Every 424B that Goldman Sachs Group Inc. (GS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow GS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GS filings page.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing 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.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering equity-linked notes tied to an equally weighted basket of six semiconductor stocks: Applied Materials, Advanced Micro Devices, Broadcom, Micron Technology, NVIDIA and Qualcomm. The notes pay no interest and are scheduled to mature in January 2031, unless Goldman redeems them early.
Beginning in January 2027, the issuer may call the notes monthly at 100% of face value plus a preset call premium that steps up over time. If the notes are not redeemed, the maturity payout depends on the basket’s performance. For each $1,000 note, investors receive $1,000 plus 1.5 times any positive basket return; if the basket is flat or down but not below 50% of its initial level, they receive $1,000; if the basket falls more than 50%, the payout falls one-for-one with the loss, potentially to zero.
The estimated value at pricing is expected between $885 and $925 per $1,000 face amount, below the issue price. Investors do not receive dividends on the stocks and face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, with limited secondary market liquidity and complex anti-dilution and market disruption adjustments.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due 2029 linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. Each note has a $1,000 face amount and may pay a monthly contingent coupon of $8.75 (0.875%, up to 10.50% per year) if on the observation date the closing level of each index is at or above 70% of its initial level. If any index is below this coupon trigger level, the coupon for that month is $0.
At maturity, if the notes have not been redeemed and the final level of each index is at or above 70% of its initial level, investors receive $1,000 per note plus any final coupon. If any index finishes below 70%, repayment is reduced in line with the worst-performing index, and investors can lose up to 100% of principal. The issuer can redeem the notes at par plus any due coupon on specified quarterly coupon payment dates from April 2026 through October 2028. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, will not be listed, and involve tax and valuation uncertainties, including an estimated value lower than the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes whose return is tied to the Class A common stock of Rubrik, Inc. The notes pay contingent quarterly coupons of $43.625 per $1,000 face amount (4.3625% per quarter, up to 17.45% per year) only when Rubrik’s share price on the observation date is at least 60% of the initial price. Starting in July 2026, the notes are automatically called if Rubrik’s closing price on a call observation date is at or above the initial price, returning principal plus the applicable coupon. If held to January 2029 and not called, investors receive full principal plus any final coupon if Rubrik’s final price is at least 60% of the initial price; otherwise principal is reduced one-for-one with the stock’s loss below that level, with losses that can reach 100% and no coupon. The notes are unsecured obligations with estimated initial value between $925 and $955 per $1,000.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing trigger autocallable contingent yield notes linked to the EURO STOXX 50® Index and the Nasdaq-100 Index®. The notes pay a quarterly contingent coupon of between $0.25 and $0.26 per $10 face amount (up to about 10%–10.4% per year) only if on each observation date both indices are at or above 70% of their initial levels.
Starting in July 2026, the notes are automatically called if on any quarterly observation date both indices are at or above their initial levels; in that case investors receive $10 per note plus the coupon due and the product ends early. If the notes are not called, and at maturity in January 2031 both indices are at or above 70% of their initial levels, investors receive $10 plus the final coupon. If at least one index finishes below 70%, the principal is reduced in line with the loss of the lesser performing index, and investors can lose up to their entire investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is $9.75–$9.99 per $10, below the issue price, and secondary market liquidity may be limited. The tax treatment is complex and may change, and the product is intended only for investors who fully understand and can tolerate the significant downside and coupon risk.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked medium-term notes tied to the common stock of NVIDIA Corporation maturing on January 26, 2029. Each $1,000 security can pay a contingent quarterly coupon of at least $31.50 (at least 12.60% per year) only if NVIDIA’s stock on the relevant calculation day is at or above 60% of the starting price.
Beginning with the April 2026 calculation day, the notes are auto-callable if NVIDIA’s stock is at or above 90% of the starting price, in which case investors receive the $1,000 face amount plus the final contingent coupon and no further payments. If the notes are not called and NVIDIA’s final price is at or above 60% of the starting price, investors receive $1,000; if it is below 60%, repayment is reduced in full proportion to the stock decline, with losses potentially up to 100% of principal.
Investors do not participate in any stock upside and receive no NVIDIA dividends. The securities are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not listed on any exchange, and are designed to be held to maturity. The estimated initial value is disclosed as $925–$955 per $1,000 face amount, which is less than the original offering price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes linked to the shares of Arista Networks, Credo Technology Group and Vertiv Holdings. The notes pay a contingent monthly coupon of $6.667 per $1,000 face amount (0.6667% monthly, about 8% per year) only if on each observation date the closing price of every stock is at least 66% of its initial price. If any stock is below that level, no coupon is paid for that month.
The notes can be automatically called on monthly dates from January 2027 through December 2030 if each stock is at or above its initial price, in which case investors receive the face amount plus that month’s coupon. If not called, they mature on January 28, 2031, returning $1,000 per $1,000 face amount plus any final coupon. The estimated value at pricing is expected to be $885–$925 per $1,000, reflecting fees and hedging costs, and investors face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., limited secondary market liquidity and potential conflicts from Goldman Sachs’ hedging and trading activities.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes linked to the Class A common stock of The Trade Desk, Inc. The notes are scheduled to mature in January 2029 but can be automatically called starting in July 2026 through October 2028 if the stock’s closing price on a call observation date is at or above the initial index stock price, in which case holders receive the $1,000 face amount plus the quarterly coupon.
The notes pay a contingent coupon of $48.25 per $1,000 (4.825% quarterly, up to 19.3% per year) on each observation date only if The Trade Desk share price is at least 50% of the initial level; otherwise the coupon for that quarter is zero. At maturity, if not called, investors receive $1,000 plus the final coupon if the stock is at or above 50% of the initial level. If it is below 50%, repayment is reduced one-for-one with the stock’s loss, and holders can lose up to their entire principal and receive no coupon.
The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited liquidity, and their estimated value on the trade date is expected to be $890–$920 per $1,000 face amount, below the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the State Street® Energy Select Sector SPDR® ETF. The notes pay no interest and are expected to mature on January 30, 2031 unless automatically called starting in January 2027 when the ETF is at or above its initial level.
Each note has a $1,000 face amount. If not called and the final ETF level is at or above the initial level, investors receive a capped maximum of $1,602.5 per $1,000, reflecting a 60.25% maturity premium. If the ETF is down by up to 10%, investors get back $1,000; below that buffer, losses match the ETF decline and investors can lose their entire investment.
Call premiums range from 12.05% to 48.2% depending on the call date. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, and the estimated initial value is between $885 and $925 per $1,000, less than the issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $10-denomination trigger autocallable contingent yield notes linked to the EURO STOXX 50® and Nasdaq-100® indices. The notes pay a quarterly contingent coupon of between $0.20 and $0.21 per $10 face amount (up to 8.00%–8.40% per year) only if, on each observation date, both indices are at or above a coupon barrier set at 70% of their initial levels.
Beginning in July 2026, the notes are automatically called if, on any quarterly call observation date, both indices are at or above their initial levels. In that case, holders receive $10 per note plus the due contingent coupon and no further payments. If the notes are not called and, on the January 16, 2031 determination date, both indices are at or above their 70% downside thresholds, investors receive $10 plus the final contingent coupon; otherwise, repayment is reduced in line with the decline of the worse-performing index, and all principal can be lost.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is expected between $9.50 and $9.80 per $10 face amount, compared with a 100% issue price, with a 2.25% underwriting discount and 97.75% net proceeds to the issuer.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the S&P 500® Index, Nasdaq-100 Index® and iShares® Russell 2000 ETF. The notes pay a monthly contingent coupon of $9.167 per $1,000 face amount (0.9167%) only if on each observation date every underlier is at or above 70% of its initial level; otherwise no coupon is paid.
The notes can be automatically called quarterly starting in July 2026 if all underliers are at or above their initial levels, returning principal plus the applicable coupon. If not called, at expected maturity in January 2029 investors receive full principal plus the final coupon only if the worst-performing underlier is at or above 70% of its initial level. Below that threshold, repayment is reduced in line with the worst underlier’s loss, down to a possible total loss of principal and no coupon. The estimated value on the trade date is expected to be between $925 and $955 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the S&P 500® Index, maturing in 2029. The notes pay no interest and can be automatically called on the call observation date in 2027 if the index is at or above its initial level; in that case, investors receive $1,073 per $1,000 face amount on the call payment date, a 7.3% return.
If the notes are not called, the maturity payment depends on the index level on the determination date. Investors participate 100% in any upside above the initial level. There is a 30% buffer: if the index is down but no more than 30%, investors receive their full $1,000 per note. If the index falls more than 30%, principal is reduced 1-for-1 beyond that threshold, and investors can lose a substantial portion of their investment.
The notes are subject to the credit risk of GS Finance Corp. and its guarantor, may trade below issue price, will not be listed on an exchange and have uncertain tax treatment under U.S. federal income tax rules.
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. For each $1,000 face amount, investors can receive a quarterly coupon of $24.50 (2.45% quarterly, up to 9.8% per year) if on the observation date the closing level of each index is at or above 75% of its initial level; otherwise the coupon is zero.
The notes will be automatically called at $1,000 per note plus any due coupon if on any call observation date each index is at or above its initial level. If the notes are not called, principal repayment at maturity depends on the worst-performing index: if its final level is at least 75% of its initial level, investors receive $1,000; if it is below 75%, the payoff is $1,000 plus $1,000 times the lesser-performing index return, which can lead to a total loss of principal. The original issue price is 100% of face amount, with a 2% underwriting discount and 98% of face amount in net proceeds to the issuer.
GS Finance Corp. is offering autocallable contingent coupon notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to three equity indices: the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index.
The notes pay a contingent monthly coupon only if, on each observation date, the closing level of every index is at or above its coupon trigger level, set at 70% of its initial level. The coupon amount is based on $6.084 per $1,000 for each elapsed observation date, minus coupons already paid.
The notes are subject to a quarterly automatic call if, on a call observation date, each index is at or above its initial level, in which case investors receive their $1,000 face amount plus the coupon then due, ending the investment early. If the notes are not called, repayment at maturity depends on the lesser performing index. If each final index level is at or above its 50% trigger buffer level, investors receive $1,000 per note (plus any final coupon). If any index finishes below its trigger buffer level, the payoff is reduced one-for-one with the loss on the worst index, and investors can lose up to their entire principal.
Investors face the credit risk of GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor, potential absence of secondary market liquidity, sensitivity to market and interest rate changes, and uncertain U.S. tax treatment, including likely ordinary income treatment of coupons.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon notes due January 26, 2029 linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a monthly coupon of $8.334 per $1,000 (0.8334% monthly, about 10.00% per year) only if on each observation date all three indices are at or above 70% of their initial levels.
At maturity, if the notes have not been redeemed and each index is at or above 60% of its initial level, holders receive the full face amount. If any index is below 60%, repayment is reduced one‑for‑one with the worst index’s loss, and investors can lose their entire principal. The issuer may redeem the notes at par plus any due coupon on monthly payment dates from July 2026 through December 2028. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor and may have limited or no secondary market liquidity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the iShares Bitcoin Trust ETF. The notes are expected to mature on January 20, 2028, unless Goldman redeems them early at 100% of face amount plus any due coupon on monthly payment dates from July 2026 through December 2027.
Holders may receive a monthly coupon of $12.917 per $1,000 face amount (1.2917% monthly, up to approximately 15.5% per annum) whenever the ETF’s closing level is at least 65% of the initial level of $55.44. No coupon is paid for any month the ETF closes below that trigger.
At maturity, if the final ETF level is at least 65% of the initial level, investors receive $1,000 plus the final coupon. If it is below 65%, repayment is reduced using a buffer rate of approximately 153.85% of the loss beyond a 35% decline, and investors can lose all of their principal and receive no final coupon. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and are exposed to the high volatility and regulatory risks of bitcoin, since the ETF tracks bitcoin’s price.
The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, reflecting structuring costs and dealer compensation.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Nasdaq‑100, Russell 2000 and S&P 500 indexes, maturing in 2031.
The notes pay a $8.75 monthly coupon per $1,000 face amount (0.875% per month, up to 10.50% per year) only if on each observation date every index is at or above 70% of its initial level. The notes are automatically called, returning $1,000 per note 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, principal repayment at maturity depends solely on the worst‑performing index. You receive full principal only if each index’s final level is at least 60% of its initial level; otherwise repayment is reduced in line with the worst index’s decline, and you can lose your entire investment. The notes carry the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. and are not bank deposits or FDIC‑insured.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable, buffered notes linked to the State Street® SPDR® S&P® Bank ETF. The notes pay no interest and are scheduled to mature on the expected stated maturity date in February 2028, unless automatically called on the expected call observation date in February 2027.
If, on the call observation date, the ETF’s closing level is at or above its initial level, the notes are automatically redeemed and pay at least $1,132 per $1,000 face amount on the call payment date, capping any further upside. If not called, at maturity investors receive 125% of any positive ETF return, full return of face amount for ETF declines up to 10%, and a loss of principal if the ETF has fallen by more than 10%, with losses increasing one-for-one beyond that buffer.
The estimated value at pricing is expected between $925 and $955 per $1,000, below the 100% issue price, reflecting structuring costs and dealer compensation. Payments depend on the credit of GS Finance Corp. and its parent, and investors do not receive dividends or any shareholder rights in the ETF or its underlying stocks.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering leveraged notes linked to the Nasdaq-100 Futures Excess Return™ Index, a futures-based index tied to E-mini Nasdaq-100 contracts rather than the Nasdaq-100 stock index itself. The notes pay no interest and are expected to run from an original issue date around January 30, 2026 to a stated maturity date around January 30, 2031.
At maturity, for each $1,000 face amount, holders get: (i) $1,000 plus 2.065 times any positive index return if the index rises; (ii) $1,000 if the index return is between 0% and -20%; or (iii) $1,000 plus the full negative index return if the index falls by more than 20%, which can result in a total loss of principal. The estimated value on the trade date is expected between $885 and $925 per $1,000, below the issue price, reflecting fees, hedging and funding costs.
Payments depend entirely on the index level on the determination date and on the credit of GS Finance Corp. and its guarantor. The filing highlights risks from the index’s limited history, futures-specific effects such as financing costs and negative roll yield, market volatility, illiquidity in any secondary market, and uncertain U.S. tax treatment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is issuing market-linked, auto-callable notes tied to the lowest performing of Amazon, NVIDIA, Alphabet Class A and Broadcom. Each note has a $1,000 face amount and matures on January 31, 2031, with principal repayment at maturity if not called, subject to issuer and guarantor credit risk.
Investors receive monthly variable coupons: a higher amount of at least $7.083 per note (about 8.5% per year) when the lowest performing stock is at or above 80% of its starting price, or $0.209 (about 0.25% per year) otherwise. From January 2027 through December 2030, if on any call date the lowest performing stock is at or above its starting price, the notes are automatically called at par plus that month’s higher coupon.
The estimated value on the pricing date is expected between $885 and $915 per $1,000, below the original offering price, reflecting structuring costs and dealer compensation. Underwriting discounts are up to 3.325% of face amount, and the notes are intended to be held to maturity with no exchange listing.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger autocallable contingent yield notes linked to Advanced Micro Devices, Inc. stock. The notes pay a quarterly contingent coupon between $0.35625 and $0.375 per $10 face amount (up to about 14.25%–15.00% per year) only if AMD’s closing price on the observation date is at or above a coupon barrier set at 50% of the initial stock price.
Starting April 23, 2026, the notes are automatically called if AMD closes at or above the initial price on an observation date, returning $10 per note plus that quarter’s coupon. If not called, and on the January 24, 2028 determination date AMD is at or above the 50% downside threshold, investors receive $10 plus the final coupon. If AMD finishes below the threshold, repayment is reduced one-for-one with the stock’s loss, and investors can lose their entire principal with no final coupon. The estimated value at pricing is $9.40–$9.70 per $10, and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.