Goldman Sachs Group Inc. 424B Filings

The Goldman Sachs Group, Inc. is offering fixed rate senior notes due January 22, 2041 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at 5.00% per annum, with payments made each January 22 from 2027 through maturity, using a 30/360 (ISDA) day-count convention.

The notes will be issued in $1,000 denominations in book-entry form through DTC, will not be listed on any securities exchange, and are not bank deposits or FDIC insured. Goldman Sachs & Co. LLC will act as underwriter and calculation agent, may conduct market-making after issuance, and is deemed to have a conflict of interest under FINRA Rule 5121.

Goldman Sachs plans to file its earnings release for the quarter and year ended December 31, 2025 on Form 8-K before the trade date, and investors may withdraw purchase orders at any time prior to the trade date. The issuer may cancel the offering entirely if it determines there has been a significant adverse movement in its credit spread before the trade date. The document also outlines U.S. federal income tax treatment, FATCA withholding, and selling restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is offering $15,000,000 of Callable Fixed Rate Notes due 2040. The notes pay interest at 5.25% per annum from December 31, 2025 to December 14, 2040, with interest paid each December 31 and at maturity, starting December 31, 2026. Goldman Sachs may redeem the notes, in whole but not in part, on the last calendar day of each March, June, September and December on or after June 30, 2028 at 100% of principal plus accrued interest.

The initial price to the public is 100% of principal, with an underwriting discount of 2.128%, resulting in proceeds before expenses of $14,680,800 to Goldman Sachs. The notes are unsecured debt securities issued under Goldman Sachs’ Medium-Term Notes, Series N program, will be held through DTC in book-entry form, and are not bank deposits or insured by any governmental agency.

The Goldman Sachs Group, Inc. is issuing $8,500,000 of Callable Fixed Rate Notes due 2030 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 4.25% per annum from December 31, 2025 to the stated maturity date of December 13, 2030, with interest paid each December 31 and at maturity; the first payment is on December 31, 2026. The notes may be redeemed at Goldman Sachs’ option, in whole but not in part, on the last calendar day of March, June, September and December on or after December 31, 2026 at 100% of principal plus accrued interest.

The initial price to the public is 100% of principal, with an underwriting discount of 1.086% and estimated proceeds before expenses of $8,407,690, and estimated offering expenses of about $15,000. Goldman Sachs & Co. LLC and InspereX LLC are the underwriters and may make a market in the notes but are not obligated to do so. The notes are unsecured debt obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any governmental agency.

The Goldman Sachs Group, Inc. is issuing $17,000,000 of callable fixed rate notes due December 31, 2037, paying 5.10% interest per year in U.S. dollars.

Interest is paid once a year on the last calendar day of December, starting December 31, 2026, using a 30/360 (ISDA) day count convention. Goldman Sachs may redeem all of the notes, but not only part of them, on the last calendar day of March, June, September or December on or after December 31, 2027 at 100% of principal plus accrued and unpaid interest. The notes are unsecured senior debt, are not bank deposits, are not insured by the FDIC or any government agency, and will not be listed on an exchange. Underwriters purchase the notes at 98.033% of principal, providing Goldman Sachs approximately $16,665,610 in proceeds before expenses.

The Goldman Sachs Group, Inc. is offering $6,500,000 of callable fixed rate notes due December 14, 2035 under its Medium-Term Notes, Series N program. The notes pay interest at a fixed rate of 4.95% per annum from December 31, 2025, with payments on the last calendar day of December each year starting December 31, 2026, using a 30/360 (ISDA) day-count convention.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on the last calendar day of March, June, September and December on or after June 30, 2027, at 100% of principal plus accrued and unpaid interest. The initial price to the public is 100% of principal, the underwriting discount is 1.77%, and gross proceeds to Goldman Sachs before expenses are $6,384,950. The notes are unsecured senior obligations, are not bank deposits, are not FDIC insured, and will not be listed, though the underwriters may make a market in them.

The Goldman Sachs Group, Inc. is issuing $14,000,000 of Callable Fixed Rate Notes due December 31, 2035 under its Medium-Term Notes, Series N program. The notes pay fixed interest at 5.05% per annum from the original issue date of December 31, 2025, with interest paid once a year on the last calendar day of December, starting December 31, 2026.

Goldman Sachs may redeem the notes, in whole but not in part, on the last calendar day of March, June, September and December on or after December 31, 2027 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 1.136%, resulting in estimated proceeds of $13,840,960 before expenses. The notes are unsecured obligations of Goldman Sachs, are not bank deposits, are not insured by any government agency, and may be bought and sold in market-making transactions after the initial sale.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stocks of Oracle, Broadcom, NVIDIA, Netflix and Intel. The notes pay contingent monthly coupons and mature on January 7, 2031, unless automatically called between December 2026 and November 2030 if each stock closes at or above 90% of its initial price.

On each monthly observation date, if every stock is at or above 75% of its initial price, investors receive a maximum coupon of $7.084 per $1,000 face amount (0.7084% monthly, about 8.5% per year). If any stock is below 75%, only the minimum coupon of $0.209 per $1,000 (0.0209% monthly, about 0.25% per year) is paid. At maturity, if not called earlier, holders receive $1,000 per note plus the final coupon.

The aggregate face amount on the original issue date is $5,351,000, with an issue price of 100% of face, a 4.25% underwriting discount and 95.75% net proceeds to the issuer. The estimated value is about $943 per $1,000 face amount, reflecting structuring costs and dealer compensation, and secondary market prices may be lower. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2029 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at 4.05% per annum from the original issue date, expected to be January 22, 2026, to but excluding the stated maturity date, expected to be January 22, 2029, with interest paid annually on each January 22, starting in 2027.

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 (each January 22, April 22, July 22 and October 22) on or after January 22, 2027, upon at least five business days’ notice. The notes are unsecured senior debt obligations, are not bank deposits, are not insured by any governmental agency, and may only be sold to non-retail investors in certain jurisdictions such as the EEA and the UK.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2036 that pay interest at 5.00% per annum 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 annually each January 22, beginning January 22, 2027.

Goldman Sachs may, at its option, redeem the notes in whole on any quarterly redemption date (each January 22, April 22, July 22 and October 22) on or after January 22, 2028 at 100% of principal plus accrued interest. The notes will be issued in global form through DTC and will not benefit from a sinking fund or any investor put right.

The company expects to file its earnings release for the quarter and year ended December 31, 2025 on Form 8-K on or about January 15, 2026, before the trade date. Investors who have already agreed to purchase may withdraw their orders before the trade date, and Goldman Sachs may terminate the offering entirely if it determines there has been a significant adverse movement in its credit spread prior to the trade date.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2046 under its Medium-Term Notes, Series N program. The notes are expected to be issued on January 22, 2026 and pay interest at 5.40% per annum from the original issue date to, but excluding, the stated maturity date, expected to be January 2, 2046. Interest is expected to be paid annually on January 22, beginning January 22, 2027, and on the maturity date.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at a price equal to 100% of the outstanding principal amount plus accrued and unpaid interest on each redemption date, expected to be January 22, April 22, July 22 and October 22 on or after January 22, 2029, upon at least five business days’ prior notice. The notes are issued in book-entry form through DTC, are not bank deposits, are not insured by the FDIC or any other governmental agency, and are not obligations of or guaranteed by a bank. U.S. holders will generally recognize ordinary interest income on interest payments and may recognize capital gain or loss on disposition, and the notes will generally be subject to FATCA withholding rules.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2038 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 5.05% per annum from the original issue date, expected to be January 22, 2026, until the stated maturity date, expected to be January 22, 2038, with interest paid annually on January 22.

Goldman Sachs may redeem the notes, in whole but not in part, at its option on specified quarterly redemption dates on or after January 22, 2028, at 100% of principal plus accrued and unpaid interest. The notes will be issued in book-entry form through DTC, are unsecured debt obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any governmental agency. U.S. holders generally will be taxed on interest as ordinary income and may recognize capital gain or loss on disposition, and the notes are generally subject to FATCA withholding rules.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2031 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 4.40% per annum from the expected original issue date of January 22, 2026 to the expected stated maturity date of January 22, 2031, with interest payable annually on January 22.

Goldman Sachs may redeem the notes at its option, in whole but not in part, at 100% of principal plus accrued interest on each quarterly redemption date on or after January 22, 2027, upon at least five business days’ notice. The company plans to file its earnings release for the quarter and year ended December 31, 2025 on Form 8-K on or about January 15, 2026, and investors who have agreed to buy the notes before that release may withdraw their orders before the trade date. The notes are unsecured debt obligations of Goldman Sachs, are not bank deposits, and are not insured by any governmental agency.

The Goldman Sachs Group, Inc. is offering senior unsecured callable fixed rate notes due in 2033 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 4.50% per year, from the original issue date expected on January 22, 2026 to the stated maturity date expected on January 3, 2033, with annual interest payments expected each January 22 and at maturity.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at 100% of principal plus accrued interest on quarterly redemption dates beginning on or after April 22, 2027, upon at least five business days’ notice. The company expects to file its earnings release for the quarter and year ended December 31, 2025 before the trade date, and investors may withdraw commitments any time before the trade date. The notes will be issued only in global form through DTC, are subject to U.S. tax rules including FATCA, are not bank deposits, and are not insured by any government agency.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2031 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at 4.20% per annum from the original issue date of January 22, 2026 to the stated maturity date of January 2, 2031, with annual interest payments each January 22 and at maturity.

Goldman Sachs may redeem the notes, in whole but not in part, on any January 22, April 22, July 22 or October 22 on or after January 22, 2027 at 100% of principal plus accrued interest. The notes will be issued in book-entry form through DTC and are unsecured senior debt obligations, not bank deposits and not insured by the FDIC or any government agency.

The company plans to file its earnings release for the quarter and year ended December 31, 2025 on Form 8-K on or about January 15, 2026, before the trade and issue dates. Investors who have already agreed to purchase may withdraw their orders before the trade date, and the issuance may be terminated entirely if the issuer determines there has been a significant adverse movement in its credit spread.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2036 that pay interest at 4.85% per year. Interest is expected to be paid annually each January 22, beginning January 22, 2027, until the expected stated maturity date of January 2, 2036.

Goldman Sachs may redeem the notes early, in whole but not in part, on specified quarterly redemption dates starting July 22, 2027 at 100% of principal plus accrued interest. The notes are senior unsecured debt under the company’s Medium-Term Notes, Series N program and will be issued in book-entry form through DTC.

The company expects to file its earnings release for the quarter and year ended December 31, 2025 on Form 8-K around January 15, 2026, before the trade and issue dates. Investors who have agreed to purchase the notes may withdraw their orders before the trade date, and the offering may be terminated if the issuer determines there has been a significant adverse movement in its credit spread.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the lowest performing of three State Street sector ETFs in technology, energy and health care, maturing on January 29, 2029. Each $1,000 security can pay a quarterly contingent coupon of at least $28.75 (at least 11.50% per annum) if the lowest performing ETF on a calculation day is at or above 75% of its starting price. From July 2026 through October 2028, if that lowest ETF is at or above its starting price on a calculation day, the notes are automatically called at face value plus a final coupon. If not called, principal is protected only if the final level of the lowest ETF is at or above 70% of its start; below that level, investors take full downside exposure and can lose most or all of principal. The estimated value at pricing is expected to be $925–$955 per $1,000, 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 issuing market-linked medium-term notes tied to the Nasdaq-100 Index®, maturing on February 1, 2030. Each note has a $1,000 face amount and offers full principal repayment at maturity, subject to the credit risk of the issuer and guarantor.

At maturity, if the index is above its starting level, holders receive $1,000 plus 100% of the index gain, capped at a maximum return of at least 24.80%, for a maximum maturity payment of at least $1,248 per note. If the index is at or below the starting level, investors receive only the $1,000 face amount and no upside.

The notes pay no periodic interest or dividends, are designed to be held to maturity, and will not be listed on an exchange. The estimated value on the pricing date is expected to be between $900 and $930 per $1,000 face amount, lower than the original offering price, reflecting fees, costs and model-based pricing.

The Goldman Sachs Group, Inc. is offering senior unsecured fixed-to-floating rate notes due February 20, 2027. Each note has a minimum denomination of $1,000. From the original issue date, expected to be January 20, 2026, to but excluding April 20, 2026, the notes pay a fixed annual interest rate of 3.90%, with interest paid monthly on the 20th day of each month starting February 20, 2026.

From and including April 20, 2026 to but excluding February 20, 2027, interest switches to a floating rate equal to compounded SOFR plus 0.20%, subject to a minimum rate of 0.50% per annum, also paid monthly. Interest is calculated on an Actual/360 day count basis, and the notes are not redeemable before maturity and will not be listed on any exchange, so liquidity may be limited.

The notes are subject to the credit risk of Goldman Sachs, are not bank deposits, and are not insured by the FDIC or any government agency. The filing highlights market value risks from SOFR movements, interest rates, and Goldman Sachs’ creditworthiness, as well as tax treatment as variable rate debt instruments with potential original issue discount for U.S. holders.

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.

Each note has a $1,000 face amount and pays no interest. At maturity, if the index is above its initial level, holders receive $1,000 plus at least 155% of the index gain. If the index is flat or down but not below 70% of its initial level, investors receive their full $1,000 back. Below that 70% buffer level, principal is reduced 1-for-1 with further index declines, so investors can lose a substantial portion of their investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent. The pricing models used to estimate fair value produce a value lower than the original issue price, and any secondary market, if available, may be limited and at prices below face value. The tax treatment is uncertain, though the issuer intends to treat the notes as pre-paid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable buffered notes linked to the S&P 500® Futures Excess Return Index under its medium-term note program. The notes pay no interest and return is based on index performance from an expected trade date in January 2026 to an expected determination date in January 2031, with a 160% upside participation rate when the final index level is at or above the initial level.

If the index closes between 80% and 100% of its initial level, investors receive the absolute value of the index return; below 80%, principal is exposed to losses beyond a 20% buffer and a substantial portion of the investment can be lost. GS Finance Corp. may redeem the notes in whole on scheduled call payment dates from 2027 to 2030 at 100% of face amount plus a preset call premium. The estimated value on the trade date is expected to be between $885 and $925 per $1,000, the notes are unsecured and subject to issuer and guarantor credit risk, will not be listed on an exchange, and are expected to be treated as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp. is offering Nasdaq-100 Index®-linked callable notes guaranteed by The Goldman Sachs Group, Inc. The notes do not pay interest and are scheduled to mature in February 2031, unless the issuer redeems them early.

From February 2027 through January 2031, GS Finance may redeem the notes monthly at 100% of face amount plus a call premium set for each call date. If the notes are not redeemed, investors receive at maturity either $1,000 plus 100% of any positive index return or, if the Nasdaq-100 is flat or down versus the initial level, $1,000 only, so principal is protected but upside is uncapped and fully linked to index gains.

The issuer’s own models estimate the initial value of the notes between $885 and $935 per $1,000 face amount, reflecting embedded costs and hedging. The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. They are treated as contingent payment debt instruments for U.S. tax purposes, requiring investors to accrue taxable income over the term even without interim cash payments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk contingent income auto-callable securities linked to the common stock of Amazon.com, Inc., expected to mature on January 5, 2029.

The notes can be automatically called quarterly starting April 2, 2026 if Amazon’s stock closes at or above the initial share price, paying back the $1,000 principal per note plus the contingent coupon. On each observation date, if the stock closes at or above a downside threshold set at 75% of the initial share price, investors receive a contingent quarterly coupon of at least $32.50 per $1,000; otherwise the coupon is zero.

If the notes are not called and the final share price is below the downside threshold, repayment is reduced in line with the share decline, and investors can lose most or all of their principal. Investors do not participate in any upside of Amazon’s stock. The estimated value is disclosed as $910–$970 per note versus the 100% issue price, reflecting fees including a 2.25% underwriting discount and selling concessions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering semiconductor-linked notes tied to the VanEck Semiconductor ETF (SMH) with a scheduled maturity on September 29, 2028, unless redeemed earlier.

The notes may pay a conditional quarterly coupon of $25 per $1,000 face amount (2.5% quarterly, up to 10% per year) whenever the ETF’s closing level on the observation date is at least 80% of the initial level of $363.16. If the ETF is below that 80% trigger, no coupon is paid for that quarter and investors may receive no income over the life of the notes.

At maturity, if the ETF has fallen by 20% or less, investors receive $1,000 plus the final $25 coupon. If it is down more than 20%, repayment is reduced one-for-one beyond the 20% buffer, and no final coupon is paid, meaning investors can lose a substantial portion of principal. Upside at maturity is capped at return of face amount plus any coupon.

The notes are callable at the issuer’s option at 100% of face amount plus any due coupon on quarterly payment dates from June 2026 through June 2028. The aggregate initial face amount is $1,082,000, sold at 100% of face with a 3% underwriting discount and net proceeds of 97% of face. The estimated value at trade date is approximately $958 per $1,000, reflecting fees, structuring costs and issuer credit spreads. All payments depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the Russell 2000® Index, maturing in February 2028. The notes do not pay interest and repay an amount at maturity based on index performance from the January 30, 2026 trade date to the January 31, 2028 determination date.

If the final index level is above the initial level, investors receive $1,000 plus 200% of the index gain, but the payoff is capped at a maximum settlement amount of at least $1,250 per $1,000 note. If the index falls by up to the 10% buffer (down to a buffer level of 90% of the initial level), investors receive back the $1,000 face amount.

If the index finishes below the 90% buffer level, principal is reduced 1-for-1 with further declines, so investors can lose a substantial portion of their investment. The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., have uncertain U.S. tax treatment, and may have limited or no secondary market liquidity.

GS Finance Corp. is issuing $2,061,000 of Fixed Coupon Buffered Notes due December 29, 2028, linked to the S&P 500® Volatility Plus Daily Risk Control Index and guaranteed by The Goldman Sachs Group, Inc. The notes pay a fixed coupon of $14 per $1,000 each quarter (1.4% quarterly, up to 5.6% per year) regardless of index performance.

At maturity, investors receive $1,000 per note plus the final coupon if the index is at least 85% of the initial level of 6,617.07. Below that buffer, principal is reduced according to the index loss, and investors can lose a substantial portion of their investment, down to 15% of face if the index falls to zero. The estimated value is approximately $961 per $1,000 at pricing, versus a 100% issue price, reflecting a 3% underwriting discount and offering costs. The notes are unsecured obligations, not bank deposits, and carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero-coupon notes linked to an equally weighted basket of 9 large-cap stocks, with an initial basket level of 100 and aggregate face amount of $25,840,000.

The notes may be automatically called on January 5, 2027 if the basket is at or above the initial level, paying $1,160 per $1,000 face amount on January 8, 2027. If not called, at maturity on December 28, 2027 holders receive: enhanced upside at a 125% participation rate if the basket rises; full principal back if the basket is flat to down by up to 20%; and a leveraged loss beyond that buffer using a 125% buffer rate. The estimated value at pricing is about $952 per $1,000 face amount, reflecting fees, hedging costs and issuer spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the S&P 500® Daily Risk Control 5% USD Excess Return Index. The notes pay no interest and return at maturity depends solely on index performance between the expected trade date of January 27, 2026 and the determination date of January 29, 2029.

If the final index level is at or above the initial level, investors receive their $1,000 face amount plus a leveraged gain equal to the index return times an upside participation rate of at least 122.5%. If the index declines, investors receive the face amount plus the absolute value of the negative index return, but this repayment is capped at a maximum downside settlement amount of $2,000 per $1,000 face amount.

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 $925–$955 per $1,000 face amount, reflecting structuring and distribution costs and the issuer’s pricing models. The underlier uses a 5% volatility-target strategy and incorporates borrowing costs based on SOFR plus 0.02963%, which can materially reduce returns.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering two buffered index-linked notes, one tied to the S&P 500® Index and one to the Russell 2000® Index, with an expected trade date of January 27, 2026 and maturity in January 2031. The notes pay no interest and repay principal at maturity only if the linked index does not fall more than 15% from its initial level; beyond this 15% buffer, losses track the index decline, so investors can lose a substantial portion of their investment.

Both notes provide 100% upside participation in index gains but cap the maximum cash payment per $1,000 face amount at not less than $1,540 for the S&P 500® note and not less than $1,702.50 for the Russell 2000® note, limiting potential returns if the index rises sharply. The issuer discloses that the estimated value of each note at pricing is expected to be between $885 and $935 per $1,000, below the original issue price, and highlights credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., market-value volatility, liquidity risk, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $977,000 of Nasdaq-100 and Russell 2000 linked notes that may be automatically called and do not pay interest. The notes have semi-annual call observation dates; if on any such date each index is at or above its initial level, investors receive $1,000 per note plus a fixed call premium (rising from 10.25% on the first call payment date to 25.625% on the last).

If the notes are not called, the cash settlement at maturity depends solely on the lesser performing index, with a 150% upside participation rate when both indexes finish above their initial levels. A 15% buffer protects against moderate declines, but if any index finishes below 85% of its initial level, principal loss is linear and can be substantial; the hypothetical table shows outcomes as low as 15% of face value. The notes are senior unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The original issue price is 100% of face, with a 3.07% underwriting discount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,495,000 of contingent income notes linked to Bristol-Myers Squibb common stock. Investors receive quarterly coupons only if the stock closes at or above 70% of the $54.28 initial level on each observation date, with the coupon amount based on $28.75 per $1,000 face amount per period, net of any prior coupons paid. The notes are automatically called at par, plus any due coupon, if the stock is at or above the initial level on a call observation date starting in late 2026. If the notes are not called and the final stock level is below the 70% trigger buffer, principal is reduced one-for-one with the stock’s loss, and investors can lose their entire investment. The pricing supplement emphasizes that the modeled estimated value at issue is below the 100% issue price, that secondary market liquidity and pricing are uncertain, and that U.S. tax treatment is complex and based on an income-bearing prepaid derivative characterization.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is issuing structured notes linked to Alphabet, Meta Platforms and NVIDIA stock. The notes pay no interest and have a face amount of $1,000 each, with $1,402,000 total at issuance. They can be automatically called on December 23, 2027 if each stock’s price is at least 90% of its initial level, in which case investors receive $1,200 per $1,000 on December 30, 2027. If not called, at maturity on December 31, 2030 investors receive $1,000 plus 1.25 times the gain of the worst-performing stock if all three finish above their initial prices, or just $1,000 if any finishes at or below its initial price. The estimated value at pricing is about $932 per $1,000, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering medium-term notes that pay a fixed coupon of $18.75 per month per $1,000 face amount (1.875% monthly, up to 22.5% per year) from January 2026 to December 27, 2027, unless redeemed earlier. The notes are linked to the stock performance of Hims & Hers Health, Inc., Oracle Corporation and Super Micro Computer, Inc., measured between December 19, 2025 and December 21, 2027.

GS Finance Corp. may redeem the notes at 100% of face amount plus the coupon on any monthly payment date from March 2026 through November 2027. If not redeemed, investors receive $1,000 per note at maturity only if the final price of each stock stays at or above 45% of its initial price. If any stock falls below that trigger level, the maturity payment is reduced in proportion to the worst-performing stock and can fall to zero, meaning investors can lose their entire principal. The initial estimated value is about $957 per $1,000 face amount, below the issue price, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable income notes linked to Eli Lilly, Qualcomm and The Trade Desk common stocks. The notes pay a conditional coupon of $12.5 per $1,000 face amount (1.25% monthly, up to 15% per year) whenever on a monthly observation date each stock closes at or above 60% of its initial price. Starting in December 2026, the notes are automatically called if all three stocks are at or above their initial prices, returning the $1,000 face amount plus the coupon.

If not called, the notes mature on January 3, 2029. A 20% buffer applies if a “trigger event” occurs (all final stock prices below initial): if the worst stock ends below 80% of its initial price, principal is reduced in line with that stock’s loss beyond the buffer, and can fall well below $1,000. The estimated value is about $950 per $1,000 face amount, versus a 100% issue price, reflecting fees and structuring costs, with $879,000 aggregate face amount initially offered.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing up to $2,411,000 of structured notes linked to the stocks of Vistra, UnitedHealth Group, Tesla and NVIDIA. The notes pay variable monthly coupons through December 2030, with a high coupon of $8.042 per $1,000 face amount if all four stocks stay at or above 77.5% of their initial prices, and a minimum coupon of $0.209 if any stock is below that level.

The notes can be automatically called starting in December 2026 if each stock is at or above its initial price, in which case investors receive $1,000 per note plus the applicable coupon. If the notes are not called, investors receive $1,000 per note at maturity plus the final coupon, but the estimated value on the trade date is about $940 per $1,000, reflecting fees and hedging costs. Payments depend entirely on the credit of GS Finance Corp. and the guarantor and do not include any ownership or dividend rights in the underlying stocks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable S&P 500® index-linked notes that do not pay interest and are scheduled to mature in January 2032 unless redeemed early.

Each note has a $1,000 face amount. If Goldman chooses to call the notes on any monthly call date from February 2027 through December 2031, investors receive $1,000 plus a preset call premium (starting at at least 7.2504% and rising over time). If the notes are not called, the maturity payout depends on the S&P 500® Index performance from the trade date to the determination date.

At maturity, if the index is above its initial level, investors receive $1,000 plus 100% of the index gain; if the index is at or below the initial level, they receive $1,000. The notes are unsecured obligations subject to the credit risk of both 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 embedded fees, and the notes are treated as contingent payment debt instruments for U.S. tax purposes, which can require taxable income accruals before any cash is received.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon notes linked to the S&P 500® Index and maturing in 2031. The notes can pay a quarterly coupon of at least $16.5 per $1,000 face amount (at least 1.65% quarterly, or up to at least 6.6% per year) for any quarter in which the index closes at or above 70% of its initial level on the related observation date.

If the notes are not called and the final index level on the determination date is at or above the 70% trigger buffer level, investors receive back the full $1,000 per note plus any final coupon. If the final level is below 70%, repayment is reduced one-for-one with the index decline, and investors can lose their entire principal.

The issuer may redeem the notes in whole on any coupon payment date from February 2027 through November 2030 at $1,000 per note plus any due coupon. The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., and their estimated value at pricing is less than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering underlier-linked notes due 2029 as part of its Medium-Term Notes, Series F program. The notes’ payoff depends on the “lesser performing” of two references: the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF.

At maturity, if both underliers finish above their initial levels, holders receive $1,000 plus 186% of the lesser performer’s gain. If any underlier is at or below its initial level but both stay at or above 90% of their initial levels (a 10% buffer), investors receive only the $1,000 face amount. If any underlier falls below 90% of its initial level, principal is reduced 1-for-1 with the lesser performer’s decline beyond the 10% buffer, and a substantial loss of principal is possible.

The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may trade below face value before maturity, and are not equivalent to owning the underliers or their underlying index stocks. The tax treatment is uncertain and may implicate derivative and constructive ownership rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable notes linked to the iShares Bitcoin Trust ETF and the iShares Ethereum Trust ETF. The notes pay a conditional coupon of $17 per month per $1,000 face amount (1.7% monthly, up to 20.4% per year) whenever both ETFs are at or above 60% of their initial levels on monthly observation dates.

The notes can be automatically called starting in December 2026 if both ETFs are at or above their initial levels, returning $1,000 per note plus the applicable coupon. If not called, principal repayment at maturity in December 2028 depends on the worse-performing ETF. Full principal is returned if each ETF is at or above 50% of its initial level; below 50%, losses match the decline of the weaker ETF and coupons stop, so the entire investment can be lost.

The product embeds crypto-market risk, market-disruption and liquidity risks, issuer and guarantor credit risk, complex tax treatment and the risk of no active secondary market. The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, reflecting fees, hedging costs and model-based pricing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes have an aggregate face amount of $1,362,000, a trade date of December 23, 2025 and mature on December 31, 2030, unless automatically called between December 2026 and September 2030.

Holders can receive a contingent coupon of $20 per $1,000 each quarter (2% quarterly, up to 8% per year) when the index is at least 55% of its initial level of 505.38 on an observation date; no coupon is paid if it is below that level. If on any call observation date the index is at least 85% of the initial level, the notes are automatically redeemed at $1,000 per $1,000 face amount plus the applicable coupon.

If the notes are not called and the index ends below the 55% trigger at maturity, principal is reduced one-for-one with the index loss, and investors can lose their entire investment. The index itself uses up to 500% leverage, applies a 6% per annum daily decrement, and is based on E-mini S&P 500 futures, which introduces leverage, futures, and financing-cost risks. The estimated value on the trade date is approximately $903 per $1,000, versus a 100% issue price, reflecting fees, costs and model-based pricing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged callable notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are scheduled to mature in January 2032, unless redeemed early.

At maturity, investors receive at least the $1,000 face amount per note. If the index has risen, the upside is enhanced with a 125% participation rate, so gains are multiplied by 1.25. Starting in February 2027, the issuer may redeem the notes monthly at 100% of face value plus a preset call premium that steps up over time. The notes’ estimated value at pricing is expected to be $885–$925 per $1,000, reflecting fees and hedging costs, and all payments depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, with an aggregate face amount of $991,000 in $1,000 denominations.

The notes can pay a monthly coupon of $15.834 per $1,000 (about 19% per year) when the index is at least 70% of the initial level of 498.71. Quarterly, starting in June 2026, the notes are automatically called if the index is at or above the initial level, returning principal plus that month’s coupon.

If the notes are not called, principal at maturity in December 2031 depends on the final index level. If the index is at or above 50% of the initial level, investors receive full principal; below that, losses match the index decline, and the entire investment can be lost. The index itself uses up to 500% leverage and applies a daily decrement of 6% per year, which reduces returns versus an equivalent index without this feature. The estimated value is about $942 per $1,000 face amount at pricing, and investors bear 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 auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay quarterly contingent coupons only when the index is at least 60% of its initial level, with the coupon formula targeting at least $27.5 per $1,000 each quarter if conditions are met, for the potential of up to at least 11% per year. The notes can be automatically called on quarterly observation dates starting in January 2027 if the index 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 and the index falls below 50% of its initial level at final observation, principal is exposed one-for-one to the decline and investors can lose their entire investment. The underlying index uses up to 500% leverage, targets 40% volatility and applies a 6.0% per annum daily decrement, features that can magnify losses and drag performance. The estimated value at pricing is expected to be between $850 and $890 per $1,000 face amount, below the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering income-bearing notes linked to Apple, Amazon, Alphabet Class C and NVIDIA stock with a total face amount of $7,944,000 on the original issue date. The notes pay a monthly coupon of $12.292 per $1,000 (1.2292%, about 14.75% per year) only if on each observation date all four stocks are at least 60% of their initial prices. The notes can be automatically called starting in December 2026 if all stocks are at or above their initial prices, returning face value plus the applicable coupon.

If not called, at maturity on January 3, 2029 repayment depends on the worst-performing stock. If the worst stock is at or above 80% of its initial price, investors receive full principal plus any final coupon. If it is between 60% and 80%, principal is partially reduced. If it falls below 60%, investors lose more of their principal and receive no final coupon. The estimated initial value is about $975 per $1,000 face amount, after a 3.25% underwriting discount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033. The notes pay no interest and all returns depend on index performance and the credit of the issuer and guarantor.

The notes are automatically called in January 2027 if the index on the December 2026 observation date is at or above its initial level, in which case investors receive $1,170 per $1,000 of face amount. If not called, at maturity investors receive at least the $1,000 face amount, with upside equal to 300% of any positive index return.

The index uses daily rebalancing, volatility and momentum controls and an annual 0.65% deduction, and can allocate heavily to cash-like positions, which can dampen returns. The estimated value on the trade date is between $885 and $925 per $1,000, below the issue price, and the notes are taxed as contingent payment debt instruments, creating taxable income each year even without cash payments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $250,000 of leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, maturing on December 24, 2030. The notes pay no interest and the amount repaid at maturity depends on the index level on the December 19, 2030 determination date, starting from an initial level of 556.90.

If the index return is zero or positive, investors receive their $1,000 face amount per note plus 1.915 times any positive index return. If the index return is negative but not below -10%, investors still gain the absolute value of the loss, up to a 10% positive return. If the index return is below -10%, losses beyond that 10% buffer reduce principal, so investors can lose a substantial portion of their investment.

The estimated value is $955 per $1,000 face amount on the trade date, versus a 100% issue price, reflecting structuring and distribution costs. The underwriting discount is 0.8% of face, leaving net proceeds of 99.2%. Payments are subject to the credit risk of GS Finance Corp. and its guarantor, and the notes are unsecured, not FDIC insured, and will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable equity-linked notes tied to Alphabet Class A, Meta Class A and NVIDIA common stock. The notes pay no interest and are scheduled to mature in January 2031 unless Goldman redeems them earlier on monthly call dates from January 2027 through December 2030.

At maturity, if all three stocks finish above their initial prices, holders receive $1,000 plus 3x the gain of the worst-performing stock; if any stock is flat or down, investors only get back the $1,000 face amount. Goldman can call the notes at $1,000 plus a preset call premium that starts at not less than 16.5% in early 2027 and steps up over time, capping upside if redeemed.

The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected between $850 and $890 per $1,000, reflecting dealer compensation and structuring costs, and they are expected to be treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering contingent income auto-callable securities linked to the common stock of Amazon.com, Inc. The notes may be automatically called quarterly from April 2026 through October 2028 if Amazon’s closing price is at or above the initial share price, returning principal plus the coupon.

The notes pay a contingent quarterly coupon of at least $26.125 per $1,000 only when Amazon’s closing price on a coupon observation date is at or above a downside threshold set at 65% of the initial share price; otherwise no coupon is paid. If the notes are not called and the final share price on the January 2, 2029 determination date is below the downside threshold, investors are exposed 1-to-1 to Amazon’s decline and can lose most or all of principal.

The securities are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value is disclosed as $910 to $970 per $1,000 security, below the 100% issue price, and the underwriting discount is 2.25% of principal.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., provides an index supplement for structured notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. These medium‑term notes are unsecured obligations whose payments depend both on Goldman Sachs’ credit and on the index’s performance.

The index dynamically allocates among futures-based equity, bond, commodity and money market exposures, with a 5% volatility control and a momentum overlay. Returns are calculated on an excess‑return basis over the federal funds rate and reduced by a 0.65% per annum deduction, and the methodology can shift a very large portion of exposure into cash-like positions, which can significantly dampen upside.

The filing highlights key risks, including credit risk of the issuer and guarantor, potential for no interest or coupons, limited liquidity, complex index mechanics, substantial allocations to hypothetical cash positions, conflicts of interest from Goldman Sachs’ trading and hedging, and adverse U.S. tax treatment under contingent payment debt instrument rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked notes whose payout at maturity depends on index performance from the December 19, 2025 trade date to the December 20, 2027 determination date. Each note has a $1,000 face amount, a 200% upside participation rate, and a maximum settlement amount of $1,200, so gains are capped once the S&P 500 rises 10% or more above its initial level.

The notes provide a 10% downside buffer: if the index finishes between 90% and 100% of its initial level, investors receive back their $1,000. If the index falls below 90% of its initial level, principal is reduced one-for-one with further declines, and investors can lose a substantial portion of their investment.

The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and may trade below the issue price because the estimated value at pricing is lower than 100% of face. Liquidity is not assured, and the U.S. tax treatment is described as uncertain, with the notes intended to be treated as prepaid derivative contracts.