Here are the 424B prospectus supplements from Goldman Sachs Group Inc. (GS) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow GS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GS filings page.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $7,284,000 of Trigger Autocallable Contingent Yield Notes due January 2029 linked to the worst performer of the S&P 500, Russell 2000 and EURO STOXX 50 indices. The notes pay a quarterly contingent coupon of $0.25625 per $10 face amount (up to 10.25% per year) only if all three indices are at or above 75% of their initial levels on each observation date.
Starting July 2026, the notes are automatically called if each index is at or above its initial level, returning $10 per note plus the coupon, with no further payments. If not called and, at maturity, every index is at or above 75% of its initial level, investors receive $10 plus the final coupon. If any index is below 75% at maturity, repayment is reduced in line with the decline of the worst index, and the entire principal can be lost. The notes are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and their estimated initial value is $9.84 per $10 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing structured notes linked to the common stock of Ondas Inc.. The notes mature on January 29, 2029 and can be redeemed by the issuer at 100% of face amount plus any due coupon on quarterly payment dates from July 2026 through October 2028.
The notes offer a contingent coupon of $115 per $1,000 (11.5% quarterly, up to 46% per year) whenever Ondas’ closing price on an observation date is at least 50% of the initial price of $12.55. If the price is below that level, no coupon is paid, and investors may receive no income over the life of the notes.
At maturity, if the final stock price is at least 50% of the initial price, investors receive $1,000 plus any final coupon. If it is below 50%, repayment is reduced one-for-one with the stock’s loss, with up to a 100% loss of principal. The estimated value is about $898 per $1,000, below the issue price, and payments are subject to the unsecured credit risk of GS Finance Corp. and its parent guarantor.
GS Finance Corp. is offering $3,000,000 of unsecured Trigger Autocallable GEARS notes linked to an unequally weighted basket of five equity indices, guaranteed by The Goldman Sachs Group, Inc. The basket starts at 100 and includes the EURO STOXX 50® (40%), Nikkei 225 (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The notes can be automatically called on January 29, 2027 if the basket is at or above 100% of its initial level, paying $11.50 per $10 face amount based on a 15% call return. If not called, at maturity in January 2031 investors get enhanced upside with 1.75x participation if the basket is above the initial level, full principal back if the basket is between 75% and 100%, and a one‑for‑one loss below 75%, potentially losing the entire investment. The estimated value at pricing is $9.69 per $10, there are no coupons, and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,000,000 of senior unsecured structured notes linked to the S&P 500 Index, Nasdaq-100 Index and iShares Russell 2000 ETF, maturing in January 2029.
The notes can be automatically called quarterly from July 2026 if all three underliers are at or above their initial levels (6,913.35 for the S&P 500, 25,518.35 for the Nasdaq-100 and $269.79 for the ETF), returning principal plus the applicable coupon. Investors may receive a monthly coupon of $9.50 per $1,000 (0.95%, up to 11.4% per year) only when each underlier is at or above 70% of its initial level.
If the notes are not called and on the January 22, 2029 determination date any underlier has fallen more than 30% from its initial level, repayment of principal is reduced one-for-one with the worst performer, potentially down to zero, and no final coupon is paid. The underwriting discount is 0.25% of face amount, with net proceeds of 99.75% to the issuer, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the S&P 500® Index maturing in March 2029. The notes do not pay interest and are issued in $1,000 denominations.
The notes are automatically called in March 2027 if the S&P 500 closing level is at or above the initial level, in which case investors receive at least $1,047.50 per $1,000. If not called, at maturity investors get $1,000 plus 100% of any positive index return, and $1,000 if the index is flat or down, so returns can be limited to principal only.
Investors face the credit risk of GS Finance Corp. and its parent, and the estimated value determined by GS&Co.’s models is lower than the issue price. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over the term and taxing any gain as ordinary interest income.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering digital equity-linked notes maturing in 2027 whose payoff is tied to the common stock of Netflix, Inc. For each $1,000 face amount, if the final Netflix level on the determination date is at or above the 70% trigger buffer level of the initial level, holders receive a fixed maximum settlement amount of $1,190, a 19% cap on return.
If the final Netflix level is below the trigger buffer level, the cash payment equals $1,000 plus $1,000 times the underlier return, so losses match the percentage decline of Netflix from its initial level and can reach a total loss of principal. The notes pay no interest, are unsecured obligations of GS Finance Corp. fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and their market value and payment at maturity are exposed to both Netflix’s stock performance and the credit risk of the issuer and guarantor. The pricing supplement highlights that the initial issue price will exceed the model-based estimated value and that secondary market liquidity may be limited.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index, maturing in 2028 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and pays no interest.
At maturity, if the S&P 500 final level is above its initial level, investors receive $1,000 plus 200% of the index gain, capped by a maximum settlement amount of $1,205. If the index is flat or down by up to the 10% buffer (final level at or above 90% of the initial level), investors receive their full $1,000 back. If the index falls more than 10%, principal is reduced 1-for-1 beyond the buffer, so investors can lose a substantial portion of their investment.
The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited or no secondary market, and involve uncertain U.S. federal income tax treatment, which counsel currently views as consistent with a pre-paid derivative contract on the S&P 500.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500® Futures Excess Return Index, maturing in 2030. The notes provide upside exposure with an expected at least 198% participation rate in any positive index return from the trade date to the determination date.
If the final index level is higher than the initial level, investors receive $1,000 plus the upside participation rate times the index gain. If the final level is equal to or below the initial level, the payoff is $1,000 plus $1,000 times the index return, so losses match index declines and investors can lose their entire principal. The notes pay no interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor.
The underlier tracks E-mini S&P 500 futures, not the cash S&P 500 Index, so returns are affected by futures pricing, financing costs, and roll yields, which can depress performance even if the equity index is flat or rising. The issuer highlights that the initial issue price exceeds its internal estimated value, secondary market prices may be lower, liquidity is not assured, and the U.S. tax treatment is uncertain, with the notes intended to be treated as prepaid derivative contracts.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $6,000,000 of autocallable contingent coupon notes linked to the Dow Jones Industrial Average®, the S&P 500® Index and the Russell 2000® Index, maturing in January 2031.
Investors receive a quarterly coupon of $21.375 per $1,000 (2.1375%, up to 8.55% per year) only if on each observation date the closing level of every index is at least 65% of its initial level; otherwise the coupon for that quarter is zero. Starting in January 2027, the notes are automatically called if on a call observation date each index is at or above its initial level, paying back face amount plus that quarter’s coupon.
If the notes are not called, principal repayment at maturity depends on the worst-performing index. If each index is at least 70% of its initial level, investors receive full principal plus any final coupon. If the worst index finishes between 65% and 69.99% of its initial level, investors receive between 65% and 69.99% of face amount plus any final coupon. If any index ends below 65% of its initial level, repayment is reduced in line with the worst index return and investors can lose up to their entire investment, with no final coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 tied to the Class A common stock of Alphabet Inc. Each note has a $1,000 face amount and pays a quarterly coupon of $31 (3.1%) only if Alphabet’s share price on the observation date is at or above 70% of the initial level.
The notes may be automatically called on quarterly dates if Alphabet’s share price is at or above the initial level, in which case investors receive $1,000 per note plus any due coupon, ending the investment early. If the notes are not called and Alphabet’s final level is at or above 70% of the initial level, investors receive $1,000 back at maturity; if it is below 70%, repayment is reduced in line with Alphabet’s loss and investors can lose their entire principal.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor. The estimated value at issuance is lower than the original issue price, they will not be listed on an exchange, and their market value can be affected by many factors including equity volatility, interest rates and the issuers’ perceived creditworthiness.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $413,000 of callable buffered notes linked to the S&P 500® Futures Excess Return Index, maturing on January 27, 2031. The notes pay no interest and are sold at 100% of face amount, with an underwriting discount of 0.58% and net proceeds of 99.42% of face.
At maturity, investors receive $1,000 per note plus a performance-based amount. If the index is above the initial level of 561.57, the gain is 2.165× the index return. If the index is between 80% and 100% of the initial level, investors get the absolute value of the index move. Below 80%, losses exceed a 20% buffer and a substantial portion of principal can be lost.
The issuer can redeem the notes in full on specified dates from January 2027 through December 2030 at $1,000 plus a preset call premium that steps up from 17.5008% to 86.0456%. The estimated value at pricing is about $971 per $1,000, and returns depend on both index performance and the credit of GS Finance Corp. and its guarantor.
GS Finance Corp. describes the S&P 500® Futures Excess Return Index, which tracks the nearest maturing quarterly E-mini S&P 500 futures contract on the Chicago Mercantile Exchange. The index, calculated by S&P Dow Jones Indices, has a base value of 100 as of September 9, 1997 and is quoted in U.S. dollars.
The supplement shows historical performance through January 2, 2026, with the index posting annualized returns of 12.58% over 1 year, 16.62% over 3 years and 10.50% over 5 years, alongside annualized volatility between about 15% and 19%. Over the same periods, the S&P 500® Index had higher annualized returns of 16.87%, 21.50% and 13.13%. The document emphasizes that past performance is not a guide to future results and highlights risks of securities linked to this index, including issuer and guarantor credit risk, lack of dividends and shareholder rights, futures-specific risks such as negative roll yield, and potential market disruptions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable equity-linked notes due in 2031 that pay no interest and return at least the face amount at maturity, subject to issuer credit risk. The notes’ payoff depends on the worst performer among Alphabet Class C, Meta Class A and NVIDIA common stock. If, on the determination date in January 2031, the closing price of each stock is above its initial price set on the trade date, investors receive $1,000 plus 3.1× the percentage gain of the worst-performing stock. If any stock finishes at or below its initial price, investors receive only the $1,000 face amount.
GS Finance Corp. may redeem the notes monthly from February 2027 through January 2031 at $1,000 plus a fixed call premium that steps up over time. The estimated value at pricing is expected to be between $885 and $925 per $1,000 face amount, reflecting fees and hedging costs. The notes are unsecured obligations, do not provide dividends or shareholder rights in the underlying stocks, and are treated as contingent payment debt instruments for U.S. tax purposes.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-protected notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The aggregate face amount is $1,439,000, with an original issue price of 100% of face, a 4.375% underwriting discount and 95.625% net proceeds to the issuer.
The notes may be automatically called on January 29, 2027 if the index on the January 22, 2027 observation date is at or above the initial level, in which case investors receive $1,179.70 per $1,000. If not called, at maturity on January 31, 2033 investors receive at least the $1,000 face amount, plus 300% of any positive index return; if the index is flat or down, only face value is repaid.
The index uses daily rebalancing, a 5% volatility control, momentum risk controls and a 0.65% annual fee, and can allocate heavily to cash-like positions, which can significantly dampen performance. The estimated value on the trade date is $891 per $1,000, below the issue price, and the notes pay no periodic interest and are treated as contingent payment debt instruments for U.S. tax purposes.
GS Finance Corp. is offering autocallable index-linked notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. These notes are linked to the Russell 2000 Index and the S&P 500 Index, and your result is based on the performance of the worse-performing index.
The notes pay no interest. They may be automatically called in March 2027 if each index is at or above its initial level, in which case you receive at least $1,105 for each $1,000 face amount. If held to maturity and not called, you get $1,000 plus 200% of the gain of the lesser-performing index when both indexes finish above their initial levels, or $1,000 back if both stay above an 85% buffer level.
If either index finishes below its 85% buffer, your repayment is reduced one-for-one with the decline beyond the 15% buffer, so you could lose a substantial portion of your investment. The estimated value on the trade date is lower than the issue price, the notes are subject to issuer and guarantor credit risk, will not be listed on an exchange, and have uncertain U.S. tax treatment.
GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering $3,300,000 of equity-linked notes tied to an equally weighted basket of 8 large-cap stocks. The notes pay no interest and mature on January 26, 2028, but will be automatically called on February 3, 2027 if the basket level is at or above its initial level 100, in which case holders receive $1,165 per $1,000 on February 8, 2027.
If not called, maturity payments depend on the basket return. For gains, investors receive $1,000 plus 125% of the basket's positive performance. For flat to moderate losses down to a 15% decline (basket at or above 85), principal is returned. Below that buffer, losses accelerate, with payoff calculated using a buffer rate of about 117.65%, so substantial declines can lead to large principal losses, up to 100% of invested amount.
The initial issue price is 100% of face amount with a 1.5% underwriting discount, and the estimated value at pricing is about $950 per $1,000. Investors face the credit risk of GS Finance Corp and The Goldman Sachs Group, Inc., give up dividends on the underlying stocks, and are exposed to market volatility, limited liquidity, and complex anti-dilution and market disruption adjustment provisions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033. The notes pay no interest and return at least the $1,000 face amount at maturity if not called, with 100% participation in any index gains above the initial level.
The notes are automatically called on annual dates if the index closes at or above preset call levels, with call premiums starting at at least 10.50% of face amount in 2027 and rising over time. Goldman estimates the value of each note on the trade date at $880 to $925 per $1,000, below the original issue price, reflecting fees and hedging costs.
The underlying index is a complex, rules-based strategy that reallocates daily across equity, fixed income, commodity and cash exposures, applies a 5% volatility control and a momentum risk control, and deducts 0.65% per year. A large portion of the index may sit in low-yielding cash positions, and investors face issuer and guarantor credit risk, limited liquidity, capped call payouts and taxation under contingent payment debt instrument rules.
Goldman Sachs provides an overview of the S&P 500® Futures Volatility Plus Daily Risk Control Index, which offers leveraged exposure of 100% to 200% to the S&P 500® Futures Excess Return Index. This index tracks E-mini S&P 500 futures and targets a realized volatility level equal to the futures index’s volatility plus 10%, though a two-day calculation lag means it may not match that target exactly.
The filing highlights hypothetical and historical performance through January 2, 2026. For example, the index shows a 1-year annualized return of 13.48% with annualized volatility of 28.57%, and a 3-year annualized return of 25.00% with 24.84% volatility. Longer-period figures of 15.67% annualized return and 26.80% volatility rely partly on hypothetical data before the April 25, 2022 launch.
Extensive risk disclosures stress that past or hypothetical performance does not predict future results. Investors in securities linked to this index face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., leveraged exposure risk, potential underperformance versus the S&P 500® Index, futures-specific risks such as negative roll yield, and the fact that these securities are unsecured, not bank deposits, and not insured by any government agency.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Sandisk Corporation. The notes pay contingent monthly coupons of $20.834 per $1,000 face amount (2.0834% per month, up to about 25% per year) only when Sandisk’s share price on an observation date is at least 50% of the initial price of $473.83.
The notes can be automatically called beginning in July 2026 if Sandisk’s closing price on a call observation date is at or above the initial price, in which case investors receive $1,000 per note plus the applicable coupon. If the notes are not called and Sandisk’s final price is at least 50% of the initial price, investors receive $1,000 plus the final coupon. If the final price is between 40% and 50% of the initial price, investors receive only $1,000 with no coupon. Below 40%, principal is exposed one-for-one to Sandisk’s decline, and investors can lose most or all of their investment.
The notes are unsecured obligations of GS Finance Corp. and expose investors to the credit risk of both the issuer and the guarantor. The estimated value at pricing is expected to be between $880 and $900 per $1,000 face amount, reflecting structuring costs and dealer compensation.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2029 tied to the Nasdaq‑100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. The notes can pay a monthly contingent coupon of $9.167 per $1,000 (0.9167% monthly, or up to approximately 11.00% per year) if on each coupon observation date all three indices are at or above 70% of their initial levels.
The notes may be automatically called starting July 30, 2026 if on a call observation date each index is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon. If the notes are not called and on the final observation date any index is below 70% of its initial level, repayment of principal is reduced one‑for‑one with the worst index’s loss, and investors can lose their entire investment. The document highlights valuation risks, limited liquidity, credit risk of GS Finance Corp. and its guarantor, and uncertainty in U.S. tax treatment.
Goldman Sachs offers notes linked to the BlackRock Dynamic Factor Index, which tracks a shifting mix of up to five equity ETFs, up to three Treasury bond ETFs, and a cash constituent. The index measures how this basket performs after subtracting the sum of the return on SOFR plus 0.26161% and a 0.65% per annum fee, so the underlying assets must outperform that combined rate for the index to rise.
The strategy targets annualized volatility of no more than 5%, frequently shifting exposure into cash. As of January 2, 2026, the index held 23.89% in cash and had historically allocated up to 85.5% to cash, which can limit upside compared with full equity exposure. From January 1, 2021, its annualized performance was -2.77%, versus 14.77% for a benchmark S&P 500 ETF and -1.84% for a 7–10 year Treasury ETF, with lower volatility of 4.91% but a maximum drawdown of -19.10%.
The filing highlights multiple risks, including the volatility cap, heavy potential cash allocation, factor-model uncertainty, concentration in U.S. equities and Treasuries, reliance on third-party data, and the limited performance history after the index’s December 28, 2021 switch from 3‑month USD LIBOR to SOFR plus 0.26161%.
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.