Goldman Sachs Group (GS) 424B Filings

The Goldman Sachs Group, Inc. is issuing $19,000,000 of callable fixed rate notes due December 16, 2037 under its Medium-Term Notes, Series N program. The notes pay a fixed interest rate of 5.05% per annum from December 16, 2025, with interest paid once a year on December 16, starting December 16, 2026.

Goldman Sachs may redeem the notes at its option, in whole but not in part, at 100% of principal plus accrued interest on each March 16, June 16, September 16 and December 16 on or after December 16, 2027, with at least five business days’ notice. The initial price to the public is 100% of principal, with an underwriting discount of 2.04%, resulting in proceeds before expenses of $18,612,400. The notes will not be listed on any exchange, are not bank deposits, and are not insured by the FDIC or any government agency.

The Goldman Sachs Group, Inc. is offering $8,781,000 of Callable Fixed Rate Notes due December 15, 2045. The notes pay interest at 5.35% per year from December 16, 2025, with payments each December 16 starting in 2026 and on the maturity date, calculated using a 30/360 (ISDA) day-count convention.

Goldman Sachs may redeem the notes at its option, in whole but not in part, at 100% of principal plus accrued and unpaid interest on March 16, June 16, September 16 and December 16 on or after December 16, 2028, with at least five business days’ prior notice. The initial price to the public is 100% of principal, the underwriting discount is 2.7%, and estimated proceeds before expenses to Goldman Sachs are $8,543,913. The notes are issued under its Medium-Term Notes, Series N program and senior debt indenture, are not bank deposits, and are not insured by the FDIC or any other governmental agency.

The Goldman Sachs Group, Inc. is offering $4,795,000 of callable fixed rate notes due December 16, 2055. The notes pay a fixed interest rate of 5.45% per year, with interest paid annually on December 16, starting December 16, 2026. The notes are issued at 100% of principal, with an underwriting discount of 2.455%, resulting in proceeds to Goldman Sachs of $4,677,282.75 before expenses.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any March 16, June 16, September 16 or December 16 on or after December 16, 2030, upon at least five business days’ notice. The notes are unsecured senior debt under the Medium-Term Notes, Series N program, are not bank deposits, are not insured by any governmental agency, and may have limited liquidity as they are a new issue with no established trading market.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Nasdaq-100 Index®. These notes do not pay interest and return of principal is not guaranteed, so investors could lose their entire investment.

The notes may be automatically called in December 2026 if the index is at or above its initial level; in that case, holders receive a fixed cash amount of $1,093 per $1,000 face amount. If the notes are not called, the December 2030 maturity payment depends on index performance, with a 150% upside participation rate when the final index level is above the initial level.

An 80% trigger buffer protects principal only down to a 20% index decline; below that level, losses match the index decline and can reach 100% of principal. The document highlights that the notes are subject to the credit risk of GS Finance Corp. and its guarantor, that secondary market values may be well below the issue price, and that U.S. federal tax treatment of the notes is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the MSCI EAFE Index maturing in 2029. The notes pay no interest and your payout at maturity depends entirely on index performance from the trade date to the determination date.

If the final index level is above the initial level, you receive your principal plus 122% of the index gain. If the final level is equal to or below the initial level, your return matches the index return on a one-for-one basis, so any decline in the index reduces principal and you could lose your entire investment. The original issue price is 100% of face amount, with a 2.5% underwriting discount and 97.5% of face amount in net proceeds to the issuer. Investors are exposed to both index performance risk and the credit risk of GS Finance Corp. and its parent guarantor.

The Goldman Sachs Group, Inc. is offering $19,195,000 of Callable Fixed Rate Notes due November 29, 2030 under its Medium-Term Notes, Series N program. The notes pay fixed interest at 4.20% per annum from the original issue date of December 16, 2025, with payments each December 16 and at maturity; the first interest payment is scheduled for December 16, 2026.

Goldman Sachs may redeem the notes, in whole but not in part, on any March 16, June 16, September 16 or December 16 on or after December 16, 2026 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 1.25%, resulting in net proceeds to Goldman Sachs of $18,955,062.5 before expenses. The issue is being underwritten by Goldman Sachs & Co. LLC and InspereX LLC, and the notes will be held in book-entry form through DTC.

The Goldman Sachs Group, Inc. is offering $19,000,000 of callable fixed rate notes due December 14, 2040, paying 5.20% interest per year from December 16, 2025. Interest is paid annually on December 16, with the first payment on December 16, 2026, using a 30/360 (ISDA) day count convention. The notes are issued at 100.00% of principal; underwriters receive a 2.344% discount, and Goldman Sachs expects proceeds of about $18,554,640 before expenses. The notes are callable at Goldman Sachs’ option, in whole but not in part, on each March 16, June 16, September 16 and December 16 on or after June 16, 2028 at 100% of principal plus accrued interest. The notes are issued in book-entry form through DTC, are not bank deposits, are not FDIC insured, and may be subject to FATCA withholding. Distribution is handled by Goldman Sachs & Co. LLC and InspereX LLC, with various selling and regulatory restrictions outside the United States.

The Goldman Sachs Group, Inc. is offering $7,500,000 of callable fixed rate notes due November 30, 2032, paying 4.50% interest per year from December 16, 2025. Interest is paid annually on December 16, with the first payment on December 16, 2026, using a 30/360 (ISDA) day count convention. Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on any March 16, June 16, September 16 or December 16 on or after March 16, 2027, with at least five business days’ notice. The notes are sold at 100% of principal with a 1.505% underwriting discount, providing Goldman Sachs gross proceeds of $7,387,125 before expenses, which are estimated at $15,000. The issue is underwritten by Goldman Sachs & Co. LLC and InspereX LLC and will settle through DTC in global note form.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2040 that pay interest at 5.25% per year. Interest is expected to be paid on the last calendar day of December each year and on the stated maturity date in December 2040, calculated using a 30/360 (ISDA) day-count convention.

The notes can be redeemed at Goldman Sachs’ option, in whole but not in part, on specified quarterly dates starting in 2028 at 100% of principal plus accrued and unpaid interest, so investors bear the risk that the notes may be called before maturity. The notes are unsecured obligations, are not bank deposits or FDIC-insured, and are a new issue with no established trading market, although Goldman Sachs & Co. LLC and InspereX LLC currently intend to make a market. U.S. holders generally will recognize ordinary interest income on payments and capital gain or loss on disposition, and the notes are subject to FATCA rules. Sales are restricted to institutional or otherwise qualified investors in several jurisdictions, including the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index and maturing on June 22, 2028. The notes reference E-mini S&P 500 futures rather than the S&P 500® Index itself.

At maturity, for each $1,000 note, holders receive 120% of any positive index return. If the final index level is between 80% and 100% of the initial level, principal is repaid in full. If the index falls below 80% of the initial level, principal is reduced 1% for every 1% drop, so a substantial loss of principal is possible.

The notes do not pay interest and payments depend on the credit of GS Finance Corp. and its parent guarantor. The disclosure explains that the estimated value at issuance will be lower than the original issue price, secondary market prices may be volatile or unavailable, and U.S. tax treatment is uncertain, with the notes intended to be treated as prepaid derivative contracts for federal income tax purposes.

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 2030. These notes pay a contingent monthly coupon of $6.084 per $1,000 (0.6084%, up to approximately 7.30% per annum) only if each index is at or above 70% of its initial level on the relevant observation date; otherwise the coupon is zero.

The notes are automatically called on specified quarterly dates if each index is at or above its initial level, returning $1,000 per note plus any due coupon. If the notes are not called and, at maturity, any index is below 70% of its initial level, repayment of principal is reduced one-for-one with the worst-performing index return and investors can lose their entire investment.

The pricing supplement highlights that the estimated value on the trade date is less than the original issue price, the notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited or no secondary market, and involve uncertain U.S. tax treatment as income-bearing prepaid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is issuing auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest and mature on December 16, 2030, but can be automatically called starting in December 2026 if the index closes at or above its initial level of 507.24 on a call observation date.

If called, holders receive $1,000 plus a call premium (from 28% up to 133%) per $1,000 face amount. If not called, and the final index level is at or above the initial level, the payout is capped at $2,400 per $1,000. If the index has declined by up to 50%, principal is returned; below that 50% threshold, losses are one-for-one, and a deep drop can result in losing the entire investment.

The underlying index uses up to 500% leverage and targets 40% volatility, while subtracting a fixed 6.0% per year decrement, which drags on performance and magnifies declines. Estimated value at pricing is about $953 per $1,000, below the issue price, 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 auto-callable notes linked to the Dow Jones Industrial Average®, the Russell 2000® Index and the State Street® Energy Select Sector SPDR® ETF. The notes are expected to mature on January 2, 2029, but can be automatically called starting in June 2026 if the closing level of each underlier on a call observation date is at or above its initial level, in which case investors receive the face amount plus a coupon.

On each monthly coupon observation date, if every underlier is at least 70% of its initial level, investors receive a coupon of $8.334 per $1,000 (0.8334% monthly, or up to approximately 10% per annum); otherwise no coupon is paid. At maturity, if the worst-performing underlier is at or above 70% of its initial level, investors receive face amount plus the final coupon. If the worst underlier is between 60% and 70%, investors receive face amount with no coupon. If any underlier is below 60%, repayment is reduced in line with the worst underlier’s loss, and investors can lose most or all of their principal. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount.

GS Finance Corp. is offering $7,007,000 of Alphabet Inc. Class A stock-linked notes under its Medium-Term Notes, Series F program, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay contingent quarterly coupons based on a $26 per observation date accrual when Alphabet closes at or above 60% of the $312.43 initial level, net of coupons already paid, and may be automatically called if the stock closes at or above the initial level on specified call observation dates.

If the notes are not called, investors on June 16, 2027 receive $1,000 per note only if the final Alphabet level is at least 60% of the initial level; below that trigger buffer, repayment falls in line with Alphabet’s decline and can drop to zero, so the entire principal can be lost. The original issue price is 100% of face with a 1.5% underwriting discount, the notes are unsecured and not FDIC insured, their modeled value is lower than the issue price, secondary market liquidity is uncertain, and tax treatment is complex and uncertain.

GS Finance Corp. is offering unsecured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, maturing in December 2030 with monthly observation dates. The notes pay a contingent coupon of $11.25 per $1,000 face amount (1.125% monthly, up to 13.5% per annum) whenever the index closes at or above 50% of its initial level; otherwise no coupon is paid. Beginning in December 2026, the notes are automatically called if the index is at or above its initial level, returning the $1,000 face amount plus the coupon.

If the notes are not called, at maturity investors receive $1,000 per note when the final index level is at least 50% of its initial level, but lose principal in proportion to any decline below that threshold and can lose their entire investment. The index uses rules-based, leveraged exposure of up to 500% to S&P 500® futures and deducts a 6.0% per annum decrement, features that can magnify losses and cause underperformance versus the S&P 500® Index. The estimated value on the trade date is expected to be between $885 and $925 per $1,000 face amount, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor, The Goldman Sachs Group, Inc.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due 2027 tied to the Nasdaq-100, Russell 2000 and S&P 500 indexes.

The notes pay a monthly coupon of $8.625 per $1,000 face amount (0.8625% monthly, with the potential for up to 10.35% per annum) only if on each coupon observation date the closing level of every index is at or above 70% of its initial level; otherwise, no coupon is paid for that month. The issuer may redeem the notes at its option on specified quarterly coupon payment dates from March 2026 through September 2027 at $1,000 per note plus any coupon then due.

If the notes are not redeemed, principal repayment at maturity depends solely on the lesser performing index. If each index’s final level is at or above 70% of its initial level, investors receive $1,000 per note; if any index finishes below 70%, repayment is reduced in line with the worst index’s loss, and investors could lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, may trade below the original issue price, offer no rights to the underlying index stocks, and carry uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index with an aggregate face amount of $3,591,000. The notes pay a contingent monthly coupon of $9.667 per $1,000 (0.9667% monthly, about 11.6% per year) only if on each observation date all three indexes stay at or above 70% of their initial levels.

The notes can be automatically called on scheduled dates starting March 9, 2026 if each index is at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon. If the notes are not called, the maturity payment on December 14, 2028 depends on the worst-performing index. If any index finishes below 70% of its initial level, principal is reduced one-for-one with that decline and investors can lose their entire investment.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and expose holders to both market risk in the three indexes and the issuers’ credit risk. The original issue price is 100% of face amount, with a 0.2% underwriting discount and 99.8% net proceeds to the issuer.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering stock-linked notes tied to shares of The Trade Desk, Oracle and Wix.com. The notes can pay contingent monthly coupons of $21 per $1,000 face amount (2.1% per month, up to 25.2% per year) whenever each stock closes at or above 50% of its initial price on the relevant observation date.

The notes may be automatically called from June 2026 through November 2028 if, on a call observation date, each stock is at or above 90% of its initial price. If that happens, holders receive $1,000 per $1,000 face amount plus the applicable accrued coupon and no further payments. If the notes are not called, principal repayment in December 2028 is based on the worst-performing stock: if each stock is at least 50% of its initial price, holders receive $1,000 plus the final coupon; if any stock is below 50%, repayment is reduced in line with the decline of the worst stock, no coupon is paid, and the entire investment can be lost.

The estimated value at pricing is expected to be between $925 and $955 per $1,000 face amount, below the 100% issue price, and secondary market values may differ from both the issue price and this estimated value.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes whose payments are tied to three stocks: Rocket Companies Class A, TG Therapeutics, and Constellation Brands Class A. The notes pay a contingent monthly coupon of $21.459 per $1,000 (2.1459% per month, up to about 25.75% per year) only when each stock closes at or above 60% of its initial price on the observation date.

The notes can be automatically called monthly from December 2026 to November 2028 if each stock is at or above its initial price, returning $1,000 per note plus the due coupon. If not called, at maturity in December 2028 investors receive $1,000 plus any final coupon if every stock is at or above 60% of its initial price; if the worst stock has fallen below 50%, principal is reduced in line with that stock’s loss and investors may lose most or all of their investment. The estimated value at pricing is expected between $925 and $955 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2035 under its Medium-Term Notes, Series N program. The notes are expected to be issued on December 31, 2025 and to mature on December 14, 2035.

Holders are expected to receive interest at a fixed rate of 4.95% per annum, paid annually on the last calendar day of December and on the stated maturity date, with the first payment expected on December 31, 2026. Interest is calculated using a 30/360 (ISDA) day count convention.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on specified quarterly redemption dates on or after June 30, 2027 at 100% of the outstanding principal amount plus accrued and unpaid interest to but excluding the redemption date. The notes are unsecured senior debt obligations, are not bank deposits, are not insured by any governmental agency, and are subject to U.S. federal income taxation rules and FATCA withholding as described.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering equity-linked notes tied to Apple and Amazon that pay no interest and may be automatically called in 2026. If both stocks are at or above their initial prices on the call observation date, holders receive $1,285.5 per $1,000 face amount and the notes end early. If not called, the 2028 maturity payment depends on the lesser performing stock: 150% participation if both finish above their initial prices, the absolute return if both stay at or above 70% but at least one is below its start, and one-for-one losses if either finishes below 70%, which can mean a total loss of principal. The estimated value at pricing is between $925 and $955 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable equity-linked notes due 2028 tied to Amazon, Alphabet Class A and NVIDIA stock. The notes pay no interest and can be automatically called quarterly if each stock is at or above its initial level on a call observation date, in which case investors receive principal plus a fixed call premium.

If the notes are not called, repayment at maturity depends on the worst-performing stock. Investors receive principal plus a 101.10% maturity premium if all final levels are at or above initial levels, full principal back if the worst stock stays at or above 50% of its initial level, and a loss matching the negative return of the worst stock if it falls below that 50% trigger, which can result in losing the entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Russell 2000® Index, the S&P 500® Index and the State Street® Energy Select Sector SPDR® ETF. The notes may pay a monthly coupon of $6.667 per $1,000 face amount (0.6667% monthly, about 8% per year potential) only if on each observation date all three underliers are at or above 60% of their initial levels. If any underlier is below that level on an observation date, no coupon is paid for that month.

The notes can be redeemed by the issuer at 100% of face amount plus any due coupon on monthly payment dates from March 2026 through November 2028. If not redeemed, at maturity investors receive full principal plus the final coupon if each underlier is at or above 60% of its initial level; otherwise repayment is reduced in proportion to the loss of the worst-performing underlier, with the possibility of losing the entire investment. The indicative estimated value at pricing is expected to be $890–$920 per $1,000, below the issue price.

GS Finance Corp. is offering $20,363,000 of fixed coupon index-linked notes due June 16, 2027, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay $32.25 per $1,000 face amount on June 16, 2026, December 16, 2026 and at maturity, equal to 3.225% semi-annually, or up to 6.45% per year.

At maturity, in addition to the final coupon, each $1,000 note pays $1,000 if the Russell 2000® Index and Nasdaq-100 Index® are each at or above 75% of their initial levels of 2,559.608 and 25,776.44, respectively. If either index finishes below 75% of its initial level, the payoff is reduced using a buffer rate of approximately 133.33% based on the lesser performing index, and investors can lose some or all of their principal. Upside is capped at return of face amount; gains in the indices above their initial levels do not increase the cash settlement amount.

The notes are unsecured obligations of GS Finance Corp. and carry the credit risk of both the issuer and The Goldman Sachs Group, Inc. The estimated value at pricing is approximately $990 per $1,000 face amount, below the 100% issue price, with an additional $10 per $1,000 embedded in the initial secondary price that amortizes to zero by April 10, 2026. The notes are not bank deposits, are not insured, may have limited secondary liquidity and involve complex U.S. tax and regulatory considerations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $7,500,000 of medium-term notes linked to the Nasdaq-100 Index®. Each note has a $1,000 face amount and pays no interest. At maturity on December 13, 2029, holders receive $1,000 plus the index return if the final index level is above the initial level, but the payoff is capped at a maximum settlement amount of $1,307.50 per $1,000. If the final index level is equal to or below the initial level, investors receive only the $1,000 face amount.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on an exchange, and may have limited secondary liquidity and volatile market value. For U.S. tax purposes they are treated as contingent payment debt instruments, with a comparable yield of 4.27% and a projected payment at maturity of $1,186.74 per $1,000, meaning investors may have to accrue taxable income before any cash is paid.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Astera Labs, Broadcom and Micron Technology. The notes pay a monthly coupon of $5.625 per $1,000 face amount (0.5625% monthly, up to 6.75% per annum) for any month in which the closing price of each index stock on the coupon observation date is at least 80% of its initial price.

The notes may be automatically called on monthly call observation dates from December 2026 through November 2027 if the closing price of each index stock is at or above its initial price, in which case investors receive the $1,000 face amount plus the applicable coupon. If not called, the notes are scheduled to mature on December 23, 2027, paying $1,000 per $1,000 face amount plus any final coupon.

The estimated value at pricing is expected to be between $925 and $955 per $1,000, below the issue price, reflecting fees and hedging costs. Key risks include the possibility of receiving no coupons, exposure to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., limited anti-dilution protection, and potentially limited or illiquid secondary market trading.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Russell 2000® Index, the Nasdaq-100 Index® and the State Street® Energy Select Sector SPDR® ETF. The notes are expected to run until December 24, 2030, but may be automatically called quarterly starting in June 2026 if each underlier is at or above its initial level.

Investors can receive a contingent monthly coupon of $8.75 per $1,000 face amount (0.875% monthly, up to 10.5% per year) when all underliers are at least 70% of their initial levels on the observation date; otherwise no coupon is paid. At maturity, if not called, principal repayment depends on the worst-performing underlier: full principal is returned if each is at least 50% of its initial level, but losses match the negative return of the worst underlier below that threshold, with the possibility of losing the entire investment. The estimated value at pricing is expected to be $885–$925 per $1,000, and all payments are subject to the credit risk of the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering long‑dated floating rate notes maturing on January 22, 2066. Each note has a $1,000 face amount and pays quarterly interest at compounded SOFR plus 0.20% per year, with a minimum interest rate of 0.00%.

Starting January 22, 2028, holders may elect to have all or part of their notes redeemed once per year on specified January interest payment dates, subject to a $10,000 minimum per redemption. Early redemptions before January 22, 2037 pay between $970 and $990 per $1,000 face amount plus accrued interest, and redemptions from January 22, 2037 onward pay $1,000 plus interest. Payments depend on the credit of GS Finance Corp. and the guarantor, and the estimated initial value of the notes is expected to be below the $1,000 issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable notes linked to the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. 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 the level of each underlier is at least 75% of its initial level.

The notes may be automatically called starting in June 2026 if on a call observation date each underlier is at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon. If the notes are not called, principal repayment at maturity depends on the worst-performing underlier. Full principal is returned if each underlier is at least 60% of its initial level; below that, repayment is reduced one-for-one with the lesser performing underlier, and investors can lose all of their investment. The estimated value on the trade date is expected to be between $885 and $925 per $1,000 face amount, reflecting embedded fees and dealer margins.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing equity-linked notes maturing on June 14, 2027 that pay no interest and are tied to an equally weighted basket of 15 U.S.-listed stocks, with an initial basket level of 100. The basket includes companies such as Alphabet, Meta Platforms, Costco and Boeing, each starting at approximately 6.667% weight.

At maturity, for each $1,000 face amount you receive 3x any positive basket return, capped at a maximum settlement amount of $1,277.5 if the final basket level is at or above 109.25% of the initial level. If the basket is flat or down by up to 25%, you receive your full principal. If it falls more than 25%, your payoff falls one-for-one with the basket and you can lose your entire investment. The notes’ estimated value at pricing is about $913 per $1,000, reflecting structuring and underwriting fees, and holders face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., no dividends or shareholder rights, complex adjustment provisions, and limited secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term structured notes linked to the Class A common stock of Affirm Holdings, Inc. For each $1,000 face amount, investors will receive at maturity either a capped positive return or a loss tied to Affirm’s share performance.

If the final Affirm share price on the determination date is at or above 60% of the initial level of $68.11, investors receive a fixed maximum settlement amount of $1,310, a 31% gain, regardless of how high the stock rises. If the final level falls below the 60% trigger buffer, the payoff becomes fully exposed to downside: investors lose 1% of principal for every 1% the stock has declined from the initial level and could lose their entire investment. The notes pay no interest, have an aggregate face amount of $500,000, and are sold at 100% of face with a 1.3% underwriting discount, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, and are not listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable, buffered notes linked to the iShares Semiconductor ETF (SOXX). The notes are issued at $1,000 denominations, pay no interest and are scheduled to mature in December 2029.

The notes may be automatically called in December 2026 if the ETF is at or above its initial level, paying $1,206.5 per $1,000 note. If not called, at maturity investors get 1.4× the ETF’s positive return, full principal back if the ETF has fallen by up to 20%, and a leveraged loss of 1.25% for each 1% decline beyond 20%, which can result in a total loss of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. Their estimated initial value is between $900 and $930 per $1,000 face amount, reflecting fees, hedging costs and issuer credit spreads.

Goldman Sachs, through GS Finance Corp., is offering principal-at-risk structured notes linked to NVIDIA Corporation common stock, maturing in December 2028. These Contingent Income Auto-Callable Securities can be automatically called each quarter if NVIDIA’s share price is at or above the initial share price, returning the $1,000 principal per note plus any contingent coupon then due.

The notes pay a contingent quarterly coupon only when NVIDIA’s closing price on a coupon observation date is at or above a downside threshold set at 50.00% of the initial share price. The coupon is designed so that missed coupons can be "caught up" later, using at least $28.50 per $1,000 multiplied by the number of observation dates, minus prior coupons paid. If the notes are not called and the final share price is below the downside threshold, repayment of principal is reduced 1-to-1 with NVIDIA’s decline and can be zero.

Investors do not participate in any upside of NVIDIA stock beyond return of principal and coupons, face full issuer and guarantor credit risk, and have no shareholder rights or dividend entitlement in NVIDIA.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger autocallable contingent yield notes with a memory coupon feature linked to JPMorgan Chase, GE Vernova and Alphabet Class C stock. Each note has a $10 face amount and can pay quarterly contingent coupons targeted between $0.375 and $0.385 per $10, but only when all three stocks close at or above 55% of their initial prices on the observation date; missed coupons can be partially “caught up” on later dates if the barrier is met.

Starting in March 2026, the notes are automatically called if all three stocks are at or above their initial prices on an observation date, returning $10 per note plus the then‑due coupon, with no further payments. If the notes are not called and any stock finishes below its 55% downside threshold on the final observation date, repayment of principal is reduced one‑for‑one with the decline in the worst‑performing stock, up to a total loss of principal and no final coupon. The estimated value is between $9.35 and $9.65 per $10, reflecting structuring costs, and all payments depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering U.S. dollar floating rate notes due December 24, 2065. Each note has a $1,000 face amount and pays quarterly interest at compounded SOFR plus 0.15% per annum, subject to a 0.00% minimum rate.

Holders may elect early redemption annually on specified December dates from 2027 through 2064, subject to a minimum $10,000 face amount. Early redemption pays, per $1,000, $970 from 2027–2029, $980 from 2030–2032, $990 from 2033–2035, and $1,000 from 2036–2064, plus accrued interest. If the notes are held to maturity, investors receive $1,000 per note plus accrued interest.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are not FDIC insured or bank obligations. The estimated value at pricing is expected to be between $930 and $960 per $1,000, below the original issue price, and the notes will not be listed, so any secondary market may be limited. Interest may be zero in periods when compounded SOFR plus the spread is at or below 0.00%.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes maturing in December 2030 whose return depends on an equally weighted basket of five tech stocks: Advanced Micro Devices, AppLovin, Astera Labs, Intel and Western Digital. The notes pay no interest and can be automatically called starting in December 2026 if the basket is at or above its initial level, in which case investors receive $1,000 per note plus a call premium that steps up from 16% to 76% over time. If the notes are not called, investors get full principal back at maturity so long as the basket has not fallen more than 50%; below that trigger, losses match the basket’s decline and principal can be largely or fully lost. Upside participation at maturity is 100% of any basket gain, and the estimated value on the trade date is expected to be $850–$890 per $1,000 face amount, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering notes linked to the stocks of Advanced Micro Devices and NVIDIA. The notes pay no interest and may be automatically called on a call observation date if both stocks are at or above their initial prices, in which case investors receive $1,366 per $1,000 face amount. If not called, the maturity payment depends on the lesser performing stock: gains are leveraged 1.5x when both stocks finish above their initial prices, moderate losses down to a 50% decline are mirrored as positive returns, and declines beyond 50% in either stock lead to losses of principal that can reach 100%. The structure includes a 50% trigger buffer level and detailed anti‑dilution and market disruption provisions. The estimated value at pricing is expected to be $890–$920 per $1,000 face amount, below the original issue price, and investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the stocks of Advanced Micro Devices and NVIDIA. The notes pay no interest and have a face amount of $1,000 per note, with an estimated initial value between $925 and $955 per $1,000. If on the call observation date in December 2026 both stocks are at or above their initial prices, the notes are automatically redeemed for a fixed $1,371 per $1,000 face amount.

If not called, the December 2028 maturity payout depends on the lesser performing stock. If both final prices are above their initial levels, investors receive 1.5 times the lesser stock’s gain. If any stock finishes at or below its initial price but at or above 50% of its initial level, investors receive the absolute value of the lesser stock’s return. If any stock closes below 50% of its initial price, principal is reduced one-for-one with the lesser stock’s loss, and investors could lose most or all of their investment. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes mature on December 10, 2031 but can be automatically called monthly starting in June 2026 if the index closes at or above the initial level of 499.22.

Each $1,000 note may earn a conditional monthly coupon of $12.084 (1.2084%, the potential for up to approximately 14.5% per annum) whenever the index is at least 70% of its initial level on an observation date; no coupon is paid when it is lower. If the notes are not called, principal repayment depends on the final index level: full face amount is returned when it is at or above 50% of the initial level, but losses mirror index declines below that threshold and can reach 100% of invested principal.

The index uses up to 500% leverage, targets 40% volatility and applies a daily decrement equal to 6.0% per annum, all based on E-mini S&P 500® futures rather than the cash S&P 500® Index. The estimated value is about $951 per $1,000 face amount at pricing, versus a 100% issue price, reflecting fees and hedging costs. Investors face unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are not bank deposits or FDIC-insured.

GS Finance Corp, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100 Index®‑linked notes due December 13, 2029. These unsecured Medium-Term Notes, Series F, pay no interest and provide a cash payment at maturity based on the index’s performance from the December 10, 2025 trade date to the December 10, 2029 determination date.

For each $1,000 note, if the final index level is greater than the initial level, holders receive $1,000 plus the index return, capped at a maximum settlement amount of $1,307.50. If the final level is equal to or less than the initial level, holders receive only the $1,000 face amount. The materials emphasize credit risk of the issuer and guarantor, limited secondary market liquidity, capped upside, no dividend or shareholder rights in the underlier stocks, and complex U.S. tax treatment as contingent payment debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes that pay no interest and return at maturity depends on the worst performer among the common stock of The Boeing Company, the Class A common stock of Okta, Inc. and the common stock of Capital One Financial Corporation.

For each $1,000 face amount, if on the December 4, 2028 determination date the final price of every stock is at least 60% of its initial price ($201.87 for Boeing, $85.90 for Okta and $229.71 for Capital One), holders receive a maximum settlement amount of $1,690 at maturity on December 7, 2028.

If any stock finishes below 60% of its initial price, the payoff is reduced one-for-one with the return of the worst stock, and investors can lose their entire investment. The initial aggregate face amount is $621,000, sold at 100% of face with a 1% underwriting discount and 99% net proceeds to the issuer, and the estimated value on the trade date is approximately $993 per $1,000.

GS Finance Corp. is issuing non-interest-bearing, auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, with $300,000 total face amount. The notes mature on December 9, 2027 unless automatically called on December 4, 2026.

If on the call observation date the index is at or above its initial level of 497.00, investors receive $1,088 per $1,000 face amount on the call payment date. If not called and the final index level is at or above the initial level, the maturity payment is capped at $1,176 per $1,000; if it is below, investors receive only the $1,000 face amount.

The underlier is a leveraged S&P 500® futures strategy targeting 40% volatility, with exposure up to 500% and a 6.0% annual decrement deducted daily, which can magnify losses and drag returns. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is $981 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,551,000 of structured notes maturing on December 9, 2030. The notes are linked to the Russell 2000 Index, the S&P 500 Index, the State Street Utilities Select Sector SPDR ETF and the iShares 20+ Year Treasury Bond ETF and may be redeemed by the issuer at 100% of face amount plus any due coupon on quarterly dates from March 2026 through September 2030.

The notes pay no fixed interest. A "memory" coupon of $9.75 per $1,000 face amount (0.975% monthly, up to 11.7% per annum) is paid on monthly payment dates only if, on the related observation date, the closing level of every underlier is at least 85% of its initial level; missed coupons can be made up when this condition is later satisfied. If the notes are not redeemed, principal repayment at maturity depends on the worst-performing underlier: investors receive $1,000 plus any final coupon if each underlier is at least 85% of its initial level, $1,000 with no coupon if each is at least 60% but any is below 85%, and otherwise $1,000 plus the lesser performing underlier return times $1,000, which can result in a large loss of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not FDIC insured, and do not provide any rights in the underlying indices or ETFs. The estimated value at pricing is approximately $974 per $1,000 face amount, below the issue price, with an additional selling-related amount of $26 per $1,000 that amortizes to zero by March 3, 2026. The document highlights risks including possible loss of the entire investment, the chance of receiving no coupons, complex market disruption and adjustment provisions, ETF- and sector-specific risks, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable structured 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 a December 12, 2025 trade date to a stated maturity on June 17, 2031, unless automatically called starting in June 2026 if each underlier is at or above its initial level.

Investors may receive a contingent monthly coupon of $12.625 per $1,000 (1.2625% monthly, up to 15.15% per year) only when all three underliers are at or above 75% of their initial levels on the observation date; otherwise the coupon is zero. If the notes are not called, principal repayment at maturity depends solely on the worst-performing underlier. If each final level is at or above 60% of its initial level, investors receive full principal plus any final coupon; below 60%, repayment is reduced one-for-one with the lesser performing underlier and can result in a total loss of principal.

The estimated value on the trade date is expected to be between $885 and $925 per $1,000 face amount, below the issue price, reflecting fees and dealer economics. Payments depend on the credit of GS Finance Corp. and its guarantor, and investors do not receive any dividends on the ETF or index constituents.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering 2028 autocallable equity-linked notes tied to Class A shares of Alphabet Inc., Class A shares of Meta Platforms, Inc., and common shares of NVIDIA Corporation. The notes pay no interest and are unsecured obligations of the issuer with a guarantee from Goldman Sachs.

The notes may be automatically called on December 31, 2026 if each underlier’s closing level on December 28, 2026 is at or above its initial level, in which case holders receive $1,650 per $1,000 of face amount. If not called, at maturity in December 2028 investors receive: upside of 250% of the gain of the worst-performing stock if all three finish above their initial levels; full principal back if every underlier is at or above 80% of its initial level and any is at or below its initial level; or a reduced amount if any underlier finishes below 80%, with losses increasing one-for-one beyond the 20% buffer and potentially large. The filing highlights that the notes’ estimated value at pricing is less than the issue price, that secondary market prices may be significantly lower than what investors pay, and that investors bear the credit risk of both GS Finance Corp. and Goldman Sachs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable basket-linked notes that pay no interest and are scheduled to mature in December 2030 unless redeemed early.

The notes track a weighted basket of the S&P 500 Index (65%), MSCI EAFE Index (25%) and MSCI Emerging Markets Index (10%). If on the December 2026 call observation date the basket is at or above its initial level of 100, the notes are automatically redeemed for $1,100 per $1,000 face amount. If not called, at maturity investors receive principal plus 155% of any basket gain, full principal back if the basket is flat to down by up to 30%, and a one-for-one loss beyond that level.

The estimated value is expected to be between $885 and $925 per $1,000, below the issue price, reflecting underwriting discounts, offering expenses and dealer pricing models. The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., and expose holders to equity, foreign and emerging-market volatility, currency effects, limited liquidity and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes due 2030 tied to the Russell 2000® Index and the EURO STOXX 50® Index. The notes pay no interest and may be automatically called quarterly if each index is at or above its initial level on a call observation date, in which case investors receive cash equal to principal plus a preset call premium that steps up over time.

If the notes are not called, payment at maturity depends on the worse-performing index. Investors receive principal plus a 55% maturity premium if both final index levels are at or above their initial levels, full principal back if the worst index stays at or above 75% of its initial level, and a loss matching the negative return of the worse index if it falls below that trigger buffer, potentially losing the entire investment.

The notes are unsecured debt subject to the credit risk of GS Finance Corp. and its parent guarantor, will not be listed on an exchange, may trade at values below the issue price, and have complex, uncertain U.S. tax treatment as prepaid derivative contracts.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes due December 23, 2032 as part of its Medium-Term Notes, Series N program. The notes will pay interest at 4.25% per annum, with payments made in U.S. dollars on June 23 and December 23 of each year, beginning June 23, 2026, in minimum denominations of $1,000 and integral multiples.

The notes will be issued in book-entry form through DTC, will not be listed on any securities exchange, and provide for both full defeasance and covenant defeasance. Interest is calculated using a 30/360 (ISDA) day count convention. Goldman Sachs & Co. LLC will act as underwriter and calculation agent, and because it is an affiliate of the issuer, the deal constitutes a conflict of interest under FINRA Rule 5121. The documents outline U.S. federal income tax treatment and restrict offers to certain non-retail investors in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100 Index®-linked notes due January 3, 2028 as part of its Medium-Term Notes, Series F program. These notes are derivative-style securities that return cash at maturity based on the index level on the determination date compared with the level set on the trade date of December 29, 2025.

For each $1,000 note, if the Nasdaq-100 rises, investors earn the same percentage gain, but returns are capped at a maximum settlement amount of $1,240. If the index falls but stays at or above 85% of its initial level (a 15% buffer), investors receive their full $1,000 back. Below the 85% buffer level, principal is reduced 1-for-1 with index losses beyond the buffer, so investors can lose a substantial portion of their investment.

The notes pay no interest, are unsecured obligations of GS Finance Corp., and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., exposing holders to the credit risk of both entities. They will not be listed on any exchange, secondary market liquidity is uncertain, and the initial estimated value is lower than the issue price. The U.S. federal income tax treatment is uncertain and relies on a prepaid derivative contract characterization.