Goldman Sachs Group Inc. 424B Filings

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.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable notes linked to Tesla, Alphabet and Microsoft stock.

The notes pay a conditional monthly coupon of $14.542 per $1,000 face amount (1.4542% monthly, the potential for up to approximately 17.45% per year) whenever all three stocks close at or above 60% of their initial prices. Starting in June 2026, the notes are automatically called at $1,000 plus the coupon if on any observation date each stock is at or above its initial price, and otherwise are scheduled to mature in December 2028.

Principal repayment depends on the worst-performing stock. If all three end below their initial prices and any finishes below 50% of its initial price, repayment moves in line with that stock’s loss and can fall to zero. The notes are unsecured, not FDIC-insured, and their estimated initial value is only $925–$955 per $1,000, reflecting fees and issuer pricing models.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Tesla-linked autocallable contingent coupon equity notes due January 5, 2028, each with a $1,000 face amount. The notes reference the common stock of Tesla, Inc. (TSLA) and can be automatically called if Tesla’s closing level on specified call observation dates is at or above the initial level, in which case investors receive $1,000 plus any coupon due.

On each monthly coupon observation date, if Tesla’s closing level is at least 50% of the initial level (the coupon trigger), investors receive a contingent coupon calculated as $12.917 × the number of observation dates to date minus prior coupons; otherwise the coupon is zero. If the notes are not called and Tesla’s final level on the determination date is at least 50% of the initial level, investors get back $1,000 per note; if it is below 50%, principal is reduced one-for-one with Tesla’s loss and can fall to zero, so investors may lose their entire investment and do not benefit from any upside above par.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, are not listed on any exchange, and their estimated value at pricing is lower than the 100% issue price. Holders have no shareholder rights in Tesla, secondary market liquidity may be limited, and the U.S. tax treatment is uncertain, with counsel expecting coupons to be taxed as ordinary income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon equity-linked notes tied to Micron Technology common stock and maturing in December 2027. The notes pay contingent monthly coupons only if Micron’s closing level on the observation date is at least 60% of its initial level, using a formula that accrues $16.667 per $1,000 note for each qualifying month.

At maturity, if the notes have not been redeemed and Micron’s final level is at or above 50% of its initial level, investors receive the $1,000 face amount per note. If the final level falls below 50%, the payoff becomes $1,000 plus $1,000 times the underlier return, so losses mirror Micron’s decline and investors could lose their entire investment, while any upside is capped at return of principal plus coupons.

The issuer may redeem the notes at par plus any due coupon on any coupon payment date from December 2026 to November 2027, which can shorten the investment term and limit coupon payments. Key risks include the credit risk of GS Finance Corp. and its parent, potential lack of an active secondary market, initial estimated value below the issue price, sensitivity to Micron’s volatility and interest rates, absence of shareholder rights in Micron, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, equity-linked notes tied to Apple and Amazon common stock. The notes pay no interest and have a stated maturity on December 20, 2028, with an automatic call on December 15, 2026 if both stocks are at or above their initial prices ($278.28 for Apple and $226.19 for Amazon). If called, investors receive $1,285.5 per $1,000 face amount on December 18, 2026.

If not called, the maturity payment depends on the lesser performing stock. Above its initial price, investors earn 1.5× that stock’s gain. If any stock finishes at or below its initial price but at least 70% of it, investors get the absolute value of that loss as a positive return. Below 70%, principal is reduced one-for-one with the loss, and investors can lose most or all of their investment. The aggregate face amount on the issue date is $500,000, with an original issue price of 100% and an estimated value of about $949 per $1,000, and all payments are subject to Goldman Sachs credit risk.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Oracle, Duolingo and Dow. The notes can pay a monthly contingent coupon of $13.75 per $1,000 face amount (1.375% per month, with the potential for up to 16.5% per annum) if on each observation date all three stocks close at or above 60% of their initial prices.

Starting in December 2026, the notes will be automatically called if on any call observation date each stock is at or above its initial price, returning the $1,000 face amount plus the applicable coupon. If the notes are not called and all three stocks finish below their initial prices on the final observation date, repayment at maturity is based on the worst-performing stock, with a 20% buffer but potential for substantial loss of principal if any stock ends below 80% of its initial price and no coupon if any ends below 60%. The estimated value at pricing 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 auto-callable notes linked to the State Street® Energy Select Sector SPDR® ETF and the VanEck Gold Miners ETF. The notes pay a conditional monthly coupon of $6.25 per $1,000 face amount (0.625%, up to 7.5% per year) only when both ETFs are at least 80% of their initial levels. The notes may be automatically called quarterly from December 2026 through September 2030 if both ETFs are at or above their initial levels, in which case investors receive face amount plus the due coupon. If not called, the notes mature on December 23, 2030, returning $1,000 per $1,000 face amount plus any final coupon. The original issue price is 100% of face, with a 1.125% underwriting discount and 98.875% net proceeds to the issuer. The estimated value on the trade date is about $957 per $1,000, and payments are subject to the unsecured credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indexes, maturing in 2028.

The notes pay a monthly coupon of $7.084 per $1,000 face amount (0.7084% monthly, up to about 8.5% per year) only if on each observation date all three indexes are at or above 60% of their initial levels. If any index is below its coupon trigger, that month’s coupon is $0.

The notes are automatically called on specified quarterly dates if each index is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon and the investment ends early. If not called, the maturity payment depends solely on the worst-performing index: if its final level is at least 60% of its initial level, investors receive full principal; otherwise, repayment is reduced one-for-one with the index loss, down to a possible total loss of principal. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering S&P 500®-linked notes with an aggregate face amount of $16,440,000, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Each $1,000 note pays at maturity based on the S&P 500 Index level on the determination date. If the index is above its initial level, investors receive $1,000 plus $1,000 times a 200% upside participation rate, capped at a maximum settlement amount of $1,193.50. If the index is between 85% and 100% of the initial level, investors receive only the $1,000 face amount.

Below the 85% buffer level, principal declines one-for-one with the index (via a 100% buffer rate), so a large index drop can cause a substantial loss of the invested amount. The notes pay no interest, are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below the issue price, and have uncertain U.S. federal tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due December 21, 2028 linked to the common stock of Broadcom Inc.

Holders receive a quarterly coupon of $38.375 per $1,000 (3.8375% quarterly, up to 15.35% per annum) only if Broadcom’s closing level on the observation date is at least 60% of the initial level. The notes are automatically called at par plus the coupon if, on any call observation date starting March 18, 2026, the stock is at or above the initial level.

If the notes are not called, at maturity investors receive $1,000 per note if Broadcom’s final level is at least 60% of the initial level; otherwise, repayment is reduced one-for-one with the stock’s decline, and investors can lose their entire investment. The original issue price is 100% of face amount, with a 2% underwriting discount. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and their estimated value at pricing will be less than the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $10,620,000 of auto-callable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. Investors pay 100% of face value per $1,000 note, but the bank’s estimated value on the trade date is $893 due to fees, hedging and dealer margins, while the underwriting discount is 4.625% of face amount.

The notes pay no interest. They can be automatically called each year starting in December 2026 if the index closes at or above rising call levels, with call premiums from 9.15% up to 54.90% of face amount. If never called, at maturity in December 2032 holders receive principal plus 100% participation in any index gain; if the index is flat or lower, they receive only the $1,000 face amount. Returns depend entirely on index performance and the credit of GS Finance Corp. and Goldman Sachs, and U.S. holders are taxed under contingent payment debt instrument rules, recognizing ordinary income over the life of the notes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes due 2028 linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a monthly contingent coupon of $9.167 per $1,000 face amount (0.9167% monthly, up to approximately 11% per year) only if on each observation date the closing level of every index is at least 70% of its initial level.

The notes are automatically called if on a call observation date all indices are at or above their initial levels, in which case investors receive $1,000 per note plus the coupon for that month. If the notes are not called, then at maturity investors receive $1,000 per note if the final level of every index is at or above 70% of its initial level. If any index finishes below 70%, payment is reduced based on the worst-performing index, and investors can lose up to their entire principal.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. They will not be listed on an exchange, their estimated value at pricing is lower than the issue price, their market value can be volatile, and tax treatment is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable contingent coupon notes linked to the Class A common stock of Strategy Inc. Each note has a $1,000 face amount and an original issue price of 100% of face, with an underwriting discount of 2.35% and net proceeds of 97.65% to the issuer.

Investors may receive quarterly coupons only if the underlier closes at or above 50% of its initial level of $162.08 on each observation date. The coupon formula targets $70 per observation date, less any coupons already paid. The notes are automatically called, returning $1,000 plus the due coupon, if the underlier is at or above the initial level on any call observation date from June 2026 through September 2028.

If the notes are not called and the final underlier level on the December 15, 2028 determination date is at least 50% of the initial level, investors receive $1,000; if it is below 50%, principal is reduced in line with the underlier return, and the entire investment can be lost. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value of the notes at pricing is lower than the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering contingent variable coupon notes linked to the State Street® SPDR® S&P® Metals & Mining ETF. The notes are expected to mature on December 20, 2028 and pay quarterly coupons of up to $10 per $1,000 face amount, based on how often the ETF’s closing level stays between 86% and 110% of the initial level of $100.91.

At maturity, investors receive $1,000 plus a final coupon if the ETF is between 86% and 110% of its initial level; above 110%, returns increase at 110% of the ETF gain over 10%, capped at a maximum settlement of $1,700 per $1,000. If the ETF finishes below 86% of its initial level, principal losses accelerate at about 1.1628% for every 1% drop below that buffer, and a total loss of the investment is possible.

The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, reflecting structuring costs and dealer compensation.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable S&P 500® Index-linked notes due December 22, 2028. These notes do not pay interest and expose holders to the performance of the S&P 500® Index.

The notes will be automatically called on December 24, 2026 if the index level on the call observation date is at or above the initial level, paying $1,080 for each $1,000 face amount. If not called, at maturity investors receive: full principal plus a 150% upside participation in any index gain; principal back if the index is between 80% and 100% of its initial level; or a 1‑for‑1 loss with the index if it finishes below the 80% trigger buffer level, which can result in a total loss of principal.

The notes carry the credit risk of GS Finance Corp. and its guarantor, may trade below issue price because the estimated value is less than the original price, may have limited or no secondary market, and involve uncertain U.S. federal income tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger callable contingent yield notes linked to the least performing of the S&P 500®, Russell 2000® and Nasdaq‑100 Index®. The notes have a face amount of $10 per note, an issue price of 100% with a 1% underwriting discount, and net proceeds of 99% to the issuer.

The notes pay a contingent quarterly coupon between $0.25 and $0.26 per $10 (up to about 10%–10.4% per year) only if, on every trading day in the observation period, each index stays at or above a coupon barrier set at 70% of its initial level. Principal is protected only at maturity and only if, on the determination date, every index is at or above a downside threshold of 60% of its initial level; otherwise repayment is reduced one‑for‑one with the decline of the worst index and can fall to zero.

Beginning in March 2026 through September 2028, GS Finance Corp. may redeem the notes early on any coupon payment date at 100% of face amount plus any due coupon. The estimated value on the trade date is expected to be between $9.65 and $9.95 per $10, below the issue price, and any payments are subject to the unsecured 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, income-bearing notes linked to the S&P 500® Index, Russell 2000® Index and State Street® Utilities Select Sector SPDR® ETF. The notes are expected to be issued on December 30, 2025 and mature on December 30, 2030, unless automatically called starting in March 2026.

Holders receive a monthly coupon of $8.334 per $1,000 face amount (0.8334% monthly, about 10% per year) only if on the observation date the level of each underlier is at least 70% of its initial level; otherwise no coupon is paid. If on any call observation date each underlier is at or above its initial level, the notes are redeemed at par plus that month’s coupon. At maturity, if not called and each underlier is at or above 70% of its initial level, investors receive $1,000 plus the final coupon; if any underlier is below 70%, repayment is reduced in proportion to the worst performer and can fall to zero with no coupon. The notes carry full credit risk of GS Finance Corp. and the guarantor, and the estimated initial value is $885–$925 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2028 linked to the common stock of NVIDIA Corporation. Each note has a $1,000 face amount and may pay a quarterly coupon of $34.375 (3.4375% per quarter, up to 13.75% per year) if NVIDIA’s share price on the observation date is at or above 60% of the initial level. The notes are automatically called, returning $1,000 plus the due coupon, if on any call observation date the stock closes at or above its initial level.

At maturity, if not called, investors receive $1,000 per note only if the final NVIDIA level is at or above 60% of the initial level. Below that “trigger buffer”, repayment falls one-for-one with NVIDIA’s decline, and investors can lose their entire principal. The original issue price is 100% of face, with a 2% underwriting discount and 98% net proceeds to the issuer. Investors face the credit risk of GS Finance Corp. and its guarantor, potential illiquidity, lack of any NVIDIA shareholder rights, and uncertain U.S. tax treatment of the notes.

The Goldman Sachs Group, Inc. is offering $20,170,000 of Callable Fixed Rate Notes due June 17, 2029. The notes pay fixed interest at 4.20% per year from December 17, 2025, with interest paid quarterly on March 17, June 17, September 17 and December 17, beginning March 17, 2026.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on each March 17, June 17, September 17 and December 17 starting June 17, 2026, upon at least five business days’ notice. The initial price to the public is 100% of face amount, with an underwriting discount of 0.35% and estimated proceeds before expenses of $20,099,405. The notes are unsecured debt obligations of Goldman Sachs, are not bank deposits, and are not insured by any governmental agency.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stocks of Tesla, Amazon.com and Super Micro Computer. The notes pay quarterly contingent coupons of $50.625 per $1,000 face amount (5.0625% per quarter, up to 20.25% per year) only when each stock closes at or above 60% of its initial price on the relevant observation date.

The notes may be automatically called on quarterly dates from December 2026 through September 2028 if each stock is at or above its initial price, in which case holders receive the $1,000 face amount plus the due coupon and no further payments. If not called, the December 2028 maturity payment depends on a trigger test: if at least one stock finishes at or above its initial price, principal is repaid in full, and if all three are also at or above 60% of their initial prices, the final coupon is paid. If all three finish below their initial prices and any is below 60% of its initial price, repayment is reduced in proportion to the worst-performing stock and holders can lose most or all of their principal and receive no final coupon.

The notes are unsecured obligations of GS Finance Corp. with a guarantee from The Goldman Sachs Group, Inc., and are subject to their credit risk. They are not bank deposits, are not insured by any governmental agency, will not be listed on an exchange and may have limited liquidity. The estimated value at pricing is expected to be between $925 and $965 per $1,000 face amount, reflecting upfront fees, hedging costs and dealer margins.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no-interest structured notes linked to an equally weighted basket of nine large U.S. stocks, including Alphabet, Microsoft, NVIDIA, Meta Platforms and others. The basket starts at a level of 100 and each stock initially has about an 11.111% weight.

The notes may be automatically called on the call observation date of December 28, 2026 if the basket level is at or above 100, in which case investors receive $1,160.5 for each $1,000 on December 31, 2026. If not called, the notes mature on December 16, 2027.

At maturity, investors get $1,000 plus 125% of any positive basket return, $1,000 if the basket has fallen by up to 20%, or a reduced amount if the basket has fallen by more than 20%, with losses increasing at a 125% rate beyond the 20% buffer. The initial aggregate face amount is $6,617,000, the underwriting discount is 1.5% of face, and the estimated fair value on the trade date is about $946 per $1,000.