Goldman Sachs Group (GS) 424B Filings

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

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

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

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

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

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

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

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

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

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

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

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

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

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of eight U.S.-listed power, infrastructure and technology-related stocks. The notes have a total initial face amount of $500,000 and may be increased later.

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

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

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

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

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

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

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

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

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

The notes do not pay interest, do not pass through ETF dividends, and expose investors to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $850 and $890 per $1,000 face amount, reflecting structuring costs and dealer compensation.

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

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

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

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

The notes can be automatically called on January 28, 2027 if Broadcom’s stock closes at or above 100% of the initial price, in which case investors receive $10 plus a 32.53% call return per note and no further payments. The estimated value at pricing is about $9.57 per $10, and all payments depend on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk contingent income buffered auto-callable securities linked to the common stock of Freeport-McMoRan Inc. The notes are expected to price around January 23, 2026 and mature on January 28, 2027.

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

The notes are automatically called if, on any call observation date, the stock closes at or above the initial share price, returning principal plus the then-due coupon and ending further payments. If the notes are not called and the final share price is below the buffer price, investors lose approximately 1.3333% of principal for every 1% decline beyond the 25% buffer, and no final coupon is paid. Investors do not participate in any stock appreciation and are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 tied to the Class A common stock of Coinbase Global, Inc. (COIN). Each note has a $1,000 face amount and an initial underlier level of $223.14.

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

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

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

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

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

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

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

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

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

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

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

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

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

While outstanding, the notes pay a conditional coupon of $10 per $1,000 (1% monthly, up to 12% per year) only if on the related observation date every stock closes at or above 54% of its initial price. At maturity, if the notes have not been called and at least one stock finishes below its initial price, principal repayment depends on the “lesser performing” stock. If all three finish below their initial prices and any is below 54% of its initial price, repayment is reduced one-for-one with that stock’s loss and investors can lose most or all of their principal. The preliminary estimated value is disclosed as $925–$955 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index, maturing in January 2029. The notes pay no interest and repayment depends entirely on index performance between January 22, 2026 and the January 23, 2029 determination date.

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

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

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

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

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

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes whose payoff depends on an equally weighted basket of five tech‑related stocks: Advanced Micro Devices, Cloudflare, Shopify, Robinhood Markets and Vertiv Holdings.

The notes pay no interest and may be automatically called beginning in February 2027 if the basket level is at or above the initial basket level of 100 on scheduled call observation dates. If called, holders receive $1,000 plus a call premium per $1,000, with call premiums rising from 13.25% on the first call date up to 62.9375% on the final call date in November 2030.

If not called, the notes mature in February 2031. At maturity, investors participate 100% in basket gains above the initial level and are protected against losses down to a 50% basket decline. If the basket falls more than 50% from its initial level, repayment is reduced one‑for‑one with the basket loss, and investors can lose most or all of their principal. The estimated value at pricing is expected between $850 and $890 per $1,000 face amount, reflecting fees and issuer funding economics.

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.