Goldman Sachs Group Inc. 424B Filings

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.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term, principal-at-risk notes due January 12, 2029 that are linked to the worst performer of the S&P 500, Russell 2000 and EURO STOXX 50 indices. Investors can receive a quarterly contingent coupon of $22 per $1,000 face amount (an 8.80% annual rate) only if, on each calculation day, the lowest performing index is at least 75% of its starting level.

Beginning in July 2026 through October 2028, the notes are auto-callable if the worst index is at or above its starting level, in which case holders receive the $1,000 face amount plus that quarter’s coupon and the notes terminate. If not called, at maturity investors receive $1,000 only if the worst index is at or above 75% of its starting level; otherwise, repayment is reduced one-for-one with the decline and can fall to zero, meaning a total loss of principal. The estimated value is approximately $972 per $1,000, below the $1,000 offering price, and all payments depend on the credit of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non‑interest‑bearing structured notes linked to an equally weighted basket of 15 large‑cap stocks, with an aggregate face amount of $5,488,000 on the original issue date. The notes run from the trade date of January 9, 2026 to a stated maturity of February 12, 2027.

At maturity, investors receive for each $1,000 face amount a cash payment based on the basket’s performance from an initial level of 100 to a final level set on the February 9, 2027 determination date. If the basket return is positive, the payoff equals $1,000 plus 3 times the basket return, capped at a maximum settlement amount of $1,280. If the basket return is zero or negative, investors lose 1% of principal for each 1% decline in the basket, down to a total loss.

The notes pay no coupons, do not reflect dividends on the underlying stocks, and are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is approximately $961 per $1,000 face amount, reflecting structuring and distribution costs and model‑based valuation. Market value before maturity can be volatile and may be lower than the face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, income-bearing structured notes linked to the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes have a face amount of $7,027,000 in aggregate and are scheduled to mature on January 14, 2032, unless automatically called starting in July 2026 when all three underliers are at or above their initial levels.

Each $1,000 note can pay a contingent monthly coupon of $13.167 (about 1.3167% per month) if on the observation date every underlier is at least 75% of its initial level. If any underlier is below that threshold, no coupon is paid. At maturity, if not called, full principal is returned (plus any final coupon) if every underlier is at or above 75% of its initial level, and principal is protected down to 60%. Below 60% on the weakest underlier, repayment is reduced one-for-one with that loss, potentially to zero, and no coupon is paid. The estimated value on the trade date is about $992 per $1,000, and 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, 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 are expected to mature on January 22, 2031, unless automatically called starting in July 2026.

Investors can receive a $8 coupon per $1,000 face amount (0.8% monthly, up to 9.6% per year) on each monthly payment date if on the related observation date the level of each underlier is at least 70% of its initial level. If on any call observation date each underlier is at or above its initial level, the notes are automatically redeemed at par plus that month’s coupon.

At maturity, if the notes have not been called, principal repayment depends on the worst-performing underlier. If every underlier is at least 70% of its initial level, investors receive $1,000 plus the final coupon. If any underlier is below 70%, repayment is reduced in line with the lowest underlier’s loss, and investors can lose up to their entire investment and receive no coupon. The estimated value on the trade date is expected to be $885–$925 per $1,000, reflecting fees, hedging and funding costs, and all payments are subject to the credit risk of the issuer and guarantor.

Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2027 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at 3.75% per annum from the original issue date, expected to be January 30, 2026, to but excluding the stated maturity date, expected to be March 30, 2027. Interest is expected to be paid on the stated maturity date, unless the notes are redeemed earlier.

The issuer may redeem the notes, in whole but not in part, on monthly redemption dates starting on or about July 30, 2026 at 100% of principal plus accrued interest. Interest is calculated using the 30/360 (ISDA) day count convention, so interest for a February 2027 redemption would accrue on a 28/360 basis. The initial price to the public may vary (including below 100% for certain fee-based advisory accounts), so an investor’s return will partly depend on the price paid.

The notes are expected to be issued with original issue discount for U.S. federal income tax purposes, requiring holders to accrue income before cash receipts. They are unsecured obligations of Goldman Sachs, are not bank deposits, are not insured by the FDIC, and are subject to FATCA withholding rules. Sales are restricted in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, and the offering is subject to FINRA Rule 5121 due to an affiliate underwriter. The company plans to file its earnings release for the period ended December 31, 2025 before the trade date, and investors may withdraw orders before the trade date. The issuer may cancel the issuance entirely if its credit spread moves adversely before the trade date.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable 10-Year CMT Rate-Linked Range Accrual Notes due January 13, 2031 with an aggregate face amount of $1,907,000. The notes pay monthly interest that depends on how often the 10‑year constant maturity Treasury (CMT) yield is at or below 4.70% during each interest period.

For each period, the annualized interest rate equals the fraction of reference days when the 10‑year CMT rate is ≤4.70% multiplied by a fixed 7.00% interest factor, using a 30/360 (ISDA) convention. If the rate is above 4.70% on every reference date in a period, no interest is paid for that month. The notes are issued at 100% of face amount, with an underwriting discount of 1.521% and net proceeds of 98.479% of face.

The issuer may redeem the notes at par plus accrued interest on any monthly interest payment date on or after January 13, 2027, which can shorten the investment’s life. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is approximately $973 per $1,000 face amount, and there may be limited or no secondary market, with values influenced by rates, credit spreads, and issuer hedging.

GS Finance Corp., guaranteed by The Goldman Sachs Group, offers unsecured structured notes linked to Micron, Intel and AMD common stock. For each $1,000 face amount, holders are expected to receive a fixed coupon of $13 per month (1.3% monthly, up to 15.6% per year) until the notes are automatically called or mature around January 31, 2028.

The notes are automatically called if, on any monthly call observation date starting in July 2026, the closing price of each stock is at or above its initial price; investors then receive $1,000 plus that month’s coupon and no further payments. If not called, principal repayment at maturity depends on stock performance. If at least one stock finishes at or above its initial price, or if all remain at or above 50% of their initial price, investors receive full principal.

If all three stocks are below their initial prices and any falls below 50% of its initial level, maturity value is reduced in line with the worst-performing stock, and investors can lose most or all of their principal. Investors do not participate in any stock price gains. The estimated value on the trade date is disclosed as $925–$965 per $1,000, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp. is offering unsecured structured notes linked to the lesser performance of the S&P 500® Index and the SPDR® Gold Trust, maturing on an expected stated maturity date of January 28, 2027. The notes pay no interest and the cash you receive at maturity depends on how the weaker of the two underliers performs from its initial level on January 9, 2026 to the determination date, expected January 25, 2027.

If both underliers finish at or above their initial levels, you get your principal plus 1.8502 times the lesser underlier’s gain, via an upside participation rate of 185.02%. If either underlier falls but both remain at or above 85% of their initial levels, you receive only your face amount back. If any underlier finishes below 85% of its initial level, your repayment is reduced using a buffer rate of approximately 117.65%, and you can lose up to your entire investment.

The initial levels are 6,966.28 for the S&P 500® Index and $414.47 for the SPDR® Gold Trust. Estimated value at pricing is expected between $900 and $930 per $1,000 face amount, reflecting fees, hedging costs and issuer credit spreads, and payments are subject to the credit risk of GS Finance Corp. and its guarantor, The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes due January 25, 2033 linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes do not pay interest and may be automatically called each year if the index closes at or above rising call levels from 100.75% to 104.50% of the initial index level, triggering call premiums from 10% to 60% of face value.

If the notes are not called, investors receive at maturity either the face amount plus 100% of any positive index return, or only the face amount if the index is flat or down. The index uses daily rebalancing, a 5% volatility control, momentum filters and a 0.65% per annum deduction, and can allocate heavily to cash-like positions, which can limit upside.

Goldman estimates the notes’ value on the trade date at $850–$890 per $1,000 face amount, below the issue price, and highlights credit risk of both the issuer and guarantor, limited liquidity, interest-rate sensitivity and complex U.S. tax treatment under contingent payment debt rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, maturing in 2031. These notes pay no interest and your payoff at maturity depends entirely on index performance from the trade date on January 28, 2026 to the determination date on January 28, 2031.

If the final index level is above the initial level, you receive principal plus 180% of the index gain. If the index is flat or down but not below 80% of its initial level, you get back your full $1,000 per note. If the index falls more than the 20% buffer, you lose principal on a 1-for-1 basis beyond that threshold and could lose a substantial portion of your investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, do not give ownership of futures or stocks, may have limited liquidity, and involve structural risks such as model-based pricing, futures roll costs and uncertain U.S. tax treatment.

The Goldman Sachs Group, Inc. is offering fixed-to-floating rate notes due February 22, 2027 in minimum denominations of $1,000. The notes pay a fixed interest rate of 3.90% per annum with monthly payments from January 22, 2026 to but excluding April 22, 2026.

From April 22, 2026 to but excluding February 22, 2027, interest becomes floating at compounded SOFR plus 0.20%, subject to a minimum rate of 0.50% per annum, also paid monthly. The notes are unsecured obligations of Goldman Sachs, are not bank deposits, and are not insured by the FDIC or any government agency.

The notes will not be listed on any exchange, and their market value may be affected by SOFR movements, interest rates, Goldman Sachs’ creditworthiness, and liquidity conditions. U.S. tax law treats them as variable rate debt instruments with potential original issue discount, as described in detail in the tax discussion.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Russell 2000® Index and the S&P 500® Index, maturing in 2031. These notes pay a quarterly coupon of $22.75 per $1,000 (2.275% per quarter, up to 9.10% per year) only if, on each observation date, the closing level of both indexes is at or above 70% of its initial level. If either index is below that level, no coupon is paid.

The notes can be automatically called starting July 16, 2026: if on any call observation date each index is at or above its initial level, investors receive $1,000 per note plus the applicable coupon, and the investment ends early. If the notes are not called and, on the January 16, 2031 determination date, each index is at or above its 70% trigger buffer level, investors receive full principal back. If any index is below its trigger buffer level, repayment is reduced one-for-one with the weaker index’s decline, and investors can lose up to their entire principal.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2034 under its Medium-Term Notes, Series N program. The notes are expected to pay fixed interest of 4.75% per annum from the original issue date, expected to be January 26, 2026, to the stated maturity date, expected to be January 26, 2034, with annual interest payments expected each January 26.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on specified quarterly redemption dates on or after January 26, 2028 at 100% of principal plus accrued interest. The notes are unsecured debt obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by any governmental agency. U.S. holders generally will be taxed on interest as ordinary income, and the notes are subject to FATCA withholding rules.

Goldman Sachs & Co. LLC will act as underwriter and may conduct market-making in the notes, and this affiliate relationship constitutes a “conflict of interest” under FINRA Rule 5121. The offering includes various selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, limiting availability primarily to institutional and other non-retail investors in those jurisdictions.

The Goldman Sachs Group, Inc. is offering U.S. dollar-denominated callable notes that do not pay periodic interest and are expected to mature on or about January 23, 2032. Instead of coupons, investors receive their return through a fixed premium on the $1,000 principal amount if the notes are held to maturity.

Goldman Sachs may redeem the notes in whole, but not in part, on annual call dates from 2027 through 2031 at preset premium levels, capping the amount investors can receive if called early. If the notes are not redeemed, investors receive principal plus a 30% maturity premium, corresponding to a 4.47% annual yield calculated using an original issue discount structure. The notes are unsecured obligations subject to Goldman Sachs’ credit risk, will not be listed on an exchange, may have limited liquidity and price volatility with changing interest rates, and are expected to be issued with taxable original issue discount for U.S. holders.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Russell 2000® Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes have a $1,000 face amount and are expected to be issued on January 22, 2026, maturing on January 22, 2032, unless automatically called.

Investors can receive a fixed coupon of $13.042 per $1,000 (1.3042% monthly, up to about 15.65% per year) on monthly observation dates, but only if each underlier is at or above 75% of its initial level. The notes are automatically called, returning $1,000 plus the coupon, if on any call observation date from July 2026 to December 2031 each underlier is at or above its initial level.

If the notes are not called, principal repayment at maturity depends on the weakest underlier. If each final level is at least 60% of its initial level, investors receive $1,000 plus any final coupon. If any underlier finishes below 60%, repayment is reduced in line with the worst performer, and investors can lose most or all of their principal. The estimated value on the trade date is disclosed as between $885 and $925 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose return depends on an equally weighted basket of eight U.S.-listed stocks. The notes pay no interest and may be automatically called on the call observation date if the basket level is at or above the initial basket level of 100, in which case holders receive at least $1,162.5 per $1,000 face amount.

If not called, at maturity investors get $1,000 plus 125% of any positive basket return, $1,000 if the basket decline is up to 15%, and a reduced amount if the basket falls by more than 15%, based on a buffer rate of approximately 117.65%. The estimated value at pricing is expected between $900 and $930 per $1,000, reflecting underwriting discounts, hedging and structuring costs. The notes are unsecured obligations subject to the credit risk of both the issuer and the guarantor.

The Goldman Sachs Group, Inc. is offering fixed-to-floating rate senior unsecured notes linked to SOFR. Each note has a principal amount of $1,000 in minimum denominations and pays a fixed interest rate of 4.125% per year from February 9, 2026 to but excluding May 9, 2026, with interest paid monthly on the 9th.

From May 9, 2026 to but excluding March 9, 2027, the notes pay a floating rate equal to compounded SOFR plus a 0.15% spread, subject to a minimum interest rate of 0.50% per year, also paid monthly. The notes mature on March 9, 2027, are not redeemable prior to maturity, will not be listed on an exchange, and are subject to the issuer’s credit risk. The filing highlights SOFR benchmark and liquidity risks, potential price volatility from interest rate moves and hedging, and U.S. tax treatment as variable rate debt with possible original issue discount.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2036 that pay interest at 5.00% per year from the expected original issue date of January 22, 2026 to the expected stated maturity date of January 22, 2036. Interest is expected to be paid semiannually on January 22 and July 22, beginning July 22, 2026.

Goldman Sachs may redeem the notes at its option, in whole but not in part, at 100% of principal plus accrued interest on quarterly redemption dates starting January 22, 2028, with at least five business days’ notice. The notes are senior unsecured Medium-Term Notes, Series N, issued in book-entry form through DTC, are not bank deposits, and are not insured or guaranteed by any government agency or a bank.

The notes will be distributed by underwriters including Goldman Sachs & Co. LLC and InspereX LLC, with flexible pricing for certain retirement and fee-based advisory accounts and potential market-making after issuance. U.S. holders will generally recognize ordinary income on interest and capital gain or loss on disposition, and the notes are subject to FATCA withholding rules. Sales are restricted for retail investors in the EEA, United Kingdom, and certain other jurisdictions.

The Goldman Sachs Group, Inc. is offering U.S. dollar-denominated fixed rate senior notes due January 21, 2033 under its Medium-Term Notes, Series N program. The notes will pay interest at a fixed rate of 4.30% per annum, in arrears on January 22 and July 22 of each year, beginning July 22, 2026 and at maturity.

The notes will be issued in minimum denominations of $1,000, will not be listed on any securities exchange, and are not subject to redemption at the issuer’s option before maturity. They will be issued in book-entry form through DTC, with Goldman Sachs & Co. LLC acting as underwriter and calculation agent, and the offering will be conducted in compliance with FINRA Rule 5121 because the underwriter is an affiliate.

Interest is taxed to U.S. holders as ordinary income, and the notes are generally subject to FATCA withholding rules. Goldman Sachs intends to file its earnings release for the quarter and year ended December 31, 2025 before the trade date, and investors may withdraw purchase orders before the trade date. The offering may terminate if the issuer determines there has been a significant adverse movement in its credit spread before the trade date.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes due January 22, 2029 as part of its Medium-Term Notes, Series N program. The notes are denominated in U.S. dollars, issued in minimum denominations of $1,000 and integral multiples thereof, and will pay a fixed interest rate of 3.80% per annum.

Interest will be paid semi-annually on January 22 and July 22 of each year, starting July 22, 2026, using a 30/360 (ISDA) day count convention. The notes will not be listed on any securities exchange, will settle through DTC in book-entry form, and offer both full defeasance and covenant defeasance options. The offering may terminate entirely if Goldman Sachs determines there has been a significant adverse movement in its credit spread before the trade date, and investors may withdraw purchase orders before that trade date after reviewing the planned Form 8-K earnings release for the period ended December 31, 2025.