Goldman Sachs Group (GS) 424B Filings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

At maturity, for each $1,000 note, investors receive: if the index is above its initial level, $1,000 plus the index return, capped at a maximum settlement amount of at least $2,115. If the index is between 85% and 100% of its initial level, investors receive back the $1,000 face amount. If the index falls below 85%, principal is reduced 1% for each 1% decline below that buffer, so a substantial loss of principal is possible.

The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, and are expected to have an initial estimated value below the issue price. Liquidity may be limited, secondary prices may be volatile, and the U.S. federal tax treatment is described as uncertain.

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

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

If not called, principal repayment depends solely on the worst-performing index. As long as that index is at or above 70% of its initial level at final observation, investors receive full principal back. Below 70%, repayment falls one-for-one with the worst index’s loss, and investors can lose their entire investment.

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

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

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

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

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

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

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500® Futures Excess Return Index, maturing in 2031. These notes pay no interest and repay at least the $1,000 face amount at maturity.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The aggregate face amount on the original issue date is $3,775,000, with an original issue price of 100% of face amount, a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The estimated value on the trade date is approximately $995 per $1,000, reflecting structuring costs and model-based pricing. Payments are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked buffered notes with an aggregate face amount of $583,000 under its Medium-Term Notes, Series F program.

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

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

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $12,000,000 of contingent income buffered auto-callable securities linked to Freeport-McMoRan common stock, maturing on January 28, 2027.

Holders can receive contingent monthly coupons of $13.334 per $1,000 principal per observation date sequence when the stock closes at or above a buffer price set at 75% of the $58.85 initial share price. The notes may be automatically called if the stock closes at or above the initial share price on specified call observation dates, returning principal plus the coupon then due.

If not called and the final share price on the valuation date is below the buffer, investors lose about 1.3333% of principal for every 1% decline beyond the 25% buffer and receive no final coupon, with losses up to 100%. The estimated value is approximately $995 per $1,000 note, below the original issue price, and the securities carry full issuer and guarantor credit risk and will not be listed on any exchange.

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.