting discount, and have an estimated initial value of about $948 per $1,000 due to structuring and distribution costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Blackstone Inc. The notes have a $1,000 face amount, no periodic interest, and an initial aggregate face amount of $1,000,000, which may be increased.

The notes can be automatically called quarterly from January 2027 if Blackstone’s stock closes at or above 90% of the initial price of $150.48, paying $1,000 plus a call premium (starting at 11.9% and rising over time). If not called, they mature on January 27, 2033.

At maturity, holders receive: $1,833 per $1,000 if the final stock price is at least 80% of the initial level; $1,000 if it is between 75% and 80%; and a loss matching the stock’s decline if it falls below 75%, with the possibility of losing the entire principal. The estimated value on the trade date is about $973 per $1,000, reflecting structuring and distribution costs, and the notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,003,000 of five-year notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and return depends entirely on index performance between the trade and determination dates.

If the final index level is above the initial level, investors receive $1,000 plus 155% of the index gain per $1,000 note. If the index is flat or down by up to 20%, investors receive the full $1,000. If the index falls more than 20%, principal is reduced 1% for each additional 1% decline, so investors can lose a substantial portion of their investment.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. They are not bank deposits, are not insured, and will not be listed on any exchange, and any secondary market-making by Goldman Sachs & Co. LLC is discretionary.

GS Finance Corp. is offering medium-term, equity-linked notes tied to the worst performer among Alphabet Class A, JPMorgan Chase and Tesla shares. The notes have a $1,000 face amount, total offering of $1,180,000, and are guaranteed by The Goldman Sachs Group, Inc.

The notes pay no interest or dividends and can be auto‑called on January 28, 2027 for $1,500 per $1,000 if the lowest-performing stock is at or above its starting price. If not called, at maturity in January 2029 investors get 400% of any gain in the worst stock, par if the worst stock is down up to 50%, and 1‑for‑1 losses beyond that, with up to 100% principal loss. The initial estimated value is about $946 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering bear market-linked "one look" notes tied to the S&P 500® Index with a term of about fifteen months and a principal amount of $10 per unit. The notes pay no periodic interest and all payments occur at maturity.

If the S&P 500 ending level is less than or equal to its starting level, investors receive their $10 principal plus a digital payment expected to be between 15.00% and 18.00% of principal. If the index rises but by no more than 15.00%, the maturity payment increases one-for-one with the index, up to the same 15% cap.

If the index increases by more than 15.00% (above the 115% threshold), the notes provide 1-to-1 negative exposure to that excess gain, so investors lose principal and can lose their entire investment. The notes are senior unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by Goldman Sachs, and are subject to their credit risk.

The estimated value on the pricing date is expected to be between $9.25 and $9.55 per $10 unit, reflecting structuring and distribution costs. The minimum initial purchase is $100,000, and the notes will not be listed on an exchange, with only limited secondary market making expected.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due March 4, 2031. The notes pay no interest and the amount you receive at maturity depends on the index level on the February 27, 2031 determination date.

If the S&P 500® final level is higher than its initial level, you receive your $1,000 face amount plus the index return, but this upside is capped at a maximum settlement amount of at least $1,420 per $1,000. If the index is flat or lower, you receive only the $1,000 face amount. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may trade below face value, will not be listed on an exchange, and are expected to be worth less than the original issue price at launch. For U.S. tax purposes they are treated as contingent payment debt instruments, generally requiring holders to accrue taxable ordinary income over the term even though no cash is paid until maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,750,000 aggregate face amount of structured notes linked to Alphabet Class C, NVIDIA, Meta Class A and Tesla shares, maturing on January 30, 2031, with an automatic call feature starting in January 2027.

Each $1,000 note pays a monthly contingent coupon: $7.709 (0.7709% monthly, about 9.25% per year) if every stock is at least 80% of its initial price, or $0.209 (0.0209% monthly, about 0.25% per year) otherwise. At maturity, investors receive $1,000 plus the final coupon, subject to issuer and guarantor credit risk.

The notes are sold at 100% of face amount with a 3.75% underwriting discount and 96.25% net proceeds to the issuer. The estimated value on the trade date is approximately $945 per $1,000, reflecting structuring costs and dealer compensation. The notes are unsecured, not insured by any government agency, and may have limited secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes due 2028 tied to the Nasdaq-100 Index® and the S&P 500® Index.

The notes pay no interest and can be automatically called in March 2027 if both indexes are at or above their initial levels, in which case investors receive at least $1,120 per $1,000 face amount. If not called, the March 2028 maturity payment depends on the worst-performing index. With a 200% upside participation rate, gains are based on the lesser performing index, but if any index finishes below 80% of its initial level, principal is reduced one-for-one with that decline, up to a total loss. The notes carry issuer and guarantor credit risk, limited liquidity, market value sensitivity to rates and volatility, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index maturing in 2028. The notes provide 200% upside participation in index gains, but the payoff is capped at a maximum settlement amount of $1,197.50 per $1,000 face amount.

A 10% buffer protects principal against moderate index declines: if the S&P 500® falls by 10% or less, holders receive back the $1,000 face amount. If the index falls by more than 10%, principal is reduced 1% for each additional 1% decline, so a substantial loss of investment is possible.

The notes pay no periodic interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. Secondary market values may be significantly below face amount, and the tax treatment is uncertain, with the notes intended to be treated as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp. is issuing $1,245,000 of autocallable contingent coupon notes linked to the iShares Semiconductor ETF (SOXX), guaranteed by The Goldman Sachs Group, Inc. The notes pay a quarterly coupon of $35.5 per $1,000 face amount (3.55% per quarter, up to 14.2% per year) only when the ETF closes at or above 70% of the $344.71 initial level on each observation date.

The notes may be automatically called from January 2027 through October 2028 if the ETF is at or above its initial level on a call observation date, returning principal plus that quarter’s coupon. If held to January 26, 2029 and not called, principal is fully protected as long as the ETF is at or above 70% of its initial level; below that, repayment is reduced one-for-one with the ETF loss and can result in a total loss of principal. The estimated value at pricing is about $990 per $1,000, reflecting embedded fees including a structuring fee of up to 0.8%.

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 Adobe Inc.

The notes pay a contingent monthly coupon of $8.625 per $1,000 face amount when Adobe’s closing level on a coupon observation date is at or above the coupon trigger level, set at 70% of the initial underlier level. If Adobe closes below this level on an observation date, no coupon is paid for that month.

The notes are automatically called if Adobe’s closing level on any call observation date (beginning August 3, 2026) is at or above the initial underlier level. In that case, holders receive $1,000 per $1,000 face amount plus the coupon then due, and the investment ends early.

If the notes are not called, payment at maturity in February 2029 depends on Adobe’s level at the determination date. If the final level is at or above the 70% trigger buffer level, investors receive $1,000 per $1,000 face amount plus any final coupon. If the final level is below 70%, repayment is reduced in line with Adobe’s negative return, and the entire principal can be lost.

The pricing supplement highlights that the estimated value of the notes on the trade date, as determined by Goldman Sachs & Co. LLC models, will be less than the original issue price, and that secondary market prices may be further reduced by dealer spreads and commissions. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor, and they are not bank deposits or FDIC insured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing commodity ETF-linked medium-term notes tied to the worst performer of the SPDR® Gold Trust and iShares® Silver Trust, maturing January 26, 2029. Each security has a $1,000 face amount and offers a quarterly contingent coupon of $39.00 (15.60% per annum) only if the lowest performing ETF on the calculation day is at or above 70% of its starting price, with a memory feature for previously skipped coupons.

The notes are auto-callable from April 2026 through October 2028 if the lowest performing ETF is at or above its starting price, returning face value plus the applicable coupon and any unpaid coupons. If not called, investors receive $1,000 at maturity only if the lowest performer on the final calculation day is at or above 70% of its starting price; otherwise, repayment is reduced in full proportion to the decline and investors can lose most or all of principal.

The offering size is $18,528,000, with a 2.325% underwriting discount and proceeds to the issuer of $18,097,224. The initial estimated value is approximately $927 per $1,000, below the issue price, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The notes are not listed and are designed to be held to maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,210,000 of structured notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indexes. These 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 closes at or above 70% of its initial level on the relevant observation date.

At maturity in January 2029, if the notes have not been redeemed early and the worst-performing index is at or above 70% of its initial level, investors receive full principal back plus any final coupon. If the worst index finishes below 70%, repayment is reduced one-for-one with that index’s loss, and investors can lose their entire investment. Goldman has the right to redeem the notes at par plus any due coupon on specified quarterly dates starting April 2026, and the notes are subject to the credit risk of both the issuer and guarantor, limited liquidity, model-based pricing and complex, uncertain tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes with an aggregate face amount of $790,000, linked to the iShares Silver Trust and shares of NVIDIA, AMD and Broadcom. The notes mature on January 30, 2031, but can be automatically called monthly from January 2027 through December 2030 if each underlier’s closing level is at or above its initial level.

For each $1,000 face amount, investors receive a monthly coupon of $7.625 (0.7625%, up to 9.15% per year) only when every underlier is at or above 70% of its initial level on the observation date; otherwise the coupon is zero. If the notes are not called, investors receive $1,000 per note at maturity plus any final coupon, so principal depends on issuer and guarantor credit rather than underlier levels.

The original issue price is 100% of face amount, with a 3.8% underwriting discount and 96.2% net proceeds to the issuer. The estimated value on the trade date is about $934 per $1,000, reflecting structuring costs and dealer margin. Investors face credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., potential illiquidity, foregone dividends on the underliers, and commodity and regulatory risks related to silver and the ETF.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $400,000 of three-year notes linked to the common stock of GE Vernova Inc. The notes can pay a contingent quarterly coupon of $34 per $1,000 (3.4% per quarter, up to 13.6% per year) when the stock closes at or above 50% of its initial level on each observation date.

The notes may be automatically called on any quarterly call observation date from April 2026 through October 2028 if the stock closes at or above the initial level, returning $1,000 per note plus the applicable coupon. If the notes are not called and the final stock level on January 23, 2029 is at least 50% of the initial level, investors receive $1,000 per note (plus any final coupon).

If the final level is below 50% of the initial level, principal is reduced one-for-one with the stock decline, and investors can lose up to their entire investment. The filing highlights that the notes’ estimated value at pricing is below the 100% issue price, that secondary market values may be volatile and discounted, and that investors bear both underlier performance risk and the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes with an aggregate face amount of $1,394,000 linked to the Goldman Sachs Momentum Builder® Focus ER Index.

The notes provide 100% principal repayment at maturity (subject to issuer and guarantor credit risk) and no periodic interest. If the index on any annual call observation date is at or above 101% of its initial level, the notes are automatically called, paying $1,000 per note plus a fixed call premium (from 9.40% on the first call date up to 37.60% on the last).

If not called, at maturity investors receive $1,000 plus 100% of any positive index return; if the index is flat or lower, the payment is $1,000. The index uses daily rebalancing, volatility control at 5%, and a momentum risk control feature, and it is reduced by the federal funds rate (on the base index) and a 0.65% per annum deduction. The estimated value on the trade date is $934 per $1,000 face amount, below the 100% issue price, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering structured notes whose return is tied to the common stock of Salesforce, Inc.. The notes pay contingent monthly coupons of $9.167 per $1,000 face amount (0.9167% per month, up to about 11% per year) only when Salesforce’s share price on an observation date is at least 71% of the initial price.

The notes can be automatically called in February 2027 if Salesforce’s closing price is at or above the initial price, in which case investors receive $1,000 per note plus the applicable coupon. At maturity in March 2027, if not called, principal is fully protected only if the final Salesforce price is at least 71% of the initial price. Below that level, repayment of principal is reduced one-for-one with the stock’s decline, and investors may lose most or all of their investment and receive no coupon. The notes carry the unsecured credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the S&P 500® Index maturing in 2029. The notes do not pay periodic interest and are issued at 100% of face amount.

The notes are automatically called in March 2028 if the index on the February 2028 call observation date is at or above the initial level. In that case, investors receive at least $1,088 per $1,000 face amount and the investment ends early.

If the notes are not called, the maturity payment in March 2029 is based on index performance. Investors get $1,000 per $1,000 face amount if the index is at or below its initial level, and enhanced upside with a 110% participation rate if the index has risen.

Key risks highlighted include credit risk of the issuer and guarantor, potential secondary market discounts, no interest payments, capped call proceeds, sensitivity to interest rates and volatility, and complex U.S. federal tax treatment as contingent payment debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $265,000 of medium-term notes linked to the Class A common stock of Coinbase Global, Inc. The notes pay a contingent quarterly coupon of $49.375 per $1,000 face amount (4.9375% quarterly, up to 19.75% per year) when Coinbase’s closing level on an observation date is at least 50% of the initial level of $216.95.

The notes may be automatically called on specified dates if Coinbase’s level is at or above the initial level, returning $1,000 per note plus any due coupon. If not called, and at maturity the final level is at or above 50% of the initial level, holders receive $1,000 per note plus any final coupon. If the final level is below 50%, repayment is reduced one-for-one with the stock’s decline, and all principal can be lost. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., carry a 2% underwriting discount, and are not listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable notes with an aggregate face amount of $7,487,000 linked to the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index.

The notes pay a contingent monthly coupon of $8.459 per $1,000 (0.8459% monthly, about 10.15% per year) only when each index is at or above 60% of its initial level on the observation date. The notes are automatically called at par plus coupon if all three indices are at or above their initial levels on a call observation date.

At maturity, if not called and each index is at or above 60% of its initial level, holders receive full principal. If any index finishes below 60%, repayment is reduced one-for-one with the worst-performing index, and holders can lose their entire investment. Returns also depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable notes linked to the Class A common stock of Oscar Health, Inc. The aggregate face amount on the original issue date is $500,000, in $1,000 denominations.

The notes pay a conditional quarterly coupon of $82.25 per $1,000 (8.225% quarterly) only if Oscar Health’s closing price on the coupon observation date is at least 55% of the initial stock price of $15.69$0.

The notes can be automatically called in full on observation dates from April through July 2026 if Oscar’s stock closes at or above the initial price, returning the $1,000 face amount plus the then-applicable coupon. If not called, they mature on October 27, 2026.

At maturity, if the final stock price is at least 55% of the initial price, investors receive $1,000 per note plus any final coupon. If it is below 55%, repayment is reduced one-for-one with the stock decline, and investors can lose up to their entire principal and receive no coupon.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. The estimated value at pricing is approximately $971 per $1,000 face amount, reflecting structuring costs and dealer margins.

GS Finance Corp. is offering market-linked, auto-callable notes tied to the common stock of NVIDIA Corporation, maturing on January 26, 2029. Each $1,000 security can pay a quarterly contingent coupon of $31.50 (a 12.60% annual rate) if NVIDIA’s closing price on the relevant calculation day is at least 60% of the $187.67 starting price.

The notes can be automatically called quarterly from April 2026 through October 2028 if NVIDIA’s price is at least 90% of the starting price, returning the $1,000 face amount plus a final coupon. If not called, investors get $1,000 at maturity only if the final price is at least 60% of the starting price; below that level, principal loss is linear and can reach 100%. The estimated value at pricing is about $971 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor, The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the iShares Silver Trust ETF, NVIDIA, AMD and Broadcom shares. The notes pay a contingent monthly coupon of $10.417 per $1,000 (about 1.0417%) only if on each observation date all four underliers close at or above 70% of their initial levels.

The notes can be automatically called beginning in January 2027 if, on any call observation date, each underlier is at or above its initial level ($92.91 for SLV, $187.67 for NVIDIA, $259.68 for AMD and $320.05 for Broadcom). If called, investors receive $1,000 per note plus the applicable coupon.

If not called, the notes mature on January 30, 2031, returning $1,000 per note plus any final coupon. The estimated value at pricing was about $963 per $1,000 face amount, below the 100% issue price, reflecting structuring costs and dealer margin. The notes are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and do not provide ownership, dividends or voting rights in the underliers.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked auto-callable buffered notes with an aggregate face amount of $997,000 under its Medium-Term Notes, Series F program.

The notes run to a stated maturity date of January 30, 2029, but will be automatically called on February 1, 2027 if the S&P 500 closing level on the January 25, 2027 call observation date is at or above the initial level of 6,915.61. If called, investors receive $1,073 per $1,000 face amount, a fixed 7.3% cash payment.

If not called, the maturity payment depends on index performance. Above the initial level, investors participate 100% in upside. Between 70% and 100% of the initial level, repayment is at par. Below 70%, losses increase one-for-one beyond a 30% buffer, and investors can lose a substantial portion of principal. The notes pay no interest, are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below issue price, may lack a liquid market, and involve uncertain U.S. tax treatment.

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. The notes pay no interest and return depends entirely on S&P 500 performance between the trade and determination dates.

At maturity, investors receive $1,000 per note plus the index return if the S&P 500 finishes above its initial level, but the payout is capped at a maximum settlement amount of at least 112.5% of face value. If the index is flat or lower, investors receive only the face amount, with no upside or interest, and remain fully exposed to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing on January 27, 2033. The notes are issued at 100% of face amount, in $1,000 denominations, with an aggregate face amount of $1,718,000.

The notes pay no interest. If on any semi-annual call observation date from January 2027 the index closes at or above 101% of the 113.19 initial level, the notes are automatically called and pay $1,000 plus the applicable call return (rising from 11% to 71.5%). If not called, at maturity investors receive $1,770 per $1,000 (a 77% cap) if the final index level is at least 101% of the initial level, otherwise they receive only the $1,000 face amount. The underwriting discount is 0.75% and net proceeds are 99.25% of face amount. The estimated value is approximately $950 per $1,000, reflecting embedded fees and hedging costs. Returns depend on a complex index that applies volatility and momentum controls and a 0.65% annual deduction, and payments are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due March 4, 2031 under its Medium-Term Notes, Series F program. These notes are unsecured obligations and expose investors to the credit risk of both the issuer and guarantor.

The notes do not pay interest. At maturity, for each $1,000 face amount, investors receive: the index return if the S&P 500 level is above the initial level, capped by a maximum settlement amount of at least $1,955; full principal back if the index has fallen by no more than the 15% buffer; or a dollar-for-dollar loss beyond that buffer. A 15% buffer level is set at 85% of the initial index level, with a 100% buffer rate.

Theoretical examples show that a large decline in the S&P 500 can lead to substantial losses, while strong gains are capped. The notes will not be listed on any exchange, and market making by Goldman Sachs & Co. LLC is discretionary. The estimated value at pricing is less than the original issue price due to underwriting, hedging and structuring costs, and the tax treatment is described as uncertain, with the notes treated as prepaid derivative contracts for U.S. federal income tax purposes in counsel’s opinion.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering AMD-linked structured notes with an aggregate face amount of $905,000. These notes pay a contingent quarterly coupon of $39.5 per $1,000 (3.95%, up to 15.80% per year) only when Advanced Micro Devices, Inc. stock closes at or above 50% of its initial level of $259.68.

The notes can be automatically called on quarterly observation dates from April 23, 2026 through October 23, 2028 if AMD’s closing level is at least the initial level, in which case investors receive $1,000 per note plus the due coupon. If not called, at maturity on January 26, 2029 investors receive full principal only if AMD’s final level is at least 50% of the initial level.

If AMD falls below this 50% trigger buffer at maturity, repayment is reduced one-for-one with the stock’s loss, potentially down to zero, so investors can lose their entire investment. Investors also do not participate in any stock gains above par, face issuer and guarantor credit risk, may see secondary market values below the issue price, and face uncertain U.S. tax treatment classified as an income-bearing prepaid derivative contract.

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

The notes pay a quarterly contingent coupon of $28.875 per $1,000 (2.8875% quarterly, up to 11.55% per year) only if Chipotle’s share price on each observation date is at least 60% of the initial level. If on any call observation date the stock closes at or above its initial level, the notes are automatically called and repay $1,000 per note plus the coupon.

If the notes are not called, at maturity in February 2029 investors receive $1,000 per note only if Chipotle’s final level is at least 60% of the initial level. Below that threshold, repayment falls in line with the stock’s loss, and investors can lose up to their entire principal. The document highlights that the estimated value at issuance is less than the issue price, market value can be volatile, payments depend on the credit of GS Finance Corp. and its guarantor, and tax treatment of the notes is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering $3,600,000 of unsecured medium-term notes linked to the common stock of Broadcom, Amazon.com and UnitedHealth Group. The notes mature on January 30, 2031, unless automatically called earlier.

The notes pay variable monthly coupons per $1,000 face amount. If each stock closes at or above 75% of its initial price ($320.05 for Broadcom, $239.16 for Amazon, $356.26 for UnitedHealth) on an observation date, investors receive a maximum coupon of $6.042; otherwise they receive a minimum coupon of $0.209. Starting in January 2027, if all three stocks are at or above their initial prices on a call observation date, the notes are automatically redeemed at $1,000 plus the applicable coupon. The original issue price is 100% of face amount, with a 3.75% underwriting discount and 96.25% net proceeds to the issuer; the estimated value on the trade date is approximately $947 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $7,226,000 of medium-term notes linked to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. These notes combine contingent interest, automatic call features and principal risk tied to the worst-performing index.

Investors receive a quarterly coupon of $23.75 per $1,000 (2.375% quarterly, up to 9.50% per year) only if each index is at least 75% of its initial level on the observation date. The notes are automatically called at $1,000 per $1,000 face amount, plus the due coupon, if on any call observation date all three indexes are at or above their initial levels.

If the notes are not called, principal repayment at maturity depends solely on the index with the lowest return. If that index’s final level is at least 75% of its initial level, investors receive full principal back; below 75%, repayment is reduced one-for-one with the decline, and investors can lose their entire investment. The documents highlight that the notes’ estimated value at pricing is lower than the 100% issue price, the notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., there may be limited or no secondary market, and tax treatment is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing COIN-linked medium-term notes with an aggregate face amount of $500,000. Each $1,000 note offers a contingent monthly coupon of $18.709 (1.8709% monthly, up to about 22.45% per year) when Coinbase Global, Inc. Class A shares close at or above 60% of the initial level of $223.14.

The notes can be automatically called quarterly if Coinbase’s closing level is at or above the initial level on specified call observation dates, returning $1,000 per note plus the applicable coupon. If not called, at maturity investors receive full principal back only if the final underlier level is at or above 50% of the initial level. Below this 50% trigger buffer, repayment is reduced one-for-one with the stock’s decline, and investors can lose their entire investment.

The notes do not participate in stock gains above par; even if Coinbase doubles, principal repayment is capped at 100% of face value plus any final coupon. The original issue price is 100% of face amount, with a 0.35% underwriting discount and 99.65% net proceeds to the issuer. Investors face issuer and guarantor credit risk, limited liquidity, market value volatility, structural complexity and uncertain U.S. tax treatment, and the notes are not bank deposits or FDIC insured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable notes maturing on January 26, 2029 linked to Micron, Palantir and Tesla shares. Investors may receive a contingent monthly coupon of $16.125 per $1,000 (1.6125% monthly, up to 19.35% per year) when each stock closes at or above 50% of its initial price.

The notes are automatically called from January 2027 through December 2028 if each stock is at or above its initial price, returning principal plus the due coupon. If held to maturity and all three stocks are below their initial prices and any is below 50%, repayment is reduced in line with the worst performer, potentially to zero. The aggregate face amount on the original issue date is $570,000, issued at 100% with a 1.25% underwriting discount and 98.75% net proceeds. The estimated value is about $948 per $1,000, and payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $7,000,000 of autocallable contingent coupon index-linked notes tied to the Nasdaq-100 Index, Nikkei 225 and Russell 2000 Index.

The notes mature on January 26, 2029, but can be automatically called quarterly from April 2026 through October 2028 if the closing level of each index is at or above its initial level. When all three indices are at or above 65% of their initial levels on an observation date, investors receive a contingent coupon of $27.875 per $1,000 face amount (2.7875% quarterly, up to 11.15% per year).

If held to maturity and the worst-performing index is at or above 70% of its initial level, investors receive full principal back plus any final coupon. Below 70%, repayment is reduced in line with the lesser-performing index’s decline, and if any index finishes below 65% of its initial level, investors receive less than 65% of principal and no final coupon, risking a substantial or total loss. The notes’ estimated value at pricing is approximately $986 per $1,000 face amount, reflecting underwriting discounts and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering market-linked notes tied to the EURO STOXX 50® Index, maturing on August 30, 2029. Each $1,000 note pays no interest and repays a variable amount at maturity based on index performance.

If the index rises, investors receive $1,000 plus at least 163% of the index’s percentage gain. If the index falls by up to 25%, investors receive $1,000. Below that 25% threshold, repayment falls 1‑for‑1 with the index decline, and the entire principal can be lost.

The indicative estimated value is $925–$955 per $1,000 at pricing, below the $1,000 offering price, reflecting structuring costs and dealer compensation. Underwriting discounts are up to 2.825% per note, and the securities are unsecured, subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $850,000. The notes pay no interest and return at maturity depends entirely on index performance between January 22, 2026 and the January 23, 2029 determination date.

For each $1,000 note, investors receive 150% of any positive index return, capped at a maximum settlement amount of $1,340. If the index finishes between 90% and 100% of its initial level, principal is returned. Below 90%, principal is reduced one-for-one with index losses beyond the 10% buffer, so a substantial loss of investment is possible.

The initial underlier level is set at 6,913.35, lower than the level on the trade date. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and the estimated value at pricing is less than the 100% issue price due to fees, expenses and dealer margin.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering EURO STOXX 50® Index-linked notes with an aggregate face amount of $16,030,000. These five-year notes pay no interest and return depends entirely on index performance between the trade and determination dates.

If the final index level exceeds the initial level of 5,948.20, holders receive $1,000 plus 177.15% of the index gain per $1,000 note. If the index finishes at or above 75% of the initial level, principal is repaid in full. Below the 75% trigger buffer level, principal loss is one-for-one with the index decline, and investors can lose their entire investment.

The pricing supplement highlights that the original issue price exceeds the model-based estimated value, that secondary market liquidity may be limited, and that investors are exposed to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., as well as complex and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose return depends on an equally weighted basket of five U.S. stocks: Dycom Industries, Expand Energy, NRG Energy, United Rentals and Vistra, each with a 20% weighting.

The notes pay no interest and mature in February 2029 unless they are automatically called in February 2027. If the basket level on the call observation date is at or above its initial level of 100, the notes are redeemed early for $1,162 per $1,000 face amount. If not called, the maturity payment depends on the basket return: for gains, investors receive $1,000 plus 1.25 times the positive basket return; for losses down to -30%, they receive $1,000 plus the absolute value of the basket loss; for losses worse than -30%, repayment falls dollar-for-dollar with the basket decline and can be far below principal.

The structure includes a 70% trigger buffer level and extensive anti-dilution and market disruption provisions. The estimated value on the trade date is expected between $925 and $965 per $1,000, reflecting fees and hedging costs, and all payments are subject to the credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked medium‑term notes due August 29, 2029, tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes pay no coupons and return cash only at maturity.

At maturity, investors receive $1,000 per note plus an upside payment if the final index level exceeds the initial level. The positive return equals a participation rate of at least 355% times the index return; if the index is flat or down, only the $1,000 face amount is repaid.

The index allocates among equity, fixed income, commodity and money market exposures, using daily rebalancing, a 5% volatility control and a momentum risk control that can shift most exposure into non‑interest‑bearing cash. Performance is calculated on an excess‑return basis over the federal funds rate and reduced by a 0.65% per‑annum deduction, so high cash allocations and higher short‑term rates can materially dampen index gains.

Key risks include issuer and guarantor credit risk, no interest payments, potentially illiquid secondary markets, estimated value below issue price, complex index mechanics that may not capture momentum or limit volatility as intended, and U.S. tax treatment as a contingent payment debt instrument requiring accrued ordinary income before any cash is received.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering 1,990,000 Market-Linked Step Up Notes at $10 principal per unit, for an aggregate principal of $19,900,000, maturing on January 31, 2028. The notes pay no periodic interest and all payments occur at maturity.

The notes are linked to an international equity basket comprised of the EURO STOXX 50® Index (40%), the Nikkei 225 (40%) and the Swiss Market Index (20%). If the basket is flat or higher at maturity, holders receive the greater of a 24.00% step-up return ($12.40 per unit) or a 1-to-1 upside based on the basket’s percentage gain. If the basket has declined, principal is exposed 1-to-1 and investors can lose up to their entire investment.

The public offering price is $10.00 per unit, including an underwriting discount of up to $0.15 per unit, with proceeds to GS Finance Corp. of $9.85 per unit, or $19,601,500 in total. The issuer’s initial estimated value is approximately $9.72 per $10 principal, reflecting structuring and distribution costs. The notes are senior unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., subject to their credit risk, and are not bank deposits or FDIC-insured. Minimum initial purchase is $100,000, and the notes will not be listed, so secondary market liquidity is expected to be limited.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of five U.S. stocks: Dycom Industries, Expand Energy, NRG Energy, United Rentals and Vistra. The notes pay no interest and are scheduled to mature on an expected date in February 2029, unless automatically called in February 2027.

Each $1,000 note can be automatically redeemed for $1,120 if the basket’s closing level on the call observation date is at or above its initial level of 100. If not called, the maturity payment depends on the basket return: upside is leveraged at a 125% participation rate when the basket finishes above its initial level; if the basket is flat or down by up to 30%, investors receive a positive “absolute return,” matching the magnitude of the decline. If the basket falls by more than 30%, principal is exposed one-for-one to losses and investors can lose most or all of their investment.

The structure includes anti-dilution and reorganization adjustments for corporate actions affecting the basket stocks, and specifies detailed procedures for handling market disruption events and non-trading days. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is expected between $925 and $965 per $1,000 face amount, reflecting underwriting discounts, structuring fees and issuer funding economics, which may also affect any secondary market prices. Investors do not receive dividends on the underlying stocks and have no shareholder rights.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $210,000 of auto-callable notes linked to Amazon, NVIDIA and Tesla stock. The notes pay no interest and may be automatically called in April 2026 for $1,400 per $1,000 if all underliers are at or above their initial levels.

If not called, the January 2029 maturity payment depends solely on the worst-performing stock. Investors get full principal plus 200% of the lesser-performing return if all underliers finish above their initial levels, break even if the worst stays at or above 50% of its initial level, and suffer a one-for-one loss below that buffer, potentially losing their entire investment. Returns also depend on the issuer’s and guarantor’s credit and the notes may trade below face value before maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, offers auto-callable notes linked to UnitedHealth, NVIDIA, Broadcom and Alphabet Class C stock. The notes mature in February 2031 unless called early.

Investors receive monthly coupons that depend on stock performance. If every stock closes at or above 80% of its initial price on an observation date, the coupon is $8.375 per $1,000 (0.8375% monthly, up to 10.05% per year). If any stock is below 80%, the coupon drops to $0.209 (0.0209% monthly, about 0.25% per year). If each stock is at least 95% of its initial price on a call observation date, the notes are automatically redeemed at face value plus that period’s coupon.

At maturity, holders receive $1,000 per note plus the final coupon, subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected between $885 and $935 per $1,000, reflecting structuring costs and dealer compensation.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked structured notes with an aggregate face amount of $4,270,000. These notes are part of its Medium-Term Notes, Series F program and do not pay periodic interest.

At maturity on January 26, 2028, each $1,000 note pays a cash amount based on the S&P 500® Index performance from the trade date, with a 300% upside participation rate capped at a maximum settlement amount of $1,196.80. If the index falls but stays within a 10% buffer (down to 90% of the initial level), investors receive the $1,000 face amount.

If the final index level is below the 90% buffer, principal is reduced at an effective buffer rate of approximately 111.11% of the loss beyond the buffer, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not listed on an exchange, may have limited liquidity, and have complex and uncertain U.S. federal income tax treatment.