Goldman Sachs Group (GS) 424B Filings

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.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,500,000 of notes linked to the S&P 500 Futures Excess Return Index. These notes pay no interest and return at least the face amount at maturity on June 17, 2031, with the payoff based on index performance between December 12, 2025 and the June 12, 2031 determination date.

If the final underlier level is above the initial level of 557.16, investors receive $1,000 plus 106.75% of the index gain per $1,000 note. If the index is flat or down, investors receive only the $1,000 face amount, so upside is leveraged but there is no participation in losses. Key risks include the credit risk of GS Finance Corp. and Goldman Sachs, the fact that the estimated value is below the issue price, limited or uncertain secondary market liquidity, structural differences between equity futures and the S&P 500 Index (including negative roll yield and financing costs), and complex U.S. tax treatment as a contingent payment debt instrument.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $600,000 of structured notes linked to the common stock of Netflix, Inc. Each $1,000 note can pay a contingent quarterly coupon: on a coupon payment date you receive $34.375 per note if Netflix’s closing level on the related observation date is at least 80% of the initial level of $95.19; otherwise the coupon for that quarter is zero.

The notes may be automatically called on specified dates if Netflix’s closing level is at or above the initial level, in which case investors receive $1,000 per note plus any due coupon and the investment ends early. If the notes are not called, at maturity you receive $1,000 per note if the final Netflix level is at least 80% of the initial level, but if it is lower, repayment is reduced in line with the stock’s loss and can fall to zero. Investors face full credit risk of GS Finance Corp. and the guarantor, limited liquidity, no shareholder rights in Netflix, and uncertain tax treatment. The estimated value at pricing is lower than the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Russell 2000® Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes have a face amount of $3,135,000 in aggregate, mature on June 17, 2031, and may be automatically called starting in June 2026 if each underlier is at or above its initial level.

Investors can receive a monthly coupon of $12.625 per $1,000 (1.2625%, up to 15.15% per year) only when all underliers are at least 75% of their initial levels. Principal is protected only down to 60% of each initial level; if any underlier finishes below that trigger, repayment is reduced one-for-one with the worst performer, and all principal can be lost. The original issue price is 100% of face amount, including a 0.5% underwriting discount, and Goldman Sachs estimates the initial value at about $988 per $1,000 of notes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering equity-linked notes tied to an equally weighted basket of seven U.S.-listed stocks. The notes pay no interest and have a face amount of $1,576,000 in total at issuance, maturing on December 15, 2028, unless automatically called on December 14, 2026.

The basket starts at a level of 100, with each stock weighted at approximately 14.286%. If on the call observation date the basket level is at or above 100, the notes are automatically redeemed for $1,106 per $1,000 face amount. If not called, the maturity payoff depends on the basket return: positive returns are leveraged by a 125% upside participation rate; returns between 0% and -30% generate a positive payoff equal to the absolute decline; below -30% investors participate fully in losses and can receive less than 70% of principal, up to a total loss.

The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and guarantor. The estimated value at pricing is about $933 per $1,000 face amount, reflecting an underwriting discount of 2% plus a structuring fee of up to 0.8%.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, equity-linked notes tied to a basket of three major indices: the S&P 500® Index (65% weight), MSCI EAFE Index (25%), and MSCI Emerging Markets Index (10%). The notes have an aggregate face amount of $1,240,000, a denomination of $1,000, and do not pay periodic interest.

The notes may be automatically called on December 17, 2026 if the basket level is at or above the initial basket level of 100. In that case, investors receive $1,100 per $1,000 on December 22, 2026. If not called, the notes mature on December 17, 2030. At maturity, if the basket is above its initial level, investors receive $1,000 plus 155% of the positive basket return. If the basket is between 70% and 100% of its initial level, investors receive $1,000. If it closes below 70%, repayment is reduced one-for-one with the basket loss and investors can lose up to their entire principal.

The original issue price is 100% of face amount, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The estimated value on the trade date is approximately $980 per $1,000, reflecting structuring and distribution costs and GS&Co. pricing assumptions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes maturing on December 16, 2032, tied to the stocks of Netflix, Tesla, NVIDIA and Meta Platforms. The notes pay a contingent quarterly coupon of $22.5 per $1,000 face amount (2.25% quarterly, up to 9% per year) only if on each observation date the closing price of every stock is at least 70% of its initial level. Beginning in December 2026, the notes are automatically called if all four stocks are at or above their initial prices, returning the $1,000 face amount plus that quarter’s coupon.

Total initial issuance is $763,000 in face amount. The notes are sold at 100% of face with a 3.8% underwriting discount, yielding 96.2% net proceeds to the issuer. Goldman estimates the value at issuance at about $927 per $1,000, reflecting structuring and distribution costs. Investors face the credit risk of GS Finance Corp. and Goldman Sachs, the possibility of receiving no coupons, limited liquidity, complex anti-dilution adjustments and potential conflicts from Goldman’s hedging and trading activities.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1,773,000 of Medium-Term Notes, Series F, linked to the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index. The notes pay a contingent monthly coupon of $8.834 per $1,000 face amount (0.8834% monthly, up to about 10.6% per year) only if on each observation date all three indices are at or above 70% of their initial levels.

The notes may be automatically called beginning June 2026 if, on a call observation date, each index is at or above its initial level. In that case, investors receive $1,000 per note plus any due coupon, and the note terminates early.

If the notes are not called, the principal repayment at maturity in December 2030 depends solely on the worst-performing index. If its final level is at least 70% of its initial level, investors receive $1,000 per note; if it falls below 70%, repayment is reduced in line with that index’s loss, and investors could lose their entire investment. The notes are unsecured and subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered notes linked to the S&P 500® Index, maturing in late 2027. The notes pay no interest. At maturity, each $1,000 note pays a cash amount based on index performance from the trade date to a single determination date.

If the index return is positive or zero, the payoff matches the index return but is capped at a maximum of $1,146 per $1,000 (a 14.6% gain). If the index declines but stays within a 15% buffer, investors receive the absolute value of the loss as a positive return. If the index falls by more than 15%, principal is reduced one‑for‑one beyond that buffer, so investors can lose a substantial portion of their investment.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. The estimated initial value is expected to be $925–$955 per $1,000, below the issue price, and secondary market prices and tax treatment may differ from investor expectations.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable, principal-at-risk notes with an aggregate face amount of $1,757,000. The notes are linked to the Russell 2000® Index and the EURO STOXX 50® Index and pay no interest.

The notes may be automatically called quarterly from December 2026 through September 2030 if each index is at or above its initial level, paying $1,000 plus a call premium (starting at 12.85% and rising to 61.0375%). If held to maturity in December 2030 and both final index levels are at or above their initial levels, investors receive $1,000 plus a 64.25% maturity premium.

If any index finishes below its initial level at maturity, the payoff is $1,000 times the return of the worse-performing index, and investors can lose up to 100% of principal. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited liquidity, and their tax treatment and secondary market value are described as uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term structured notes linked to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index with an aggregate face amount of $2,439,000. The notes can pay a quarterly contingent coupon of $21.875 per $1,000 face amount (2.1875% quarterly, up to 8.75% per year) if each index stays at or above 75% of its initial level on the observation dates.

At maturity, if not redeemed earlier, investors receive $1,000 per note only if each index is at or above 65% of its initial level; otherwise the payoff is $1,000 plus $1,000 times the return of the worst-performing index, which can result in a total loss of principal. The issuer may redeem the notes at par on any coupon payment date from June 2026 through September 2029, plus any due coupon, which can shorten the investment period.

The notes price at 100% of face amount with a 1.5% underwriting discount (including up to 0.6% structuring fee), and their market value is expected to be lower than the issue price. Investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., may receive no coupons, and may be unable to sell the notes at a favorable price before maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked medium-term notes due January 3, 2031 with a $1,000 face amount per note. The notes pay a monthly contingent coupon of at least $6.167 per $1,000 (about 7.40% per year) only if the lowest performing of five reference stocks (AppLovin, Broadcom, Constellation Energy, Dell Technologies and NIKE) closes at or above 80% of its starting price on the relevant calculation day. Missed coupons have a “memory” feature and can be paid later if conditions are met.

From December 2026 through November 2030, the notes are automatically called if the lowest performing stock is at or above its starting price, returning the $1,000 face amount plus the due contingent coupon and any unpaid coupons. If not called, investors receive only the $1,000 face amount at maturity, with no upside from stock appreciation and no dividends. The estimated value at pricing is expected to be $885–$915 per $1,000, below the original offering price, and all payments 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 offering $5,334,000 of index-linked notes tied to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index.

The notes pay a contingent quarterly coupon of $25.75 per $1,000 face amount (2.575% quarterly, up to 10.30% per year) only if each index is at or above 75% of its initial level on the observation date; otherwise the coupon for that quarter is zero. At maturity, investors receive $1,000 per note only if each index is at or above 65% of its initial level; below that, repayment is reduced in line with the worst-performing index, and investors can lose their entire principal.

The company may redeem all notes at par plus any due coupon on any coupon payment date from June 2026 through September 2029. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any government agency. U.S. tax treatment is uncertain, but the notes are intended to be treated as income-bearing pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the S&P 5004 Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay quarterly contingent coupons of $20 per $1,000 face amount (2% per quarter, up to 8% per year) on any observation date when the index is at least 50% of the initial level of 490.29; otherwise no coupon is paid.

The notes may be automatically called starting in December 2026 if the index is at least 83% of the initial level, returning the face amount plus the applicable coupon. If not called, they mature on December 19, 2030. At maturity, if the final index level is 50% or more of the initial level, investors receive full principal back (plus any final coupon); if it is lower, 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 toward a 40% volatility target and applies a 6% per annum daily decrement, which drags on performance. The aggregate face amount is $1,156,000, issued at 100% of face with a 4.3% underwriting discount and 95.7% net proceeds. The estimated value at pricing is about $920 per $1,000, and payments are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes with an aggregate face amount of $5,392,000 linked to the Goldman Sachs Momentum Builder® Focus ER Index.

The notes can be automatically called each year from 2026 to 2031 if the index closes at or above rising call levels, paying for each $1,000 face amount $1,000 plus a call premium from 12.85% up to 77.10%. If the notes are never called, at maturity in 2032 investors receive $1,000 plus 100% of any positive index return, or only the $1,000 face amount if the index is flat or down.

The index uses daily rebalancing, volatility and momentum controls, and applies a 0.65% annual deduction, so a large allocation to cash-like positions can dampen performance. The notes pay no periodic interest, carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and have an estimated value on the trade date of $893 per $1,000 face amount, below the 100% original issue price due to underwriting discounts and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes tied to the common stock of Tesla, Inc. The notes run from a trade date of December 29, 2025 to a stated maturity on January 5, 2028, unless automatically called earlier.

Investors receive a contingent monthly coupon only if TSLA’s closing level on each observation date is at or above a coupon trigger set at 70% of the initial level. The notes are automatically called, returning principal plus the due coupon, if TSLA is at or above its initial level on any call observation date.

At maturity, if the notes have not been called, investors receive full principal back if the final TSLA level is at or above a 60% trigger buffer level. If it is below 60%, repayment is reduced one-for-one with TSLA’s decline, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and may have limited liquidity and significant market value swings.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $7,106,000 of Trigger Autocallable Contingent Yield Notes with a memory coupon feature maturing in December 2028. The notes are linked to the worst performer among JPMorgan Chase common stock, GE Vernova common stock and Alphabet Class C stock.

For each $10 face amount, investors may receive quarterly contingent coupons calculated as $0.3805 times the number of observation dates to date minus coupons already paid, but only if on each observation date the price of all three stocks is at or above a coupon barrier set at 55% of their initial prices. Missing a barrier on any date means no coupon for that quarter, though unpaid coupons can be caught up later if all stocks are back above the barrier.

Starting in March 2026, the notes are automatically called if all three stocks are at or above their initial prices, paying back principal plus the relevant coupon. If not called, and at final valuation every stock is at or above its 55% downside threshold, investors get full principal plus the final coupon; if any stock finishes below its threshold, repayment is reduced in line with the loss on the worst stock and investors can lose their entire investment. The notes are unsecured obligations, and all payments depend on the credit of GS Finance Corp. and its guarantor. The estimated value at pricing is about $9.63 per $10 face amount, below the 100% issue price.

Goldman Sachs’ GS Finance Corp is offering auto-callable structured notes linked to the Class A shares of Affirm Holdings, Broadcom common stock and Class A shares of Meta Platforms. The notes pay a conditional quarterly coupon of $48.125 per $1,000 face amount (4.8125% per quarter, up to 19.25% per year) only when the closing price of each stock on an observation date is at least 60% of its initial price.

The notes can be automatically called from December 2026 through September 2028 if all three stocks are at or above their initial prices, in which case investors receive $1,000 per note plus the applicable coupon. If not called, principal repayment at the expected December 2028 maturity depends on a trigger: if all three stocks finish below their initial prices and any finishes below 60% of its initial price, repayment is reduced in line with the worst-performing stock, and investors can lose most or all of their investment. Payments also depend on the credit of GS Finance Corp and The Goldman Sachs Group, Inc. The estimated initial value is expected between $925 and $965 per $1,000 face amount.

GS Finance Corp. is offering S&P 500® Index-linked notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. These notes pay no interest and the amount you receive at maturity depends on how the S&P 500® Index performs from the trade date to the determination date.

If the index finishes above its initial level, you receive your principal plus the index gain, capped at a maximum settlement amount of $1,155 per $1,000 note. If the index is down but not by more than the 20% buffer, you receive your full $1,000 principal. If the index falls more than 20%, your repayment is reduced dollar-for-dollar with the decline below the 80% buffer level, and you could lose a substantial portion of your investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor and are not listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $9.935 million of Jump Securities with an auto-call feature tied to the worst-performing of three State Street ETFs: Energy (XLE), Utilities (XLU) and Biotech (XBI), maturing December 17, 2031.

The notes pay no interest. Investors may receive a fixed premium of 13.00% to 78.00% of principal if the securities are automatically called on one of twenty observation dates, when all ETFs close at or above 90% of their initial prices. If held to maturity and all ETFs are at or above their 90% downside thresholds, investors receive principal plus a 78.00% maturity premium.

If at maturity any ETF closes below its downside threshold, repayment is reduced 1-to-1 with the decline of the worst ETF, and the payout can fall below 90% of principal and down to zero. The securities are unsecured, subject to GS Finance Corp. and Goldman Sachs credit risk, will not be listed, and have an estimated value of about $921 per $1,000, reflecting fees and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, unsecured notes linked to the iShares Bitcoin Trust ETF (IBIT). The notes pay no interest and may be automatically called beginning in December 2026 if the ETF is at or above its initial level on specified observation dates, providing a preset cash premium over the $1,000 face amount.

If the notes are never called, the payment at the expected December 2028 maturity depends on IBIT’s level. Investors receive a capped maximum amount if the final level is at or above the initial level, full principal back if the ETF has fallen by up to 45%, and a proportionally reduced amount if it has fallen by more than 45%, which can result in a total loss of principal.

The notes are subject to the credit risk of GS Finance Corp. and Goldman Sachs, significant volatility and regulatory risks tied to bitcoin, and complex market-disruption and adjustment provisions. The initial estimated value is expected to be below the issue price, and secondary market prices may be lower than the amount paid at issuance.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stocks of Advanced Micro Devices, NVIDIA, Amazon.com and Tesla. The notes mature on December 19, 2030, but can be automatically called starting in December 2026 if the closing price of each stock is at or above its initial level ($210.78 for AMD, $175.02 for NVIDIA, $226.19 for Amazon.com and $458.96 for Tesla).

For each $1,000 face amount, investors receive a monthly coupon that depends on all four stocks. If each stock is at or above 75% of its initial price on a coupon observation date, the coupon is $6.875 (0.6875% monthly, up to 8.25% per year). If any stock is below that threshold, the coupon drops to $0.209 (0.0209% monthly, up to about 0.25% per year). At maturity, or upon automatic call, investors receive $1,000 per note plus the applicable final coupon.

The aggregate face amount on the original issue date is $3,930,000. The original issue price is 100% of face amount, with a 3.55% underwriting discount and 96.45% net proceeds to the issuer. The estimated value at pricing is about $946 per $1,000, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index‑linked notes due June 17, 2030 with a $740,000 aggregate face amount. The notes pay no interest and your return depends entirely on the S&P 500® Index level on the June 12, 2030 determination date versus the initial level of 6,827.41.

For each $1,000 note, if the index return is positive, you receive 100% of the upside, capped at the maximum settlement amount of $1,455, corresponding to a cap level of 145.5% of the initial index level. If the index return is zero or negative, you receive the greater of the minimum settlement amount of $900 and $1,000 plus the index return, so losses are limited to 10% of face value when held to maturity.

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. The estimated value at pricing is approximately $978 per $1,000 face amount, reflecting structuring fees and other costs, and there may be limited or no secondary market. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring annual income accruals even though no cash is paid before maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable, income-bearing notes linked to the Class A shares of Strategy Inc (formerly MicroStrategy), Palantir Technologies, and Circle Internet Group.

Investors may receive monthly contingent coupons of $22.917 per $1,000 face amount (2.2917% monthly, with potential up to about 27.5% per year) only when all three stocks close at or above 50% of their initial prices on each observation date. The notes can be automatically called starting in June 2026 if, on a call observation date, all three stocks are at or above their initial prices, triggering repayment of principal plus the due coupon.

If the notes are not called and all three stocks finish below their initial prices on the final observation date, principal repayment depends on the worst-performing stock. If any stock is below 50% of its initial price, repayment is reduced in line with that stock’s loss and can result in a total loss of principal with no coupon. The notes carry full credit risk of GS Finance Corp. and Goldman Sachs, and their estimated value at pricing is expected between $925 and $955 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, index-linked notes with an aggregate face amount of $695,000. The notes reference the MSCI EAFE Index and the EURO STOXX 50® Index and do not bear interest.

The notes can be automatically called quarterly if on a call observation date the closing level of each index is at or above its initial level. In that case, holders receive the $1,000 face amount per note plus a call premium (from 9.8% on the first call date up to 36.75% on later dates). If never called and held to the stated maturity on December 17, 2029, investors receive $1,000 plus a 39.20% maturity premium per note if each index finishes at or above its initial level.

If the lesser-performing index finishes between 80% and 100% of its initial level, principal is returned without gain. Below the 80% buffer level, principal is reduced one-for-one with further declines, so a large loss of investment is possible. Payments depend solely on the lesser-performing index. The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited secondary market liquidity, involve foreign market and currency-related risks, and have uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to Carvana, Coinbase, Affirm and Apple stock. The notes pay a fixed coupon of $17.084 per $1,000 (1.7084% monthly, up to about 20.5% per year) on each monthly coupon date only if every stock is at or above 50% of its initial price.

The notes can be automatically called quarterly from December 2026 through September 2030 if all four stocks are at or above their initial prices (Carvana $455.68, Coinbase $267.46, Affirm $67.25, Apple $278.28). If called, investors receive $1,000 per note plus the coupon.

If not called, the notes mature on December 17, 2030. If on the final observation date at least one stock is at or above its initial price, investors receive $1,000 back, plus the final coupon if all are at or above 50% of initial. If all four stocks are below their initial prices and any is below 50%, principal is reduced one-for-one with the worst performer, potentially to zero, and no final coupon is paid.

The aggregate face amount is $1,200,000, issued at 100% with a 1.5% underwriting discount. The estimated value is about $954 per $1,000, and payments depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering up to $7,132,000 of structured notes linked to the Russell 2000® and S&P 500® indexes. The notes can pay a contingent quarterly coupon of $16.625 per $1,000 (1.6625% per quarter, up to 6.65% per year) when the closing level of each index is at least 55% of its initial level on the observation date.

At maturity, if the notes have not been redeemed and the lesser-performing index is at or above its 55% trigger buffer level, investors receive $1,000 per note plus any final coupon. If that index finishes below the trigger buffer, the payoff is reduced one-for-one with the index loss, and investors can lose their entire principal. GS may redeem the notes at par plus any due coupon on any coupon payment date from June 2026 through September 2030. The issue price is 100% of face amount, with 1.5% underwriting discount and 98.5% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of seven U.S.-listed stocks. The notes pay no interest and have a face amount of $3,058,000 in aggregate on the original issue date, in denominations of $1,000.

The notes may be automatically called on December 14, 2026 if the basket level is at or above its initial level of 100, in which case investors receive $1,147 per $1,000 on December 17, 2026. If not called, the notes mature on December 15, 2028 with a payoff based on basket performance: 125% participation in positive returns; a “buffered” payoff using the absolute value of returns when the basket decline is up to 30%; and 1-for-1 losses below a 70% trigger level.

The basket includes Dycom Industries, Eaton, Expand Energy, NRG Energy, Vistra, WESCO International and The Williams Companies, each initially weighted at approximately 14.286%. The estimated value of the notes on the trade date is about $953 per $1,000 face amount, reflecting structuring and distribution costs, and investors are exposed to the credit risk of both 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 shares of Celestica Inc., Bloom Energy Corporation Class A, and Western Digital Corporation. The notes pay monthly contingent coupons: a maximum coupon of $9.792 per $1,000 face amount (0.9792% monthly, about 11.75% per annum) when each stock closes at or above 65% of its initial price, and a minimum coupon of $0.209 (0.0209% monthly, about 0.25% per annum) otherwise.

The notes are expected to mature on January 3, 2031, but can be automatically called from observation dates beginning in December 2026 if each stock is at or above its initial price, in which case investors receive face amount plus the applicable coupon. The estimated value at pricing is expected to be between $885 and $935 per $1,000 face amount, reflecting fees and hedging costs. Investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., limited liquidity, and complex market, anti-dilution, and calculation-agent discretion risks.

GS Finance Corp. is offering auto-callable, index-linked notes maturing in December 2028 that pay no interest and are fully guaranteed by The Goldman Sachs Group, Inc. The notes are tied to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, which uses up to 500% leverage, volatility targeting and calendar-based signals, and applies a fixed 6.0% per annum decrement deducted daily.

The notes may be automatically called beginning in December 2026 if the index is at or above its initial level, paying $1,000 plus a call premium (from 25% up to 68.75% of face). If not called, and the final index level is at or above the initial level, investors receive a maximum of $1,750 per $1,000 face amount. If the index falls by up to 44%, principal is returned; below that, losses match the index decline and investors can lose their entire investment.

The issuer discloses significant risks, including leverage-driven volatility, the daily decrement drag, complex index rules and the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is expected between $925 and $955 per $1,000 face amount, below the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing notes linked to an equally weighted basket of 9 large-cap stocks, including Alphabet, Microsoft, Meta and NVIDIA. The basket starts at a level of 100.

The notes are automatically called on the call observation date if the basket level is at or above the initial level, paying at least $1,153.5 per $1,000 face amount. If not called, at maturity investors receive $1,000 plus 125% of any positive basket return, $1,000 if the basket is down by up to 20%, and a reduced amount if the basket falls by more than 20%, with losses amplified by a 125% buffer rate and potential total loss of principal.

The estimated value on the trade date is expected to be $900–$930 per $1,000, reflecting fees and hedging costs. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., provide no dividends from the underlying stocks, and the notes may have limited or no secondary market liquidity.