Here are the 424B prospectus supplements from Goldman Sachs Group Inc. (GS) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow GS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GS filings page.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is 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.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Class A shares of Strategy Inc, Palantir Technologies Inc. and Circle Internet Group, Inc. The notes mature on December 27, 2028, with monthly observation dates starting in January 2026 and potential automatic call dates from June 2026 through November 2028.
For each $1,000 face amount, investors may receive monthly coupons of $22.917 (2.2917% per month, up to about 27.5% per year) only when the closing price of each stock on an observation date is at least 50% of its initial price. If all three stocks are at or above their initial prices on a call observation date, the notes are automatically redeemed at par plus the accrued coupon.
If the notes are not called, principal repayment at maturity depends on whether all three stocks finish below their initial prices and whether any finishes below 50% of its initial level. In that adverse case, repayment is reduced in proportion to the worst-performing stock and can fall to zero. Payments are also subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is about $955 per $1,000 face amount, reflecting fees and structuring costs.
The Goldman Sachs Group, Inc. is offering $2,354,000 of fixed-rate senior notes paying 4.25% per annum, maturing on December 23, 2032. Interest is paid twice a year on June 23 and December 23, starting June 23, 2026, using a 30/360 (ISDA) day count convention. The notes are issued in $1,000 denominations, priced at 100% of principal, with an underwriting discount of 1.347%, resulting in net proceeds to Goldman Sachs of 98.653% of the principal amount.
The notes will not be listed on any securities exchange and will be issued only in book-entry form through DTC, with Goldman Sachs & Co. LLC acting as underwriter, calculation agent and an affiliate of the issuer. The notes are part of Goldman Sachs’ Medium-Term Notes, Series N program, are subject to U.S. federal income taxation as ordinary interest for U.S. holders, and may be subject to FATCA withholding. The offering includes detailed selling and distribution restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.
The Goldman Sachs Group, Inc. is issuing $2,746,000 of fixed rate notes under its Medium-Term Notes, Series N program. The notes pay a fixed interest rate of 4.05% per annum, with interest paid semiannually on June 23 and December 23 of each year, starting June 23, 2026, until the stated maturity date on December 23, 2030.
The notes are denominated in U.S. dollars, issued in minimum denominations of $1,000 and integral multiples thereof, and will not be listed on any securities exchange. The original issue price is 100% of principal, with an underwriting discount of 0.8% and net proceeds to Goldman Sachs of 99.2% of the principal amount, before estimated offering expenses of $15,000. The notes are senior debt obligations, settled through DTC in global form, and are subject to standard U.S. federal income tax rules for interest and capital gains.
The Goldman Sachs Group, Inc. is offering $12,591,000 of callable fixed rate notes due December 23, 2030. The notes pay interest at 4.50% per year from December 23, 2025, with semiannual payments on June 23 and December 23, starting June 23, 2026.
Goldman Sachs may redeem the notes, in whole but not in part, on March 23, June 23, September 23 and December 23 on or after December 23, 2026 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 0.415%, resulting in gross proceeds of $12,538,747.35 before expenses. 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 other government agency.
The Goldman Sachs Group, Inc. is issuing $3,780,000 of senior fixed-rate notes under its Medium-Term Notes, Series N program. The notes bear interest at 3.80% per annum from the original issue date of December 23, 2025 to the stated maturity date of December 22, 2028.
Interest is paid semiannually on June 23 and December 23 of each year, starting June 23, 2026, and calculated using a 30/360 (ISDA) day-count convention. The notes are 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 insured by any governmental agency.
The original issue price is 100% of principal, with an underwriting discount of 0.4%, resulting in net proceeds to Goldman Sachs of 99.6% of the principal amount. Goldman Sachs & Co. LLC acts as underwriter and calculation agent, may engage in market-making in the notes, and the offering is subject to various U.S. tax rules and international selling restrictions.
GS Finance Corp. may issue medium‑term notes whose payments are linked to the BlackRock® Dynamic Factor Index. This index combines a basket of five U.S. equity factor ETFs, three U.S. Treasury bond ETFs and a cash component, then measures how that mix performs relative to a notional rate equal to SOFR plus 0.26161% plus an additional 0.65% per year, accrued daily.
The index dynamically reallocates between equities, bonds and cash to target 5% volatility, which has often led to sizable cash weightings; historically the cash constituent has reached as high as 85.5%. From January 1, 2020 to December 1, 2025, the index showed annualized performance of -1.80% with 4.95% volatility, compared with the iShares Core S&P 500 ETF at 15.27% annualized and 21.10% volatility, and the iShares 7‑10 Year Treasury Bond ETF at 0.01% annualized and 7.66% volatility. Limited performance history exists since the index switched from 3‑month USD LIBOR to SOFR on December 28, 2021, and the supplement highlights extensive ETF‑specific and fixed‑income‑related risks.
The Goldman Sachs Group, Inc. is offering $3,000,000 of callable fixed rate notes due December 22, 2028. The notes pay interest at a fixed rate of 4.05% per annum from the original issue date of December 22, 2025 to but excluding maturity, with semiannual payments on June 22 and December 22 each year. The first interest payment will be made on June 22, 2026.
Goldman Sachs may redeem the notes, in whole but not in part, at its option on each March 22, June 22, September 22 and December 22 on or after December 22, 2026 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 0.45% (or $13,500 in total) and estimated proceeds before expenses of $2,986,500. The notes are unsecured obligations of Goldman Sachs, are not bank deposits, and are not insured by any governmental agency. U.S. holders generally recognize ordinary income on interest and capital gain or loss on disposition, and the notes are generally subject to FATCA withholding rules.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes whose payments depend on the stock performance of Advanced Micro Devices, Affirm Holdings Class A, and Tesla.
The notes are expected to trade from an original issue date of December 31, 2025, with monthly observation dates from January 2026 through December 2030 and a stated maturity date of January 7, 2031, unless automatically called between December 2026 and November 2030. If on any call observation date the closing price of each stock is at or above its initial price, the notes are automatically redeemed at face amount plus a coupon.
On each monthly coupon date, investors receive a maximum coupon of $7.084 (0.7084% monthly, up to about 8.5% per year) per $1,000 face amount if every stock closes at or above 70% of its initial price, or a minimum coupon of $0.209 (0.0209% monthly, up to about 0.25% per year) otherwise. At maturity, holders receive face amount plus the final coupon. The estimated value at pricing is expected between $885 and $925 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 offering principal-at-risk, auto-callable notes linked to the S&P 500® Index, the iShares® Russell 2000 Growth ETF and the State Street® Utilities Select Sector SPDR® ETF. The notes are expected to trade from an original issue date of January 7, 2026 and mature on January 5, 2029, unless automatically called starting in April 2026.
Holders can receive a contingent monthly coupon of $8.334 per $1,000 face amount (0.8334% monthly, about 10% per year) when on a coupon observation date each underlier closes at or above 75% of its initial level. If on any call observation date all underliers are at or above their initial levels, the notes are automatically redeemed at $1,000 per note plus that month’s coupon.
At maturity, if not called, investors receive $1,000 plus the final coupon if every underlier is at or above 75% of its initial level. If any underlier has fallen more than 25%, repayment is reduced using a buffer rate of approximately 133.33%, and investors can lose up to their entire principal. The estimated initial value is between $925 and $965 per $1,000, and all payments are subject to the issuer’s and guarantor’s credit risk.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk “Jump Securities” with an auto-callable feature linked to the worst performer of three State Street ETFs: Technology Select Sector (XLK), Utilities Select Sector (XLU) and SPDR S&P Biotech (XBI). The notes run to an expected maturity of January 5, 2032, with potential automatic redemption on scheduled call observation dates starting in 2027.
If, on a call observation date, each ETF closes at or above 90% of its initial price, the notes are automatically called and pay back principal plus a fixed call premium starting at at least 10.20% and rising to at least 58.65%, depending on the call date. If never called and on the valuation date each ETF is at or above 90% of its initial price, investors receive principal plus a maturity premium of 61.20%. If any ETF is below its 90% downside threshold on the valuation date, repayment is reduced 1-to-1 with the decline of the worst-performing ETF, and investors can lose all of their principal. The notes pay no coupons and do not provide dividends or upside beyond the fixed premiums.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes are expected to mature on December 26, 2031, unless automatically called from June 2026 onward when the index closes at or above its initial level on a quarterly call observation date, in which case investors receive $1,000 per note plus the due coupon.
Investors may receive a conditional monthly coupon of $15.834 per $1,000 (1.5834% per month, up to about 19% per year) when the index is at least 70% of its initial level on the observation date; otherwise no coupon is paid. Principal is protected only down to a 50% trigger buffer: if at final valuation the index is below 50% of its initial level, repayment is reduced one-for-one with the index decline and investors can lose their entire investment. The underlying index uses up to 500% leverage and a daily 6% per annum decrement, which magnifies losses and creates a persistent drag on performance. The issuer’s estimated value at pricing is expected between $885 and $925 per $1,000 face amount, reflecting fees, hedging costs and model-based assumptions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stocks of NVIDIA, Apple and Tesla. The notes pay contingent monthly coupons of $13.042 per $1,000 face amount (1.3042% per month, with potential up to approximately 15.65% per year) only if on an observation date each stock is at least 60% of its initial price; otherwise no coupon is paid for that month.
The notes can be automatically called starting in December 2026 if on a call observation date each stock is at or above its initial price, in which case investors receive $1,000 per note plus the applicable coupon. If not called, principal repayment at maturity in December 2028 depends on whether all three stocks are below their initial prices and whether any fall below 50% of the initial level, which can lead to substantial loss of principal up to total loss. The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $500,000 in face amount of equity-linked notes tied to the common stocks of Astera Labs, Broadcom and Micron.
The notes pay a contingent monthly coupon of $5.625 per $1,000 (0.5625%, up to 6.75% per year) only if on each observation date all three stocks close at or above 80% of their initial prices ($144.94 for Astera Labs, $341.30 for Broadcom, $232.51 for Micron). If any stock is below its trigger, no coupon is paid for that month.
From December 2026 to November 2027, the notes are automatically called if all three stocks are at or above their initial prices, returning the $1,000 face amount per note plus the applicable coupon. If not called, at maturity on December 23, 2027 holders receive $1,000 per $1,000 face amount plus the final coupon, if the trigger is met.
The original issue price is 100% of face, with a 1.85% underwriting discount and 98.15% net proceeds to the issuer. The bank estimates the initial economic value at about $970 per $1,000, lower than the issue price, and warns the notes are unsecured, subject to Goldman Sachs credit risk, may pay no coupons, and may have limited or no secondary market liquidity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100 Index®-linked notes with an aggregate face amount of $700,000. The notes pay no interest and may be automatically called in December 2026 if the index is at or above the initial level, in which case holders receive $1,093 per $1,000 face amount.
If not called, the December 2030 maturity payment depends on index performance, with 150% upside participation above the initial level, full principal return if the index is at or above an 80% trigger buffer level, and one-for-one downside below that, which can result in a total loss of principal. The notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., their estimated value at pricing is below the 100% issue price, secondary market liquidity is uncertain, and the U.S. tax treatment is described as uncertain.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $8,011,000 of Trigger Performance Leveraged Upside Securities (Trigger PLUS) due January 4, 2029. These principal-at-risk notes are tied to a weighted basket of five equity indices: EURO STOXX 50® (40%), TOPIX (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%), with an initial basket value of 100.
At maturity, investors receive $1,000 plus a leveraged upside payment of 142.50% of any basket gain, $1,000 if the final basket value is at or below 100 but at or above the 80% trigger level, or a proportionately reduced amount if the basket finishes below the trigger, potentially down to zero. The estimated value is approximately $954 per note, the securities pay no interest or dividends, will not be listed on an exchange, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing approximately $650,000 of 3-year notes linked to the common stock of NVIDIA Corporation. For each $1,000 face amount, investors can receive a contingent monthly coupon of $11.584 (1.1584% per month, up to about 13.9% per year) when NVIDIA’s closing level on a coupon observation date is at least 60% of the initial level of $177.72. If on any call observation date NVIDIA’s level is at or above the initial level, the notes are automatically called at $1,000 plus the coupon, ending future payments.
At maturity, if not called, investors receive $1,000 per note only if the final NVIDIA level is at least 60% of the initial level. Below that “trigger buffer,” principal is reduced one-for-one with the stock’s loss, and investors can lose their entire investment. Upside is capped at return of principal plus coupons, even if NVIDIA more than doubles. The original issue price is 100% of face, with net proceeds of 97.25% after a 2.75% underwriting discount. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited liquidity, and offer no voting rights or dividends from NVIDIA.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable 10-year notes whose monthly interest depends on the 10-year CMT rate. For each interest period, the coupon is the 7.00% interest factor multiplied by the fraction of U.S. government securities business days when the 10-year CMT rate is at or below 4.70%; if it is above 4.70% on every reference date, no interest is paid for that month.
The notes are expected to be issued on January 13, 2026, mature on January 13, 2031, and can be redeemed at the issuer’s option at par plus accrued interest on any monthly interest payment date on or after January 13, 2027. The estimated value at pricing is expected to be between $921.2 and $971.2 per $1,000 face amount, reflecting underwriting discounts, hedging costs and model-based valuation. Payments depend on the credit of GS Finance Corp. and the guarantor, and the notes will not be listed on any exchange.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stocks of Astera Labs, Amazon.com and Eli Lilly. The notes have a stated maturity of December 23, 2027 and an initial aggregate face amount of $500,000, with an original issue price of 100% and an underwriting discount of 1.85% of face amount. Investors can receive a monthly coupon of $5.209 per $1,000 (0.5209% monthly, about 6.25% per year) only if on each observation date the closing price of each index stock is at least 80% of its initial price; otherwise the coupon for that month is zero.
The notes are automatically called if, on any call observation date from December 2026 through November 2027, the closing price of each stock is at least its initial level, in which case holders receive $1,000 per $1,000 face amount plus the applicable coupon. If not called, at maturity holders receive $1,000 per $1,000 face amount plus any final coupon. The estimated value on the trade date is approximately $970 per $1,000 face amount, reflecting structuring costs and dealer compensation. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited or no secondary market, and investors bear the risk of receiving no coupons over the life of the notes.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Futures Excess Return Index-linked notes with an aggregate face amount of $561,000 under its Medium-Term Notes, Series F program. These notes pay no interest and return depends entirely on index performance from the trade date to the determination date.
At maturity, for each $1,000 note, if the final index level is above the initial level of 554.39, investors receive $1,000 plus $1,000 times the 120% upside participation rate times the index return. If the index falls but stays at or above the buffer level of 80% of the initial level, investors receive the full face amount. If it closes below the buffer level, repayment is reduced dollar-for-dollar with the index loss beyond the 20% buffer, and a substantial loss of principal is possible.
The original issue price is 100% of face amount, with a 0.8% underwriting discount and 99.2% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not listed, do not provide any rights in the S&P 500® futures or stocks, and their market value can be affected by interest rates, volatility, and credit spreads.
The Goldman Sachs Group, Inc. is offering $8,781,000 of Callable Fixed Rate Notes due December 15, 2045 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 5.35% per annum from December 16, 2025, with interest paid each December 16, starting December 16, 2026, using a 30/360 (ISDA) day count convention.
The notes are issued in $1,000 denominations at 100% of principal, with an underwriting discount of 2.7%, providing approximately $8,543,913 of proceeds before expenses. Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on March 16, June 16, September 16 and December 16 of each year starting December 16, 2028, upon at least five business days’ notice.
The notes are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, are not insured by the FDIC or any government agency, and are not listed on any securities exchange. They are subject to U.S. federal income taxation as ordinary interest income, possible capital gain or loss on disposition, and generally to FATCA withholding rules.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $20,099,000 of auto-callable notes linked to the iShares Bitcoin Trust ETF (IBIT), maturing January 4, 2028. The notes can be automatically called on December 23, 2026 if the ETF’s closing price is at or above the initial price of $49.71, paying $1,300.50 per $1,000 and ending the investment.
If not called, investors get at maturity: 150.00% of any positive ETF return; or, for declines down to the 75.00% downside threshold of $37.2825, a positive return equal to the absolute decline; below that threshold, losses match the ETF drop and repayment can be far below principal, including zero. The notes pay no interest, are unsecured and unsubordinated, are not listed on an exchange, and carry both bitcoin-related volatility risk and the credit risk of GS Finance Corp. and its guarantor. The estimated value at pricing is approximately $963 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2031. The notes do not pay periodic interest and repay at least the $1,000 face amount at maturity, subject to issuer and guarantor credit.
The notes are automatically called on scheduled semi-annual dates if the index is at or above its initial level, paying $1,000 plus a call premium (from 9.00% on the first call date up to 49.50% on the last). If not called and the final index level is at or above the initial level, investors receive $1,000 plus a 54% maturity premium, capping total upside. If the final level is below the initial level, investors only receive the face amount.
The index is a rules-based, volatility- and momentum-controlled strategy that reallocates daily among equity, bond, commodity and cash exposures, and is reduced by the federal funds rate and an additional 0.65% per year. The estimated value of the notes on the trade date is $885 to $925 per $1,000, below the original issue price. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income over their term.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering medium-term notes whose payments depend on the stock performance of Oracle, Broadcom, NVIDIA, Netflix and Intel. The notes pay a monthly coupon of $7.084 per $1,000 face amount (0.7084% monthly, up to about 8.5% per year) if the closing price of each stock on a coupon observation date is at least 75% of its initial price; otherwise, you receive only $0.209 (0.0209% monthly, about 0.25% per year).
The notes can be automatically called starting in December 2026 through November 2030 if each stock is at least 90% of its initial price on a call observation date, returning $1,000 per note plus the due coupon. If not called, they are scheduled to mature on January 7, 2031, paying $1,000 per note plus the final coupon. The estimated value on the trade date is expected to be between $885 and $935 per $1,000, below the issue price, and investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, as well as limited liquidity and complex anti-dilution and market disruption provisions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2028 tied to the common stock of Bristol-Myers Squibb Company (BMY). These notes pay a contingent quarterly coupon of $28.75 per $1,000 face amount when, on the relevant observation date, the BMY share price is at or above 70% of its initial level; otherwise the coupon is zero.
The notes may be automatically called on specified dates if BMY is at or above its initial level, in which case investors receive their $1,000 principal back plus any due coupon, ending the investment early. If the notes are not called and BMY’s final level on the determination date is at least 70% of the initial level, investors receive full principal back; below that level, repayment is reduced one-for-one with BMY’s decline, and investors can lose up to 100% of principal.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor. The estimated value at pricing will be lower than the issue price due to fees and costs, the notes will not be listed on any exchange, and any secondary market trading will be limited and at prices that may be well below face value.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes pay a monthly coupon of $13 per $1,000 (1.3% monthly, up to 15.6% per year) only if each underlier is at least 75% of its initial level on the observation date. Beginning in June 2026, the notes are automatically called if all underliers are at or above their initial levels, returning face amount plus the coupon. At maturity in July 2031, if not called, investors receive full principal if every underlier is at least 60% of its initial level, principal only if the worst underlier is between 60% and 75%, and a loss proportional to the worst underlier below 60%, which can mean losing the entire investment. The estimated initial value is $885–$925 per $1,000 face amount, below the issue price.
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 Micron Technology, Inc. The notes have $1,000 denominations, are expected to be issued on December 31, 2025, and mature on December 29, 2028, unless automatically called.
Investors may receive a contingent quarterly coupon of at least $45.00 per $1,000 per observation period, but only when Micron’s closing price is at or above a downside threshold set at 50.00% of the initial share price. If Micron closes at or above the initial share price on any call observation date starting March 26, 2026, the notes are automatically called for $1,000 plus the coupon then due.
At maturity, if the notes have not been called and Micron’s final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon; if it is below the threshold, repayment is reduced in line with the stock’s decline and can fall to zero. The estimated value is $905 to $965 per $1,000 note, the underwriting discount is 2.25%, and Morgan Stanley Wealth Management earns a $22.50 selling concession per note. The securities are unsecured obligations subject to the credit risk of both the issuer and guarantor and will not be listed on an exchange.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes whose return depends on the weaker of the State Street® SPDR® S&P® Metals & Mining ETF (XME) and the Global X Copper Miners ETF (COPX).
The notes pay no interest and mature in about 24 months. At maturity, if both ETFs are at or above their initial levels (set as the lowest closing level during a roughly six‑week observation period after December 16, 2025), investors receive upside one‑for‑one with the lesser performer, capped at a maximum settlement amount of $1,500 per $1,000 face amount. If either ETF is below its initial level but both are at or above 90% of it, investors receive only the $1,000 face amount.
If the weaker ETF finishes below 90% of its initial level, principal is reduced, losing about 1.1111% of face amount for every 1% drop below the 90% buffer; a severe decline can result in a total loss. The indicative estimated value is $925–$955 per $1,000, below the issue price, and the notes carry full issuer and guarantor credit risk, plus concentrated sector, foreign market, currency and tax risks.
Goldman Sachs’ GS Finance Corp. is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes are expected to trade from an original issue date in January 2026 and mature in January 2031, unless automatically called starting in December 2026.
Investors may receive a contingent monthly coupon of $11.167 per $1,000 (1.1167% per month, up to approximately 13.4% per year) if on an observation date the index is at least 60% of its initial level; otherwise no coupon is paid. If the index is at or above its initial level on a call observation date, the notes are redeemed early at face value plus the applicable coupon.
At maturity, if not called, principal repayment depends on index performance. A final level at or above 60% of the initial level returns full principal (plus any final coupon); below 60%, investors lose in proportion to the index decline and can lose their entire investment. The index itself uses up to 500% leverage, complex rule-based signals, and a daily 6.0% per annum decrement, all of which can magnify losses. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, below the issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Russell 2000® Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes are expected to trade from an original issue date of January 6, 2026 and mature on July 3, 2031, unless automatically called as early as June 2026. Investors can receive a fixed coupon of $13 per $1,000 (1.3% monthly, up to 15.6% per year) on each monthly payment date if on the related observation date each underlier is at or above 75% of its initial level. At maturity, if the notes were not called, repayment of principal depends on the worst-performing underlier: full principal is repaid if each underlier is at or above 60% of its initial level, but losses matching the decline of the worst underlier apply if any underlier falls below 60%, potentially resulting in a complete loss of principal and no coupons. The estimated initial value is between $885 and $925 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable notes linked to the S&P 500® Futures Excess Return Index, scheduled to mature on December 31, 2030. The notes can be automatically called on December 22, 2026 if the index is at or above its initial level, in which case holders receive $1,137.50 per $1,000 face amount on December 30, 2026.
If the notes are not called, the maturity payout depends on index performance. If the final index level is above the initial level, investors receive $1,000 plus 220% of the index gain. If the final level is between 75% and 100% of the initial level, investors receive their $1,000 principal. If it falls below 75%, repayment declines one-for-one with the index, and the payment can be reduced to zero.
The notes pay no interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The pricing supplement highlights that the initial issue price exceeds the model-based estimated value, that secondary market prices may be materially lower, that futures-specific features such as financing costs and negative roll yields can weigh on returns, and that U.S. tax treatment is uncertain.