Goldman Sachs Group (GS) 424B Filings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.