Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500^® Index and maturing in 2028. The notes provide 200% upside participation in the index, but any gain is capped at a maximum cash settlement of $1,222.50 per $1,000 face amount. A 15% buffer means investors receive full principal at maturity as long as the index does not fall more than 15% from its initial level. If the index declines beyond this buffer, principal is reduced on a 1-for-1 basis below the buffer level and investors can lose a substantial portion of their investment.

The notes pay no interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value determined by the dealer’s pricing models at pricing will be lower than the original issue price, and secondary market prices may be further reduced by dealer spreads, commissions and market factors such as interest rates, volatility and credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,174,000 of equity-linked notes whose payoff depends on the common stock of Constellation Energy Corporation. Each $1,000 note pays no interest and matures on February 9, 2027. If, on the February 4, 2027 determination date, the Constellation share price is at or above 70% of the initial level of $294.37, investors receive a capped maximum settlement amount of $1,217.50 per note. If the final level is below the 70% trigger buffer, principal is reduced 1% for each 1% decline from the initial level, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., are not listed on any exchange, and involve additional risks including limited underlier trading history and uncertain tax treatment.

Goldman Sachs provides an overview of the Dow Jones Industrial Average Futures Excess Return Index, which tracks the nearest maturing quarterly E-mini Dow futures contract traded on the Chicago Mercantile Exchange. The index is calculated by S&P Dow Jones Indices, has a base value of 100 as of June 14, 2002, and is quoted in U.S. dollars under the Bloomberg ticker DJIAFP.

The supplement highlights historical performance through January 2, 2026. The index shows an annualized return of 10.40% over 1 year, 9.44% over 3 years, and 7.84% over 5 years, with corresponding annualized volatility between roughly 13% and 17%. Over the same periods, the S&P 500 Index and the Dow Jones Industrial Average delivered higher annualized returns than this futures excess return index. The document stresses that past performance does not indicate future results and lists multiple risks, including credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., negative roll yields in futures, lack of dividends and shareholder rights, and the fact that the securities are not bank deposits or FDIC insured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term notes linked to the EURO STOXX 50 Index and the iShares MSCI EAFE ETF. For each $1,000 note, if both underliers finish above their initial levels on the determination date, investors receive $1,000 plus 160.75% of the lesser performer’s gain. If any underlier is at or below its initial level but both stay at or above 70% of their initial levels, investors simply receive the $1,000 face amount. If any underlier falls below 70% of its initial level, repayment is reduced one-for-one with the lesser performer’s loss, and investors can lose their entire principal.

The notes pay no interest and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. The structure adds risks from foreign equity markets, ETF tracking differences, currency movements and complex, uncertain U.S. tax treatment, including potential application of constructive ownership rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,085,000 of autocallable index-linked notes due 2029. The notes pay no interest and may be automatically called on January 22, 2027 if the S&P 500, Nasdaq‑100 and Russell 2000 are each at or above their initial levels, triggering a fixed payment of $1,120 per $1,000 on January 29, 2027.

If not called, the maturity payoff in 2029 depends on the worst-performing index. If all three finish above their initial levels, investors receive 1.25x that worst index’s gain. If any index is at or below its initial level but all are at least 65% of initial, investors get the absolute value of the worst index’s return. If any index ends below 65% of its initial level, principal is reduced one‑for‑one with the worst index loss, and investors can lose their entire investment.

The notes are sold at 100% of face amount with a 1% underwriting discount, and the issuer’s estimated value at pricing is about $972 per $1,000, reflecting structuring costs and dealer margin.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes tied to Eli Lilly common stock. Each note has a $1,000 face amount and pays quarterly coupons only if Eli Lilly’s share price on the observation date is at or above 78.5% of the initial level. The coupon formula is based on $27.5 per successful observation, net of any prior coupons.

The notes can be automatically called each quarter if the stock closes at or above its initial level, returning $1,000 per note plus the due coupon, which may shorten the investment term. If the notes are not called and Eli Lilly’s final level is below the 78.5% trigger buffer, repayment of principal is reduced one-for-one with the stock’s decline, and investors can lose their entire investment. Investors also bear the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value at issuance is less than the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the S&P 500 Index. The notes pay no interest, are issued in $1,000 denominations and are scheduled to mature in January 2031, unless automatically called in February 2027.

The notes are automatically redeemed at $1,100 per $1,000 face amount if on the call observation date the S&P 500 closing level is at least 105% of the initial level1.5× the index’s positive return; if it is down by up to 10%, principal is returned; if it is down more than 10%, principal is reduced at about 1.1111% for each 1% decline beyond the 10% buffer, and investors could lose their entire investment.

The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., and carry their credit risk. The estimated value at pricing is expected to be $885–$915 per $1,000 face amount, below the original issue price, and secondary market liquidity is not assured.

Goldman Sachs is offering a new structured note linked to gold miners and silver prices. The notes are issued by GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., bear no interest and are scheduled to mature on February 6, 2031, unless automatically called earlier.

The return depends on the lesser performer of the VanEck Gold Miners ETF (GDX) and the iShares® Silver Trust (SLV)February 2027 both ETFs are at or above their initial levels, the notes are automatically redeemed for $1,465 per $1,000 face amount. If not called, at maturity you get 2x the gain of the weaker ETF if both are above their initial levels, full principal back if each stays at or above 60% of its initial level, and otherwise a loss matching the weaker ETF’s decline, down to a possible total loss of principal.

The preliminary estimated value at pricing is expected to be $885–$925 per $1,000, below the issue price, reflecting fees, hedging and funding costs. Investors also take on the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

Goldman Sachs’ GS Finance Corp. has issued a January 2026 index supplement for its Medium-Term Notes, Series F, and Warrants, Series G, linked to the Nasdaq-100 Technology Sector Index (NDXT). The index tracks technology companies within the Nasdaq-100 Index, is equal weighted, calculated in USD, and has been in existence since February 22, 2006 with a base value of 1000.

The filing highlights recent historical performance and risk. For the period ended January 2, 2026, the index showed annualized returns of 22.83% over 1 year and 30.38% over 3 years, alongside high annualized volatility above 26%. Comparative tables show how the index has performed relative to the broader Nasdaq-100 Index and the S&P 500 Index, while emphasizing that past performance is not a guide to future results. The supplement outlines key risks, including credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., market and concentration risk, lack of dividends and shareholder rights, and states that these securities are not bank deposits and are not FDIC insured.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing Medium-Term Notes, Series F, linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index with an aggregate face amount of $4,258,000. Each note has a $1,000 face amount and pays a contingent monthly coupon of $10.084 (1.0084%, or up to approximately 12.1% per year) only if on the relevant observation date the closing level of each index is at or above 70% of its initial level.

The notes can be automatically called on scheduled call dates starting in 2026 if all indices are at or above their initial levels, in which case investors receive $1,000 plus any due coupon. If the notes are not called, the maturity payment in 2029 depends solely on the index with the worst performance. If that "lesser performing" index finishes at or above 70% of its initial level, investors receive $1,000; if it finishes below 70%, principal is reduced one-for-one with the index decline and up to 100% of invested principal can be lost. Coupon payments are not guaranteed, the notes are subject to the credit risk of GS Finance Corp. and its parent, may have limited liquidity, and involve uncertain U.S. tax treatment as an income-bearing prepaid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering 2029 autocallable contingent coupon notes linked to three equity indices: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.

The notes can automatically redeem early if, on any call observation date from July 2026 onward, each index is at or above its initial level. In that case, holders receive the $1,000 face amount per note plus any coupon due, ending the investment before 2029.

Monthly coupons are contingent: they are paid only if, on the relevant observation date, each index is at or above 70% of its initial level. The coupon amount steps up over time using a formula based on $7.834 per observation date minus coupons already paid, so missed coupons are not made up.

If the notes are not called, principal repayment at maturity depends on the worst-performing index. If that index is at or above 70% of its initial level, investors receive full principal back. If it falls below 70%, repayment is reduced one-for-one with that index’s decline, and holders can lose their entire investment.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to the common stock of Constellation Energy Corporation. The notes have a total aggregate face amount of $1,885,000 and are issued at 100% of face value with a 1% underwriting discount, yielding 99% net proceeds to the issuer.

Each $1,000 note pays no interest and returns cash at maturity based on Constellation Energy’s stock performance from an initial level of $294.37 to a determination date in February 2027. If the final stock level is at or above 80% of the initial level, holders receive a maximum settlement amount of $1,284.60 per note, capping upside. If the final level falls below the 80% trigger buffer, principal loss is 1% for every 1% decline from the initial level, down to a complete loss of invested amount.

The notes expose investors to both stock performance risk and the credit risk of GS Finance Corp. and its parent guarantor. The estimated value at pricing is lower than the issue price, and secondary market liquidity is not assured, so investors may receive significantly less than face amount if they sell before maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500 Futures Excess Return Index, a futures-based index tied to E‑mini S&P 500 contracts rather than the cash S&P 500 Index. The notes run from a trade date of January 30, 2026 to a stated maturity date of February 2, 2029 and are unsecured obligations subject to the credit risk of both the issuer and guarantor.

Each note has a $1,000 face amount and pays no interest. At maturity, if the index level is at or above its initial level, investors receive $1,000 plus 115% (or more) of the index gain. If the index has fallen but not below 80% of its initial level, investors gain the absolute value of the index return, effectively a 20% downside buffer. Below that 80% buffer level, principal is exposed one‑for‑one to further declines, so investors can lose a substantial portion of their investment.

The pricing supplement highlights that the estimated value of the notes at pricing will be lower than the original issue price due to fees, hedging costs and dealer margins, and that secondary market prices may be volatile and below face value. It also stresses differences between futures and spot equity exposure, potential negative roll yield, sensitivity to interest rates, limited liquidity, and uncertain U.S. tax treatment, including reliance on a prepaid derivative characterization.

Goldman Sachs is offering securities linked to the S&P 500® Daily Risk Control 5% USD Excess Return Index, a leveraged risk‑control version of the S&P 500® Total Return Index. The index dynamically increases or decreases exposure to the S&P 500® Total Return Index to target 5% volatility, allowing exposure above or below 100%, with borrowing or cash positions accruing interest at SOFR plus 0.02963%. Because this is an excess return index, any gains in the risk‑control index are reduced by this financing rate.

The methodology previously referenced overnight U.S. dollar LIBOR and switched to SOFR on December 20, 2021, so only limited performance history exists under the current rate. As of January 2, 2026, the index showed annualized returns of 1.28% over 1 year and 3.23% over 5 years, materially below the corresponding S&P 500® and S&P 500® Total Return indices. Key risks include credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., the drag from borrowing costs, potential underperformance versus the S&P 500® Total Return Index despite “risk control” branding, and uncertainties related to SOFR levels and volatility targeting.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., plans to issue unsecured Callable SOFR-Linked Range Accrual Notes maturing on January 30, 2041. For the first four quarterly interest payments starting April 2026, the notes pay a fixed rate of at least 7.15% per annum. After that, interest becomes variable and depends on how often the Secured Overnight Financing Rate (SOFR) stays within a 0.00% to 5.00% trigger range during each interest period; if SOFR is outside that range on all reference dates for a period, no interest is paid for that quarter.

The issuer may redeem the notes at par plus accrued interest on any quarterly interest payment date on or after January 30, 2027, which can shorten the investment’s life. The notes are not listed on any exchange and carry the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. Estimated value at pricing is $909.70 to $949.70 per $1,000 note, below the 100% issue price, and investors also face selling concessions and potential illiquidity.

Goldman Sachs is offering securities linked to the S&P 500® Volatility Plus Daily Risk Control Index, which provides leveraged exposure (between 100% and 200%) to the S&P 500® Index using a dynamic volatility target set at the S&P 500® realized volatility plus 10%.

The index was launched on March 21, 2022 but performance shown back to December 31, 1991 is largely hypothetical and sourced from the index sponsor. For the period ended January 2, 2026, the index shows annualized returns of 20.93% over 1 year, 34.45% over 3 years and 20.55% over 5 years, with annualized volatility of 28.69%, 24.90% and 26.88%, respectively. As of January 2, 2026, index exposure to the S&P 500® Index was 192.79%.

The supplement stresses that past and hypothetical performance are not indicative of future results and highlights key risks, including issuer and guarantor credit risk, leveraged exposure, potential for larger losses than the underlying index, divergence from dividends and shareholder rights, and the possibility that the index will not meet its volatility target or reflect current market volatility.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,000 face-value medium-term notes due February 4, 2031 that are auto-callable and linked to the lowest performing of Tesla, Netflix, Broadcom and Meta common stocks. The notes pay no interest and may be automatically called on scheduled dates if the lowest performing stock is at or above its starting price, in which case investors receive $1,000 plus a fixed call premium starting at at least 12.75% on the first call date and rising to at least 63.75% on the final call date.

If the notes are never called, investors receive only the $1,000 face amount at maturity, with no additional return, regardless of how the stocks perform. Any positive return is capped at the applicable call premium and is based solely on the worst-performing stock, so weak performance in a single name can eliminate upside even if the others rise.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, are not listed on an exchange and are intended to be held to maturity. The estimated value on the pricing date is expected to be between $885 and $915 per $1,000, below the $1,000 original offering price, reflecting structuring and distribution costs.

Goldman Sachs’ GS Finance Corp. is offering unsecured notes linked to the iShares Bitcoin Trust ETF and the iShares Ethereum Trust ETF. The notes pay no interest and return depends on the lesser-performing ETF between the trade date in 2026 and the 2028 determination date.

If both ETFs finish at or above their initial levels, investors earn a positive or flat return with an upside participation rate of 108.75% on the lesser-performing ETF. If either ETF falls but both remain at or above 90% of their initial levels, investors receive only the $1,000 face amount per note. If either ETF finishes below 90% of its initial level, principal is reduced based on the lesser-performing ETF’s loss beyond a 10% buffer, and 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. The estimated value at pricing is expected to be between $925 and $955 per $1,000 face amount, reflecting structuring and distribution costs and model-based pricing adjustments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the VanEck Gold Miners ETF and the iShares® Silver Trust. The notes run to an expected maturity on February 4, 2031, but can be redeemed by the issuer at 100% of face amount plus any due coupon on monthly payment dates from February 2027 through January 2031.

The notes pay a contingent monthly coupon of $16.25 per $1,000 face amount (1.625% monthly, up to 19.5% per year) only if, on each observation date, both ETFs are at or above 70% of their initial levels. At maturity, if not redeemed and the weaker ETF has fallen less than 40%, principal is protected; if it has fallen 40% or more, repayment is reduced one-for-one with that loss, and all principal can be lost. The preliminary estimated value is between $885 and $925 per $1,000 face amount, below the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes whose return is linked to the common stock of Adobe Inc. and DocuSign, Inc. The notes pay a quarterly contingent coupon of $34.25 per $1,000 (3.425% per quarter, 13.7% per year) only when both stocks close at or above 60% of their initial prices on the relevant observation date.

The notes are auto-callable from 2026 to 2027 if both stocks are at or above their initial prices, in which case holders receive principal plus the applicable coupon. If the notes are not called, the maturity payment in 2028 depends on stock performance: principal is repaid in full if at least one stock is at or above its initial price, subject to the trigger rules. If both stocks are below their initial prices and the weaker stock falls below 50% of its initial price, repayment is reduced in line with that loss and investors can lose most or all of their principal. Payments also depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value at pricing ($925–$955 per $1,000) is below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., may issue medium-term notes whose payments are linked to the BlackRock® Dynamic Factor Index. This index combines a basket of five U.S. equity factor ETFs, three U.S. Treasury bond ETFs and a cash component, and rebalances frequently based on economic factors and volatility.

The index measures how this portfolio performs after subtracting a daily accrual equal to SOFR plus 0.26161% and an additional 0.65% per year, so the underlying ETFs must outperform this hurdle for the index level to rise. A volatility cap of 5% can drive a large allocation to cash; historically the cash slice has reached as high as 85.5%, which can limit upside if markets rally. The document highlights extensive ETF- and index-specific risks, including limited post-LIBOR performance history and structural risks from passive management, bond duration and factor concentration.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable notes linked to the shares of Advanced Micro Devices, Alphabet Class C and Meta Platforms Class A. The notes pay a (about 7% per year) when all three stocks are at or above 75% of their initial prices, and only $0.209 (about 0.25% per year) if any stock is below that level on an observation date. Starting in January 2027, the notes are automatically called if all three stocks are at or above their initial prices, returning the $1,000 face amount plus the applicable coupon. If never called, investors receive $1,000 per note at maturity on January 29, 2031 plus the final coupon, subject to the issuer’s and guarantor’s credit risk. The aggregate face amount is $6,037,000, the underwriting discount is 3.9% of face, and the estimated value at pricing is about $945 per $1,000, reflecting structuring costs and dealer compensation.

The Goldman Sachs Group, Inc. is issuing $25,000,000 of fixed rate notes due February 26, 2027 under its Medium‑Term Notes, Series N program. The notes pay simple interest at a fixed rate of 3.80% per annum from January 26, 2026 to but excluding maturity, with all interest and principal paid together on the stated maturity date.

The initial price to the public is 100% of face value, with an underwriting discount of $5,000 and expected proceeds to Goldman Sachs of $24,995,000 before expenses. The notes are issued in book‑entry form through DTC, may be resold in market‑making transactions, are anticipated to be treated as original issue discount for U.S. tax purposes, and are subject to selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is offering $14,076,000 of callable fixed rate notes due January 26, 2034, as part of its Medium-Term Notes, Series N.

The notes pay fixed interest of 4.75% per year, with annual payments each January 26 starting in 2027, and may be redeemed in whole at 100% of principal plus accrued interest on quarterly redemption dates beginning January 26, 2028. The initial price to the public is 100% of principal, with a 1% underwriting discount and estimated proceeds before expenses of $13,935,240 to Goldman Sachs. The notes are issued in book-entry form through DTC and bear U.S. federal income tax on interest as ordinary income, are generally subject to FATCA withholding, and carry various selling and marketing restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the iShares Russell 2000 ETF. The notes pay no interest and are scheduled to mature on January 30, 2031, unless automatically called on a call observation date expected to be February 2, 2027.

If on the call observation date the ETF’s closing level is at least 105% of its initial level, the notes are automatically redeemed for $1,100 per $1,000 face amount. If not called, at maturity investors get upside exposure of 176% of any positive ETF return, full principal back if the ETF has fallen by up to 10%, and buffered downside where losses begin past this 10% drop at a rate of about 1.1111% per 1% further decline.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, do not provide dividends from the ETF, and may result in a total loss of principal. The estimated initial value is expected between $885 and $915 per $1,000 face amount, less than the issue price.

GS Finance Corp. is offering $15,000,000 of floating rate notes due January 19, 2033, fully guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 minimum denomination and is issued at 100% of principal, with a 0.55% underwriting discount and 99.45% net proceeds to the issuer.

Interest starts January 26, 2026 and is paid quarterly at compounded SOFR plus 0.80% per year, with a minimum interest rate of 0.50% per year, using a 30/360 day count. The notes are unsecured, not FDIC insured, not redeemable before maturity, and will not be listed on an exchange, so liquidity may be limited and market value may fall if interest rates rise or credit spreads widen.

Net proceeds will be lent to The Goldman Sachs Group, Inc. or its affiliates for general corporate purposes and related hedging. Investors face credit risk of both GS Finance Corp. and the guarantor, interest rate and SOFR benchmark risks, potential conflicts from Goldman Sachs’ hedging and market-making, and U.S. tax treatment of the notes as variable rate debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Digital S&P 500® Index-Linked Notes due 2028 as part of its Medium-Term Notes, Series F program. These unsecured notes do not pay interest and repay a variable amount at maturity based on the S&P 500® Index.

For each $1,000 note, if the final index level on the February 28, 2028 determination date is at or above 85% of the initial level, holders receive the maximum settlement amount, set at not less than $1,177.50. If the final level is below 85% of the initial level, repayment equals $1,000 plus $1,000 times the index return, so investors lose 1% of principal for every 1% the index has fallen, and can lose their entire investment.

The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not bank deposits, are not insured by the FDIC, and will not be listed on any exchange. The issuer discloses that the estimated value at pricing will be below the 100% issue price, secondary market prices may be low or unavailable, upside is capped at the maximum settlement amount, and 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 market-linked, auto-callable notes tied to the common stock of Micron Technology, Inc. Each security has a $1,000 face amount, no interest payments and no principal protection, and is designed to be held to February 1, 2029 unless automatically called.

If on the February 1, 2027 call date Micron’s stock closes at or above the starting price, the notes are automatically called for $1,000 plus a call premium of at least 48%. If not called, at maturity investors get $1,000 plus 150% of any stock gain, or a positive “absolute return” up to 30% if the stock is flat or down by no more than 30%. If Micron falls by more than 30%, repayment is reduced 1-for-1 with the stock decline and investors can lose up to all principal.

The estimated initial value is expected to be $890–$920 per $1,000, below the original offering price, reflecting dealer compensation and structuring costs. All payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are not listed or insured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, no-coupon notes linked to the iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA). The notes are expected to be issued on January 29, 2026 and mature on January 31, 2028, unless automatically called.

Your $1,000 note will be automatically redeemed for $1,350 on the call payment date if, on the February 2, 2027 call observation date, the closing level of both ETFs is at or above their initial levels. If not called, the maturity payment depends on the lesser performing ETF.

At maturity, if the final level of each ETF is above its initial level, you receive $1,000 plus 2.66× the lesser ETF’s positive return. If any ETF finishes at or below its initial level but both stay at or above 90% of initial, you get back $1,000. If any ETF closes below 90% of its initial level, principal is reduced one‑for‑one beyond a 10% buffer, and you can lose most of your investment.

The notes carry the credit risk of GS Finance Corp. and Goldman Sachs, offer no interest, and do not provide any rights in the underlying ETFs or crypto assets. The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, reflecting fees and hedging costs. The filing highlights extensive risks tied to bitcoin, ether, ETF operations, liquidity, valuation, potential forks, security breaches, regulation and uncertain U.S. tax treatment.

The Goldman Sachs Group, Inc. is offering fixed-rate reset subordinated notes maturing in February , 2041. The notes pay a fixed interest rate from February , 2026 to February , 2036, then reset to a new fixed rate every five years based on the five-year U.S. Treasury rate plus a spread, with interest paid semi-annually each February and August.

The notes are unsecured and subordinated, ranking junior to Goldman Sachs’ senior debt, and may be accelerated only upon bankruptcy, insolvency or reorganization. The issuer may redeem the notes for tax reasons, at a make-whole price between February , 2031 and February , 2036, at par in whole on February , 2036, and at par on or after August , 2040, in each case plus accrued interest. The notes are issued in book-entry form through DTC, treated as variable rate debt for U.S. tax purposes, and are intended for institutional and other qualified investors in specified jurisdictions under detailed selling and ERISA-related restrictions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes tied to the Nasdaq-100, Nikkei 225 and Russell 2000 indices. The notes are scheduled to mature on January 26, 2029 but can be automatically called on quarterly observation dates starting in April 2026 if all three indices are at or above their initial levels.

Investors may receive a quarterly contingent coupon of $27.875 per $1,000 face amount (2.7875% per quarter, up to 11.15% per year) only when each index is at or above 65% of its initial level on the relevant observation date. At maturity, if not called, principal repayment depends solely on the worst-performing index: full principal is returned if each index is at or above 70% of its initial level; below that threshold, losses mirror the decline of the worst index and can reach a total loss of principal. The bank discloses that the estimated value at pricing is expected to be $925–$955 per $1,000 due to fees and hedging costs, and payments are subject to the credit risk of both the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered S&P 500® Index-Linked Notes due on an expected stated maturity date of February 8, 2030. These notes pay no interest and return at maturity depends entirely on the S&P 500® Index level on an expected determination date of February 5, 2030.

If the index rises, holders receive $1,000 plus 99.25% of the index’s percentage gain, so upside is slightly reduced versus direct index exposure. If the index is flat or down by up to 30%, investors receive back $1,000 per note. If the index falls by more than 30%, principal is exposed one-for-one to the full percentage loss, and investors can lose their entire investment.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and carry their credit risk. The estimated value on the trade date is expected to be between $870 and $910 per $1,000 face amount, reflecting structuring costs and dealer compensation, and the filing highlights complex and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered notes linked to the S&P 500® Index that do not pay periodic interest and return a cash amount at maturity based on index performance.

For each $1,000 note, if the index rises, holders receive $1,000 plus 94.5% of the index’s percentage gain. If the index is flat or down by up to 30%, holders receive $1,000 back. If the index falls by more than 30%, repayment is reduced one-for-one with the index loss, and investors can lose their entire investment.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and expose holders to the credit risk of both. The estimated value on the trade date is expected between $890 and $920 per $1,000 face amount, reflecting structuring costs and dealer compensation. U.S. tax treatment is based on characterizing the notes as prepaid derivative contracts, though the IRS could adopt different rules in the future.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable buffered notes linked to the State Street SPDR S&P Biotech ETF (XBI), maturing on January 25, 2028. The notes pay no interest and are unsecured obligations subject to the issuer’s and guarantor’s credit risk.

The notes may be automatically called on February 2, 2027 if XBI’s closing level is at or above the initial level of $125.29, paying $1,154 per $1,000 face amount on February 5, 2027. If not called, maturity payment depends on XBI’s performance with a 125% upside participation rate, a 20% downside buffer and 1.25x leveraged losses beyond the buffer, so investors can lose their entire principal. The initial estimated value is about $976 per $1,000 face amount, reflecting structuring costs and dealer compensation.

GS Finance Corp. is offering $1,318,000 of Trigger Autocallable GEARS due January 2029, linked to the common stock of Advanced Micro Devices, Inc. (AMD) and guaranteed by The Goldman Sachs Group, Inc. Each note has a $10 face amount.

The notes can be automatically called on January 28, 2027 if AMD’s closing price is at or above 100% of the initial price of $249.80, paying $10 plus a 36.74% call return ($13.674 per $10). If not called, at maturity investors get $10 plus 1.5 times any positive AMD return. If AMD is flat or down but stays at or above 75% of the initial price, investors receive $10. If AMD falls below this 75% downside threshold, repayment is reduced one-for-one with AMD’s loss, and the entire investment can be lost.

The notes pay no coupons or dividends, have limited liquidity, and expose holders to both AMD market risk and the unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is $9.53 per $10 face amount, below the issue price.

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 power, infrastructure and technology-related stocks. The notes have a total initial face amount of $500,000 and may be increased later.

The notes pay no interest and mature on January 25, 2028, unless automatically called on February 2, 2027. If the basket level on the call observation date is at or above 100% of its initial level, investors receive $1,202 per $1,000 face amount on the call payment date, capping return.

If not called, maturity payment depends on basket performance. For gains, investors receive principal plus 150% of the basket’s positive return. If the basket is flat to down no more than 20%, principal is repaid. Below that 80% trigger buffer, maturity payment falls one-for-one with the basket, and investors can lose up to their entire investment.

The initial basket level is set at 100, with each of the eight stocks (including Constellation Energy, Eaton, Equinix, Freeport-McMoRan, NextEra Energy, Quanta Services, Vertiv and Vistra) weighted at 12.5%. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is approximately $952 per $1,000 face amount, below the issue price, reflecting structuring and distribution costs.

GS Finance Corp, guaranteed by The Goldman Sachs Group, is offering structured notes linked to the Class A common stock of Dutch Bros Inc. The notes pay a fixed coupon of $26.75 per $1,000 each quarter (2.675% quarterly, up to 10.7% per year).

The notes are automatically called if Dutch Bros’ stock on specified observation dates is at or above the initial price, returning principal plus the coupon then due. If held to maturity and the final stock price is at least 50% of the initial level, investors receive $1,000 per note plus the final coupon.

If the final stock price is below 50% of the initial level, repayment of principal falls one‑for‑one with the stock decline, and investors can lose most or all of their investment. The notes carry the credit risk of GS Finance Corp and The Goldman Sachs Group, may have limited liquidity, and their estimated initial value is between $925 and $955 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, no-coupon notes linked to the State Street® Technology Select Sector SPDR® ETF (XLK) and the State Street® Energy Select Sector SPDR® ETF (XLE). The notes are expected to be issued at 100% of face amount on or about January 30, 2026 and mature on February 4, 2031, unless automatically called.

The notes can be automatically redeemed starting January 28, 2027 if on a call observation date the closing level of each ETF is at or above its initial level. In that case, investors receive $1,000 per note plus a call premium, with call premium amounts ranging from 17.95% on the first call date up to 71.8% on the last call date.

If not called, the maturity payment depends on the lesser-performing ETF. If each final level is at or above its initial level, holders receive $1,000 plus 100% of the lesser ETF’s positive return. If any ETF is below its initial level but each is at or above 60% of its initial level, investors receive only the $1,000 face amount. If any ETF closes below 60% of its initial level, the payoff is $1,000 plus the lesser ETF’s full negative return, which can result in a loss of most or all principal.

The notes do not pay interest, do not pass through ETF dividends, and expose investors 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 $850 and $890 per $1,000 face amount, reflecting structuring costs and dealer compensation.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Tesla-linked notes that pay fixed quarterly coupons of $26 per $1,000 face amount (2.6% per quarter, up to 10.4% per year). The notes are scheduled to run from an expected trade date of February 10, 2026 to a stated maturity date expected to be February 15, 2029, unless automatically called earlier.

The notes are automatically redeemed at par plus the coupon if the closing price of Tesla stock on any quarterly call observation date is at or above the initial stock price. If not called, principal repayment at maturity depends on Tesla’s performance. Investors receive full face amount if Tesla’s final price is at least 50% of the initial price, but lose one-for-one with Tesla’s decline below that level, down to a possible total loss of principal. The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., and their initial estimated value is expected to be between $925 and $965 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,468,000 of Trigger Autocallable GEARS due 2029, linked to the common stock of Broadcom Inc. (AVGO). The notes are unsecured obligations in $10 denominations and do not pay interest or dividends.

The structure offers 1.50x leveraged upside at maturity if the final Broadcom stock price is above the initial price of $328.80, provided the notes have not been called early. If the final price is at or below the initial level but at or above the 75% downside threshold, investors receive their $10 principal back. If the final price falls below that threshold, repayment is reduced one-for-one with the stock’s loss, and the entire investment can be lost.

The notes can be automatically called on January 28, 2027 if Broadcom’s stock closes at or above 100% of the initial price, in which case investors receive $10 plus a 32.53% call return per note and no further payments. The estimated value at pricing is about $9.57 per $10, 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 principal-at-risk contingent income buffered auto-callable securities linked to the common stock of Freeport-McMoRan Inc. The notes are expected to price around January 23, 2026 and mature on January 28, 2027.

The initial share price is set at $58.85, with a 25% buffer so the buffer price is 75% of that level. Monthly coupons are contingent: for each $1,000, the coupon equals $13.334 multiplied by the number of observation dates to date minus coupons already paid, but only if the stock closes at or above the buffer price on the relevant observation date; otherwise the coupon is zero.

The notes are automatically called if, on any call observation date, the stock closes at or above the initial share price, returning principal plus the then-due coupon and ending further payments. If the notes are not called and the final share price is below the buffer price, investors lose approximately 1.3333% of principal for every 1% decline beyond the 25% buffer, and no final coupon is paid. Investors do not participate in any stock appreciation and are exposed 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 Coinbase Global, Inc. (COIN). Each note has a $1,000 face amount and an initial underlier level of $223.14.

The notes pay a monthly contingent coupon of $18.709 (about 1.8709% per month, up to roughly 22.45% per year) only if COIN’s closing level on the observation date is at least 60% of the initial level. The notes are automatically called on specified quarterly dates if COIN is at or above the initial level, returning $1,000 per note plus the due coupon.

If the notes are not called and COIN’s final level on the determination date is at least 50% of the initial level, investors receive back the full face amount. If the final level is below 50%, repayment is reduced one-for-one with COIN’s decline, and investors can lose their entire principal. The document highlights that the notes’ estimated value at pricing is lower than the original issue price, that secondary market prices may be weak or unavailable, that investors have no shareholder rights in COIN, and that complex, uncertain U.S. tax treatment applies.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering $3,000,000 of notes linked to the iShares Bitcoin Trust ETF. The notes mature on January 25, 2027 and may be redeemed early at 100% of face amount plus any due coupon on monthly payment dates from April through December 2026.

The notes pay a contingent monthly coupon of $10.834 per $1,000 (1.0834% monthly, about 13% per year) only when the ETF is at or above 65% of the initial level of $50.76; otherwise no coupon is paid. At maturity, investors receive full principal plus the final coupon if the ETF is at or above the 65% buffer level, but suffer leveraged losses (up to losing their entire investment) if it finishes below that level. The estimated value is about $977 per $1,000 at pricing, and the filing highlights substantial risks tied to bitcoin’s volatility, complex tax treatment, secondary market liquidity, and the credit risk of both GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable 10-year notes whose interest depends on the 10-year Constant Maturity Treasury (CMT) rate. Interest is paid monthly from an expected original issue date of February 11, 2026 to an expected maturity on February 11, 2031.

For each interest period, the annualized rate equals a 7.00% interest factor multiplied by the fraction of scheduled U.S. government securities business days when the 10-year CMT rate is at or below 4.82%. If the rate exceeds 4.82% on every such day in a period, no interest is paid for that month.

The notes are callable at the issuer’s option at par plus accrued interest on any monthly interest payment date on or after February 11, 2027. They are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is expected to be between $921.6 and $971.6 per $1,000 face amount, reflecting structuring and distribution costs and GS&Co.’s pricing models.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered basket-linked notes due in February 2028. These notes pay no interest and their maturity value depends on an equally weighted basket of the S&P 500, Russell 2000 and EURO STOXX 50 indices, each starting at about one-third of the basket.

At maturity, for each $1,000 note, investors receive upside at 150% of the basket’s positive return, capped at a maximum settlement amount of $1,242.5. If the basket falls by up to 10%, the notes pay the same percentage in positive return. If the basket falls by more than 10%, losses are linear beyond that buffer and investors can lose a substantial portion of principal.

The initial basket level is set to 100, the buffer level is 90% of that, and the cap level is approximately 116.167%. The estimated value of the notes on the trade date is expected to be between $900 and $930 per $1,000 face amount, reflecting model-based pricing and embedded costs. Repayment depends on the credit of GS Finance Corp. and the guarantee from The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked notes with an aggregate face amount of $4,110,000 tied to the Nasdaq-100, Russell 2000 and S&P 500 indexes. The notes pay a contingent monthly coupon of $9.75 per $1,000 face amount (0.975% per month, up to 11.70% per year) only if each index closes at or above 70% of its initial level on the relevant observation date.

The notes are subject to an automatic call: if on any call observation date each index is at or above its initial level, investors receive $1,000 per $1,000 note plus the coupon, and the notes terminate early. At maturity, if not called, investors receive $1,000 per $1,000 note if every index is at or above 70% of its initial level; otherwise repayment is reduced in line with the worst-performing index, and investors could lose their entire principal. The product carries the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., features limited liquidity, complex tax treatment and sensitivity to equity market levels, volatility, rates and the issuer’s credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes maturing on or about February 2, 2029 whose return is linked to the common stock of NVIDIA, Exxon Mobil and Amazon.com. The notes may be automatically called starting in January 2027 if on any monthly call observation date the closing price of each stock is at or above its initial price; in that case investors receive the $1,000 face amount per note plus the applicable coupon.

While outstanding, the notes pay a conditional coupon of $10 per $1,000 (1% monthly, up to 12% per year) only if on the related observation date every stock closes at or above 54% of its initial price. At maturity, if the notes have not been called and at least one stock finishes below its initial price, principal repayment depends on the “lesser performing” stock. If all three finish below their initial prices and any is below 54% of its initial price, repayment is reduced one-for-one with that stock’s loss and investors can lose most or all of their principal. The preliminary estimated value is disclosed as $925–$955 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® Index, maturing in January 2029. The notes pay no interest and repayment depends entirely on index performance between January 22, 2026 and the January 23, 2029 determination date.

If the S&P 500® final level is above its initial level, investors receive enhanced upside at a 150% participation rate, but the payoff per $1,000 is capped at a maximum settlement amount of $1,340. If the index is flat or down by up to the 10% buffer (index at or above 90% of the initial level), investors receive back the $1,000 face amount.

If the index falls more than 10%, investors lose principal on a 1-for-1 basis beyond the buffer, potentially resulting in a substantial loss. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below face value, and will not be listed on any exchange.

The Goldman Sachs Group, Inc. is offering $4,270,000 of unsecured callable notes due January 23, 2032. The notes do not pay periodic interest. Instead, investors receive $1,000 principal plus a fixed premium at redemption or maturity.

Goldman Sachs may redeem the notes in whole (not in part) on specified annual call payment dates from January 23, 2027 through January 23, 2031. For each $1,000 note, the call amount equals $1,000 plus a call premium of 5% in 2027, rising in 5% steps to 25% in 2031. If the notes are held to the stated maturity date of January 23, 2032, the cash payment per $1,000 note will be $1,000 plus a 30% maturity date premium, corresponding to a 4.47% yield to maturity based on annual compounding and the Actual/365 (Fixed) day count convention.

The original issue price is 100% of principal, with a 1.1% underwriting discount and 98.9% of principal as net proceeds to the issuer. The notes are not insured by the FDIC, will not be listed on any exchange, and are subject to the credit risk of Goldman Sachs, market value volatility, potential illiquidity, original issue discount tax rules and FATCA. Sales are restricted in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland under local regulations.