Goldman Sachs Group (GS) 424B Filings

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.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes maturing on January 22, 2031 as part of its Medium-Term Notes, Series N program. The notes will bear interest at a fixed rate of 4.05% per annum, paid semiannually on January 22 and July 22 of each year, starting July 22, 2026, using a 30/360 (ISDA) day count convention. The notes will be issued in minimum denominations of $1,000 and integral multiples thereof, will not be listed on any securities exchange, and are not bank deposits or FDIC insured. Investors may withdraw purchase orders before the trade date because Goldman Sachs plans to file its earnings release for the quarter and year ended December 31, 2025 before the trade and issue dates, and 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 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.