Goldman Sachs Group (GS) 424B Filings

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.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable contingent coupon equity-linked notes due January 26, 2029 tied to the common stock of Advanced Micro Devices, Inc. (AMD). For each $1,000 face amount, investors may receive a quarterly coupon of $36.25 (3.625% quarterly, the potential for up to 14.50% per year) if on the relevant observation date AMD’s stock is at or above a coupon trigger set at 50% of the initial share level; otherwise the coupon is zero.

The notes are automatically called if AMD’s closing level is at or above its initial level on any call observation date, returning $1,000 per note plus any due coupon and ending the investment early. If the notes are not called and AMD’s final level on the determination date is at or above the 50% trigger buffer, investors receive their full principal back; if it is below 50%, repayment is reduced one-for-one with AMD’s decline, and investors can lose up to 100% of principal. The original issue price is 100% of face amount, with a 2% underwriting discount and 98% net proceeds to the issuer.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2030 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at 4.25% per annum from the original issue date, expected to be January 30, 2026, to the stated maturity date, expected to be January 30, 2030. Interest is expected to be paid annually on January 30, beginning January 30, 2027.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on specified quarterly redemption dates on or after January 30, 2028, at 100% of principal plus accrued and unpaid interest. The notes will be issued in book-entry form through DTC, are not bank deposits, are not insured by any governmental agency, and will be subject to U.S. federal income taxation rules, including potential FATCA withholding.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2038 as part of its Medium-Term Notes, Series N program. The notes are expected to pay a fixed interest rate of 5.10% per annum from the original issue date, expected to be January 29, 2026, to the expected stated maturity date of January 29, 2038, with interest paid annually on January 29. The first interest payment is expected on January 29, 2027.

Goldman Sachs may redeem the notes at its option, in whole but not in part, at 100% of the outstanding principal amount plus accrued and unpaid interest, on specified quarterly redemption dates starting January 29, 2028, with at least five business days’ prior notice. The notes are senior unsecured debt obligations of The Goldman Sachs Group, Inc., are issued only in book-entry form through DTC, are not bank deposits, and are not insured by the FDIC or any other governmental agency.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., outlines general terms for its Series F medium‑term notes, which are "indexed debt securities" whose payments are linked to one or more stocks, indices or exchange‑traded funds, individually, in baskets or based on the lesser performer. A separate pricing supplement for each issuance will set the specific underlier(s), payoff formula, observation dates and any call or coupon features, and may be supplemented further by product and underlier supplements.

The document emphasizes that investors can lose all or substantially all of their principal, the notes may pay no interest or coupons, and returns will exclude any dividends or distributions on the underliers. It highlights credit risk to GS Finance Corp. and its guarantor, potential illiquidity and uncertain secondary market values, model‑based estimated values that are lower than issue price, and extensive calculation‑agent discretion, including in market disruption events and index or ETF changes. The supplement also notes conflicts of interest from Goldman Sachs’ trading, hedging and market‑making activities, as well as complex and uncertain U.S. tax treatment, including possible FATCA withholding.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no fixed interest and may pay no coupons at all. Monthly coupons accrue at $4.042 per $1,000 face amount (0.4042% per month, about 4.85% per year) only when the index is at least 60% of its initial level on the relevant observation date.

The notes can be redeemed at the issuer’s option at par plus any due coupon on monthly dates from February 2027 through January 2031. If not redeemed, holders receive $1,000 per $1,000 face amount at maturity in February 2031 plus any final coupon. The underlying index uses up to 500% leverage, volatility targeting, calendar-based signals and a 6.0% per annum daily decrement, and is based on S&P 500® futures rather than the S&P 500® Index itself, which can magnify losses and cause underperformance versus cash equities.

Investors bear the unsecured credit risk of GS Finance Corp. and its guarantor. The estimated value at pricing is expected to be between $850 and $890 per $1,000 face amount, below the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2029 tied to the Nasdaq-100, Russell 2000 and S&P 500 indices. These notes can automatically redeem early if, on specified observation dates starting in 2026, each index is at or above its initial level, returning the $1,000 face amount per note plus any due coupon.

Investors may receive a contingent monthly coupon of $9.75 per $1,000 (0.975% monthly, up to 11.70% per year) only when each index closes at or above 70% of its initial level. If the notes are not called and, at final measurement in January 2029, any index is below 70% of its initial level, repayment is reduced based on the worst-performing index and investors can lose their entire principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor. The estimated value at pricing is disclosed as lower than the original issue price due to underwriting discounts, fees and model-based factors, and there may be limited or no secondary market liquidity.

The Goldman Sachs Group, Inc. is issuing $14,750,000,000 of senior fixed/floating rate notes in four tranches maturing in 2029, 2032, 2037 and 2047. The 2029, 2032, 2037 and 2047 notes pay fixed coupons of 4.148%, 4.516%, 5.065% and 5.541% per year, respectively, on a semi-annual basis from January 21, 2026 until roughly one year before maturity.

During each final year the notes switch to a floating rate of Compounded SOFR plus 0.710%, 0.960%, 1.190% and 1.320%, with interest paid quarterly until maturity. The notes are offered at 100% of principal, with underwriting discounts ranging from 0.250% to 0.875%, providing proceeds before expenses of $3,740,625,000, $3,736,875,000, $4,479,750,000 and $2,725,937,500 for the four series.

Goldman Sachs may redeem the notes early, including tax-based redemptions at 100% of principal plus accrued interest, make-whole redemptions starting July 21, 2026, and par calls on specified dates near the start of each floating-rate period. The notes are senior unsecured obligations, not bank deposits and not insured by any governmental agency.

The Goldman Sachs Group, Inc. is issuing $750,000,000 floating rate notes due 2029 and $500,000,000 floating rate notes due 2032, both paying interest quarterly at Compounded SOFR plus a spread.

The 2029 notes pay Compounded SOFR plus 0.710% and mature on January 21, 2029, while the 2032 notes pay Compounded SOFR plus 0.960% and mature on January 21, 2032. Interest starts accruing from January 21, 2026 with the first payment on April 21, 2026, using an Actual/360 day-count convention.

Goldman Sachs may redeem the notes at 100% of principal plus accrued interest if it must pay additional amounts due to changes in U.S. withholding tax, and has par call rights on the 2029 notes from January 21, 2028 and on the 2032 notes from January 21, 2031 and specified dates thereafter. The notes are senior unsecured debt, issued as DTC global notes, not bank deposits and not insured by any governmental agency.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Russell 2000® Index, Nasdaq-100 Technology Sector Index and State Street® Utilities Select Sector SPDR® ETF. The notes pay no interest and may be automatically called starting on the January 29, 2027 observation date if all three underliers are at or above their initial levels, returning the $1,000 face amount per note plus a call premium that starts at 12% and steps up on later call dates.

If the notes are not called, they mature on the expected February 5, 2031 stated maturity date. At maturity, each $1,000 note pays $1,600 if every underlier is at or above its initial level, $1,000 if each is at or above 70% of its initial level, or a reduced amount based on the worst-performing underlier if any finishes below 70%, which can result in a substantial or total loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, and their estimated value on the trade date is expected to be $885–$925 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Trigger Autocallable GEARS notes linked to the Class A common stock of Robinhood Markets, Inc. The notes are issued in $10 denominations and may be automatically called on the January 28, 2027 call observation date if Robinhood’s share price is at or above the autocall barrier, set at 100% of the initial price. If called, investors receive $10 plus a call return expected to be between 38.70% and 40.70%.

If not called, at maturity in January 2029 investors get $10 plus 1.5 times any positive stock return. If the final stock price is between the initial price and a 75% downside threshold, principal is repaid. Below the threshold, repayment falls one-for-one with the stock, and investors can lose their entire investment. The notes pay no coupons, have limited liquidity, and are subject to the credit risk of GS Finance Corp. and Goldman Sachs. The estimated value on the trade date is expected to be $9.20–$9.50 per $10 face amount, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to Alphabet Class C, NVIDIA, Meta Platforms Class A and AMD common stock. The notes mature on February 3, 2031, but can be automatically called starting in January 2027 if the closing price of each stock on a call observation date is at or above its initial price, in which case holders receive the $1,000 face amount plus a coupon.

Monthly coupons depend on stock performance. If on a coupon observation date each stock closes at or above 80% of its initial price, the note pays a maximum coupon of $7.292 per $1,000 face amount (0.7292% monthly, about 8.75% per annum). If any stock closes below 80% of its initial price, the coupon drops to the minimum of $0.209 (0.0209% monthly, about 0.25% per annum). At maturity, holders receive $1,000 per note plus the final coupon.

The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and guarantor, and are not bank deposits or FDIC insured. 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, and secondary market prices may be lower and influenced by many market and credit factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 tied to Monolithic Power Systems, Inc. common stock. These notes pay a contingent quarterly coupon only if the stock’s closing level on each observation date is at least 50% of the initial level, using a formula based on $29.375 per $1,000 face amount per elapsed observation date minus prior coupons. The notes are automatically called, returning $1,000 per $1,000 face amount plus the due coupon, if on any call observation date the stock is at or above its initial level. At maturity, if not called, investors receive $1,000 per $1,000 face amount if the final stock level is at or above 50% of the initial level; otherwise, repayment is reduced one-for-one with the stock’s decline, and investors can lose their entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2029 tied to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a contingent monthly coupon of $9.584 per $1,000 (0.9584% per month, up to about 11.5% per year) only if on each observation date all three indices are at least 75% of their initial levels.

The notes can be automatically called, returning principal plus the applicable coupon, if on a call observation date all indices are at or above their initial levels. If not called, at maturity in January 2029 investors receive full principal back only if each index is at least 70% of its initial level. Otherwise, repayment is reduced based on the worst-performing index, and investors can lose their entire investment.

The supplement highlights that the notes’ estimated value at pricing will be below the issue price, there may be limited or no secondary market, payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., investors have no rights in the underlying stocks, and U.S. tax treatment is complex, with coupons generally expected to be taxed as ordinary income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due January 26, 2029. Payments are tied to three equity indexes: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.

Investors can receive a contingent monthly coupon of $8.459 per $1,000 face amount (0.8459% monthly, about 10.15% per year), but only if on each observation date the closing level of every index is at least 60% of its initial level. The notes are automatically called early, at $1,000 per note plus the coupon, if on any call observation date all indexes are at or above their initial levels.

If the notes are not called, principal repayment at maturity depends solely on the worst-performing index. If that index is at or above 60% of its initial level, investors receive full principal back; if it is below 60%, repayment is reduced one-for-one with that index’s decline, and investors can lose their entire investment. Key risks include issuer and guarantor credit risk, potentially large losses from modest index declines below the buffer, uncertain secondary market liquidity, and complex, uncertain tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indexes and maturing in 2029. These notes can pay a monthly coupon of $8.125 per $1,000 (0.8125% per month, up to 9.75% per year) whenever each index is at or above 70% of its initial level on the observation date.

The notes are automatically called, returning principal plus the due coupon, if on a call observation date each index is at or above its initial level. If the notes are not called and, at maturity, any index is below 60% of its initial level, repayment of principal is reduced based on the worst-performing index and investors can lose their entire investment. Investors do not receive dividends from the indexes and are exposed 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 index-linked notes that pay no interest and return depends on the lesser performer of the Nasdaq-100 Futures Excess Return™ Index and the S&P 500® Futures Excess Return Index.

At maturity, for each $1,000 note, investors get upside exposure of 195.2% of the gain in the weaker index if both indices finish above their initial levels. If either index is at or below its initial level but both stay at or above 85% of initial, investors simply receive $1,000 back.

If any index closes below 85% of its initial level, principal is reduced using a buffer rate of about 117.65%, so losses accelerate below that threshold and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, and the estimated value on the trade date is expected between $925 and $955 per $1,000 face amount, below the issue price.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2029 as part of its Medium-Term Notes, Series N program. The notes are expected to pay interest at 4.25% per annum from the expected original issue date of January 30, 2026 to the expected stated maturity date of July 30, 2029, with interest payable semiannually on January 30 and July 30 each year.

Goldman Sachs may redeem the notes, in whole but not in part, on specified quarterly redemption dates starting on July 30, 2026 at a price equal to 100% of the outstanding principal amount plus accrued and unpaid interest. The notes will be issued only in book-entry form through DTC and are unsecured senior debt of The Goldman Sachs Group, Inc., not bank deposits and not insured by any governmental agency. Sales are subject to various distribution and investor eligibility restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, and Goldman Sachs & Co. LLC will act as underwriter, with the relationship treated as a conflict of interest under FINRA Rule 5121.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger autocallable GEARS linked to the common stock of Advanced Micro Devices, Inc. (AMD). The $10-denominated notes offer 1.50x leveraged upside participation if, at maturity, AMD’s final price is above its initial price and the notes have not been called. A downside threshold is set at 75.00% of the initial AMD price; if AMD finishes below this level, investors are fully exposed to AMD’s decline and can lose their entire principal.

The notes may be automatically called after about one year if AMD’s price is at least 100.00% of its initial level, paying $10 plus a call return expected to be between 34.50% and 36.50%. The securities pay no coupons, are unsecured and unsubordinated obligations, are not listed on any exchange, and carry both market risk tied to AMD and credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is expected to be between $9.35 and $9.65 per $10 face amount, below the 100.00% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Trigger Autocallable GEARS notes linked to the common stock of Broadcom Inc. The notes are issued at 100% of face amount in $10 denominations, with underwriting discounts of 2.50% of face and net proceeds of 97.50% of face to the issuer. The estimated value is between $9.30 and $9.60 per $10 face amount.

The notes may be automatically called on the call observation date on January 28, 2027 if Broadcom’s share price is at or above 100% of the initial price, paying $10 plus $10 times a call return expected between 30.50% and 32.50%. If not called, at maturity on January 25, 2029 holders get $10 plus 1.5 times any positive stock return, $10 back if the final price is between 75.00% and 100.00% of the initial price, or a loss matching the full negative stock return if the final price is below the 75.00% downside threshold.

The notes pay no interest or dividends, can result in a total loss of principal, and all payments depend on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. The minimum initial investment is $1,000, and the securities are not listed on any exchange, so liquidity may be limited.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes whose payoff depends on the worst performer among L3Harris, RTX and Lockheed Martin common stocks. The notes pay no interest and return cash only at maturity, expected to be January 26, 2028.

If all three stocks finish at or above their initial prices, investors receive $1,000 plus 4.025 times the return of the worst-performing stock. If any stock is down but all remain at or above 90% of their initial prices, investors receive only the $1,000 face amount. If any stock closes below 90% of its initial price, repayment is reduced in line with the worst stock’s loss, and investors can lose their entire investment.

The estimated value at pricing is expected to be between $925 and $965 per $1,000 face amount, reflecting upfront fees and hedging costs, and the notes carry 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 callable equity-linked notes maturing in February 2029. The notes pay no interest and return at least the $1,000 face amount at maturity, subject to the credit risk of the issuer and guarantor.

The payoff is linked to the lesser performer of Alphabet Class C, Meta Class A, and NVIDIA common stock. If on the determination date the final price of each stock is above its initial price, investors receive $1,000 plus 3 times the percentage gain of the worst-performing stock, applied to $1,000. If any stock finishes at or below its initial price, only the $1,000 face amount is paid.

GS Finance Corp. may redeem the notes in whole on monthly call dates from February 2027 through January 2029 at $1,000 plus a preset call premium, capping upside if called. The estimated value on the trade date is expected to be $890–$920 per $1,000, and the notes are treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering ETF-linked notes due on an expected stated maturity date of January 25, 2029. These notes pay no interest and their payoff depends on the least performing of three State Street sector ETFs: Energy (XLE), Utilities (XLU) and Consumer Staples (XLP).

If, on the determination date, all three ETFs are at or above their initial levels, holders receive $1,000 plus 5.495 times the return of the worst-performing ETF. If any ETF is below its initial level but all remain at or above 85% of initial, investors receive only the $1,000 face amount. If any ETF finishes below 85% of its initial level, principal is reduced using a buffer rate of approximately 117.65%, so losses accelerate below that threshold and investors could lose their entire investment.

The notes expose holders to equity market risk in these sectors and to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, reflecting fees, hedging and issuer funding costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index. These notes pay no interest and the cash you receive at maturity depends entirely on index performance between the trade date and the determination date.

If the S&P 500 final level is above its initial level, you receive your $1,000 face amount plus 300% of the index gain, but only up to a maximum settlement amount expected to be between $1,177.90 and $1,208.80 per $1,000 note. If the index finishes at or above 90% of its initial level, you get back your full face amount. If it falls below 90%, you lose principal, at roughly 1.1111% of face for every 1% the index ends below the buffer level, and you could lose your entire investment.

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 notes will not be listed on any exchange, their estimated value at pricing will be less than the issue price, secondary market liquidity may be limited, and the U.S. federal income tax treatment is uncertain.

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 quarterly from an expected original issue date of January 22, 2026 to an expected maturity on January 22, 2031, using a range-accrual formula.

For each interest period, the annualized rate equals the fraction of scheduled U.S. government securities business days when the 10-year CMT rate is at or below 4.50%, multiplied by an interest factor of 7.65%. If the 10-year CMT rate is above 4.50% on every reference date in a period, no interest is paid for that quarter. The notes are callable at 100% of face amount plus accrued interest on any quarterly interest payment date on or after January 22, 2028. At maturity, if not redeemed, investors receive the face amount plus any accrued interest, subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

The estimated value at pricing is expected to be between $935.5 and $975.5 per $1,000 face amount, reflecting structuring costs, dealer compensation and model-based valuation. The document highlights risks including potential zero-interest periods, issuer call risk, limited or no secondary market, sensitivity to interest rate movements and reference-rate volatility, and uncertainty in U.S. federal income tax treatment, which is expected to follow variable rate debt instrument rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes tied to Class A shares of Rivian Automotive, Inc. The notes run to January 2029 unless they are automatically called earlier.

Investors receive quarterly contingent coupons only when Rivian’s share price on the observation date is at or above 55% of the initial level. The notes are automatically called, returning principal plus the applicable coupon, if Rivian’s price is at or above the initial level on any call observation date.

If the notes are not called, and Rivian’s final level is at least 55% of the initial level, investors receive full principal back. If the final level is below 55%, repayment is reduced in line with the stock’s loss, and investors can lose their entire investment. The documents highlight credit risk of GS Finance Corp. and Goldman Sachs, limited liquidity, estimated value below issue price, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to Alphabet Class C, NVIDIA, Meta Platforms Class A and AMD common stock. The notes mature on an expected stated maturity date of February 6, 2031, unless automatically called between January 2027 and December 2030 when the closing price of each stock is at or above its initial price on a call observation date.

The notes pay variable monthly coupons. If on an observation date each stock closes at or above 80% of its initial price, holders receive a maximum coupon of $7.5 per $1,000 face amount (0.75% monthly, up to 9% per year). If any stock is below 80% of its initial price, only a minimum coupon of $0.209 per $1,000 (0.0209% monthly, up to about 0.25% per year) is paid. At maturity, investors receive $1,000 per $1,000 face amount plus the final coupon.

The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and the guarantor. The estimated value on the trade date is expected to be between $850 and $890 per $1,000 face amount, reflecting costs and dealer compensation, and may differ from secondary market prices.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering senior unsecured notes linked to the EURO STOXX 50® Index. Each note has a $10 principal amount and may be automatically called approximately one, two or three years after pricing if the index level on a Call Observation Date is at or above the Starting Value.

If called, investors receive a fixed Call Payment per unit of [$11.10–$11.30] on the first Call Observation Date, [$12.20–$12.60] on the second, or [$13.30–$13.90] on the final one, and the notes terminate early. If the notes are never called, the maturity is about three years and the payoff provides 1-to-1 downside exposure to any decline in the index from the Starting Value to the Ending Value, with up to 100% of principal at risk.

The notes pay no periodic interest, are not FDIC insured, and have limited expected secondary market liquidity with no exchange listing. The public offering price is $10.00 per unit, including a total underwriting discount of $0.20 per unit, and the estimated value on the pricing date is expected to be between $9.25 and $9.55 per $10 principal amount. The minimum initial purchase is $100,000 in principal amount, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured auto-callable notes linked to the common stock of Advanced Micro Devices, Broadcom, Oracle and Palo Alto Networks. The notes are expected to mature on February 3, 2031, unless automatically called between January 2027 and December 2030 if each stock closes at or above 90% of its initial price on a call observation date.

Each $1,000 note can pay a monthly coupon of $6.25 (0.625% monthly, up to 7.5% per year) when all four stocks are at or above 75% of their initial prices on the observation date, and only $0.209 (about 0.25% per year) if any stock is below that level. At maturity, investors receive $1,000 per note plus the final coupon. The notes’ estimated value on the trade date is expected to be between $850 and $890 per $1,000 face amount, reflecting fees, hedging costs and issuer credit spreads.

Payments depend entirely on the credit of GS Finance Corp. and its guarantor, and the notes will not be listed on any exchange. Investors do not receive dividends or shareholder rights in the underlying stocks and are exposed to potential illiquidity and pricing effects from market conditions, interest rates, volatility and issuer hedging activity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering autocallable index-linked notes tied to the S&P 500, Nasdaq-100 and Russell 2000 indices. The notes pay no interest and may be automatically called in January 2027 if all three indices are at or above their initial levels, in which case investors receive $1,120 per $1,000 face amount.

If not called, the January 2029 maturity payment depends on the worst-performing index. If each final index level is above its initial level, investors earn 1.25 times the lesser index’s gain. If any index is at or below its initial level but all remain at or above 65% of initial, investors receive the absolute value of the worst index’s return, turning moderate losses into gains. If any index finishes below 65% of its initial level, principal is exposed one-for-one to the worst index’s loss and investors can lose all or most of their investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group. The estimated value on the trade date is expected to be $925–$955 per $1,000 face amount, reflecting structuring costs and dealer compensation.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering unsecured structured notes linked to AppLovin Class A stock. The notes pay contingent quarterly coupons of $51.375 per $1,000 face amount (5.1375% quarterly, up to 20.55% per year) only if on an observation date the stock closes at or above 50% of its initial price; otherwise no coupon is paid for that period.

The notes may be automatically called starting in July 2026 if AppLovin’s closing price on a call observation date is at least the initial price, in which case investors receive $1,000 per note plus the applicable coupon, ending the investment early. If not called, at maturity in 2029 investors receive $1,000 plus the final coupon if the stock is at or above 50% of its initial price; if it is below 50%, repayment is reduced one-for-one with the stock decline, potentially to zero, and no coupon is paid.

The estimated value at pricing is expected between $925 and $955 per $1,000 face amount, reflecting fees and hedging costs. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group and the notes are not insured or equivalent to owning AppLovin shares.