Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering digital equity-linked notes maturing in 2027 tied to the common stock of Constellation Energy Corporation (ticker "CEG UW"). Each note has a $1,000 face amount and does not pay interest.

At maturity, investors receive a cash amount based on CEG’s stock performance from an initial underlier level of $294.37 on January 21, 2026 to a determination date on February 4, 2027. If the final underlier level is at or above 80% of the initial level (the trigger buffer level), investors receive a capped payoff equal to the maximum settlement amount of $1,284.60 per $1,000 note. If the final level falls below the trigger buffer, the payoff is $1,000 plus $1,000 times the underlier return, so losses match the full decline from the initial level and investors can lose their entire principal.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. The underlier has a limited trading history, the secondary market for the notes may be illiquid, and the tax treatment is uncertain, with counsel viewing them as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering long-dated callable fixed-to-floating rate notes maturing on the expected date of January 30, 2033. Investors receive quarterly interest at a fixed 8.00% per annum from January 30, 2026 to January 30, 2027.

From January 30, 2027 to maturity, the notes switch to a floating rate tied to the 10-year Constant Maturity Treasury (CMT). Each quarter’s rate equals 8 times 5.25% minus the 10-year CMT, with a maximum of 16.00% and a minimum of 0.00%. If the base rate is 5.25% or higher on an interest determination date, that quarter pays no interest.

The issuer may redeem the notes at 100% of face amount plus accrued interest on any quarterly interest payment date on or after January 30, 2027, which may shorten the investment. The estimated value at pricing is stated as $900.00–$945.00 per $1,000 face amount, reflecting structuring and distribution costs. Payments depend on the credit of GS Finance Corp. and its parent guarantor.

Goldman Sachs’ GS Finance Corp. is offering auto-callable contingent interest notes linked to two stocks: Class A common stock of EchoStar Corporation and common shares of STMicroelectronics N.V. The notes are expected to trade from an initial date in early 2026 to a stated maturity in February 2029, unless automatically called earlier.

Investors can receive a monthly coupon of $14.584 per $1,000 face amount (about 1.4584% per month, or up to roughly 17.5% per year) only when the closing price of each stock on the observation date is at least 60% of its initial price. If either stock closes below this level, no coupon is paid for that month.

At maturity, if not called, principal repayment depends on the worse-performing stock. If each stock is at least 60% of its initial price, investors receive full principal plus the final coupon. If any stock falls below 60% but stays at or above 50%, only principal is returned with no final coupon. If any stock ends below 50% of its initial price, repayment is reduced one-for-one with the loss on the worst stock, and investors can lose more than half, up to all, of their principal and receive no coupon.

The notes are unsecured obligations of GS Finance Corp. and fully guaranteed by The Goldman Sachs Group, Inc., exposing holders to their credit risk. The estimated value on the trade date is expected to be between $890 and $920 per $1,000 face amount, reflecting structuring costs and dealer compensation, so the economic value at inception is below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable notes linked to the common stock of The Boeing Company, The Mosaic Company and Snowflake Inc.

The notes pay a quarterly coupon of at least $41.25 per $1,000 (about 16.5% per year) only if, on each observation date, the closing price of every stock is at or above 60% of its initial price. The notes can be automatically called from April 2026 through October 2026 if each stock is at or above its initial price, in which case investors receive the face amount plus that quarter’s coupon.

If the notes are not called, principal repayment in February 2027 depends on a “trigger event.” If all three stocks are below their initial prices on the final observation date and any stock is below 60% of its initial price, repayment is reduced in line with the worst-performing stock and investors can lose most or all of their principal and receive no coupon. The estimated initial value is $900–$930 per $1,000, below the issue price, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering three-year autocallable contingent coupon barrier notes linked to the Class A common stock of Palantir Technologies Inc. Each note has a $10 principal amount, with a minimum initial purchase of $100,000.

The notes pay a quarterly contingent coupon of $0.575 to $0.625 per $10 (a rate of 23.00% to 25.00% per annum) only if Palantir’s share price on the observation date is at or above 65% of the starting value. The notes are automatically called if, on any call observation date, the share price is at or above the starting value; in that case investors receive principal plus the due coupon and the note terminates early.

If not called, at maturity investors receive $10 only if the ending value is at or above the 65% threshold; otherwise, they have 1-to-1 downside exposure below that level with up to 100% loss of principal, even after any coupons. The estimated value on the pricing date is expected to be $9.25 to $9.55 per $10, below the $10 public offering price, and the notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, with no exchange listing and limited expected liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to four large-cap stocks: UnitedHealth Group, NVIDIA, Broadcom and Alphabet Class C. The notes are scheduled to mature on February 4, 2031, unless automatically called earlier.

The notes pay monthly contingent coupons per $1,000 face amount. If on a coupon observation date the closing price of each stock is at least 80% of its initial price, investors receive a maximum coupon of $8.75 (0.875% monthly, up to 10.5% per year). If any stock is below 80% of its initial price, the coupon falls to the minimum of $0.209 (0.0209% monthly, about 0.25% per year). Beginning in January 2027, if on any call observation date each stock closes at or above 95% of its initial price, the notes are automatically redeemed at $1,000 per note plus the applicable coupon.

At maturity, if not called, investors receive $1,000 per note plus the final coupon, regardless of stock performance, subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $850 and $890 per $1,000 face amount, reflecting structuring and distribution costs and model-based pricing. The document highlights risks including potentially low coupons, limited liquidity, sensitivity to stock volatility and interest rates, and conflicts of interest in Goldman Sachs’ hedging and market-making activities.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable structured notes linked to the Class A common stock of EchoStar Corporation and a common share of STMicroelectronics N.V.

Investors receive a fixed coupon of $9.792 per $1,000 face amount each month (0.9792% monthly, or the potential for up to approximately 11.75% per year) until maturity or automatic call. The notes may be automatically called on scheduled observation dates if the closing price of each stock is at or above its initial price, in which case investors receive $1,000 per note plus the coupon.

If the notes are not called, principal repayment at the expected February 5, 2029 maturity depends on the lesser performing stock. Full principal is repaid if each stock’s final price is at least 60% of its initial level; if any stock finishes below 60%, repayment is reduced in line with that stock’s loss and investors can lose most or all of their investment. The estimated initial value is expected between $890 and $920 per $1,000 face amount, and the notes are unsecured obligations subject to the credit risk of the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering preliminary Autocallable Contingent Coupon Index-Linked Notes due 2031 tied to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a contingent quarterly coupon of $26.75 per $1,000 face amount (2.675% quarterly, up to 10.70% per year) only if on each observation date all three indices are at or above 70% of their initial level.

The notes are autocallable: if on any call observation date all indices are at or above their initial level, the notes are redeemed at $1,000 per note plus the due coupon. If not called, payment at maturity depends solely on the worst-performing index. If its final level is at least 70% of its initial level, investors receive full principal back; otherwise repayment is reduced one-for-one with the index loss, and principal can be completely lost.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are expected to have an estimated value lower than the issue price and will not be listed on an exchange, so secondary market liquidity and pricing are uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable income notes linked to the Class A common stock of The Trade Desk, Inc. The notes have an aggregate face amount of $865,000 on the original issue date, mature on January 29, 2029, and may be automatically called starting in July 2026 if the stock closes at or above the initial price of $34.15 on a call observation date.

Investors receive a quarterly coupon of $48.25 per $1,000 face amount (4.825%, up to 19.3% per year) only when The Trade Desk’s closing price on an observation date is at least 50% of the initial price. If the notes are not called and the final stock price on the January 22, 2029 determination date is at or above 50% of the initial price, investors receive full principal plus the final coupon. If it is below 50%, repayment is reduced one-for-one with the stock decline, and investors can lose most or all of their principal and receive no coupon. Payments also depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured autocallable notes linked to the Russell 2000® Index. The notes have a $10 minimum denomination and can be automatically called quarterly beginning after 12 months if the index closes at or above 100% of its initial level, paying back face value plus a call return based on a per annum rate between 10.70% and 11.40%, increasing over time.

If the notes are never called, at maturity in 2029 investors receive $10 plus $10 times the index return, meaning they are fully exposed to any downside in the index and can lose their entire investment. The notes pay no coupons, do not provide dividends, and their value depends on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is expected to be between $9.40 and $9.70 per $10 face amount, below the 100% issue price, reflecting fees, hedging costs and issuer economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, income-bearing notes linked to the common stock of Adobe Inc. and DocuSign, Inc. The notes pay a contingent quarterly coupon of at least $40 per $1,000 face amount (at least 4% per quarter, up to at least 16% per year) only when, on the relevant observation date, the closing price of each stock is at least 60% of its initial price.

The notes can be automatically called on scheduled observation dates from April 2026 through October 2027 if both stocks are at or above their initial prices, in which case investors receive the face amount plus the applicable coupon. If not called, at maturity in early 2028 investors receive the face amount if a trigger event has not occurred, and may also receive the final coupon when both stocks are at or above 60% of their initial prices.

If a trigger event occurs and any stock finishes below 60% of its initial price, repayment is reduced in line with the worst-performing stock’s decline, and investors can lose a substantial portion or all of their principal and receive no coupon. The preliminary estimated value at pricing is between $900 and $930 per $1,000 face amount, reflecting structuring costs and dealer compensation.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes maturing in January 2029 whose payments are tied to the common stock of Ondas Inc. rather than a fixed interest rate.

Holders may receive a contingent coupon of $115 per $1,000 (11.5% quarterly, up to 46% per year) on each scheduled payment date if Ondas’ share price on the related observation date is at least 50% of the initial price of $12.55. If it is lower, no coupon is paid for that quarter, so investors could receive no income for the entire term.

At maturity, if the stock has not fallen more than 50% from the initial price, investors receive $1,000 per note plus any final coupon. If it has fallen more than 50%, repayment is reduced in line with the full stock decline, exposing investors to the risk of losing most or all of their principal. Goldman may redeem the notes at 100% of face value plus any due coupon on specified quarterly dates from July 2026 to October 2028. The estimated value on the trade date is expected between $890 and $920 per $1,000, reflecting fees and model-based pricing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk Contingent Income Auto-Callable Securities linked to NVIDIA Corporation common stock. These unsecured notes can mature in 2029 or be automatically called earlier if NVIDIA’s share price on a call observation date is at or above the initial share price.

Investors may receive contingent quarterly coupons of at least $27.50 per $1,000 security when NVIDIA’s closing price on a coupon observation date is at or above a downside threshold set at 50% of the initial share price; otherwise no coupon is paid. If the notes are not called and the final share price is at or above the downside threshold, investors receive full principal back plus the final contingent coupon. If the final share price is below the threshold, repayment is reduced 1-for-1 with the stock’s decline, potentially resulting in a complete loss of principal.

The notes are not listed, carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and have an estimated value between $910 and $970 per $1,000, below the issue price due to fees, hedging and structuring costs. The supplement highlights significant market, liquidity, structural and tax risks, including possible adverse future U.S. tax treatment and FATCA withholding for non-U.S. holders.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked step up notes tied to a basket of international equity indices at $10 principal per unit, with a minimum purchase of $100,000 principal amount.

The two-year notes pay no interest and all cash flows occur at maturity. If the basket’s ending value is at or above its starting value, investors receive the greater of a 23.00%–24.00% step up return or 1‑to‑1 participation in the basket’s percentage gain. If the basket declines, investors have 1‑to‑1 downside exposure and can lose up to all principal.

The basket allocates 40.00% each to the EURO STOXX 50® Index and Nikkei 225, and 20.00% to the Swiss Market Index. The notes are senior unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. The public offering price is $10.00 per unit, with an underwriting discount of $0.15 and estimated initial fair value between $9.25 and $9.55 per $10 unit. The notes will not be listed on an exchange and secondary market liquidity is expected to be limited.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes due February 13, 2041 under its Medium-Term Notes, Series N program. The notes will pay interest at a fixed rate of 5.10% per annum from the original issue date to, but excluding, the stated maturity date.

Interest is payable annually on February 13 of each year, beginning February 13, 2027, in minimum denominations of $1,000 and integral multiples thereof. The notes will be issued in U.S. dollars in book-entry form through DTC, will not be listed on any securities exchange, and are not bank deposits or insured by any government agency. Goldman Sachs & Co. LLC will act as underwriter and calculation agent, with the original issue price generally set at 100% of the principal amount, subject to specified variations for certain fee-based advisory accounts.

The Goldman Sachs Group, Inc. is offering $10,000,000 of callable fixed rate notes due January 2, 2041 under its Medium-Term Notes, Series N program. The notes pay fixed interest at 5.20% per annum from January 22, 2026, with interest paid each January 22 starting January 22, 2027 and on the maturity date, using a 30/360 (ISDA) day-count convention.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any January 22, April 22, July 22 or October 22 on or after July 22, 2028, upon at least five business days’ notice. The initial price to the public is 100% of principal, with an underwriting discount of 2.256%, resulting in proceeds of $9,774,400 before expenses. The notes are unsecured obligations of Goldman Sachs, are not bank deposits, are not insured by the FDIC or any government agency, and will not be listed on any securities exchange.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes under its Medium-Term Notes, Series N program. The notes are expected to have a 5.00% per annum interest rate, with interest paid annually on February 13 of each year, starting on February 13, 2027 and continuing to the stated maturity on February 13, 2041.

The notes will be issued in minimum denominations of $1,000 and integral multiples thereof, in book-entry form through DTC, and will not be listed on any securities exchange. They are not bank deposits and are not insured by any governmental agency. The issuer has full and covenant defeasance options under the applicable indenture.

Goldman Sachs & Co. LLC will act as underwriter, may conduct market-making in the notes after the initial sale, and is deemed to have a conflict of interest under FINRA Rule 5121. The supplement includes U.S. federal tax disclosure, including that interest is taxable as ordinary income and that the notes are generally subject to FATCA withholding, and sets out selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is issuing medium-term senior notes with an aggregate principal amount of $3,500,000. These are fixed rate notes bearing interest at 5.00% per annum, payable annually on January 22 of each year from January 22, 2027 until the stated maturity date of January 22, 2041.

The notes are issued in $1,000 denominations at an original issue price of 100% of principal, with an underwriting discount of 2.186%, resulting in net proceeds to Goldman Sachs of 97.814% of the principal amount. The notes will be issued only in book-entry form through DTC, will not be listed on any securities exchange, and may be subject to FATCA withholding. They are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by any governmental agency.

The Goldman Sachs Group, Inc. is issuing $16,000,000 of Callable Fixed Rate Notes due January 22, 2038 under its Medium-Term Notes, Series N program. The notes pay a fixed interest rate of 5.05% per annum, with interest payable annually on January 22, starting January 22, 2027.

Goldman Sachs may redeem the notes, in whole but not in part, on each January 22, April 22, July 22 and October 22 on or after January 22, 2028 at 100% of principal plus accrued interest. The initial price to the public is 100.00% of principal, with an underwriting discount of 1.956%, resulting in proceeds to Goldman Sachs of approximately $15,687,040 before expenses. The notes are unsecured obligations of Goldman Sachs, are not bank deposits, are not FDIC insured, and will not be listed on any securities exchange.

The Goldman Sachs Group, Inc. is offering $3,500,000 of Callable Fixed Rate Notes due January 22, 2036, paying fixed interest of 5.00% per annum. Interest is paid semi-annually on January 22 and July 22, starting July 22, 2026, using a 30/360 (ISDA) day count convention. The notes are callable at Goldman Sachs’ option, in whole but not in part, on specified quarterly redemption dates on or after January 22, 2028 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 0.863%, resulting in proceeds of $3,469,795 before expenses. The notes are unsecured senior debt of Goldman Sachs, are not bank deposits or FDIC-insured, and are offered only to certain non-retail investors in selected jurisdictions under detailed regulatory selling restrictions.

The Goldman Sachs Group, Inc. is offering $2,766,000 principal amount of fixed-rate senior notes due January 21, 2033, bearing interest at 4.30% per annum.

Interest is paid in U.S. dollars on January 22 and July 22 of each year, starting July 22, 2026 and on the stated maturity date. The notes are issued in $1,000 denominations under Goldman Sachs’ Medium-Term Notes, Series N program and will be held in book-entry form through DTC.

The original issue price is 100% of principal, with an underwriting discount of 1.222% and net proceeds to the issuer of 98.778% of principal. The notes are not listed on any securities exchange, are unsecured obligations of The Goldman Sachs Group, Inc., and are subject to standard U.S. federal income tax rules for interest and capital gains. They are not bank deposits and are not insured by any governmental agency.

The Goldman Sachs Group, Inc. is issuing $7,500,000 of callable fixed rate notes due January 22, 2031. The notes pay interest at a fixed rate of 4.40% per annum from January 22, 2026, with interest paid once a year on January 22, starting January 22, 2027, using a 30/360 (ISDA) day count convention.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on January 22, April 22, July 22 and October 22 of each year on or after January 22, 2027, at 100% of principal plus accrued interest. The notes are offered at 100% of principal, with an underwriting discount of 0.645%, resulting in proceeds before expenses of $7,451,625 to Goldman Sachs.

The notes will be issued in book-entry form through DTC, are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any government agency. They are a new issue with no established trading market, and Goldman Sachs & Co. LLC and InspereX LLC intend, but are not obligated, to make a market, subject to various selling and eligibility restrictions in the U.S., EEA, UK and certain other jurisdictions.

The Goldman Sachs Group, Inc. is issuing medium-term senior fixed-rate notes under its Series N program. The notes have an aggregate principal amount of $2,439,000, pay a fixed interest rate of 3.80% per annum, and mature on January 22, 2029. Interest is paid in U.S. dollars on January 22 and July 22 of each year, starting July 22, 2026, using a 30/360 (ISDA) day-count convention.

The notes are offered in minimum denominations of $1,000 at an original issue price of 100% of principal, with an underwriting discount of 0.453% and resulting net proceeds to the issuer of 99.547% of principal. The notes are unsecured, not bank deposits, not insured by government agencies, will not be listed on any securities exchange, and may be subject to FATCA withholding. Distribution is through Goldman Sachs & Co. LLC, which has a conflict of interest under FINRA Rule 5121.

The Goldman Sachs Group, Inc. is offering $3,424,000 principal amount of fixed-rate notes under its Medium-Term Notes, Series N program. The notes pay interest at 4.05% per annum from the original issue date of January 22, 2026 to the stated maturity date of January 22, 2031.

Interest is paid semiannually on January 22 and July 22 of each year, starting July 22, 2026, using a 30/360 (ISDA) day count convention. The notes are issued in $1,000 denominations, will not be listed on any securities exchange, and will be held in book-entry form through DTC. Goldman Sachs & Co. LLC acts as underwriter and calculation agent; the original issue price is 100% of principal, with a 1.033% underwriting discount and net proceeds to the issuer of 98.967% of the principal amount.

The Goldman Sachs Group, Inc. is offering $50,000,000 of fixed-to-floating rate notes due February 22, 2027. The notes pay a fixed interest rate of 3.90% per annum, with monthly payments from January 22, 2026 to but excluding April 22, 2026, and then a floating rate equal to compounded SOFR plus 0.20% per annum, with a minimum rate of 0.50%, paid monthly until maturity.

Each note has a principal amount of $1,000 (or integral multiples thereof), issued at 100% of principal, with net proceeds to Goldman Sachs of 99.95% of principal after a 0.05% underwriting discount. The notes are unsecured obligations of Goldman Sachs, are not bank deposits, are not insured by the FDIC or any governmental agency, and are not listed on any securities exchange. They are treated as variable rate debt instruments for U.S. federal income tax purposes, with interest and any original issue discount generally taxable as ordinary income.

The Goldman Sachs Group, Inc. is issuing $7,000,000 of Callable Fixed Rate Notes due 2036 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 4.85% per annum from January 22, 2026 to January 2, 2036, with annual interest payments each January 22 starting in 2027 and a 30/360 (ISDA) day count convention.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any January 22, April 22, July 22 or October 22 on or after July 22, 2027, with at least five business days’ notice. The notes are offered at 100% of principal, with an underwriting discount of 1.77%, resulting in proceeds before expenses of $6,876,100, and they will not be listed on any exchange or insured by the FDIC or other agencies.

The Goldman Sachs Group, Inc. is issuing $11,500,000 of Callable Fixed Rate Notes due January 2, 2046. The notes pay a fixed interest rate of 5.40% per annum from January 22, 2026, with interest paid each January 22 starting January 22, 2027 and on the maturity date, using a 30/360 (ISDA) day-count convention.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on each January 22, April 22, July 22 and October 22 on or after January 22, 2029 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 2.149% ($247,135), resulting in proceeds before expenses of $11,252,865. The notes are unsecured senior debt securities under the Medium-Term Notes, Series N program, are not bank deposits, are not FDIC-insured and are subject to U.S. federal income taxation as ordinary interest income for U.S. holders.

The Goldman Sachs Group, Inc. is offering $19,000,000 of callable fixed rate notes due January 22, 2036. The notes pay interest at 5.00% per year, with payments made annually on January 22, starting January 22, 2027. The notes are issued at 100% of principal, with underwriters receiving a 1.053% discount and Goldman Sachs receiving approximately $18,799,930 in proceeds before estimated $15,000 of expenses.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on quarterly redemption dates beginning January 22, 2028, at 100% of principal plus accrued interest. The notes are unsecured senior debt of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any government agency. They are a new issue with no established trading market, although Goldman Sachs & Co. LLC and InspereX LLC currently intend to make a market in the notes.

The Goldman Sachs Group, Inc. is issuing $11,000,000 of callable fixed rate notes due January 3, 2033 under its Medium-Term Notes, Series N program. The notes pay interest at a fixed rate of 4.50% per annum from January 22, 2026, with annual interest payments each January 22 and at maturity, starting January 22, 2027.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any January 22, April 22, July 22 or October 22 on or after April 22, 2027, upon at least five business days’ notice. The initial price to the public is 100% of principal, with an underwriting discount of 1.605%, resulting in proceeds before expenses of $10,823,450 to Goldman Sachs.

The notes are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any governmental agency. They will be issued in book-entry form through DTC, with market-making expected but not assured, and are subject to detailed selling and investor eligibility restrictions in the U.S., EEA, UK and various other jurisdictions.

The Goldman Sachs Group, Inc. is offering $11,500,000 principal amount of Callable Fixed Rate Notes due January 22, 2029. The notes pay fixed interest at 4.05% per annum from January 22, 2026, with interest payable annually on January 22, starting January 22, 2027. The notes are issued as Medium-Term Notes, Series N under a senior indenture and will be held in book-entry form through DTC.

Goldman Sachs may redeem the notes, in whole but not in part, on each January 22, April 22, July 22 and October 22 on or after January 22, 2027 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 0.435%, resulting in expected proceeds before expenses of $11,449,975. The notes are unsecured obligations, are not bank deposits or FDIC insured, are subject to U.S. taxation rules including FATCA, and carry distribution and selling restrictions in the U.S., EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is issuing $11,000,000 of callable fixed rate notes due January 2, 2031. The notes pay interest at 4.20% per annum from January 22, 2026, with interest paid each January 22 and at maturity, beginning January 22, 2027.

Goldman Sachs may redeem the notes, in whole but not in part, on any January 22, April 22, July 22 or October 22 on or after January 22, 2027 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 1.224%, resulting in projected proceeds before expenses of $10,865,360 to Goldman Sachs.

The notes are senior unsecured debt issued as global securities through DTC, are not bank deposits, and are not insured by any government agency. Sales are subject to extensive distribution and investor eligibility restrictions in the U.S., EEA, UK, Hong Kong, Singapore, Japan and Switzerland, and interest and disposition of the notes have specific U.S. federal income tax and FATCA consequences.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering income-bearing notes linked to the stock prices of Meta Platforms Class A, Amazon.com, and Palantir Technologies Class A. The notes pay quarterly contingent coupons of $40 per $1,000 face amount (4% per quarter, up to 16% per year) only if on the relevant observation date each stock is at least 60% of its initial price.

The notes can be automatically called starting in January 2027 through October 2028 if all three stocks are at or above their initial prices, returning the $1,000 face amount plus the applicable coupon. If not called, they mature on an expected February 1, 2029 date. At maturity, if no trigger event occurs (at least one stock at or above its initial price), investors receive full principal back and, if each stock is at least 60% of its initial price, the final coupon.

If a trigger event occurs (all three final prices below initial) and any stock finishes below 60% of its initial price, repayment is reduced in proportion to the worst-performing stock, and investors can lose up to their entire investment and receive no coupon. The estimated value on the trade date is expected between $925 and $955 per $1,000 face amount, reflecting structuring costs and dealer compensation, and the notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500 Index, Nasdaq-100 Index and iShares Russell 2000 ETF. The notes pay a conditional monthly coupon of $9.5 per $1,000 face amount (0.95% monthly, up to 11.4% per year) only if on each observation date all three underliers are at or above 70% of their initial levels.

Starting in July 2026, the notes are automatically called on quarterly call dates if all underliers are at or above their initial levels, returning principal plus the coupon. If held to the expected January 2029 maturity and not called, principal repayment depends on the worst-performing underlier: if each is at or above 70% of its initial level, investors receive full principal plus the final coupon; if any is below 70%, repayment is reduced 1-for-1 with the lowest underlier’s loss, with the potential to lose the entire investment and no coupon. The estimated value on the trade date is expected to be $925–$955 per $1,000, reflecting fees, hedging and issuer funding costs.

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 Roblox Corporation. These notes pay monthly coupons only when Roblox’s closing level on each observation date is at or above 70% of its initial level; otherwise, no coupon is paid.

The notes are automatically called early if Roblox’s closing level on specified call observation dates from July 2026 through December 2028 is at or above its initial level, in which case investors receive principal plus the applicable coupon. If the notes are not called and Roblox’s final level on the January 2029 determination date is at or above 70% of the initial level, investors receive full principal back; if it is below 70%, repayment is reduced in line with the underlier’s loss and investors can lose their entire investment.

Upside is capped at return of principal plus coupons, so investors do not benefit from stock gains above the initial level. The document highlights that the estimated value of the notes on the trade date will be lower than the original issue price, that secondary market values can be volatile, and that payments are subject to the credit risk of GS Finance Corp. and its parent guarantor. U.S. tax treatment is uncertain and is described under an income-bearing prepaid derivative contract approach.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2027 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 3.725% per annum from the original issue date, expected to be January 29, 2026, to the stated maturity date, expected to be March 29, 2027. Interest is expected to be paid on the stated maturity date, unless the notes are redeemed earlier.

The notes are callable at Goldman Sachs’ option, in whole but not in part, on monthly redemption dates starting on or after July 29, 2026 at 100% of principal plus accrued interest, calculated using the 30/360 (ISDA) day count convention. The notes are expected to be issued as global securities through DTC, may be issued with original issue discount for U.S. tax purposes, and are subject to FATCA withholding rules. Distribution is through Goldman Sachs & Co. LLC, which has a FINRA Rule 5121 conflict of interest, and sales are restricted in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the Russell 2000® Index and the S&P 500® Index with an aggregate face amount of $5,267,000. The notes pay a contingent quarterly coupon of $22.75 per $1,000 (2.275% quarterly, up to 9.10% per annum) only if on each coupon observation date both underliers close at or above 70% of their initial levels.

The notes are subject to an automatic call: if on any call observation date both indices are at or above their initial levels (2,677.738 for the Russell 2000® and 6,940.01 for the S&P 500®), investors receive $1,000 per note plus the coupon then due, and the notes terminate early. If the notes are not called, the maturity payment on January 22, 2031 depends on the lesser performing index. If that index finishes at or above 70% of its initial level, investors receive full principal; if it finishes below 70%, the payoff equals $1,000 plus $1,000 times the lesser performing underlier return, and investors can lose up to their entire investment.

The notes are unsecured obligations exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited or no secondary market, and their estimated value at pricing is less than the original issue price due to fees, commissions and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering income-bearing notes linked to the VanEck Gold Miners ETF (GDX). The notes pay a monthly coupon of $6.834 per $1,000 face amount (0.6834% monthly, about 8.2% per year) only when the ETF is at least 75% of the initial level of $97.24 on the observation date. Observation dates fall monthly from February 2026 through January 2031.

The notes can be automatically called on any monthly call observation date from January 2027 through December 2030 if the ETF is at or above the initial level, returning $1,000 plus the due coupon. If not called, at maturity in January 2031 investors receive $1,000 plus the final coupon if the ETF is at least 80% of its initial level, between 95% and just under 100% of face value (plus coupon) if it ends between 75% and 80%, and less than 95% with no coupon if it finishes below 75%.

The structure offers limited downside protection via a 20% buffer but caps upside at return of principal plus coupons. The aggregate initial face amount is $1,815,000, with a 3.75% underwriting discount. The estimated value at pricing is approximately $910 per $1,000, and the notes are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked buffered notes with an aggregate face amount of $3,750,000. These notes pay no interest and return at maturity depends entirely on the S&P 500® Index performance from the trade date on January 16, 2026 to the determination date on January 18, 2028.

For each $1,000 note, investors receive the face amount plus the full index gain if the index is above its initial level, but the payoff is capped at a maximum settlement amount of $1,155 (115.5% of face). If the index is flat or down by up to the 20% buffer (i.e., stays at or above 80% of its initial level), investors receive back $1,000. If the index falls below the 80% buffer level, principal is exposed 1-for-1 with index losses below that point, so investors can lose a substantial portion of their investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They are not listed on any exchange, may have limited or no secondary market, and the original issue price exceeds the initial estimated value. Tax treatment is uncertain; the issuer intends to treat the notes as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to four stocks: The Charles Schwab Corporation, Wells Fargo & Company, Citigroup Inc. and Advanced Micro Devices, Inc. The notes have an aggregate face amount of $700,000, an original issue price of 100% of face, a 4.125% underwriting discount and net proceeds of 95.875% of face.

The notes pay a conditional monthly coupon of $6.709 per $1,000 (0.6709% monthly, up to about 8.05% per year) only if on each coupon observation date all four stocks are at or above 75% of their initial prices. The notes can be automatically called from January 2027 through December 2032 if on a call observation date each stock is at or above its initial price, in which case holders receive $1,000 per $1,000 plus the coupon. If not called, at maturity on January 25, 2033 holders receive $1,000 per $1,000 plus any final coupon.

The estimated value at pricing is approximately $927 per $1,000, reflecting model-based valuation below issue price. Payments depend on stock performance and are subject to the unsecured credit risk of GS Finance Corp. and the guarantor. The document details complex market disruption, anti-dilution and reorganization adjustment mechanics that can affect coupon payments and call decisions.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2046 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 5.40% per annum from the original issue date, expected to be January 30, 2026, to the stated maturity date, expected to be January 22, 2046. Interest is expected to be paid annually on January 30 and at maturity, with the first payment expected on January 30, 2027.

Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates on or after January 30, 2029, at 100% of the outstanding principal amount plus accrued and unpaid interest to, but excluding, the redemption date. The notes are unsecured senior debt obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any other governmental agency. The notes will be issued in book-entry form through DTC and may be purchased and traded through underwriters Goldman Sachs & Co. LLC and InspereX LLC, subject to various selling and regulatory restrictions in multiple jurisdictions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes that pay no interest and mature on January 28, 2031. The notes’ payoff depends on the lesser performance of the S&P 500® Index, the State Street® Consumer Staples Select Sector SPDR® ETF (XLP) and the State Street® Health Care Select Sector SPDR® ETF (XLV) from the expected trade date of January 23, 2026 to the determination date of January 23, 2031.

If all three underliers finish at or above their initial levels, investors receive $1,000 plus 319.25% of the gain of the worst performer. If any underlier falls below its initial level but all stay at or above 60% of initial (the trigger buffer level), investors receive only the $1,000 face amount. If any underlier closes below 60% of its initial level, repayment is reduced one-for-one with the loss of the worst performer, and investors can lose their entire principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $885 and $925 per $1,000 face amount, reflecting underwriting discounts, structuring fees and issuer pricing models, which may be lower than the original issue price and any secondary market price.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2029 that pay interest at 4.125% per annum from the expected original issue date of January 30, 2026 to the expected stated maturity date of January 30, 2029. Interest is expected to be paid once a year on January 30, beginning January 30, 2027.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at 100% of principal plus accrued and unpaid interest on quarterly redemption dates (January 30, April 30, July 30 and October 30) starting January 30, 2027, upon at least five business days’ notice. The notes are senior unsecured debt under the Medium-Term Notes, Series N program, are not bank deposits, and are not insured by the FDIC or any government agency.

The Goldman Sachs Group, Inc. is offering medium-term Callable Fixed Rate Notes due 2036 under its Series N program. The notes are expected to be issued on January 30, 2026 and to mature on January 22, 2036. They pay interest at a fixed rate of 4.95% per annum, with payments expected annually on January 30 and at maturity, beginning January 30, 2027.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on quarterly redemption dates (each January 30, April 30, July 30 and October 30) on or after July 30, 2027 at 100% of principal plus accrued interest. The notes are issued only in book-entry form through DTC and are not bank deposits, are not FDIC insured and are unsecured senior debt of Goldman Sachs.

The notes are underwritten by Goldman Sachs & Co. LLC and InspereX LLC, with flexible initial pricing for certain retirement and fee-based advisory accounts. Tax disclosure confirms interest is taxable as ordinary income and that the notes are generally subject to FATCA withholding rules. Distribution is restricted in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, and the underwriters may make a secondary market but are not obligated to do so.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2036 under its Medium-Term Notes, Series N program. The notes are expected to pay fixed interest of 5.05% per annum from the original issue date, expected to be January 30, 2026, to the stated maturity date, expected to be January 30, 2036. Interest is expected to be paid annually on January 30, starting January 30, 2027, using a 30/360 (ISDA) day count convention.

Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates starting January 30, 2028 at 100% of principal plus accrued interest. The notes are unsecured senior debt issued in book-entry form through DTC, are not bank deposits, and are not insured by the FDIC or any government agency. Distribution is through Goldman Sachs & Co. LLC and InspereX LLC, with varying initial prices for certain retirement and fee-based accounts and no assurance of a liquid trading market. The documents outline U.S. federal tax treatment, FATCA withholding, conflicts of interest, and significant selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffer Autocallable GEARS, unsecured notes linked to the S&P 500® Index. Each security has a $10 face amount and may be automatically called on the February 4, 2027 call observation date if the index is at or above 100.00% of its initial level, paying $10 plus an 8.00% call return on the February 9, 2027 call payment date.

If the notes are not called, they mature on January 31, 2029. At maturity, if the S&P 500® is above its initial level, investors receive $10 plus the index gain multiplied by an upside gearing expected between 1.25 and 1.40. If the index is at or below the initial level but at or above 90.00% of that level, investors receive only the $10 face amount. Below the 90.00% downside threshold, principal loss matches index losses beyond the 10.00% buffer, up to a 90.00% loss if the index goes to zero.

The securities pay no interest and do not provide dividends from the index stocks. The estimated value on the trade date is expected to be $9.40–$9.70 per $10, versus a 100.00% issue price, reflecting a 2.50% underwriting discount and structuring costs. Any payments depend on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc., and there may be little or no secondary market. The minimum investment is $1,000 face amount.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2033 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 4.60% per annum from the original issue date, expected to be January 30, 2026, to the stated maturity date, expected to be January 21, 2033. Interest is expected to be paid annually on January 30 and at maturity, with the first payment expected on January 30, 2027.

The notes may be redeemed at Goldman Sachs’ option, in whole but not in part, on specified quarterly redemption dates starting on or after July 30, 2027, at 100% of principal plus accrued and unpaid interest. The notes are issued in global form through DTC, are not bank deposits, are not FDIC insured, and are subject to U.S. federal income taxation where interest is treated as ordinary income. The distribution is led by Goldman Sachs & Co. LLC and InspereX LLC, with sales limited or restricted in several non‑U.S. jurisdictions.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2041 under its Medium-Term Notes, Series N program. The notes are expected to be issued on January 30, 2026 and to mature on January 22, 2041. Investors receive fixed interest of 5.25% per annum, paid annually on each January 30, starting January 30, 2027, using a 30/360 (ISDA) day count convention.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at par plus accrued interest on quarterly redemption dates (each January 30, April 30, July 30 and October 30) beginning July 30, 2028, with at least five business days’ notice. The notes are senior unsecured obligations, issued in book-entry form through DTC, and are not bank deposits or FDIC insured.

Goldman Sachs & Co. LLC and InspereX LLC are underwriting the offering and may make a market in the notes, although they are not obligated to do so, so trading liquidity is not assured. The pricing supplement includes U.S. federal income tax treatment, notes that FATCA withholding generally applies, and imposes selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is offering callable fixed rate medium-term notes due January 30, 2031 under its Series N program. The notes are expected to be issued on January 30, 2026 and pay a fixed interest rate of 4.50% per year, with interest payable annually on January 30, beginning January 30, 2027.

Goldman Sachs may redeem the notes at its option, in whole but not in part, at 100% of principal plus accrued interest on each January 30 starting in 2027, with at least five business days’ notice. The notes will be issued only in book-entry form through DTC, have no sinking fund, and are a new issue with no established trading market. U.S. holders are generally taxed on interest as ordinary income, and the notes are subject to FATCA withholding rules. The distribution is led by Goldman Sachs & Co. LLC and InspereX LLC, with various selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2031 that pay interest at 4.30% per year. Interest is expected to be paid annually each January 30, starting in 2027, using a 30/360 (ISDA) day-count convention.

The notes are expected to be issued on January 30, 2026 and mature on January 21, 2031, unless Goldman Sachs redeems them earlier at its option, in whole but not in part, at 100% of principal plus accrued interest on quarterly redemption dates beginning January 30, 2027. The notes are unsecured senior debt securities issued in book-entry form through DTC, are not bank deposits, and are not insured by any government agency.