Goldman Sachs Group Inc. 424B Filings

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.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes linked to the common stock of Netflix, Tesla, NVIDIA and Meta Platforms. The notes are expected to mature in December 2032 but can be automatically called from December 2026 if all four stocks are at or above their initial prices.

On each quarterly coupon observation date, investors receive a coupon of $22.5 per $1,000 face amount (2.25% quarterly, with the potential for up to 9% per year) only if the closing price of each stock is at least 70% of its initial level; otherwise the coupon for that quarter is zero. If the notes are not called, holders receive $1,000 per note at maturity plus any final coupon that is earned.

The estimated value on the trade date is expected to be between $885 and $925 per $1,000 face amount, reflecting the underwriting discount, offering expenses and the difference between what Goldman Sachs pays and receives on the notes. Investors face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., limited liquidity, and the possibility of receiving little or no coupon income over the life of the notes.

GS Finance Corp is issuing 587,500 $10 Autocallable Contingent Coupon (with Memory) Barrier Notes linked to the State Street SPDR S&P Biotech ETF, maturing on December 11, 2028 and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Holders receive quarterly contingent coupons of $0.2875 per unit (an 11.50% per annum rate) only if the ETF is at or above 80% of its $121.83 starting value on the observation date, with missed coupons potentially paid later through the “memory” feature. The notes can be called early if the ETF is at or above the starting value on specified call dates, returning principal plus the due coupon, with no further payments.

If not called, investors receive full principal back at maturity only if the ETF’s ending value is at least 80% of the starting value; otherwise, losses match the ETF’s decline below the starting level, up to a 100% loss of principal. The estimated value on the pricing date is $9.70 per $10 note, secondary market liquidity is expected to be limited, the minimum initial purchase is $100,000, and all payments depend on GS Finance Corp’s and Goldman Sachs Group’s credit.

GS Finance Corp is offering $300,000 of notes linked to the S&P 500® Index, paying at maturity based on index performance from the December 3, 2025 trade date to the December 4, 2028 determination date.

For each $1,000 face amount, holders receive $1,000 plus the index return if the final level exceeds the initial 6,849.72 level, capped at a maximum settlement amount of $1,195; if the index is equal to or below the initial level, they receive $1,000. The notes bear no interest, mature on December 7, 2028, are part of the Medium-Term Notes, Series F program, and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The original issue price is 100% of face, with a 0.8% underwriting discount and 99.2% of face as net proceeds to the issuer.

These unsecured obligations are not bank deposits, are not FDIC insured, and are subject to the credit risk of both the issuer and guarantor. The original issue price exceeds the model-based estimated value of the notes, and their market value may be lower before maturity. For U.S. federal income tax purposes, the notes are treated as contingent payment debt instruments, using a comparable yield of 4.0608% and a projected maturity payment of $1,130.05 per $1,000.

GS Finance Corp. is offering autocallable index-linked notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are tied to the Russell 2000 Index and EURO STOXX 50 Index and do not pay periodic interest.

The notes can be automatically called on quarterly observation dates if both indexes are at or above their initial levels, in which case investors receive principal plus a fixed call premium that steps up from 12.5% to 59.375%. If the notes are not called and both final index levels are at or above their initial levels at maturity, investors receive principal plus a 62.5% maturity premium.

If any index finishes below its initial level at maturity, repayment is reduced in line with the weaker index’s return and investors can lose their entire investment. The pricing disclosure notes that the notes’ estimated value at pricing is lower than the 100% issue price because of fees, commissions and hedging costs. The notes are unsecured obligations subject to the credit risk of the issuer and guarantor, will not be listed on an exchange, may have limited secondary market liquidity, and involve additional risks from foreign equity exposure and uncertain U.S. tax treatment.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes under its Medium-Term Notes, Series N program, paying 4.20% per year from the expected original issue date of December 17, 2025 to the expected maturity on June 17, 2029. Interest is scheduled to be paid quarterly on March 17, June 17, September 17 and December 17, with the first payment expected on March 17, 2026.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on any scheduled redemption date on or after June 17, 2026 at 100% of principal plus accrued and unpaid interest. The notes will be issued as a global security through DTC, are not bank deposits and are not insured by the FDIC or any government agency. For U.S. holders, interest is generally taxable as ordinary income and the notes are subject to FATCA withholding rules, and distribution is handled by Goldman Sachs & Co. LLC under a detailed global selling and regulatory restrictions framework.

The Goldman Sachs Group, Inc. is offering $2,846,000 principal amount of fixed rate notes maturing on December 5, 2030, with interest at 4.15% per annum.

Interest is paid in U.S. dollars on June 5 and December 5 of each year, starting June 5, 2026, on minimum denominations of $1,000. The notes are issued at 100% of principal, with an underwriting discount of 0.585% and net proceeds to Goldman Sachs of 99.415% of the principal amount. The notes will not be listed on any securities exchange, are part of the Medium-Term Notes, Series N program, and will be sold by Goldman Sachs & Co. LLC, which as an affiliate has a “conflict of interest” under FINRA Rule 5121.

The Goldman Sachs Group, Inc. is offering $2,000,000 principal amount of fixed-rate notes. The notes pay interest at 4.35% per annum, with payments made semiannually on June 5 and December 5 of each year, starting June 5, 2026, and maturing on December 6, 2032. They are issued in $1,000 denominations and sold at 100% of principal, with a 1% underwriting discount, resulting in 99% of principal in net proceeds to Goldman Sachs. The notes will not be listed on any securities exchange, are issued under Goldman Sachs’ Medium-Term Notes, Series N program, and are subject to standard U.S. federal income tax treatment for interest and capital gains or losses.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Vistra Corp., NVIDIA Corporation, Meta Platforms, Inc. Class A, and UnitedHealth Group Incorporated. The notes are expected to trade from an original issue date in December 2025 and mature in December 2030, unless automatically called starting in December 2026 if each stock closes at or above 95% of its initial price on a call observation date.

The notes pay variable monthly coupons. If on an observation date each stock closes at or above 77.5% of its initial price, investors receive a maximum coupon of at least $6.792 per $1,000 face amount (at least 0.6792% monthly, approximately 8.15% per annum). If any stock is below its trigger, investors receive only the minimum coupon of $0.209 (0.0209% monthly, approximately 0.25% per annum). At maturity, holders receive $1,000 per note plus the final coupon.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $850 and $890 per $1,000 face amount, reflecting structuring costs and dealer compensation, and secondary market prices may be lower and volatile. Investors do not receive dividends or shareholder rights in the underlying stocks and have limited anti-dilution protection.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered notes linked to the State Street® Technology Select Sector SPDR® ETF (ticker XLK). The notes do not pay interest and are expected to run from an initial trade date in December 2025 to a stated maturity in December 2027.

At maturity, for each $1,000 note, investors receive cash based on ETF performance. If the ETF return is positive or zero, the payoff matches that return with an upside cap at a maximum settlement amount of $1,212.5 per $1,000. If the ETF has fallen but is still at or above 80% of its initial level, investors get the absolute return, turning moderate losses into gains.

If the ETF declines by more than 20%, losses are reduced by a 20% buffer, but investors still lose principal beyond that point. The issuer discloses an estimated initial value between $925 and $965 per $1,000 note, reflecting structuring costs and dealer margins. Repayment depends entirely on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged, buffered notes linked to the EURO STOXX 50® Index under its Medium-Term Notes, Series F program. For each $1,000 note, if the index rises, holders receive 200% of the index gain, capped at a maximum settlement amount of $1,538.

If the index ends down but no more than 10% below its initial level, investors receive their full $1,000 back. Below this 10% buffer, principal is exposed one-for-one to further declines, and investors can lose a substantial portion of their investment, as illustrated by detailed payoff tables and hypotheticals. The notes pay no interest, are unsecured obligations subject to the credit risk of both GS Finance Corp. and its parent guarantor, will not be listed on any exchange, and may have limited or no secondary market liquidity. The estimated value at pricing is lower than the 100% issue price, and the tax treatment is uncertain, with counsel viewing the notes as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged index-linked notes tied to the S&P 500 Futures Excess Return Index, maturing in 2031. Each note has a $1,000 face amount and pays a cash amount at maturity based on index performance from the trade date to the determination date.

If the final index level is above the initial level, the notes provide an amplified upside equal to the underlier return multiplied by at least a 116% upside participation rate. If the final index level is at or below the initial level, investors receive only the $1,000 face amount, so principal is protected at maturity but there is no upside if the index is flat or down. The notes do not pay periodic interest and may trade below face value before maturity.

The underlier tracks E‑mini S&P 500 futures, not the cash S&P 500 Index, and is affected by futures-specific factors such as implicit financing costs and negative roll yield, which can reduce returns even if the equity index is stable or rising. Key risks highlighted include the credit risk of GS Finance Corp. and its parent guarantor, potential illiquidity and price volatility in secondary trading, and an initial estimated value below the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes due June 28, 2029 that are linked to the Goldman Sachs Momentum Builder® Focus ER Index. For each $1,000 note, investors receive at maturity either the $1,000 face amount or, if the index ends above its initial level, $1,000 plus at least 305% of the index’s percentage gain.

The index is a rules-based strategy that reallocates daily among futures-based equity and bond indices, emerging markets, gold, and a money market position, subject to a 5% volatility control and a momentum risk control overlay. The index is calculated on an excess return basis over the federal funds rate and is reduced by a 0.65% per year deduction, and significant allocations to cash-like positions can materially dampen returns.

The notes pay no periodic interest and all payments depend on the credit of GS Finance Corp. and the guarantor. If the index return is zero or negative, holders only receive the face amount at maturity, and secondary market values may be lower. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of taxable income over their life even though cash is only received at maturity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term notes linked to the common stock of Salesforce, Inc. The notes have an aggregate face amount of $1,410,000 and a face amount of $1,000 per note.

Investors may receive a contingent quarterly coupon of $48.25 per $1,000 (4.825% quarterly, up to 19.30% per annum) if Salesforce’s stock closes at or above 80% of the initial level of $234.12 on each observation date. The notes are automatically called at $1,000 plus any due coupon if the stock closes at or above the initial level on a call observation date.

At maturity, if not called, principal is repaid in full only if the final stock level is at least 80% of the initial level; otherwise repayment is reduced one-for-one with the stock decline, and investors may lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below the original issue price, and have uncertain and complex U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term leveraged buffered notes linked to the Russell 2000 Index, maturing in January 2028. These notes do not pay interest; instead, the payoff at maturity depends on index performance between the trade date and the determination date.

If the index rises, holders receive 200% of the index gain, capped at a maximum cash payment of 127% of face amount. If the index is flat or down but not by more than the 10% buffer, investors receive their full principal. Losses begin if the index falls more than 10%, with dollar-for-dollar downside beyond that level, so a large decline in the index can cause a substantial loss of principal.

The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and its parent guarantor. The estimated value at pricing is disclosed as being below the original issue price, and liquidity may be limited because the notes will not be listed on an exchange and any market-making by affiliates is discretionary. The tax treatment is uncertain, though the issuer intends to treat the notes as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable S&P 500® Index-linked notes that pay no interest and are scheduled to mature in January 2031, unless redeemed earlier. The notes are tied to the S&P 500® Index from an expected trade date of December 29, 2025 to an expected determination date of December 30, 2030.

If the index ends above its initial level, investors receive their principal plus 1.5x the index’s percentage gain. If the final level is between 70% and 100% of the initial level, investors are repaid only their principal. Below 70%, principal is reduced one-for-one with the index loss, and investors could lose their entire investment.

Goldman may redeem the notes monthly from January 2027 through December 2030 at 100% of face amount plus a call premium that steps up over time, capped by the schedule provided. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, reflecting fees, hedging and funding costs, and the notes are 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 non-interest-bearing structured notes linked to an equally weighted basket of eight U.S.-listed stocks, with an initial basket level of 100. The notes may be automatically called on a call observation date expected in January 2027 if the basket level is at or above the initial level, in which case investors receive at least $1,166 per $1,000 face amount on the call payment date.

If not called, the notes mature on a stated maturity date expected in December 2027. At maturity, holders get: enhanced upside via a 125% participation rate on any positive basket return; full principal repayment if the basket is flat or down by up to 15%; and a buffered downside with losses increasing beyond that buffer, based on a buffer rate of approximately 117.65%. The issuer estimates the initial economic value at $900–$930 per $1,000, below the issue price, reflecting fees and structuring costs. Payments depend on basket performance and the credit of GS Finance Corp. and Goldman Sachs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable, index-linked notes that pay no interest and are scheduled to mature in December 2030 unless called earlier. 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, a 40% volatility target and applies a fixed 6% per annum daily decrement that drags on performance.

The notes are automatically called if, on any call observation date starting in May 2027, the index closes at or above 80% of its initial level, paying back principal plus a call premium. If held to maturity and not called, investors receive a capped maximum of $1,712.5 per $1,000 face amount if the index ends at or above 80% of its initial level, full principal back if the decline is up to 50%, and a proportional loss (down to total loss) if the decline exceeds 50%.

The estimated value at pricing is expected to be between $885 and $925 per $1,000 face amount, below the issue price, reflecting fees and hedging costs. Key risks include leveraged index exposure, the decrement, potential loss of the entire investment, lack of interest payments, complex index rules and the unsecured credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable structured notes linked to the stocks of Apple, Amazon, Alphabet Class C and NVIDIA. The notes pay a contingent monthly coupon of at least $12.292 per $1,000 (about 1.2292% per month, approximately 14.75% per year) only when on a coupon observation date each stock is at or above 60% of its initial price. The notes can be automatically called on monthly dates from December 2026 through November 2028 if all four stocks are at or above their initial prices, returning the $1,000 face amount plus the applicable coupon.

If the notes are not called, principal repayment at maturity in early 2029 depends on the worst-performing stock. As long as each stock is at least 80% of its initial price, investors receive full principal plus the final coupon. If the worst stock is between 60% and 80%, investors receive between 80% and 99.99% of face value plus any final coupon. If any stock finishes below 60%, repayment falls in line with that stock’s loss beyond a 20% buffer and the investor receives no final coupon, potentially losing a substantial portion of principal. The indicative estimated value is $890–$920 per $1,000 at pricing, reflecting fees and model assumptions, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk contingent income auto-callable securities linked to the worst-performing of the S&P 500® Index, Russell 2000® Index and Nasdaq-100 Index® maturing in December 2027. Investors may receive a contingent quarterly coupon of at least $22.25 per $1,000 only when the closing value of each index on an observation date is at or above 70% of its initial level; otherwise the coupon for that quarter is zero.

The notes are automatically called if, on a call observation date, all three indexes are at or above their initial values, paying back principal plus the coupon then due, with no further payments. If the notes are not called and, at maturity, any index finishes below 70% of its initial level, repayment of principal is reduced one-for-one with the decline of the worst-performing index and can be zero. Investors do not participate in any index upside.

The notes are unsecured, subject to the credit risk of GS Finance Corp. and its parent, will not be listed on an exchange, and their estimated value is $920–$980 per $1,000 at pricing, below the 100% issue price due to fees, hedging and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of nine large-cap stocks, including Alphabet, Microsoft, Meta and NVIDIA. The notes pay no interest and return depends entirely on the basket’s performance.

The notes may be automatically called on the call observation date if the basket level is at or above the initial level of 100, in which case investors receive at least $1,160 per $1,000 face amount on the call payment date. If not called, at maturity investors get $1,000 plus 125% of any positive basket return, full principal back if the basket decline is up to 20%, and a buffered loss if the basket falls by more than 20%, calculated at a 125% buffer rate.

The structure exposes holders to market risk in the basket, as well as the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected between $900 and $930 per $1,000, below the original issue price, reflecting fees, hedging costs and issuer economics.