Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable notes whose return is linked to the VanEck Semiconductor ETF (SMH). The notes pay no fixed interest and may pay no coupons at all.

On each quarterly payment date, starting in March 2026, investors receive a coupon of at least $25 per $1,000 face amount (at least 2.5% quarterly, up to at least 10% per annum) only if SMH is at or above 80% of its initial level on the related observation date. Goldman may redeem the notes at 100% of face amount plus any due coupon on any payment date from June 2026 through June 2028.

At maturity in September 2028, if the ETF is at or above 80% of its initial level, holders receive $1,000 plus the final coupon. If it is below 80%, principal is reduced in proportion to the decline beyond a 20% buffer and no final coupon is paid. The estimated value on the trade date is expected between $925 and $965 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Nasdaq-100 Index^® maturing in January 2028. The notes pay no interest and may be automatically called in January 2027 if the index on the December 2026 observation date is at or above its initial level, in which case investors receive at least $1,110 per $1,000 of face amount.

If the notes are not called, the maturity payment depends on index performance, with a 125% upside participation rate on gains and a 15% downside buffer, so losses begin if the index falls below 85% of its initial level. In severe declines, investors can lose a substantial portion of principal, as illustrated by hypothetical cases. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on an exchange, may have limited liquidity, and involve uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500® Futures Excess Return Index, maturing in 2031. The notes provide at least 192% upside participation in index gains from the trade date to the determination date.

If the final index level is at or above 70% of the initial level (a 30% trigger buffer), investors receive full principal, but no interest. If the final level falls below 70%, repayment is reduced 1% for every 1% decline in the index, and investors could lose their entire investment.

The notes pay no coupons, are unsecured obligations exposed to the credit risk of GS Finance Corp. and the guarantor, and track equity futures rather than the S&P 500® itself. Risks highlighted include model-based pricing below issue price, potential negative roll yield in futures, secondary market illiquidity and uncertain U.S. tax treatment.

GS Finance Corp. is offering autocallable notes linked to the Goldman Sachs Momentum Builder^® Focus ER Index, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes run to 2032 and pay no coupons. Each $1,000 note can be automatically called annually if the index is at or above rising call levels (from 100.50% to 103.00% of the initial level), paying back $1,000 plus a call premium of at least 8% to 48%.

If the notes are not called, at maturity investors receive $1,000 per note if the index is flat or down, and $1,000 plus 100% of any positive index return if the index ends above its initial level. The issuer’s estimated value is $850–$890 per $1,000, below the issue price, reflecting fees and structuring costs. Key risks include issuer and guarantor credit risk, complex index rules with a 0.65% annual deduction and heavy cash allocations that can limit upside, lack of interest payments, secondary market uncertainty, and treatment as contingent payment debt for U.S. tax purposes.

GS Finance Corp. is offering EURO STOXX 50® Index-linked medium-term notes due December 27, 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes provide leveraged exposure to the index with an upside participation rate of at least 102%. At maturity, for each $1,000 face amount, investors receive $1,000 plus $1,000 × upside participation rate × index return if the final index level is above the initial level, or $1,000 if the index is flat or lower, so principal is repaid at maturity but there is no downside market gain.

The notes do not pay periodic interest and are unsecured obligations subject to the credit risk of both the issuer and guarantor. They are linked to a Eurozone blue-chip equity index, involve risks from foreign securities markets, and may trade below face value before maturity. The pricing supplement highlights that the estimated value on the trade date is less than the original issue price, secondary market liquidity is not assured, and U.S. investors face contingent payment debt instrument tax treatment requiring accrual of income before any cash is received.

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 under its Medium-Term Notes, Series F program. These unsecured notes are scheduled to mature in 2031 and pay no interest.

At maturity, holders receive cash based on index performance from trade date to determination date. If the index rises, the notes provide at least 151% participation in the positive return. If the index falls but stays above 70% of its initial level, investors receive full principal back; below that buffer, principal is reduced 1-for-1 with further losses, so a substantial loss of invested amount is possible. The underlier tracks E-mini S&P 500 futures, not the cash S&P 500 Index, and is affected by factors like financing costs, negative roll yield, market disruptions and the credit risk of both the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Futures Excess Return Index-linked notes due 2030 as part of its Medium-Term Notes, Series F program. These notes are principal protected at maturity: for each $1,000 note, if the final index level is at or below the initial level, you receive $1,000.

If the final index level is higher, the maturity payment increases by the upside participation rate (at least 100%) times the index return, giving leveraged exposure to gains in the S&P 500 Futures Excess Return Index. The notes pay no periodic interest, are unsecured obligations of GS Finance Corp., and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The underlier tracks E-mini S&P 500 futures, not the S&P 500 Index itself, so returns are affected by futures pricing, financing costs and roll yields, which can cause the index to lag or even decline despite a stable or rising equity market. The document highlights credit risk of the issuer and guarantor, potential secondary market discounts, sensitivity to interest rates and volatility, and complex U.S. federal income tax treatment as contingent payment debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to Amazon, Alphabet Class C, Apple and NVIDIA stock. The notes pay a fixed monthly coupon of at least $8.209 per $1,000 face amount (at least 0.8209% monthly, or the potential for up to at least approximately 9.85% per annum) until they are called or mature, expected on December 29, 2028.

The notes may be automatically redeemed starting in December 2026 if on any call observation date each stock closes at or above its initial price, returning principal plus the coupon. At maturity, if not called, principal repayment depends on the worst-performing stock. Full principal is repaid if each stock is at least 80% of its initial price; below that buffer, losses match the decline of the worst stock beyond 20%, and investors can lose a substantial portion of principal. The estimated initial value is $890–$920 per $1,000, reflecting fees and hedging costs.

GS Finance Corp. is offering medium-term, principal-at-risk notes linked to the iShares Bitcoin Trust ETF (IBIT), guaranteed by The Goldman Sachs Group, Inc. Each security has a $1,000 face amount, no interest payments and is designed to be held to maturity on January 4, 2029.

At maturity, holders receive $1,000 plus 200% of any ETF price increase, capped at a maximum return of at least 84%, so the maximum payment is at least $1,840 per note. There is a 25% downside buffer: if the ETF falls by up to 25%, investors still receive $1,000. If it falls by more than 25%, principal is reduced 1‑for‑1 beyond the buffer and investors can lose up to 75% of principal.

The ETF tracks the price of bitcoin, so the notes expose investors to cryptocurrency volatility, regulatory changes, custody and market-manipulation risks, in addition to the credit risk of GS Finance Corp. and Goldman Sachs. The estimated initial value is $925–$955 per $1,000, below the original offering price, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes maturing in December 2029 as part of its Medium-Term Notes, Series F program.

At maturity, for each $1,000 note you receive either the face amount if the S&P 500® has stayed the same or fallen, or a leveraged equity-style payoff equal to $1,000 plus $1,000 × the index return if the index has risen, subject to a maximum settlement amount of at least $1,225 (122.5% of face value in the examples).

The notes pay no periodic interest, are unsecured obligations subject to the credit risk of both GS Finance Corp. and its parent guarantor, and will not be listed on an exchange, so secondary market prices may be volatile and below face value. For U.S. tax purposes they are treated as contingent payment debt instruments, generally requiring holders to accrue taxable income over the term based on a comparable yield even though no cash is received until maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due September 27, 2029 as part of its Medium-Term Notes, Series F program. These notes pay a cash amount at maturity based on the performance of the S&P 500® Index (SPX) from the trade date on December 23, 2025 to a determination date on September 24, 2029.

For each $1,000 note, if the final index level is above the initial level, the payoff equals $1,000 plus the index return, but is capped at a maximum settlement amount of $1,222.50. If the index is flat or down, investors receive only the $1,000 face amount, so there is principal repayment at maturity but no upside if the index falls. The notes do not pay any interest and are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

The notes may trade at prices below face value before maturity, and the initial issue price is expected to exceed the model-based estimated value. For U.S. tax purposes, they are treated as contingent payment debt instruments, requiring annual income inclusion based on a comparable yield, with gain at maturity taxed as ordinary interest income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes pay no interest and may be automatically called quarterly from May 2027 if the index closes at or above 101% of its initial level, in which case holders receive $1,000 plus a fixed call return (starting at 11.625% and rising over time).

If not called, at maturity in December 2030 investors receive $1,000 per note if the index is below 101% of its initial level, or a capped maximum settlement of $1,387.50 per $1,000 face amount (a 38.75% gain) if the index is at or above 101%. The index is a volatility- and momentum-controlled basket of equity, fixed income, commodity and cash exposures, calculated on an excess‑return basis and reduced by a 0.65% annual deduction, and the estimated initial value of the notes is $885–$925 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to NVIDIA common stock. The notes may mature in December 2028 or be called earlier if NVIDIA’s closing price on a call observation date is at or above the initial share price, paying back the $1,000 principal per note plus any contingent quarterly coupon then due. On each coupon observation date, investors receive a coupon only if NVIDIA closes at or above a downside threshold set at 50.00% of the initial share price; the coupon is based on at least $27.75 per quarter per $1,000, adjusted for any unpaid coupons. If the final share price is below the downside threshold and the notes were not called, repayment is $1,000 × (final/initial), so investors can lose most or all of their principal. The estimated value is $905–$965 per note versus a 100% issue price, reflecting underwriting and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered notes linked to the Russell 2000® Index, maturing in 2031 under its Medium-Term Notes, Series F program.

For each $1,000 face amount, investors receive at maturity: full principal plus index gain if the index rises, up to a maximum settlement amount of at least $1,934; full principal back if the index is flat or falls by up to the 15% buffer; and a loss matching further declines if the index drops more than 15%, so a large fall in the Russell 2000® can cause substantial principal loss.

The notes do not pay interest, offer no ownership or dividends on index stocks, and their value before maturity can be affected by index volatility, interest rates, and the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. U.S. tax treatment is uncertain but intended to follow a prepaid derivative contract approach, with potential capital gain or loss at sale or maturity.

GS Finance Corp. is offering underlier-linked notes due December 8, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes are tied to the lesser performance of the EURO STOXX 50 Index and the iShares MSCI EAFE ETF.

At maturity, if both underliers finish above their initial levels, the notes pay back $1,000 plus 204.9% of the lesser underlier’s gain. If any underlier is at or below its initial level but both stay at or above 90% of their initial levels, investors receive only the $1,000 face amount.

If any underlier closes below 90% of its initial level, repayment is reduced dollar-for-dollar with the decline beyond that 10% buffer, and a substantial loss of principal is possible. The notes pay no interest, may trade below face value before maturity, and 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 market-linked, auto-callable notes tied to the lowest performer of the SPDR® Gold Trust (GLD) and iShares® Silver Trust (SLV), maturing January 4, 2029. Each note has a $1,000 face amount and pays no interest or dividends.

The notes may be automatically called on January 4, 2027 if the lowest performing ETF is at or above its starting price, paying $1,000 plus a call premium of at least 27.80%. If not called, at maturity investors get 150% of any positive return of the lowest ETF; if the worst ETF is flat to down by up to 25%, they receive $1,000; below that threshold they lose principal 1-for-1, up to a total loss.

The estimated value at pricing is expected between $925 and $955 per $1,000, reflecting fees and hedging costs. The notes carry full credit risk of GS Finance Corp. and its parent, have no exchange listing, and may have limited or no secondary market liquidity.

GS Finance Corp. is offering autocallable index-linked notes due 2027, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Russell 2000 Index and the S&P 500 Index and can be automatically called in 2026 if both indices are at or above their initial levels, paying at least $1,105 per $1,000 face amount. If not called, at maturity investors get cash based on the lesser-performing index, with 200% upside participation when both indices finish above their initial levels. The structure includes a 15% downside buffer, but if either index falls more than 15% from its initial level, principal is reduced and investors can lose a substantial portion of their investment. The notes pay no interest, are subject to issuer and guarantor credit risk, may have limited liquidity, and involve uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered S&P 500® Index-linked notes that pay no interest and return a variable amount at maturity based on index performance. For each $1,000 face amount, investors participate one-for-one in S&P 500 gains or flat performance up to a maximum upside settlement amount of at least $1,160, corresponding to a cap level of at least 116% of the initial index level. The notes provide a 20% downside buffer: if the index finishes between 80% and 100% of its initial level, holders receive the absolute index return as a positive payoff. If the index falls below 80% of its initial level, principal is reduced by the index loss beyond 20%, and investors can lose a substantial portion of their investment. The estimated value on the trade date is expected to be between $925 and $955 per $1,000, reflecting fees and hedging costs, and all payments are subject to the credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $211,000 aggregate face amount of index-linked notes due November 29, 2030. The notes pay no interest and the payoff depends on the lesser performer of the Dow Jones Industrial Average and the S&P 500 Index between the November 24, 2025 trade date and the November 25, 2030 determination date.

If both index returns are zero or positive, investors earn that lesser return with a maximum settlement amount of $1,591 per $1,000 face amount, reflecting a cap level at 159.1% of the initial underlier levels and 100% upside participation. If any index is negative but both stay at or above 80% of initial levels, the notes provide the absolute value of the lesser loss as a positive return. If any index falls below the 80% buffer level, principal is reduced according to the lesser performing underlier return plus a 20% buffer, and investors can lose a substantial portion of principal.

The initial underlier levels are 46,448.27 for the Dow Jones Industrial Average and 6,705.12 for the S&P 500 Index. The estimated value on the trade date is approximately $935 per $1,000 face amount, reflecting a 4.125% underwriting discount and structuring costs, and payments are subject to the unsecured credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering two separate series of unsecured buffered index-linked notes maturing in late 2030. One series is linked to the EURO STOXX 50® Index with an upside participation rate of at least 135% and a buffer level at 75% of the initial index level. The other is linked to the S&P 500® Futures Excess Return Index, with an upside participation rate of at least 149% and a buffer at 80% of the initial level.

The notes pay no interest. At maturity, for each $1,000, investors receive enhanced upside if the relevant index finishes above its initial level, full principal repayment if the final level stays at or above the buffer, and a dollar-for-dollar loss (after the buffer) if the final level falls below the buffer, meaning a substantial loss of principal is possible. The preliminary estimated value for each series is in the range of $885–$935 per $1,000. Payments depend entirely on the credit of GS Finance Corp. and its guarantor, and the notes will not be listed on any exchange. For U.S. tax purposes, they are intended to be treated as prepaid derivative contracts on the relevant index.

GS Finance Corp. is offering $1,739,000 of leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, due on November 29, 2028 and guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return depends solely on index performance between the initial level of 548.23 on the November 24, 2025 trade date and the final level on the determination date.

If the index return is zero or positive, investors gain 1.18 times the index return. If the index return is negative but not below -20%, investors receive the absolute value as a positive return. If the index falls by more than 20%, losses equal the index decline plus 20%, so principal can be significantly reduced. The estimated value at pricing is about $974 per $1,000, reflecting fees and hedging costs, and the notes are unsecured, subject to Goldman Sachs credit risk, and will not be listed on an exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $9,568,000 of structured notes linked to the Russell 2000 Index, EURO STOXX 50 Index and Utilities Select Sector SPDR Fund. The notes pay no interest and may be automatically called from November 24, 2026 onward if all three underliers are at or above their initial levels, returning $1,000 plus a call premium that can reach 66.5% near the final call date. If held to December 3, 2030 and not called, investors receive $1,700 per $1,000 face amount if all underliers finish at or above their initial levels, $1,000 if all stay at or above 62.5% of initial, and otherwise a loss based on the weakest underlier, potentially up to 100% of principal. The initial estimated value is about $938 per $1,000, reflecting fees, hedging and issuer funding costs, and payments depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp. is offering $2,234,000 of Callable Buffered Monthly Russell 2000® Index-Linked Range Accrual Notes due November 26, 2030, guaranteed by The Goldman Sachs Group, Inc. These notes pay variable monthly interest based on how often the Russell 2000® Index closes at or above 85% of the initial level of 2,414.283. The maximum annualized interest rate is 6.35%, but if the index is below the 85% barrier on all reference dates in a period, the interest rate for that month will be 0%.

The notes may be redeemed at the issuer’s option at 100% of face amount plus accrued interest on any monthly interest payment date on or after November 26, 2026, which can shorten the investment term. At maturity, if the final index level is at least 85% of the initial level, holders receive full principal back; if it is lower, repayment is reduced in line with the index decline beyond the 15% buffer, and investors can lose a substantial portion of principal. The original issue price is 100% of face, with a 3.5% underwriting discount, and the estimated value at pricing is approximately $939 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable structured notes linked to the Class A common stock of Strategy Inc (formerly MicroStrategy), UnitedHealth Group, Rocket Companies Class A, and NVIDIA. The notes mature on December 3, 2030, but will be automatically called from November 2026 through October 2030 if the closing price of each stock is at least its initial level ($179.04, $319.05, $18.12 and $182.55, respectively) on a call observation date.

Monthly coupons depend on stock performance. For each $1,000 face amount, if every stock is at or above 80% of its initial price on an observation date, the holder receives the “maximum coupon amount,” calculated as $6.792 per month (0.6792%, potential up to about 8.15% per year) times the number of elapsed observation dates minus prior coupons. If any stock is below 80% of its initial price, only the minimum coupon of $0.209 (0.0209% monthly, potential up to about 0.25% per year) is paid.

The aggregate face amount on the original issue date is $2,835,000, with a 100% issue price, a 3.75% underwriting discount and 96.25% net proceeds to the issuer. The estimated value at pricing is about $941 per $1,000 face amount. At maturity, if not called, each $1,000 of face amount returns $1,000 plus the final coupon. The notes are unsecured obligations, subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and are expected to have limited secondary market liquidity and complex adjustment and market disruption provisions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk contingent income callable securities linked to the worst-performing of the S&P 500® Index, Russell 2000® Index and MSCI EAFE Index, maturing on an expected date of November 29, 2029. The notes can be redeemed early at the issuer’s discretion at 100% of principal plus any due coupon starting March 3, 2026 through August 30, 2029.

Holders may receive a contingent quarterly coupon of at least $20 per $1,000 only if, on each observation date, the closing value of every index is at or above 70% of its initial level; otherwise the coupon for that quarter is zero. At maturity, if every index is at or above 60% of its initial level, principal is repaid (and possibly the final coupon). If any index is below 60%, repayment is reduced in proportion to the worst-performing index, and the amount can be far below principal and as low as zero.

The securities do not participate in any index upside, carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may pay few or no coupons, and are not listed on any exchange. The estimated value at pricing is expected to be between $920 and $980 per $1,000, below the original issue price.

GS Finance Corp. is offering $1,140,000 of auto-callable notes linked to the common stock of UnitedHealth Group, Oracle and Target, maturing on December 3, 2030. The notes pay monthly variable coupons: $5 per $1,000 face amount (0.5% monthly, up to 6% per year) if the closing price of each stock is at least 80% of its initial level, and $0.834 (about 1% per year) if any stock is below that trigger. The notes are automatically called on certain May and November observation dates from November 2026 to May 2030 if each stock is at least 85% of its initial price, returning principal plus the applicable coupon. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value at pricing is about $939 per $1,000, below the 100% issue price, reflecting fees and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $420,000 of S&P 500®-linked notes that provide principal repayment and equity upside but no interest payments.

The notes can be automatically called on November 24, 2027 if the S&P 500® closing level is at or above the initial level of 6,705.12, paying $1,070 per $1,000 face amount on December 2, 2027. If not called, at maturity on December 3, 2030 investors receive $1,000 plus 100% of any positive index return, based on the final underlier level on November 25, 2030, or just $1,000 if the index is flat or down.

The notes do not pay periodic interest and may trade below face value before call or maturity. Payments depend entirely on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, so many holders will owe tax on deemed ordinary income each year based on a 4.34% comparable yield and a projected $1,244.31 payment at maturity, even though cash is generally only received at call or maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering ETF-linked notes tied to the VanEck Gold Miners ETF, State Street® SPDR® S&P® Regional Banking ETF and VanEck Semiconductor ETF. The notes have a face amount of $1,981,000 in aggregate, issued in $1,000 denominations, and mature on November 27, 2028, unless redeemed earlier.

The notes may pay a monthly coupon of $18.334 per $1,000 (1.8334% monthly, up to about 22% per year) if on each observation date all three ETFs are at or above 70% of their initial levels. If any ETF is below 70%, no coupon is paid for that month. At maturity, if no early redemption occurs and the worst-performing ETF is at or above 60% of its initial level, investors receive full principal back (and a final coupon only if all are at or above 70%). If the worst ETF is below 60%, repayment of principal is reduced one-for-one with that ETF’s loss, and all principal can be lost.

Goldman Sachs can redeem the notes at 100% of face amount plus any due coupon on monthly payment dates from May 2026 through October 2028. The original issue price is 100% of face amount, with a 1% underwriting discount, and the estimated value at pricing is about $953 per $1,000, reflecting structuring costs and dealer compensation. Payments depend on ETF performance and the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.; investors do not receive ETF dividends or any ownership in the ETFs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk contingent income auto-callable securities linked to the common stock of CVS Health Corporation. These unsecured notes can be redeemed early if CVS’s share price on a call observation date is at or above the initial share price, in which case holders receive their $1,000 principal per security plus any contingent coupon then due.

The notes pay contingent quarterly coupons only when CVS’s stock closes on an observation date at or above a downside threshold set at 75% of the initial share price; otherwise no coupon is paid for that quarter. If the notes are not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final contingent coupon at maturity. If the final share price is below the threshold, repayment of principal is reduced 1-to-1 with CVS’s decline, and the maturity payment can be significantly less than $1,000, including a total loss. Investors do not participate in any upside of CVS stock, and the estimated value per security at pricing is stated to be between $910 and $970, below the 100% issue price.

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, maturing on or about December 8, 2028. The notes pay no interest and the cash payment at maturity depends entirely on index performance between an initial level set on the trade date and the final level on the determination date.

If the index return is positive or zero, holders receive the face amount plus 1.10 times the index gain. If the index declines by up to 20%, holders receive a positive return equal to the absolute decline. If the index falls by more than 20%, losses exceed the 20% buffer and the payout equals the face amount plus the index return plus 20%, so a substantial loss of principal is possible. The estimated value at pricing is expected to be between $890 and $920 per $1,000 face amount, reflecting fees, hedging and structuring costs, and 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 $3,016,000 of Buffered S&P 500® Index-Linked Notes due November 30, 2027. These unsecured notes pay no interest and repay at maturity an amount tied to the S&P 500® Index level on the November 24, 2027 determination date, starting from an initial level of 6,705.12.

For each $1,000 note, upside is linked one-for-one to the index but is capped at a maximum settlement of $1,171 (a 17.1% gain). A 20% downside buffer means that if the index is down but no more than 20%, the payoff increases with the absolute loss (you gain when the index is modestly down). If the index falls by more than 20%, losses beyond that buffer reduce principal and a substantial loss of invested amount is possible.

The notes were issued at 100% of face value with a 0.75% underwriting discount, generating net proceeds of 99.25% to the issuer. The estimated initial value is approximately $986 per $1,000 based on Goldman Sachs & Co. LLC pricing models, reflecting structuring costs and dealer compensation. Payments depend on the credit of GS Finance Corp. and the guarantor, and the notes will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, scheduled to mature in December 2032. The notes do not pay periodic interest. If the index is at or above rising call levels on annual observation dates from 2026 to 2031, the notes are automatically called, paying back principal plus a call premium that steps from 8% to 48%.

If the notes are never called, investors receive at least the $1,000 face amount at maturity and participate 100% in any positive index return above the initial level. The index uses daily rebalancing, a 5% volatility control, momentum risk control and an annual deduction of 0.65%, and can be heavily allocated to low‑yielding cash-like positions.

The preliminary estimated value is $850–$890 per $1,000 face amount, below the expected original issue price, reflecting fees and structuring costs. Key risks include issuer and guarantor credit risk, limited or no secondary market, complex index mechanics, capped call payouts, no dividends or interest, and U.S. tax treatment as a contingent payment debt instrument requiring annual income accrual.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes due in 2027 whose payoff depends on the lesser performance of the Russell 2000® Index and the S&P 500® Index. The notes pay no interest and return is based only on index levels at a single determination date.

For each $1,000 face amount, investors can receive up to a maximum settlement amount of at least $1,242.5, reflecting a cap level of at least 124.25% of each index’s initial level with a 100% upside participation rate. A 10% buffer protects against modest declines, but if the lesser performing index falls more than 10% from its initial level, principal is reduced one-for-one beyond that buffer and investors can lose a substantial portion of their investment.

The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, below the issue price, reflecting fees, hedging costs and issuer economics. Payments are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and there may be limited or no secondary market. The tax treatment is uncertain and may change.

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

Investors can receive a monthly coupon of $10.584 per $1,000 face amount (about 1.0584% monthly, or up to approximately 12.7% per year) when the closing level of each index is at least 70% of its initial level on the observation date. The notes are automatically called, returning $1,000 per note plus the due coupon, if on a call observation date each index is at or above its initial level.

If the notes are not called, at maturity investors receive $1,000 per note when the worst-performing index is at least 70% of its initial level; otherwise repayment is reduced one-for-one with the worst index’s loss, and investors can lose their entire principal. The notes carry issuer and guarantor credit risk, may trade below the issue price, may lack liquidity, and have uncertain and complex tax treatment.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2032 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 4.50% per annum from the original issue date, expected to be December 16, 2025, to the stated maturity date, expected to be November 30, 2032. Interest is expected to be paid annually on December 16 and at maturity.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on each March 16, June 16, September 16 and December 16 on or after March 16, 2027 at 100% of principal plus accrued interest. The notes will be issued in book-entry form through DTC, are unsecured senior debt of Goldman Sachs, and are not bank deposits or FDIC insured. The notes are being distributed through underwriters, including Goldman Sachs & Co. LLC and InspereX LLC, and are subject to various selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering preliminary structured notes that do not pay interest and repay at maturity based on an equally weighted basket of 15 large‑cap and growth stocks. The basket starts at 100 and is measured from an expected trade date of December 9, 2025 to an expected determination date of June 9, 2027, with maturity expected on June 14, 2027.

For each $1,000 face amount, if the basket return is positive, investors receive $1,000 plus three times the basket’s gain, capped at a maximum settlement amount of $1,317.5 (corresponding to a cap level of approximately 110.583% of the initial basket level). If the basket declines by up to 25%, investors receive $1,000. If it falls more than 25%, repayment falls one‑for‑one with the basket, and investors can lose their entire investment.

The notes’ estimated value at pricing is expected between $900 and $930 per $1,000, reflecting underwriting and structuring costs. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., forgo dividends on the basket stocks, and face complex market disruption and anti‑dilution adjustment provisions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero-coupon notes linked to an equally weighted basket of 15 U.S.-listed stocks including Alphabet, Meta, Costco and Boeing. The notes mature on an expected stated maturity date of June 14, 2027, with performance measured from an expected trade date of December 9, 2025 to an expected determination date of June 9, 2027.

For each $1,000 face amount, investors receive 3x the positive basket return if the final basket level is above the initial level, capped at a maximum settlement amount of $1,277.5 when the basket reaches 109.25% of its initial level. If the basket falls by up to 25%, investors receive the full $1,000, but if it declines by more than 25%, repayment is reduced one-for-one with the basket return, and investors can lose their entire principal. The notes pay no interest, have an estimated initial value between $900 and $930 per $1,000, and expose holders to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $10 face-amount Trigger Autocallable Contingent Yield Notes linked to the worst performer of the S&P 500®, Russell 2000® and EURO STOXX 50® indices. The notes target quarterly contingent coupons between $0.25625 and $0.2625 per $10 (up to about 10.25%–10.50% per year) if on each observation date all three indices are at or above 75% of their initial level.

Starting in May 2026, the notes are automatically called if, on any quarterly observation date, each index is at or above its initial level; in that case investors receive $10 plus the due coupon and the product terminates. If the notes are not called and, on the November 27, 2028 determination date, every index is at or above its 75% downside threshold, investors get back $10 per note plus the final coupon.

If at maturity any index is below its downside threshold, repayment is reduced one-for-one with the loss of the worst-performing index and no final coupon is paid, so investors can lose some or all principal. The notes are unsecured, subject to the credit risk of GS Finance Corp. and its parent, and the estimated value at pricing is expected to be $9.50–$9.80 per $10 face amount.

GS Finance Corp. is offering S&P 500® Index-linked notes due December 7, 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes repay the $1,000 face amount at maturity and provide equity-linked upside to the S&P 500® Index.

If the index level at final valuation is above its initial level, investors receive $1,000 plus the index return, capped at a maximum settlement amount of $1,195 per $1,000 note (119.5% of face). If the index is flat or lower, investors receive only the $1,000 face amount, with no additional return.

The notes pay no periodic interest, may trade below face value before maturity, and are subject to the credit risk of GS Finance Corp. and its parent guarantor. For U.S. tax purposes, they are treated as contingent payment debt instruments, generally requiring holders to accrue ordinary income annually based on a comparable yield, with any gain at sale or maturity taxed as ordinary interest income.

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. The notes do not pay interest and return depends solely on index performance from the initial level (set on the expected December 29, 2025 trade date) to the final level on the expected June 29, 2028 determination date.

At maturity, for each $1,000 note, investors receive: full principal plus upside at an upside participation rate of at least 104% if the index return is zero or positive; a positive return equal to the absolute index loss if the index is down but not by more than 15%; or principal reduced by index loss in excess of the 15% buffer if the index falls more than 15%. The S&P 500® Futures Excess Return Index tracks E-mini S&P 500 futures, so performance can differ from the S&P 500® Index itself.

The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, reflecting structuring costs and dealer compensation. Payments are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes linked to the S&P 500® Futures Excess Return Index, with a stated maturity expected in late December 2030 and $1,000 minimum denominations. The notes pay no interest and the payoff depends entirely on the index level on the determination date, not on any earlier levels.

If the index return is zero or positive, investors receive the greater of a threshold settlement amount of at least $1,415 per $1,000 face amount or $1,000 plus the index gain. If the index return is negative but not below -30% (the index stays at or above 70% of its initial level), investors receive $1,000 plus the absolute index loss as a gain. If the index falls more than 30% (below 70% of the initial level), principal is lost one-for-one with the index, up to a total loss of the investment.

The structure is exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected between $885 and $925 per $1,000, reflecting dealer costs and hedging, and secondary market prices may be lower. Tax treatment is complex and described as a pre-paid derivative contract, with potential future law changes highlighted as a key risk.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder ^® Focus ER Index, maturing in 2032. The notes do not pay periodic interest. If on any annual call observation date the index is at or above a rising call level (from 100.75% to 104.50% of the initial index level), the notes are automatically redeemed early at par plus a fixed call premium (from 9% up to 54% of face value).

If the notes are never called, at maturity investors receive at least the $1,000 face amount per note and participate 100% in any positive index return; if the index is flat or negative, only principal is repaid. Goldman’s estimated value on the trade date is $850 to $880 per $1,000 face amount, below the issue price, reflecting fees and hedging costs.

The underlying index is a rules-based, volatility- and momentum-controlled strategy with a 5% volatility target and a 0.65% per annum deduction that can heavily allocate to cash-like positions, which may dampen returns. Key risks include the credit risk of GS Finance Corp. and its parent, potentially low or capped returns, limited liquidity, sensitivity to rates and index behavior, and treatment as a contingent payment debt instrument for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing auto-callable notes linked to an equally weighted basket of five stocks: Advanced Micro Devices, AppLovin, Astera Labs, Micron Technology and Robinhood Markets. The basket starts at a level of 100, with each stock given a 20% weight.

The notes have a face amount of $1,000 (aggregate $677,000 initially) and mature on November 29, 2030, but can be automatically called as early as November 23, 2026 if the basket level is at or above the initial level. If called, holders receive $1,000 plus a fixed call premium, starting at 16.75% and rising on later call dates up to 79.5625%.

If not called, maturity payment depends on the basket’s final level. Above or equal to the initial level, investors get $1,000 plus 100% of the basket’s gain. Between a 0% and 50% decline, principal is repaid. Below a 50% decline, losses match the basket drop and can reach 100% of principal. The estimated value is about $885 per $1,000 face due to fees, hedging costs and dealer margins, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering an aggregate $4,927,000 of auto-callable buffered income notes linked equally to Apple, Amazon, Alphabet Class C and NVIDIA common stock. The notes mature on November 29, 2028, unless automatically called beginning in November 2026 when, on a call observation date, each stock’s closing price is at or above its initial price ($271.49 AAPL, $220.69 AMZN, $299.65 GOOG, $178.88 NVDA). If called, holders receive the $1,000 face amount per note plus the applicable coupon.

On monthly observation dates, investors receive a $10.417 coupon per $1,000 (1.0417% monthly, up to about 12.5% per year) only if each stock is at or above 60% of its initial price; otherwise the coupon is zero. At maturity, if not called, principal repayment depends solely on the worst-performing stock: full principal plus the final coupon if the worst stock is at least 80% of its initial level, partial principal between 80% and 99.99% if it finishes between 60% and 80%, and a loss of principal with no coupon if it falls below 60%. The original issue price is 100% of face, including a 3.25% underwriting discount, and the estimated value is about $923 per $1,000.

GS Finance Corp. is offering $9,515,500 of Trigger Autocallable Contingent Yield Notes due 2030, guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the least performing of the EURO STOXX 50® Index and the S&P 500® Index, so the weaker index drives results.

Investors may receive a $0.25 quarterly contingent coupon per $10 face amount (up to 10% per year), but only if on each observation date both indices are at or above 70% of their initial levels, which also serves as the downside threshold. Starting in May 2026, the notes are automatically called if both indices are at or above their initial levels, returning face amount plus the coupon then due.

If the notes are not called and on the final observation date in November 2030 either index finishes below 70% of its initial level, repayment of principal is reduced one-for-one with the loss in the lesser performing index, and investors can lose their entire investment. Payments are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $2,096,000 aggregate face amount of callable notes linked to the S&P 500® Futures Excess Return Index, maturing on November 26, 2030. The notes pay no interest and are unsecured obligations of the issuer, subject to the guarantor’s credit risk.

At maturity, for each $1,000 note investors receive: leveraged upside of 165% of any index gain; full principal repayment if the index is between 80% and 100% of the initial level of 539.99; and a loss of principal if the index falls below 80%, with losses increasing one‑for‑one beyond a 20% drop. The issuer may redeem the notes early on scheduled call payment dates at 100% of face amount plus a call premium that rises over time. The original issue price is 100% of face amount, with a 4.125% underwriting discount and estimated initial value of about $929 per $1,000.

GS Finance Corp. (GS) is offering callable, income-paying notes linked to three underliers: the Russell 2000® Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes mature on November 26, 2031, but can be automatically called on monthly observation dates from May 2026 to October 2031 if the closing level of each underlier is at or above its initial level (2,369.587 for the Russell 2000, 11,840.45 for the Nasdaq-100 Technology Sector Index and $326.13 for the VanEck Semiconductor ETF).

On each monthly coupon observation date, if each underlier is at least 75% of its initial level, investors receive a coupon of $13.334 per $1,000 face amount (1.3334% monthly, up to about 16% per year); otherwise, no coupon is paid. If the notes are not called, the maturity payoff depends on the worst-performing underlier. If each final level is at least 60% of its initial level, investors receive $1,000 per note plus any final coupon; if the worst underlier is below 60%, principal is reduced one-for-one with that underlier’s loss, and investors can lose their entire investment and receive no coupon.

The notes are senior unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc. The aggregate initial face amount is $1,300,000, the original issue price is 100% of face, the underwriting discount is 0.5%, and net proceeds to the issuer are 99.5% of face. The estimated value on the trade date is approximately $988 per $1,000, reflecting fees, hedging and model-based pricing. Payments are subject to the credit risk of the issuer and guarantor, and investors have no ownership or dividend rights in the indices or ETF.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the stocks of Meta, Amazon, Alphabet (Class C) and NVIDIA. The notes have an aggregate face amount of $1,460,000 and mature on December 1, 2031, unless automatically called from observation dates beginning in November 2026 through October 2031 when all four stocks are at or above their initial prices.

For each $1,000 face amount, holders may receive a monthly coupon of $6.375 (0.6375%, up to 7.65% per year) only if on the relevant observation date every stock closes at or above 75% of its initial price; otherwise the coupon is zero. If the notes are called, investors receive face amount plus the applicable coupon. If not called, at maturity investors receive face amount plus any final coupon.

The original issue price is 100% of face amount, with a 4.125% underwriting discount and 95.875% net proceeds to the issuer. The estimated value on the trade date is approximately $932 per $1,000 face amount, reflecting structuring and distribution costs. Payments depend entirely on the credit of GS Finance Corp. and the guarantor, and the notes are unsecured, unlisted and may have limited secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,240,000 of Callable 10-Year CMT Rate-Linked Range Accrual Notes due November 26, 2035 under its Medium-Term Notes, Series F program. Investors receive a fixed 7.25% per annum coupon for the first four quarterly payments, then a variable rate up to 7.25% based on how often the 10-year Constant Maturity Treasury (CMT) yield stays between 0.00% and 5.00% on scheduled reference dates. If the 10-year CMT is outside this range on every reference date in a period, no interest is paid for that quarter. The issuer may redeem the notes at 100% of principal plus accrued interest on any interest payment date on or after November 2026, which can shorten the term. The notes price at 100% of principal, with net proceeds of 96.50% (about $1,196,600) to the issuer and an estimated value of approximately $948 per $1,000 note, reflecting structuring and distribution costs. Payments depend on the credit of both GS Finance Corp. and the guarantor, and the notes will not be listed on an exchange.