Here are the 424B prospectus supplements from Goldman Sachs Group Inc. (GS) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow GS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GS filings page.
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.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due September 28, 2028 as part of its Medium-Term Notes, Series F program. These notes pay no interest and repay at least the face amount at maturity.
For each $1,000 note, holders receive $1,000 if the S&P 500® final level is equal to or below its initial level. If the index is higher, the payoff is $1,000 plus the index return, capped at a maximum settlement amount of at least $1,150, so upside participation is limited.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and are not bank deposits or FDIC insured. They are expected to be treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over the term, and will not be listed on any securities exchange, with any secondary market depending on dealer market-making.
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.