Goldman Sachs Group (GS) 424B Filings

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.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable underlier-linked notes due July 19, 2027 tied to the Russell 2000® Index and the iShares® MSCI EAFE ETF. The notes pay no interest and can be automatically called semi-annually if each underlier is at or above its initial level, returning principal plus a call premium of 5.85% on the first call date or 11.7% on the second. If held to maturity and not called, investors receive a capped payment with a maturity date premium of 17.55% if both underliers finish at or above their initial levels. A 20% buffer applies, but if the lesser-performing underlier falls more than 20%, principal is reduced with 125% downside exposure and investors could lose their entire investment. Repayment also depends on the credit of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger autocallable contingent yield notes linked to the worst performer of the S&P 500® Index and the Russell 2000® Index. The notes have a $10 face amount, pay a quarterly contingent coupon of $0.27 per $10 (up to 10.80% per annum) only if each index is at or above a coupon barrier set at 75% of its initial level.

Starting in July 2026, the notes are automatically called if both indices are at or above their initial levels on any quarterly observation date, paying back face amount plus the due coupon. If not called, and on the January 16, 2029 determination date both indices are at or above their downside thresholds (also 75% of initial levels), investors receive face amount plus the final coupon. If either index finishes below its downside threshold, repayment is reduced one-for-one with the decline of the lesser performing index, and investors can lose their entire principal.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., with a minimum purchase of $1,000. The estimated value at pricing is expected between $9.75 and $9.99 per $10, below the 100% issue price, and secondary market values may be volatile and influenced by many factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing on January 25, 2029. The notes can be automatically called starting with observation dates from July 20, 2026 if each index is at or above its initial level, returning the $1,000 face amount plus any due coupon.

The notes pay a contingent monthly coupon of $8.75 per $1,000 (0.875% monthly, up to 10.5% per year) only if on each observation date every index is at or above 70% of its initial level. If any index closes below that coupon trigger, no coupon is paid for that month.

If the notes are not called, principal repayment at maturity depends solely on the worst-performing index. If the final level of each index is at or above 70% of its initial level, holders receive $1,000 per note; otherwise the payoff equals $1,000 plus $1,000 times the lesser-performing index return, which can result in a total loss of principal. The offering highlights that the estimated value at pricing will be less than the issue price and that investors bear the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Dual Directional Trigger Jump Securities linked to the EURO STOXX 50® Index, maturing in February 2031. These principal-at-risk notes pay no interest and repay cash at maturity based on index performance on a single valuation date.

If the index is flat or higher, investors receive $1,000 plus the greater of the index percent change or an upside payment of at least $451.00 per $1,000 (at least 45.10%). For declines down to a 75.00% downside threshold, the notes provide a 1:1 positive “absolute return” on the index’s loss, up to a 25.00% gain. Below the threshold, repayment drops 1.00% for each 1.00% further index loss, potentially to zero. The estimated value is $895 to $955 per security, the notes will not be listed, and investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering contingent income buffered auto-callable securities linked to the Class B common stock of NIKE, Inc., maturing in January 2027 and guaranteed by The Goldman Sachs Group, Inc. These unsecured notes can pay a contingent monthly coupon of $12.692 per $1,000 of principal, but only when NIKE’s share price on the observation date is at or above a buffer level set at 80% of the initial share price of $66.30.

The notes may be automatically called on scheduled observation dates starting in February 2026 if NIKE’s share price is at or above the initial share price, returning principal plus the coupon then due, with no further payments afterward. If the notes are not called and NIKE’s final price on the January 2027 valuation date is at or above the buffer, investors receive full principal back plus the final coupon; if it is below the buffer, investors lose 1.25% of principal for every 1% drop beyond the 20% buffer, up to a total loss. Investors do not participate in any upside of the stock and face both equity and Goldman Sachs credit risk.

GS Finance Corp. is offering callable notes linked to the U.S. 10-year Constant Maturity Treasury (CMT) rate, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay variable monthly interest based on how often, within each interest period, the 10-year CMT rate is equal to or below 4.70%, multiplied by an interest factor of 7.00% and calculated using a 30/360 (ISDA) day count convention. If the 10-year CMT rate is above 4.70% on every reference date in a period, no interest is paid for that month.

The notes are scheduled to mature in January 2031, but GS Finance Corp. can redeem them at par plus accrued interest on any monthly interest payment date on or after January 27, 2027, which can shorten the investment term. Payments depend on the credit of both GS Finance Corp. and Goldman Sachs as guarantor. The estimated value at pricing is expected to be between $933.5 and $973.5 per $1,000 face amount, below the original issue price, and secondary market liquidity and pricing may be limited.

GS Finance Corp. is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033 and guaranteed by The Goldman Sachs Group, Inc. Payment depends entirely on index performance and the credit of the issuer and guarantor.

The notes can be automatically called on the January 22, 2027 call observation date if the index is at or above its initial level, in which case investors receive $1,165 for each $1,000 face amount on January 29, 2027. If not called, at the January 31, 2033 maturity investors receive, per $1,000, either $1,000 plus 300% of any positive index return or $1,000 if the index is flat or lower.

The index uses daily rebalancing, volatility and momentum controls, and applies a 0.65% per annum deduction, with the potential for large allocations to low-yield cash-like positions. The notes pay no periodic interest, may trade below face value, and the issuer’s estimated value is $850–$890 per $1,000, below the original issue price. For U.S. tax purposes they are treated as contingent payment debt instruments, requiring accrual of ordinary income over the term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured structured notes linked to Micron, Palantir and Tesla common stock. The notes are expected to trade from a January 23, 2026 trade date to a January 26, 2029 maturity, with automatic call features starting in January 2027.

Investors may receive contingent monthly coupons of $16.125 per $1,000 (1.6125% monthly, potential up to 19.35% per year) only when each stock closes at or above 50% of its initial price on an observation date. If each stock is at or above its initial price on a call observation date, the notes are automatically redeemed at face value plus the applicable coupon.

If the notes are not called, principal repayment depends on a trigger condition and the worst-performing stock. A trigger event occurs if each stock finishes below its initial price; if any stock then finishes below 50% of its initial price, repayment is reduced one-for-one with that loss and investors can lose their entire principal. The estimated value at pricing is expected 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 structured notes linked to the common stock of Best Buy Co., Inc. The notes pay a quarterly coupon of $38.625 per $1,000 face amount (3.8625%) only if Best Buy’s stock on each observation date is at least 65% of the initial price of $67.48. The notes can be automatically called starting in April 2026 through October 2026 if the stock closes at or above the initial price, in which case investors receive the $1,000 face amount plus the due coupon.

If the notes are not called, principal repayment at maturity in January 2027 depends on Best Buy’s stock return. Investors receive full principal back (plus any final coupon) if the final price is at least 65% of the initial price. If it is below 65%, repayment is reduced one-for-one with the stock loss, and investors can lose up to their entire investment and receive no coupon. The estimated value on the trade date is $920–$950 per $1,000, reflecting fees, hedging costs and issuer credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Russell 2000 Index, the S&P 500 Index and the State Street Utilities Select Sector SPDR ETF. The notes pay a monthly coupon of $7.917 per $1,000 (0.7917%), but only if on each observation date all three underliers are at least 70% of their initial levels; otherwise no coupon is paid.

The notes can be automatically called starting in April 2026 if on any call observation date each underlier is at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon. If the notes are not called, principal repayment at maturity depends on the worst-performing underlier. As long as each underlier is at least 65% of its initial level, investors receive full principal; below that level, losses match the decline of the worst underlier and investors can lose 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 on the trade date is expected to be $885–$925 per $1,000, reflecting fees, hedging and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is issuing auto-callable notes linked to the shares of Palo Alto Networks, Credo Technology Group and Vertiv Holdings. Each $1,000 note can pay a quarterly coupon of $86.25 (8.625%) if, on the observation date, all three stocks are at or above 50% of their initial prices. The notes may be automatically called starting in April 2026 through October 2026 if all three stocks are at or above their initial prices; in that case investors receive $1,000 per note plus the applicable coupon and no further payments.

If the notes are not called, the January 2027 maturity payment depends on the worst-performing stock. As long as each stock’s final price is at least 50% of its initial level, investors receive $1,000 plus the final coupon. If any stock finishes below 50%, repayment is reduced in line with that stock’s loss, and investors can lose up to their entire principal and receive no coupon. The aggregate initial face amount is $1,545,000, issued at 100% of face with an underwriting discount of 1.25% and an estimated value of about $943 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Ovintiv Inc. The notes have a face amount of $1,000 each, a scheduled maturity in January 2027, and pay a contingent quarterly coupon of $38.25 per $1,000 (3.825%) when Ovintiv’s stock is at or above 65% of the initial price of $39.52 on the relevant observation date.

The notes can be automatically called starting in April 2026 if Ovintiv’s stock is at or above the initial price, returning the face amount plus the applicable coupon. If held to maturity and not called, investors receive the full face amount plus any final coupon if the final stock price is at least 65% of the initial price; otherwise principal is reduced one-for-one with Ovintiv’s decline, with the potential for a total loss and no coupon. The estimated initial value is between $920 and $950 per $1,000 note, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked, auto-callable notes tied to the common stock of Intel Corporation, maturing on January 18, 2029, at an original offering price of $1,000 per security.

The notes pay a contingent coupon of $41.25 per $1,000 (16.50% per annum) on quarterly dates only if Intel’s stock closes at or above 60% of the starting price of $44.06 on the relevant calculation day. Beginning with the April 2026 calculation day, the notes are automatically called if Intel’s stock is at or above 90% of the starting price, returning face amount plus the final contingent coupon.

If the notes are not called and Intel’s final price is below 60% of the starting price, the maturity payment is $1,000 multiplied by the stock performance, so holders lose more than 40% and up to all principal. The estimated value at pricing is about $958 per $1,000, reflecting structuring and distribution costs, including a 2.325% underwriting discount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked medium-term notes with an aggregate face amount of $5,135,000. The notes pay a contingent monthly coupon of $8.709 per $1,000 (0.8709% monthly, up to approximately 10.45% per annum) only when the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index each close at or above 70% of their initial level on the relevant observation date.

At maturity on January 15, 2030, if the notes have not been redeemed and every index finishes at or above its 70% trigger buffer level, investors receive $1,000 per note plus any final coupon. If any index is below its trigger buffer level, the repayment is reduced in line with the lesser performing index return, and investors can lose up to their entire principal.

The issuer may redeem the notes at par (plus any due coupon) at its option on any coupon payment date from April 2026 through December 2029. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., have no equity ownership or dividend rights in the underlying indices, and do not benefit from index gains above return of principal.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable structured notes linked to three market underliers: the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF.

Investors can receive a fixed coupon of $13.417 per $1,000 (1.3417% monthly, or up to about 16.1% per year) on each monthly payment date, but only if on the related observation date every underlier is at least 75% of its initial level. If any underlier is below that threshold, no coupon is paid for that month.

The notes can be automatically called starting in July 2026 if all underliers are at or above their initial levels, in which case holders receive $1,000 per note plus the applicable coupon. If not called, principal repayment at maturity in 2032 depends on the worst-performing underlier: full principal is returned if each underlier is at least 60% of its initial level, but if any underlier falls more than 40%, repayment is reduced in line with that loss and investors can lose their entire investment. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount.

GS Finance Corp. is offering $8,211,000 of callable S&P 500® Index-linked notes due January 18, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and may be redeemed by the issuer at par plus a call premium of 12%–23% on monthly call dates from January to December 2027.

If not redeemed, the maturity payment per $1,000 depends on S&P 500® performance from the January 12, 2026 trade date to the January 10, 2028 determination date. Gains are leveraged at 120% when the index finishes above the 6,977.27 initial level. If the final level is between 85% and 100% of the initial level, investors receive $1,000. Below 85%, losses accelerate at an effective buffer rate of about 117.65%, and investors can lose their entire principal.

The estimated value at pricing is approximately $983 per $1,000, reflecting fees and hedging costs. Investors bear the unsecured credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., and face complex and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2028 tied to the Nasdaq-100, Russell 2000 and S&P 500 indexes. Investors receive monthly contingent coupons of at least $8.542 per $1,000 face amount when the closing level of each index is at least 80% of its initial level on the relevant observation date. The notes can be automatically called quarterly if each index is at or above its initial level, returning $1,000 per note plus the due coupon. If held to maturity and the worst-performing index finishes at or above 70% of its initial level, investors receive full principal; if it finishes below 70%, repayment is reduced one-for-one with that index’s loss, and investors may lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and the issuer states the estimated value on the trade date is less than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due 2031 tied to the Russell 2000® Index and the S&P 500® Index. These notes are unsecured debt of the issuer and guarantor.

The notes pay a quarterly coupon of at least $15 per $1,000 face amount (at least 1.5% per quarter, up to at least 6.00% per year) only if on each observation date both indexes are at or above 55% of their initial levels. If either index is below that trigger, the coupon for that quarter is $0.

At maturity, if not redeemed earlier, investors receive $1,000 per note only if the final level of each index is at or above 55% of its initial level. If either index finishes below this trigger buffer, repayment is reduced in line with the weaker index, and investors can lose up to 100% of principal. The issuer may redeem the notes at par plus any due coupon on any coupon payment date from August 2026 through November 2030.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $2,269,000 of medium-term notes linked to three equity indexes: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index.

The notes can pay a contingent monthly coupon of $9.167 per $1,000 face amount (0.9167% monthly, up to about 11.00% per year) if on each observation date all three indexes are at least 70% of their initial levelsautomatically called and repaid at $1,000 plus the coupon.

If the notes are never called, at maturity investors receive $1,000 per $1,000 face amount only if the worst-performing index is at or above 70% of its initial level. If the worst index finishes below that threshold, repayment is reduced in line with its loss, down to zero in extreme declines, so investors can lose their entire principal and may receive no coupons. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value at pricing is less than the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due in 2030. These notes pay no interest; instead, your payoff at maturity depends on the S&P 500® performance between an expected trade date of January 30, 2026 and an expected determination date of July 30, 2030.

If the index rises, you receive your $1,000 face amount plus 100% of the index gain, but this is capped at a maximum settlement amount of at least $1,483 per $1,000. If the index is flat or down, you receive the greater of the index-based amount or a minimum settlement amount of $900, so you can lose up to 10% of principal.

The estimated value on the trade date is expected to be between $895 and $945 per $1,000, below the issue price, reflecting dealer compensation, structuring fees and other costs. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes that pay no interest and return a cash amount at maturity based on index performance between the expected trade date of January 30, 2026 and the determination date of July 30, 2031. The expected stated maturity date is August 4, 2031.

For each $1,000 face amount, if the S&P 500® rises, investors receive $1,000 plus 100% of the index gain, but the payout is capped at a maximum settlement amount of at least $1,480 and corresponds to a cap level of at least 148% of the initial index level. If the index is flat or down, investors receive the greater of $900 and $1,000 plus the index return, so losses are limited to 10% of face value if held to maturity.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be between $885 and $925 per $1,000, lower than the original issue price, and secondary market prices may be further reduced by underwriting discounts, fees and market factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable fixed and floating rate notes expected to mature on January 30, 2033. The notes pay quarterly interest at a fixed 8.00% per annum from January 30, 2026 to January 30, 2027, then switch to a floating rate tied to the 10-year Constant Maturity Treasury.

During the floating period, quarterly interest equals 8 times (5.25% minus the 10-year CMT rate), subject to a minimum rate of 0.00% and a maximum of 16.00% per annum. If the 10-year CMT is 5.25% or higher on an interest determination date, no interest is paid for that quarter. Investors are effectively betting that the base rate will stay below 5.25% on each determination date.

The issuer may redeem the notes at 100% of face amount plus accrued interest on any quarterly interest payment date on or after January 30, 2027, which can shorten the investment term. The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and the guarantor. The estimated value at pricing is expected to be between $906.5 and $956.5 per $1,000 face amount, reflecting underwriting discounts, expenses and hedging costs. The notes will be treated as contingent payment debt instruments for U.S. federal income tax purposes and may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon notes linked to the Russell 2000® Index and the S&P 500® Index, maturing in 2031. The notes pay a quarterly coupon of at least $18.75 per $1,000 (at least 1.875% per quarter, up to at least 7.5% per year) only if, on each observation date, the closing level of both indices is at or above 55% of its initial level; otherwise that period’s coupon is zero.

At maturity, if the notes have not been redeemed and each index is at or above its 55% trigger buffer level, investors receive back the full $1,000 principal per note. If either index finishes below its trigger buffer, repayment is reduced one-for-one with the percentage decline of the weaker index, and investors can lose their entire investment. The issuer can redeem the notes at par on any coupon payment date from August 2026 through November 2030, and investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering unsecured structured notes linked to the common stock of Western Digital, Micron Technology and Carvana Class A. The notes can pay contingent monthly coupons of $6.875 per $1,000 face amount (0.6875% per month, up to 8.25% per year) whenever all three stocks are at or above 75% of their initial prices on the relevant observation date; otherwise the coupon for that month is zero.

The notes may be automatically called starting in January 2027 if, on a call observation date, each stock is at or above its initial price, in which case investors receive $1,000 per $1,000 face amount plus the applicable coupon and no further payments. If not called, at maturity on the expected January 31, 2033 date investors receive $1,000 per $1,000 face amount plus any final coupon, but there is no protection against missing coupons. The estimated value on the trade date is expected to be between $885 and $925 per $1,000, reflecting fees, hedging costs and model assumptions, and the notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero-coupon structured notes linked to an equally weighted basket of 8 large-cap stocks, with an initial aggregate face amount of $5,595,000. The notes pay no interest and may be automatically called on January 22, 2027 if the basket level is at or above 100, returning $1,162.5 per $1,000 on January 27, 2027. If not called, at maturity on January 13, 2028 investors receive: enhanced upside of 125% of any positive basket return, full principal back if the basket is down by up to 15%, and buffered downside exposure below that level using a buffer rate of approximately 117.65%. The estimated value at pricing is approximately $949 per $1,000 face amount, below the 100% issue price, reflecting fees, costs and dealer economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, zero-coupon notes linked to an equally weighted basket of five large healthcare stocks: AbbVie, Eli Lilly, Regeneron, UnitedHealth Group and Vertex. The aggregate face amount is $8,028,000, with an original issue price of 100% of face, a 1.5% underwriting discount and 98.5% net proceeds.

The notes may be automatically called on January 22, 2027 if the basket level is at or above the initial level of 100, paying $1,120 per $1,000 on January 27, 2027. If not called, at maturity on January 13, 2028 investors get $1,000 plus 125% of any positive basket return, $1,000 if the basket has fallen by up to 15%, and a loss amplified by a buffer rate of about 117.65% for declines beyond 15%, with the potential for total principal loss.

The notes pay no interest and do not pass through dividends on the stocks. They are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is approximately $961 per $1,000 face amount, below the issue price, reflecting fees, hedging costs and model assumptions, and secondary market prices may be lower and less liquid.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term notes linked to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, with an aggregate face amount of $16,949,000. These auto-callable notes can pay a contingent monthly coupon of $8.334 per $1,000 face amount (0.8334% monthly, up to about 10% per year) when on a coupon observation date the closing level of each index is at least 70% of its initial level.

If on any quarterly call observation date each index is at or above its initial level, the notes are automatically called and investors receive $1,000 per note plus the applicable coupon. If the notes are not called, the amount repaid at maturity in April 2030 depends on the worst-performing index. If that index is at or above 65% of its initial level, principal is returned in full. If it is below 65%, repayment is reduced one-for-one with the index loss, so investors can lose up to their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp. is offering $816,000 of auto-callable notes linked to the common stock of NVIDIA, Celestica and Tesla, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay monthly conditional coupons of $17.209 per $1,000 face amount (1.7209% monthly, with potential of about 20.65% per year) only when the closing price of each stock on an observation date is at least 50% of its initial price.

The notes can be automatically called from January 2027 through December 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, principal repayment in January 2029 depends on stock performance: if all final prices are below initial levels and the worst stock finishes under 50% of its initial price, repayment is reduced one-for-one with that worst return and can fall to zero, so investors may lose their entire investment. The initial issue price is 100% of face, with a 1.25% underwriting discount and 98.75% net proceeds, and the estimated value on the trade date is about $966 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium‑term notes linked to the lower performer of the SPDR Gold Trust and the S&P 500 Index, maturing on February 3, 2028. Each security has a $1,000 face amount and pays no interest or dividends.

At maturity, if the lowest performing underlier is above its starting value, investors receive $1,000 plus at least 175% of that percentage gain. If it is down but by no more than the 15% buffer, investors receive the $1,000 face amount. If it falls more than 15%, repayment is reduced 1‑for‑1 beyond the buffer and investors can lose up to 85% of principal. The estimated initial value is between $900 and $930 per $1,000, reflecting structuring costs and dealer compensation, and the notes are unsecured, unsubordinated obligations subject to the credit risk of GS Finance Corp. and the guarantor, with no exchange listing and are intended to be held to maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the iShares® Ethereum Trust ETF, giving indirect exposure to the price of ether. The notes pay no interest and return at least the $1,000 face amount at maturity, expected on February 4, 2031, subject to issuer and guarantor credit risk.

If the ETF rises, investors receive a positive return equal to the ETF’s gain with a 100% participation rate, but payments are capped at a maximum settlement amount of $1,690 per $1,000 when the ETF reaches 169% of its initial level. If the ETF is flat or down, only face value is paid. The estimated value at pricing is expected between $885 and $935 per $1,000, reflecting fees and dealer economics.

The filing highlights significant risks tied to ether and digital assets, including extreme volatility, regulatory uncertainty, custodial and security issues, and potential market manipulation, as well as limited liquidity for the notes and complex U.S. tax treatment as contingent payment debt instruments.