Every 424B that Goldman Sachs Group Inc. (GS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow GS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GS filings page.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the EURO STOXX 50® Index, maturing on February 27, 2031, under its Medium-Term Notes, Series F program.
For each $1,000 note, investors receive at maturity either $1,000 if the index is flat or lower, or $1,000 plus at least 110% of any positive index return. The notes do not pay periodic interest and are not equivalent to owning the underlying European stocks.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They will not be listed on an exchange, and their estimated value at pricing will be lower than the issue price. For U.S. tax purposes, they are treated as contingent payment debt instruments, requiring annual ordinary income accruals even though cash is only paid at maturity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $10,258,500 of Trigger Autocallable Contingent Yield Notes due 2028 linked to the common stock of Advanced Micro Devices, Inc. The notes pay a quarterly contingent coupon of $0.39425 per $10 face amount (up to 15.77% per annum) only when AMD’s closing price on the observation date is at or above a coupon barrier set at 50% of the $259.68 initial stock price.
Starting in April 2026, the notes are automatically called if AMD closes at or above the initial price on any quarterly call observation date, returning the $10 face amount plus the then-due coupon and ending further payments. If not called, and AMD’s final price on the January 24, 2028 determination date is at or above the 50% downside threshold, investors receive the $10 face amount plus the final coupon. If AMD finishes below the downside threshold, repayment is reduced one-for-one with the stock’s loss, and investors can lose all of their principal and receive no final coupon. All payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value at pricing is $9.67 per $10 face amount.
GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering $6,675,000 of callable equity-linked notes due January 28, 2031. The notes pay no interest and return at least the $1,000 face amount at maturity, with upside tied to the worst-performing of Alphabet Class A, Meta Class A and NVIDIA common stock. If all three stocks finish above their initial prices on the January 13, 2031 determination date, investors receive $1,000 plus 3.1× the lesser-performing stock’s percentage gain; otherwise they receive $1,000. Goldman may redeem the notes early on specified monthly call dates from 2027 through 2030 at 100% of face plus a call premium that rises from about 17% to about 83.5853%. The original issue price is 100% of face, with a 4% underwriting discount and net proceeds of 96% of face. The estimated value at pricing is approximately $924 per $1,000.
GS Finance Corp. is offering auto-callable structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, maturing on January 28, 2031. The notes pay a conditional coupon of $15.417 per $1,000 (1.5417% monthly, up to about 18.5% per year) when the index is at least 70% of its initial level on a monthly observation date. The notes are automatically called at par plus coupon if the index is at or above its initial level of 500.30 on specified quarterly dates from July 2026 to October 2030.
If held to maturity and not called, principal is protected only down to a 50% trigger buffer; below that, losses mirror the index decline and you can lose your entire investment. The underlier is a highly complex, leveraged futures-based index with up to 500% exposure and a daily 6.0% per annum decrement, which reduces returns and can worsen losses. The estimated value at pricing is about $946 per $1,000 note, versus a 100% issue price, with a 0.9% underwriting discount and 99.1% net proceeds to the issuer, and payments are 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 leveraged buffered notes linked to the S&P 500® Futures Excess Return Index. These notes pay no interest and repay at maturity based on index performance between the trade and determination dates.
Holders receive 140% of any positive index return, subject to no cap. Principal is protected only down to a 20% loss: if the index finish level is between 80% and 100% of its initial level, investors receive the $1,000 face amount per note. Below 80%, losses resume one-for-one, so a severe decline can cause a substantial loss of principal.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor. The pricing supplement highlights that the estimated value at pricing will be lower than the original issue price, secondary market liquidity may be limited, and returns can differ materially from investing directly in the S&P 500® Index or its futures due to financing costs, roll yield and other futures-specific effects, as well as complex and uncertain U.S. tax treatment.
The Goldman Sachs Group, Inc. is offering fixed rate senior notes due February 13, 2029 as part of its Medium-Term Notes, Series N program. The notes pay interest at a fixed 4.00% per annum, with interest payable on February 13 and August 13 of each year, starting August 13, 2026, calculated using a 30/360 (ISDA) day count convention.
The notes are issued in U.S. dollars in minimum denominations of $1,000, will be issued in book-entry form through DTC and will not be listed on any securities exchange. They are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any other governmental agency. U.S. holders generally will be taxed on interest as ordinary income, and the notes are generally subject to FATCA withholding rules. The distribution is led by Goldman Sachs & Co. LLC, which has a conflict of interest as an affiliate of the issuer and will follow FINRA Rule 5121.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing leveraged callable S&P 500® Futures Excess Return Index-linked notes due January 28, 2031 with an aggregate face amount of $1,816,000. The notes are sold at 100% of face amount with a 1.125% underwriting discount.
The notes pay no interest. At maturity, if the index has risen from the initial level of 561.63, holders receive 1.25× the index return plus principal; if the index is flat or lower, they receive only $1,000 per $1,000 face amount. GS Finance Corp. may redeem the notes in whole on specified call payment dates from January 28, 2027 to December 30, 2030 at $1,000 plus a predetermined call premium ranging from 14.0004% to 68.8353%.
The notes are unsecured obligations of GS Finance Corp. and subject to the credit risk of both the issuer and guarantor. The estimated value on the trade date is approximately $945 per $1,000 face amount, reflecting structuring costs and dealer compensation, and may differ from any secondary market price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering Trigger Autocallable GEARS notes linked to the S&P 500® Index in $10 denominations. These unsecured notes can be automatically called on a 2027 call observation date if the index closes at or above the autocall barrier, paying $10 plus an 8.00% call return per $10 face amount.
If not called, at February 2031 maturity investors get $10 plus leveraged upside (upside gearing expected between 1.40 and 1.526) when the index finishes above its initial level. If the final index level is between 75.00% and 100.00% of the initial level, investors receive only the $10 face amount. Below the 75.00% downside threshold, repayment falls in line with index losses and investors can lose their entire investment.
The notes pay no coupons, forgo S&P 500 dividends, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group. The estimated value on the trade date is expected between $9.40 and $9.70 per $10 face amount, reflecting structuring and distribution costs.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering zero-coupon notes linked to the common stock of Blackstone Inc. The notes mature on an expected February 1, 2029, unless automatically called on an expected January 28, 2027.
The notes pay no interest. If on the call observation date Blackstone’s stock closes at least 90% of the initial price, the notes are automatically redeemed for $1,197 per $1,000 face amount, capping the return. If not called, at maturity investors receive $1,000 plus 200% of any positive stock return, full principal back if the stock has not fallen more than 25%, and a one-for-one loss beyond that buffer, with the potential to lose the entire investment.
The notes are unsecured obligations of GS Finance Corp. with a guarantee from The Goldman Sachs Group, and are subject to both entities’ credit risk. The estimated value on the trade date is expected between $925 and $955 per $1,000, reflecting fees, structuring costs and dealer economics, and may differ from any secondary market price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable contingent coupon equity-linked notes due 2029 tied to the Class A common stock of Strategy Inc (MSTR UW). These notes pay a quarterly coupon only if the stock is at or above 50% of its initial level on each observation date.
The notes may be automatically called if the stock is at or above its initial level on specified call observation dates, in which case investors receive their $1,000 principal per note plus the due coupon. If held to maturity and not called, investors receive full principal back only if the final stock level is at least 50% of the initial level; below that, repayment falls in line with the stock’s percentage decline and can drop to zero.
The structure offers high contingent coupons based on a formula using $64.375 per observation date but provides no upside above par and exposes investors to full downside in the underlier beyond the 50% buffer, as well as the credit risk of GS Finance Corp. and its parent. The notes are unsecured, not FDIC-insured, not listed on any exchange, may have limited liquidity, and involve complex, uncertain U.S. tax treatment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 linked to the common stock of NVIDIA Corporation. These notes are unsecured obligations and are not bank deposits or FDIC insured.
Investors receive a potential quarterly coupon only if NVIDIA’s closing level on each observation date is at least 60% of the initial level. The coupon formula uses $33.75 per $1,000 face amount per elapsed observation date, minus any coupons already paid. If NVIDIA is below the trigger on an observation date, the coupon for that quarter is $0.
The notes can be automatically called starting July 30, 2026 if NVIDIA’s closing level on a call observation date is at or above the initial 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, the maturity payment depends on NVIDIA’s level on the January 30, 2029 determination date. If the final level is at least 60% of the initial level, investors receive full principal back (plus any final coupon). If it is below 60%, repayment is reduced in line with the underlier return, and investors can lose up to 100% of principal.
The document highlights that the notes’ estimated value on the trade date, based on Goldman Sachs & Co. LLC’s pricing models, is less than the original issue price, reflecting underwriting discounts, a structuring fee and other costs. Market value can be affected by NVIDIA’s volatility, interest rates, and the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc.
Additional risk factors include the possibility of receiving no coupons, sensitivity of returns to small moves below the 60% buffer, lack of shareholder rights in NVIDIA, potential illiquidity in any secondary market, conflicts of interest for the underwriter, and uncertain U.S. federal tax treatment, including potential FATCA and withholding for non-U.S. holders.
Goldman Sachs’ GS Finance Corp. is offering principal-at-risk “Jump Securities” due February 1, 2029, linked to the worst performer of the S&P 500, S&P MidCap 400 and EURO STOXX 50 indexes. The unsecured notes are guaranteed by The Goldman Sachs Group, Inc.
The securities may be automatically called on call observation dates in 2027 and 2028 if each index is at or above its initial level. In that case, investors receive $1,000 per note plus a fixed premium of at least 14.45% or 28.90%, depending on when called, and no further payments.
If not called, at maturity investors receive $1,000 plus at least a 43.35% premium if every index is at or above its initial level, $1,000 back if each index is at or above 80% of its initial level, or a reduced amount proportional to the worst index’s decline if any falls below that downside threshold, which can result in a total loss of principal. Investors do not receive dividends or participate in any index gains beyond these caps, and the notes are exposed to Goldman Sachs credit risk.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of eight U.S.-listed energy, infrastructure and technology-related stocks. Each note has a $1,000 face amount and pays no periodic interest.
The notes can be automatically called in February 2027 if the basket level is at or above its initial level, paying at least $1,165.5 per $1,000. If not called, holders in 2028 get enhanced upside at a 125% participation rate, full principal protection down to a 15% basket decline, and then buffered downside that can still lead to substantial losses, up to losing the entire investment.
The structure includes complex anti-dilution and market disruption adjustments and is subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated initial value is expected between $900 and $930 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, zero‑coupon notes whose payout depends on an equally weighted basket of five large healthcare stocks: AbbVie, Boston Scientific, Eli Lilly, Regeneron Pharmaceuticals and UnitedHealth Group.
The notes pay no interest and may be automatically called if, on the call observation date, the basket level is at or above its initial level of 100, in which case investors receive at least $1,114.5 per $1,000 face amount on the call payment date. If not called, the maturity payment depends on basket performance: investors participate at a 125% upside participation rate when the basket finishes above its initial level, receive full principal back if the basket decline is up to 15%, and incur losses beyond that, with a buffer rate of approximately 117.65% applied to losses below the 85% buffer level. The estimated initial value is expected to be between $900 and $930 per $1,000, reflecting embedded fees and hedging costs, and investors face full issuer and guarantor credit risk, as well as market, volatility and liquidity risks.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., plans to issue no-coupon structured notes linked to Alphabet, Meta Platforms and NVIDIA. The notes may be automatically called on a call observation date expected in January 2028 if each stock closes at or above 90% of its initial price, paying $1,215 per $1,000 face amount on the call payment date. If not called, at maturity in February 2031 investors receive cash based on the worst-performing stock: if all three finish above their initial prices, the return equals 1.25× the lesser performing stock’s gain; if any finishes at or below its initial price, investors only get the $1,000 face amount. The notes do not pay interest, carry full credit risk of GS Finance Corp. and the guarantor, and have an estimated initial value between $885 and $935 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, which tracks E-mini S&P 500 futures rather than the cash S&P 500 Index. The notes pay no interest and return a cash amount at maturity based on index performance from the trade date to the determination date.
If the final index level is above the initial level, holders receive $1,000 plus at least 151.25% of the index gain. If the index falls but stays at or above 90% of the initial level, investors receive the $1,000 face amount. Below this 10% buffer, principal is reduced dollar-for-dollar with further declines, and investors can lose a substantial portion of their investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. Key risks highlighted include the estimated value being lower than the issue price, potentially limited or no secondary market, sensitivity to interest rates and volatility, structural risks from futures pricing and negative roll yield, lack of any rights in the underlying stocks or futures, tax uncertainty, and conflicts of interest as Goldman Sachs & Co. LLC acts as underwriter and market maker.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term market-linked notes tied to the iShares® Bitcoin Trust ETF. Each security has a $1,000 face amount, no periodic interest, no principal protection and is designed to be held to March 2, 2028 unless it is called early.
The notes can be automatically called on March 4, 2027 if the ETF’s closing price is at or above the starting price, paying $1,000 plus a call premium of at least 25%. If not called, at maturity investors get: 150% of any ETF price increase; a positive “contingent absolute return” up to 25% if the ETF is flat or down by no more than 25%; or 1‑for‑1 downside if the ETF falls more than 25%, with up to 100% loss of principal. The threshold price is 75% of the starting price. The issuer’s estimated value is $900–$930 per $1,000, below the $1,000 offering price, reflecting fees and structuring costs. All payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are exposed to the significant volatility and regulatory risks of bitcoin via the ETF.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing callable 10‑Year CMT Rate‑Linked Range Accrual Notes with an aggregate face amount of $475,000. The notes pay interest monthly through January 27, 2031, but only for days in each interest period when the 10‑year constant maturity Treasury (CMT) rate is at or below 4.70%. The annualized interest rate for a period equals the fraction of such qualifying days multiplied by a fixed 7.00% interest factor, using a 30/360 (ISDA) day‑count convention.
The issuer may redeem the notes at 100% of face amount plus accrued interest on any monthly interest payment date on or after January 27, 2027, so investors face reinvestment risk if rates are favorable. If the 10‑year CMT rate is above 4.70% on every reference date in an interest period, no interest is paid for that month. At maturity, if the notes have not been redeemed, investors receive the $1,000 principal per note plus any accrued interest.
The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., and are not bank deposits or FDIC‑insured. The estimated value at pricing is approximately $966.10 per $1,000 face amount, below the 100% issue price, reflecting underwriting discounts, structuring costs and dealer economics, and secondary market prices may be lower and less liquid.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable equity-linked notes maturing in February 2031 that pay no interest and return principal in cash at maturity, subject to issuer and guarantor credit risk. The notes are linked to the lesser performance of Alphabet Class A, Amazon.com and NVIDIA common stock.
If, on the determination date in January 2031, all three stocks finish above their initial prices, holders receive $1,000 plus 300% of the gain of the worst-performing stock; if any stock is at or below its initial price, only the $1,000 face amount is paid. GS may redeem the notes monthly from February 2027 to January 2031 at 100% of face amount plus a preset call premium that steps up over time to 76.2103%.
The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be $885–$935 per $1,000 face amount, reflecting structuring and distribution costs, and secondary market prices may be lower. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring annual accrual of taxable income even though no cash is paid until redemption or maturity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable notes linked to the Nasdaq‑100 Index®, expected to mature on March 3, 2031. Each note has a $1,000 face amount, pays no interest and returns at least that face amount at maturity if not redeemed early.
At maturity, if the index is above its initial level, investors receive $1,000 plus 100% of the index’s percentage gain applied to $1,000. If the index is flat or lower, they receive $1,000. The notes are callable monthly from March 2027 through February 2031 at 100% of face amount plus a call premium that starts at at least 8.25% and steps up over time to at least 40.5625%, as specified in the schedule.
The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $885 and $935 per $1,000 face amount, reflecting structuring and distribution costs. U.S. tax rules treat the notes as contingent payment debt instruments, requiring accrual of taxable income over their life even though no periodic interest is paid.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Digital S&P 500 Index-Linked Notes due 2028 under its medium-term note program. The notes pay no interest and the amount repaid at maturity depends on the S&P 500 Index level on the determination date versus its initial level on the trade date.
If the final index level is at or above 80% of the initial level (the trigger buffer level), holders receive a maximum settlement amount of at least $1,140 per $1,000 face amount, capping upside even if the index more than doubles. If the final level falls below the trigger buffer, principal is reduced 1% for each 1% decline from the initial level, so investors can lose up to their entire investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, and carry uncertain U.S. tax treatment, which counsel currently characterizes as a prepaid derivative contract on the index.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering basket-linked notes due in 2029 whose payoff depends on a weighted basket of TOPIX, the S&P 500® Index and the EURO STOXX 50® Index.
The notes pay no interest$1,000 note, investors receive $1,000 plus or minus the product of $1,000 and a "weighted return" based on index performance from the 2026 trade date to the 2029 determination date. The best-performing index gets a 45% weight, the second 40% and the worst 15%.
If the weighted return is positive, investors gain that percentage. If it is between 0% and -15%, investors receive full principal back. If it is below -15%, investors lose principal in line with the weighted return and could lose their entire investment.
The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and guarantor. The estimated value on the trade date is expected to be $925–$965 per $1,000 face amount, less than the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100 Technology Sector Index-linked notes with an aggregate face amount of $2,230,000. The notes have a two-year term, no interest, and may be automatically called on the January 29, 2027 call observation date if the index is at or above its initial level of 13,113.56. If called, investors receive $1,120 per $1,000 face amount on the February 3, 2027 call payment date.
If not called, the maturity payment on January 27, 2028 depends on index performance, with a 125% upside participation rate for gains and a 10% downside buffer: full principal is repaid if the index is at or above 90% of the initial level, but losses match index declines beyond that, down to a minimum of 10% of face value if the index falls to zero. The notes do not provide dividends or shareholder rights, their market value can be volatile and below face, their estimated value at pricing is less than the issue price, and repayment depends 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 index-linked notes tied to the S&P 500 Index and the Russell 2000 Index. The notes do not pay interest and return depends on the lesser performing index over roughly a two-year period from the expected 2026 trade date to the expected 2028 determination date.
If both indexes finish at or above their initial levels, investors receive their $1,000 face amount per note plus the lesser index gain multiplied by an upside participation rate set at no less than 102%. If any index is down but both stay at or above 75% of their initial levels, investors get the absolute value of the lesser loss as a positive return. If any index falls below 75% of its initial level, repayment is reduced one-for-one with the lesser index’s loss and investors can lose most or all of their principal.
The estimated value at pricing is expected to be between $925 and $965 per $1,000 face amount, reflecting structuring costs and dealer compensation, and may differ from secondary market prices. Repayment is subject to the credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of NVIDIA, Charles Schwab and Netflix. The notes are expected to mature on January 26, 2029, unless automatically called starting in July 2026 when, on a call observation date, the closing price of each stock is at least its initial price ($187.67 for NVIDIA, $102.18 for Schwab and $86.12 for Netflix, each set on January 23, 2026).
On each monthly coupon observation date, holders receive a coupon only if every stock closes at or above 60% of its initial price. The formula targets $10.542 per $1,000 per month (about 1.0542% monthly, up to roughly 12.65% per year) on a catch-up basis, but coupons can be zero for long periods. If the notes are not called, principal repayment depends on a trigger test at final valuation: if all three stocks close at or above their initial prices, investors receive full principal; if all are below and at least one falls under 50% of its initial price, repayment is reduced in line with the worst-performing stock and can fall well below 50% of face amount.
The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and carry their credit risk. The estimated value at pricing is expected to be $925–$955 per $1,000 face amount, below the 100% issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable GEARS notes linked to the S&P 500® Index. The notes are unsecured obligations in $10 denominations and may be automatically called on the February 1, 2027 call observation date if the index closes at or above 100% of the initial index level of 6,915.61, paying $11.03 per $10 face amount based on a 10.3% call return.
If not called, the notes mature on January 28, 2031. At maturity, if the final index level is above the initial level, investors receive $10 plus the index gain multiplied by an upside gearing of 1.85. If the final index level equals the initial level, only the $10 face amount is repaid. If the final index level is below the initial level, repayment is reduced one-for-one with the index decline, and investors can lose all of their principal. The notes pay no coupons, offer no dividends, and all payments depend on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $11,000,000 of Trigger Autocallable Contingent Yield Notes due 2031 linked to the worst performer of the SPDR® S&P 500® ETF Trust (SPY) and the State Street® Energy Select Sector SPDR® ETF (XLE).
The notes can pay a quarterly contingent coupon of $0.2675 per $10 face amount (up to 10.70% per annum) when each ETF closes at or above a coupon barrier set at 70% of its initial price. Starting July 2026, the notes are automatically called at par plus the coupon if both ETFs are at or above their initial prices on an observation date.
If not called, principal is protected at maturity only if each ETF is at or above a downside threshold equal to 60% of its initial price; otherwise repayment is reduced in line with the loss on the worse ETF, and investors can lose all principal. Payments depend entirely 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 S&P 500® Daily Risk Control 5% USD Excess Return Index-linked notes due in 2029. The notes pay no interest and all return is delivered at maturity based on the index’s performance between the 2026 trade date and the 2029 determination date.
If the final index level is at or above the initial level, investors receive $1,000 plus the index gain multiplied by an upside participation rate of at least 140%. If the index is below its initial level, investors receive $1,000 plus the absolute value of the index loss, but this “downside” payoff is capped at a maximum settlement of $2,000 per $1,000 face amount.
The underlying index applies a 5% volatility-target strategy and is structured as an excess return index, subtracting a borrowing rate of SOFR plus 0.02963%, which can significantly reduce positive performance and magnify negative returns. The notes are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $925 and $965 per $1,000 face amount, below the issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the iShares Bitcoin Trust ETF. The notes pay no interest and mature on January 25, 2029, with an initial ETF level of $50.67 and a maturity date premium cap of 69.75%, so the maximum payment at maturity is $1,697.5 per $1,000 face amount.
The notes may be automatically called starting in January 2027 if the ETF closes at or above the initial level, paying $1,000 plus a call premium of up to 63.9375% depending on the call date. If held to maturity and not called, investors receive full principal back if the ETF has fallen by no more than 45%. If it falls by more than 45%, repayment is reduced one-for-one with the ETF loss and can go to zero.
The aggregate face amount is $600,000, sold at 100% of face with a 0.65% underwriting discount and 99.35% net proceeds to the issuer. The initial estimated value is about $965 per $1,000, reflecting fees and dealer economics. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and are exposed to the high volatility and regulatory risks of bitcoin via the ETF.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable S&P 500® Index-linked notes that pay no interest and are expected to mature on February 4, 2031, unless redeemed early. The notes are unsecured obligations subject to the credit risk of both entities.
The issuer may redeem the notes at 100% of face amount plus a call premium of 12%–36% per $1,000 on monthly call payment dates from February 2027 through February 2029. If not called, at maturity investors get: (i) $1,000 plus 1.5× any positive S&P 500® return; (ii) $1,000 if the index is between 80% and 100% of its initial level; or (iii) a reduced amount if the index is below 80%, with losses of 1.25% of face value for every 1% decline beyond that buffer. Investors can lose their entire principal.
The estimated value on the trade date is expected between $885 and $925 per $1,000 face amount, reflecting structuring costs and dealer compensation. The notes involve complex tax treatment and potential changes in law, no shareholder or dividend rights in S&P 500® constituents, and may have limited or no secondary market liquidity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $7,284,000 of Trigger Autocallable Contingent Yield Notes due January 2029 linked to the worst performer of the S&P 500, Russell 2000 and EURO STOXX 50 indices. The notes pay a quarterly contingent coupon of $0.25625 per $10 face amount (up to 10.25% per year) only if all three indices are at or above 75% of their initial levels on each observation date.
Starting July 2026, the notes are automatically called if each index is at or above its initial level, returning $10 per note plus the coupon, with no further payments. If not called and, at maturity, every index is at or above 75% of its initial level, investors receive $10 plus the final coupon. If any index is below 75% at maturity, repayment is reduced in line with the decline of the worst index, and the entire principal can be lost. The notes are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and their estimated initial value is $9.84 per $10 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing structured notes linked to the common stock of Ondas Inc.. The notes mature on January 29, 2029 and can be redeemed by the issuer at 100% of face amount plus any due coupon on quarterly payment dates from July 2026 through October 2028.
The notes offer a contingent coupon of $115 per $1,000 (11.5% quarterly, up to 46% per year) whenever Ondas’ closing price on an observation date is at least 50% of the initial price of $12.55. If the price is below that level, no coupon is paid, and investors may receive no income over the life of the notes.
At maturity, if the final stock price is at least 50% of the initial price, investors receive $1,000 plus any final coupon. If it is below 50%, repayment is reduced one-for-one with the stock’s loss, with up to a 100% loss of principal. The estimated value is about $898 per $1,000, below the issue price, and payments are subject to the unsecured credit risk of GS Finance Corp. and its parent guarantor.
GS Finance Corp. is offering $3,000,000 of unsecured Trigger Autocallable GEARS notes linked to an unequally weighted basket of five equity indices, guaranteed by The Goldman Sachs Group, Inc. The basket starts at 100 and includes the EURO STOXX 50® (40%), Nikkei 225 (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The notes can be automatically called on January 29, 2027 if the basket is at or above 100% of its initial level, paying $11.50 per $10 face amount based on a 15% call return. If not called, at maturity in January 2031 investors get enhanced upside with 1.75x participation if the basket is above the initial level, full principal back if the basket is between 75% and 100%, and a one‑for‑one loss below 75%, potentially losing the entire investment. The estimated value at pricing is $9.69 per $10, there are no coupons, and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,000,000 of senior unsecured structured notes linked to the S&P 500 Index, Nasdaq-100 Index and iShares Russell 2000 ETF, maturing in January 2029.
The notes can be automatically called quarterly from July 2026 if all three underliers are at or above their initial levels (6,913.35 for the S&P 500, 25,518.35 for the Nasdaq-100 and $269.79 for the ETF), returning principal plus the applicable coupon. Investors may receive a monthly coupon of $9.50 per $1,000 (0.95%, up to 11.4% per year) only when each underlier is at or above 70% of its initial level.
If the notes are not called and on the January 22, 2029 determination date any underlier has fallen more than 30% from its initial level, repayment of principal is reduced one-for-one with the worst performer, potentially down to zero, and no final coupon is paid. The underwriting discount is 0.25% of face amount, with net proceeds of 99.75% to the issuer, and all payments are subject to the 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 March 2029. The notes do not pay interest and are issued in $1,000 denominations.
The notes are automatically called in March 2027 if the S&P 500 closing level is at or above the initial level, in which case investors receive at least $1,047.50 per $1,000. If not called, at maturity investors get $1,000 plus 100% of any positive index return, and $1,000 if the index is flat or down, so returns can be limited to principal only.
Investors face the credit risk of GS Finance Corp. and its parent, and the estimated value determined by GS&Co.’s models is lower than the issue price. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over the term and taxing any gain as ordinary interest income.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering digital equity-linked notes maturing in 2027 whose payoff is tied to the common stock of Netflix, Inc. For each $1,000 face amount, if the final Netflix level on the determination date is at or above the 70% trigger buffer level of the initial level, holders receive a fixed maximum settlement amount of $1,190, a 19% cap on return.
If the final Netflix level is below the trigger buffer level, the cash payment equals $1,000 plus $1,000 times the underlier return, so losses match the percentage decline of Netflix from its initial level and can reach a total loss of principal. The notes pay no interest, are unsecured obligations of GS Finance Corp. fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and their market value and payment at maturity are exposed to both Netflix’s stock performance and the credit risk of the issuer and guarantor. The pricing supplement highlights that the initial issue price will exceed the model-based estimated value and that secondary market liquidity may be limited.
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 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and pays no interest.
At maturity, if the S&P 500 final level is above its initial level, investors receive $1,000 plus 200% of the index gain, capped by a maximum settlement amount of $1,205. If the index is flat or down by up to the 10% buffer (final level at or above 90% of the initial level), investors receive their full $1,000 back. If the index falls more than 10%, principal is reduced 1-for-1 beyond the buffer, so investors can lose a substantial portion of their investment.
The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited or no secondary market, and involve uncertain U.S. federal income tax treatment, which counsel currently views as consistent with a pre-paid derivative contract on the S&P 500.
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 2030. The notes provide upside exposure with an expected at least 198% participation rate in any positive index return from the trade date to the determination date.
If the final index level is higher than the initial level, investors receive $1,000 plus the upside participation rate times the index gain. If the final level is equal to or below the initial level, the payoff is $1,000 plus $1,000 times the index return, so losses match index declines and investors can lose their entire principal. The notes pay no interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor.
The underlier tracks E-mini S&P 500 futures, not the cash S&P 500 Index, so returns are affected by futures pricing, financing costs, and roll yields, which can depress performance even if the equity index is flat or rising. The issuer highlights that the initial issue price exceeds its internal estimated value, secondary market prices may be lower, liquidity is not assured, and the U.S. tax treatment is uncertain, with the notes intended to be treated as prepaid derivative contracts.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $6,000,000 of autocallable contingent coupon notes linked to the Dow Jones Industrial Average®, the S&P 500® Index and the Russell 2000® Index, maturing in January 2031.
Investors receive a quarterly coupon of $21.375 per $1,000 (2.1375%, up to 8.55% per year) only if on each observation date the closing level of every index is at least 65% of its initial level; otherwise the coupon for that quarter is zero. Starting in January 2027, the notes are automatically called if on a call observation date each index is at or above its initial level, paying back face amount plus that quarter’s coupon.
If the notes are not called, principal repayment at maturity depends on the worst-performing index. If each index is at least 70% of its initial level, investors receive full principal plus any final coupon. If the worst index finishes between 65% and 69.99% of its initial level, investors receive between 65% and 69.99% of face amount plus any final coupon. If any index ends below 65% of its initial level, repayment is reduced in line with the worst index return and investors can lose up to their entire investment, with no final coupon. The notes 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 autocallable contingent coupon equity-linked notes due 2029 tied to the Class A common stock of Alphabet Inc. Each note has a $1,000 face amount and pays a quarterly coupon of $31 (3.1%) only if Alphabet’s share price on the observation date is at or above 70% of the initial level.
The notes may be automatically called on quarterly dates if Alphabet’s share price is at or above the initial level, in which case investors receive $1,000 per note plus any due coupon, ending the investment early. If the notes are not called and Alphabet’s final level is at or above 70% of the initial level, investors receive $1,000 back at maturity; if it is below 70%, repayment is reduced in line with Alphabet’s loss and investors can lose their entire principal.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor. The estimated value at issuance is lower than the original issue price, they will not be listed on an exchange, and their market value can be affected by many factors including equity volatility, interest rates and the issuers’ perceived creditworthiness.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $413,000 of callable buffered notes linked to the S&P 500® Futures Excess Return Index, maturing on January 27, 2031. The notes pay no interest and are sold at 100% of face amount, with an underwriting discount of 0.58% and net proceeds of 99.42% of face.
At maturity, investors receive $1,000 per note plus a performance-based amount. If the index is above the initial level of 561.57, the gain is 2.165× the index return. If the index is between 80% and 100% of the initial level, investors get the absolute value of the index move. Below 80%, losses exceed a 20% buffer and a substantial portion of principal can be lost.
The issuer can redeem the notes in full on specified dates from January 2027 through December 2030 at $1,000 plus a preset call premium that steps up from 17.5008% to 86.0456%. The estimated value at pricing is about $971 per $1,000, and returns depend on both index performance and the credit of GS Finance Corp. and its guarantor.
GS Finance Corp. describes the S&P 500® Futures Excess Return Index, which tracks the nearest maturing quarterly E-mini S&P 500 futures contract on the Chicago Mercantile Exchange. The index, calculated by S&P Dow Jones Indices, has a base value of 100 as of September 9, 1997 and is quoted in U.S. dollars.
The supplement shows historical performance through January 2, 2026, with the index posting annualized returns of 12.58% over 1 year, 16.62% over 3 years and 10.50% over 5 years, alongside annualized volatility between about 15% and 19%. Over the same periods, the S&P 500® Index had higher annualized returns of 16.87%, 21.50% and 13.13%. The document emphasizes that past performance is not a guide to future results and highlights risks of securities linked to this index, including issuer and guarantor credit risk, lack of dividends and shareholder rights, futures-specific risks such as negative roll yield, and potential market disruptions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable equity-linked notes due in 2031 that pay no interest and return at least the face amount at maturity, subject to issuer credit risk. The notes’ payoff depends on the worst performer among Alphabet Class C, Meta Class A and NVIDIA common stock. If, on the determination date in January 2031, the closing price of each stock is above its initial price set on the trade date, investors receive $1,000 plus 3.1× the percentage gain of the worst-performing stock. If any stock finishes at or below its initial price, investors receive only the $1,000 face amount.
GS Finance Corp. may redeem the notes monthly from February 2027 through January 2031 at $1,000 plus a fixed call premium that steps up over time. The estimated value at pricing is expected to be between $885 and $925 per $1,000 face amount, reflecting fees and hedging costs. The notes are unsecured obligations, do not provide dividends or shareholder rights in the underlying stocks, and are treated as contingent payment debt instruments for U.S. tax purposes.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-protected notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The aggregate face amount is $1,439,000, with an original issue price of 100% of face, a 4.375% underwriting discount and 95.625% net proceeds to the issuer.
The notes may be automatically called on January 29, 2027 if the index on the January 22, 2027 observation date is at or above the initial level, in which case investors receive $1,179.70 per $1,000. If not called, at maturity on January 31, 2033 investors receive at least the $1,000 face amount, plus 300% of any positive index return; if the index is flat or down, only face value is repaid.
The index uses daily rebalancing, a 5% volatility control, momentum risk controls and a 0.65% annual fee, and can allocate heavily to cash-like positions, which can significantly dampen performance. The estimated value on the trade date is $891 per $1,000, below the issue price, and the notes pay no periodic interest and are treated as contingent payment debt instruments for U.S. tax purposes.
GS Finance Corp. is offering autocallable index-linked notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. These notes are linked to the Russell 2000 Index and the S&P 500 Index, and your result is based on the performance of the worse-performing index.
The notes pay no interest. They may be automatically called in March 2027 if each index is at or above its initial level, in which case you receive at least $1,105 for each $1,000 face amount. If held to maturity and not called, you get $1,000 plus 200% of the gain of the lesser-performing index when both indexes finish above their initial levels, or $1,000 back if both stay above an 85% buffer level.
If either index finishes below its 85% buffer, your repayment is reduced one-for-one with the decline beyond the 15% buffer, so you could lose a substantial portion of your investment. The estimated value on the trade date is lower than the issue price, the notes are subject to issuer and guarantor credit risk, will not be listed on an exchange, and have uncertain U.S. tax treatment.
GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering $3,300,000 of equity-linked notes tied to an equally weighted basket of 8 large-cap stocks. The notes pay no interest and mature on January 26, 2028, but will be automatically called on February 3, 2027 if the basket level is at or above its initial level 100, in which case holders receive $1,165 per $1,000 on February 8, 2027.
If not called, maturity payments depend on the basket return. For gains, investors receive $1,000 plus 125% of the basket's positive performance. For flat to moderate losses down to a 15% decline (basket at or above 85), principal is returned. Below that buffer, losses accelerate, with payoff calculated using a buffer rate of about 117.65%, so substantial declines can lead to large principal losses, up to 100% of invested amount.
The initial issue price is 100% of face amount with a 1.5% underwriting discount, and the estimated value at pricing is about $950 per $1,000. Investors face the credit risk of GS Finance Corp and The Goldman Sachs Group, Inc., give up dividends on the underlying stocks, and are exposed to market volatility, limited liquidity, and complex anti-dilution and market disruption adjustment provisions.
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 return at least the $1,000 face amount at maturity if not called, with 100% participation in any index gains above the initial level.
The notes are automatically called on annual dates if the index closes at or above preset call levels, with call premiums starting at at least 10.50% of face amount in 2027 and rising over time. Goldman estimates the value of each note on the trade date at $880 to $925 per $1,000, below the original issue price, reflecting fees and hedging costs.
The underlying index is a complex, rules-based strategy that reallocates daily across equity, fixed income, commodity and cash exposures, applies a 5% volatility control and a momentum risk control, and deducts 0.65% per year. A large portion of the index may sit in low-yielding cash positions, and investors face issuer and guarantor credit risk, limited liquidity, capped call payouts and taxation under contingent payment debt instrument rules.
Goldman Sachs provides an overview of the S&P 500® Futures Volatility Plus Daily Risk Control Index, which offers leveraged exposure of 100% to 200% to the S&P 500® Futures Excess Return Index. This index tracks E-mini S&P 500 futures and targets a realized volatility level equal to the futures index’s volatility plus 10%, though a two-day calculation lag means it may not match that target exactly.
The filing highlights hypothetical and historical performance through January 2, 2026. For example, the index shows a 1-year annualized return of 13.48% with annualized volatility of 28.57%, and a 3-year annualized return of 25.00% with 24.84% volatility. Longer-period figures of 15.67% annualized return and 26.80% volatility rely partly on hypothetical data before the April 25, 2022 launch.
Extensive risk disclosures stress that past or hypothetical performance does not predict future results. Investors in securities linked to this index face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., leveraged exposure risk, potential underperformance versus the S&P 500® Index, futures-specific risks such as negative roll yield, and the fact that these securities are unsecured, not bank deposits, and not insured by any government agency.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Sandisk Corporation. The notes pay contingent monthly coupons of $20.834 per $1,000 face amount (2.0834% per month, up to about 25% per year) only when Sandisk’s share price on an observation date is at least 50% of the initial price of $473.83.
The notes can be automatically called beginning in July 2026 if Sandisk’s closing price on a call observation date is at or above the initial price, in which case investors receive $1,000 per note plus the applicable coupon. If the notes are not called and Sandisk’s final price is at least 50% of the initial price, investors receive $1,000 plus the final coupon. If the final price is between 40% and 50% of the initial price, investors receive only $1,000 with no coupon. Below 40%, principal is exposed one-for-one to Sandisk’s decline, and investors can lose most or all of their investment.
The notes are unsecured obligations of GS Finance Corp. and expose investors to the credit risk of both the issuer and the guarantor. The estimated value at pricing is expected to be between $880 and $900 per $1,000 face amount, reflecting structuring costs and dealer compensation.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2029 tied to the Nasdaq‑100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. The notes can pay a monthly contingent coupon of $9.167 per $1,000 (0.9167% monthly, or up to approximately 11.00% per year) if on each coupon observation date all three indices are at or above 70% of their initial levels.
The notes may be automatically called starting July 30, 2026 if on a call observation date each index is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon. If the notes are not called and on the final observation date any index is below 70% of its initial level, repayment of principal is reduced one‑for‑one with the worst index’s loss, and investors can lose their entire investment. The document highlights valuation risks, limited liquidity, credit risk of GS Finance Corp. and its guarantor, and uncertainty in U.S. tax treatment.