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 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.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $900,000 of structured notes linked to an equally weighted basket of Broadcom, Meta Platforms, NVIDIA and Tesla. The notes can be automatically called starting in November 2026 if the basket is at or above its initial level, returning the $1,000 face amount per note plus a coupon.
Monthly coupons of $7.5 per $1,000 (0.75%, up to 9% per year) are paid only when the basket is at least 75% of its initial level; otherwise no coupon is paid. At maturity in 2030, if the basket is at least 80% of its initial level, holders receive full principal plus any final coupon; between 75% and 80%, they receive 95%–99.99% of principal plus the final coupon; below 75%, principal is reduced, with losses up to 80% of face value.
The estimated value is approximately $922 per $1,000, below the 100% issue price, reflecting dealer compensation, hedging and structuring costs. Payments depend entirely on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes do not provide direct ownership or dividends in the underlying stocks.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $622,000 aggregate face amount of buffered notes linked to the S&P 500® Futures Excess Return Index, maturing on May 25, 2028. The notes do not pay interest and are unsecured obligations subject to the credit risk of both GS Finance Corp. and the guarantor.
The payoff depends on index performance from the initial level of 539.99 on the November 21, 2025 trade date to the final level on May 22, 2028. For each $1,000 note, investors participate 1:1 in gains or zero performance, but returns are capped at a maximum settlement amount of $1,600, corresponding to a cap level of 160% of the initial level. If the index falls but stays at or above 85% of the initial level, investors receive the absolute value of the loss as a positive return. If it falls below 85%, losses equal the index return plus 15%, so a substantial portion of principal can be lost.
The original issue price is 100% of face amount, with an underwriting discount of 2.97% and net proceeds of 97.03%. The estimated value at pricing is approximately $956 per $1,000 face amount, reflecting fees and hedging costs. Key risks include structural complexity, limited upside due to the cap, exposure to futures-related effects such as negative roll yield, potential illiquidity, and tax treatment uncertainty, along with general market and credit risks.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers medium-term notes linked to the Goldman Sachs Momentum Builder Focus® ER Index with an aggregate face amount of $896,000. The notes pay no coupons and return at least the face amount at maturity on May 24, 2029, subject to issuer and guarantor credit risk.
If the index’s final level exceeds the initial level of 109.44, investors receive $1,000 plus $1,000 × the 305% upside participation rate × index return. If the index is flat or down, the maturity payment is $1,000. The index is an excess-return strategy that reallocates daily across equity, bond, commodity and cash exposures, applies a 5% volatility control and momentum overlays, and deducts 0.65% per year, so high cash allocations and fees can significantly reduce index gains.
The original issue price is 100% of face, with a 3.17% underwriting discount and 96.83% net proceeds to the issuer. The notes are treated for U.S. tax purposes as contingent payment debt instruments, with a comparable yield of 4.1721% and a projected maturity payment of $1,157.47 per $1,000 face amount, meaning taxable ordinary income accrues over the life of the notes even though cash is paid only at maturity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged underlier-linked notes due November 26, 2027 with a total face amount of $3,425,000. The notes pay no interest and repay an amount at maturity based on the lesser performer of the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF, measured from the November 21, 2025 trade date to the determination date.
If both underliers finish above their initial levels (5,515.09 for EURO STOXX 50 and $92.65 for EFA), upside is leveraged at a 177% participation rate on the lesser performer. If any underlier finishes below its initial level but both remain at or above 90% of their initial levels, investors receive only the $1,000 face amount per note. If any underlier falls below 90% of its initial level, principal is reduced one-for-one with the lesser performer’s loss beyond a 10% buffer, so a substantial loss of principal is possible.
The original issue price is 100% of face amount, with a 0.8% underwriting discount and 99.2% net proceeds to the issuer. The estimated value on the trade date is approximately $975 per $1,000 face amount, reflecting structuring and distribution costs. Payments depend on the issuer’s and guarantor’s credit, and the notes will not be listed, so secondary market pricing and liquidity are uncertain.
GS Finance Corp. is offering $500,000 of structured notes linked to the Class A common stock of Strategy Inc. The notes pay a contingent monthly coupon only if the underlier closes at or above a coupon trigger level set at 50% of the initial level of $177.13. If on any call observation date the underlier is at or above the initial level, the notes are automatically called and investors receive the $1,000 face amount plus the due coupon.
If the notes are not called and, at maturity, the underlier is at or above the 50% trigger buffer level, investors receive full principal back plus any final coupon. If the final level is below this buffer, the payoff falls one-for-one with the stock’s decline, and investors can lose their entire investment. The original issue price is 100% of face amount, with a 0.2% underwriting discount, and the notes carry both issuer and guarantor credit risk, may lack liquidity, and are not listed on any exchange.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes maturing on November 29, 2030 whose payments depend on the common stocks of Vistra Corp., UnitedHealth Group, Tesla and NVIDIA. The notes can be automatically called monthly from November 2026 through October 2030 if each stock’s closing price is at or above its initial level ($168.59 VST, $319.97 UNH, $391.09 TSLA, $178.88 NVDA). If called, holders receive the $1,000 face amount per note plus that period’s coupon.
On each monthly observation date from December 2025, if all four stocks are at or above 77.5% of their initial prices, the notes pay a maximum coupon of $8.334 per $1,000 (0.8334% monthly, about 10% per year). If any stock is below its trigger, the notes pay only the minimum coupon of $0.209 per $1,000 (0.0209% monthly, about 0.25% per year). At maturity, if not called, each $1,000 note repays $1,000 plus the final coupon.
The aggregate initial face amount is $2,332,000, with an original issue price of 100%, a 4% underwriting discount and 96% net proceeds to the issuer. The estimated value on the trade date is about $934 per $1,000 note, reflecting structuring costs and dealer compensation. Payments depend on the credit of GS Finance Corp. and the guarantor, and the notes do not provide any equity ownership or dividends in the underlying stocks.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable income notes linked to NVIDIA, Meta Platforms Class A and Dell Technologies Class C common stock. The notes have a face amount of $1,125,000 in aggregate at issuance, with denominations of $1,000, and mature on November 29, 2028 unless automatically called starting in November 2026.
Investors may receive a monthly coupon of $10.625 per $1,000 (1.0625% monthly, up to 12.75% per year) only when the closing price of each stock on the observation date is at least 60% of its initial price. The notes are automatically redeemed at par plus the coupon if, on any call observation date, all three stocks are at or above their initial prices.
At maturity, if the notes were not called and all final stock prices are below their initial levels and any is below 80% of its initial price, repayment is reduced based on the worst-performing stock and can be well below par, with no coupon if any final price is below 60% of its initial level. The estimated value on the trade date is about $944 per $1,000 face amount, reflecting fees and hedging costs, 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 $610,000 of auto-callable notes linked to Alphabet (Class C), Meta (Class A), NVIDIA and Tesla stock. The notes pay no interest and may be automatically called monthly if each stock is at or above its initial level, returning your principal plus a call premium that starts at 9% and steps up over time.
If the notes are never called and, on the determination date, every stock is at or above its initial level, investors receive principal plus a 45% maturity premium; if any stock is below its initial level, only principal is repaid. Market value can fall below face value before maturity, returns are capped, and investors take on the credit risk of GS Finance Corp. and Goldman Sachs. For tax purposes, the notes are treated as contingent payment debt instruments with a comparable yield of 4.37% and a projected maturity payment of $1,245.59 per $1,000.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500®-linked notes with an aggregate face amount of $1,593,000. At maturity, each $1,000 note pays based on index performance from the trade date to the determination date.
If the S&P 500 final level is above the initial level, the payoff equals the index return but is capped at a maximum settlement amount of $1,270 per $1,000 note. If the index falls but stays at or above 90% of the initial level, holders receive back the $1,000 face amount. If it drops below 90%, principal is reduced dollar-for-dollar with the index decline beyond the 10% buffer, and a substantial loss of principal is possible. The notes pay no interest, are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited liquidity, and carry uncertain U.S. tax treatment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering $5,700,000 of auto-callable notes linked to the stocks of Strategy Inc (formerly MicroStrategy), Coinbase Global and Super Micro Computer. The notes mature on November 29, 2030 but can be automatically called monthly from November 2026 if each stock closes at or above its initial price ($170.50, $240.41 and $32.19, respectively). On each monthly observation date, if all three stocks are at or above 70% of their initial prices, investors receive a maximum coupon of $8.042 per $1,000 (0.8042% monthly, about 9.65% per year); otherwise they receive a minimum coupon of $0.209. At maturity, holders receive $1,000 per note plus the final coupon. The notes are unsecured, subject to the credit risk of GS Finance Corp. and the guarantor, and have an estimated value on the trade date of about $935 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the iShares Bitcoin Trust ETF (IBIT) with a face amount of $500,000 on the original issue date. The notes pay a conditional monthly coupon of $15.209 per $1,000 face value (about 1.5209% per month, or up to roughly 18.25% per year) only when the ETF’s closing level on an observation date is at least 70% of the initial level of $47.97.
The notes can be automatically called starting in May 2026 if IBIT is at or above the initial level, returning principal plus the applicable coupon. If held to November 27, 2028 and not called, principal repayment depends on IBIT’s final level: full principal is protected down to a 40% decline, with losses matching the ETF’s negative return beyond a 40% drop. Investors may lose their entire investment and may receive no coupons.
The notes carry the credit risk of GS Finance Corp. and its guarantor and are not insured deposits. They are highly sensitive to bitcoin price volatility, structural features such as automatic call and buffer, and to secondary market conditions. The estimated initial value is about $958 per $1,000 face amount, below issue price, reflecting fees, costs and dealer pricing.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of 10 large-cap stocks, including Coinbase, JPMorgan, Meta, Microsoft, NVIDIA and others. The notes pay no interest and are scheduled to mature on December 13, 2027.
The initial basket level is 100. At maturity, each $1,000 note pays: full principal plus 100% of any positive basket return, capped at a maximum settlement amount of $1,265; full principal back if the basket decline is up to 15%; or a loss equal to the basket return plus 15% if the basket falls more than 15%, which can result in a substantial loss of principal.
Payments depend solely on the basket level on the determination date, not on levels at other times, and are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount. Investors do not receive dividends on the underlying stocks.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500 Futures Excess Return Index-linked notes with an aggregate face amount of $1,258,000 under its Medium-Term Notes, Series F program.
For each $1,000 note held to maturity, you receive cash equal to $1,000 plus $1,000 multiplied by the underlier return if the final index level exceeds the initial level of 539.99. If the final level is equal to or below the initial level, you receive only the $1,000 face amount, so downside to maturity is limited to earning no return, but you can lose value if you sell before maturity.
The notes do not pay periodic interest and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The offering carries a 3.7% underwriting discount, so net proceeds to the issuer are 96.3% of face amount. For tax purposes, they are treated as contingent payment debt instruments, with a comparable yield of 4.37% per year and a projected payment at maturity of $1,245.13 per $1,000.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable equity-linked notes tied to the lowest performing of Broadcom, NVIDIA, Dell Technologies Class C and Micron stock, with a total offering of $8,923,000. Each note has a $1,000 face amount and may pay a $7.50 monthly contingent coupon (about 9.00% per annum) only if, on the monthly calculation day, the lowest performing stock is at or above 75% of its starting price.
From November 2026 to October 2030, if on any call date the lowest performing stock is at or above its starting price, the notes are automatically called at face value plus the final coupon. If never called, investors receive only principal back at maturity in November 2030, with no upside participation and no dividends. All payments depend on the credit of GS Finance Corp. and the Goldman Sachs guarantee, and the notes are designed to be held to maturity with no exchange listing.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $12,090,000 of Contingent Income Auto-Callable Securities linked to Exxon Mobil common stock, maturing on November 27, 2028. Each $1,000 note can pay a $25.375 contingent quarterly coupon if on the observation date the Exxon Mobil share price is at or above the downside threshold of $93.664 (80% of the $117.08 initial share price); otherwise no coupon is paid.
The notes are auto-callable: if on any call observation date the stock closes at or above the initial share price, investors receive $1,000 plus the coupon then due and the note terminates. At maturity, if not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon; if it is below, repayment is reduced in proportion to the stock’s decline, potentially to zero.
The securities are unsecured, subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on an exchange, and have an estimated value of about $965 per $1,000 at pricing. The original issue price is 100% of principal with a 2.25% underwriting discount and 97.75% net proceeds to the issuer.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term notes with an aggregate face amount of $966,000 linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes offer 100% upside participation in the index and a minimum cash repayment of the face amount at maturity if they are not automatically called.
The notes may be automatically called on annual observation dates if the index closes at or above rising call levels, paying for each $1,000 face amount a call premium from 9.25% up to 55.50% depending on the call year. They pay no periodic interest, are subject to the credit risk of GS Finance Corp. and its parent, and the index embeds a 0.65% annual deduction and can allocate heavily to cash, which can materially limit index returns. The estimated value on the trade date is $892 per $1,000 face amount, below the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $11,540,000 of principal-at-risk Contingent Income Auto-Callable Securities linked to the worst performer of the S&P 500 Index, Nasdaq-100 Index and Russell 2000 Index, maturing on November 26, 2027.
Investors can receive a contingent quarterly coupon of $29.375 per $1,000 only if each index stays at or above its downside threshold (75% of its initial level) on every index business day in the preceding observation period; a single breach by any index results in no coupon for that quarter.
The notes may be automatically called on scheduled call observation dates if all three indexes are at or above their initial levels, returning principal plus any due coupon, with no further payments afterward. If the notes are not called and, on the valuation date, any index is below its downside threshold, repayment is reduced in line with the worst index’s decline and can fall to zero, with no participation in any index gains.
The original issue price is 100% of principal, but the initial estimated value is about $976 per $1,000, reflecting fees, hedging costs and issuer credit spreads.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100, Russell 2000 and S&P 500-linked notes with a $1,000,000 aggregate face amount and $1,000 denominations. The notes pay a contingent quarterly coupon of $27.50 per $1,000 (2.75% quarterly, up to 11.00% per year) only when each index is at or above 70% of its initial level on the relevant observation date; otherwise no coupon is paid.
The notes can be automatically called from May 2026 onward if on a call observation date each index is at or above its initial level; investors then receive $1,000 plus the coupon. If not called, at maturity in November 2030 investors receive $1,000 per note only if each index is at or above 70% of its initial level. If any index finishes below this level, the principal repayment is reduced in line with the worst-performing index, and investors can lose up to 100% of their investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They are not listed, may have limited liquidity, and involve uncertain U.S. tax treatment as income-bearing prepaid derivative contracts.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,619,000 of leveraged callable notes linked to the S&P 500® Futures Excess Return Index, maturing on November 26, 2032. The notes pay no interest and return at least the face amount at maturity if not called.
If the final index level exceeds the initial level of 539.99, holders receive $1,000 plus 1.9x the positive index return per $1,000 note; if the index is flat or down, they receive $1,000. GS may redeem the notes monthly from November 2026 to October 2032 at 100% of face amount plus a call premium that rises over time (starting at roughly 10% and reaching about 69%).
The product tracks E‑mini S&P 500 futures, not the S&P 500 Index itself, and is exposed to futures-specific effects such as financing costs and negative roll yield. The estimated value at pricing is about $913 per $1,000, versus an issue price of 100% of face, reflecting fees and structuring costs. Investors bear the unsecured credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $500,000 of auto-callable notes linked to the Nasdaq-100, S&P 500 and EURO STOXX 50 indexes. The notes pay no interest and may be automatically called each year if all three indexes are at or above their initial levels, paying $1,000 plus a call premium of up to 42% depending on the call date.
If the notes are not called, the maturity payment depends on the worst-performing index. If all three indexes are at or above their initial levels at maturity, investors receive $1,000 plus a 52.5% maturity premium. If the worst index stays at or above 60% of its initial level but below that level, principal is returned. If the worst index falls below 60%, repayment is reduced one-for-one with that loss and investors can lose their entire investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed on an exchange, and their estimated value at pricing is less than the 100% issue price.
GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering $8,470,000 of auto-callable contingent coupon notes linked to the Nasdaq‑100, Russell 2000 and S&P 500 indices. The notes pay a monthly contingent coupon of $10.584 per $1,000 face amount (1.0584% per month, up to about 12.7% per year) only if on each observation date every index is at or above 70% of its initial level.
The notes can be automatically called on scheduled call dates if each index is at or above its initial level, in which case investors receive $1,000 per note plus any due coupon. If the notes are not called, and on the final determination date every index is at or above 70% of its initial level, investors receive $1,000 per note. If any index finishes below 70% of its initial level, repayment of principal is reduced one-for-one with the worst-performing index, and investors can lose their entire investment. Payments also depend on the credit of GS Finance Corp. and its parent guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering underlier-linked notes due 2030 tied to the EURO STOXX 50 Index and the iShares MSCI EAFE ETF. These notes pay no interest and the cash payment at maturity depends solely on the lesser performing underlier.
If each underlier finishes above its initial level, holders receive $1,000 plus 220.25% of the lesser-performing underlier’s gain. If any underlier is at or below its initial level but both stay at or above 65% of their initial levels, investors receive only the $1,000 face amount. If any underlier falls below 65% of its initial level, repayment is reduced one-for-one with the loss on the lesser performer, and investors can lose their entire principal.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and their estimated value at pricing is less than the issue price. Secondary-market prices may be volatile and there is no exchange listing.
GS Finance Corp. is offering $3,000,000 of trigger autocallable contingent yield notes due 2028, linked to the lesser performer of the Russell 2000® Index and the Nasdaq-100 Index® and guaranteed by The Goldman Sachs Group, Inc.
Holders may receive a $0.245 quarterly contingent coupon per $10 face amount (up to 9.80% per annum) 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, paying $10 plus the contingent coupon and ending further payments.
If the notes are not called and on the final observation date any index is below its downside threshold, repayment of principal is reduced one-for-one with the decline of the lesser-performing index, down to a total loss. The estimated value is about $9.81 per $10 at pricing versus a 100.00% issue price, reflecting an underwriting discount of 2.25% and issuer costs, and all payments depend 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 equity-linked notes tied to an equally weighted basket of 8 large-cap stocks, including Constellation Energy, Eaton, Equinix, Freeport-McMoRan, NextEra Energy, Quanta Services, Vertiv and Vistra. The aggregate face amount on the original issue date is $5,605,000, in minimum denominations of $10,000.
The notes pay no interest and mature on November 26, 2027, with an automatic call on December 4, 2026 if the basket level is at or above its initial level of 100. In that case, investors receive $1,169 per $1,000 face amount on December 9, 2026. If not called, maturity payment depends on the basket return: gains participate at a 125% upside rate, returns between 0% and -15% repay $1,000, and losses beyond -15% are amplified by a buffer rate of about 117.65%, so substantial losses up to total principal are possible.
The estimated value on the trade date is about $943 per $1,000, below the 100% issue price, reflecting structuring costs, underwriting discount of 1.5%, and dealer economics. Payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $9,338,000 of unsecured notes linked to UnitedHealth Group common stock. The notes pay no interest, may be automatically called on December 4, 2026 if UNH’s closing price is at or above the initial index stock price of $319.97, and would then pay $1,219 per $1,000 face amount on December 9, 2026.
If not called, the November 26, 2027 maturity payment depends on UNH’s price on November 22, 2027. If the final price is at or above the initial price, holders receive the greater of $1,438 or $1,000 plus 100% of the stock’s positive return. Losses begin if UNH falls more than 15%; below that buffer, investors lose about 1.1765% of principal for each additional 1% drop and could lose their entire investment. The estimated value on the trade date is about $972 per $1,000 versus a 100% issue price, reflecting underwriting (1.5%) and structuring costs.
Goldman Sachs, via GS Finance Corp., is issuing $37.8 million of Contingent Income Auto-Callable Securities linked to NVIDIA (NVDA), maturing on November 27, 2028. Each note has a $1,000 principal amount and offers a contingent quarterly coupon based on NVDA’s stock performance. On each observation date, if NVDA’s closing price is at or above the downside threshold of $89.44 (50% of the $178.88 initial share price), investors receive a coupon calculated using $27.50 per elapsed observation date, net of prior coupons.
The notes are auto-callable: if NVDA is at or above the initial share price on any call observation date, investors receive $1,000 plus the coupon then due, and the note terminates early. If held to maturity and NVDA is at or above the threshold, investors get $1,000 plus the final coupon. If NVDA finishes below the threshold, repayment is reduced one-for-one with NVDA’s decline, potentially to $0. Investors do not participate in any upside above par and face both issuer/guarantor credit risk and principal-at-risk market exposure. The estimated value is about $964 per $1,000 note, reflecting fees and structuring costs.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $780,000 of S&P 500® Daily Risk Control 5% USD Excess Return Index-linked notes due November 27, 2028. The notes pay no interest and return depends entirely on index performance between the trade date and determination date.
For each $1,000 face amount, if the final index level is at or above the initial level of 176.53, investors receive $1,000 plus 108% of the index gain. If the index is below its initial level, investors receive $1,000 plus the absolute index loss, capped at a maximum downside settlement amount of $2,000 per $1,000. The index embeds borrowing costs at SOFR plus 0.02963% and targets 5% volatility, which can cause it to lag the S&P 500® Total Return Index.
The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc. The estimated value at pricing is approximately $956 per $1,000, reflecting structuring and distribution costs, and secondary market prices may be lower. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring annual accrual of taxable income before maturity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked Medium-Term Notes, Series F, with an aggregate face amount of $556,000.
At maturity on August 24, 2028, investors receive for each $1,000 note either (i) $1,000 plus the S&P 500 return, capped at a maximum settlement amount of $1,144, if the index finishes above its initial level of 6,602.99, or (ii) $1,000 if the index is at or below that level. The notes do not pay periodic interest and offer full principal repayment only at maturity if held to that date.
The product embeds issuer and guarantor credit risk, limited upside relative to direct equity exposure, potential price volatility before maturity, and is treated as a contingent payment debt instrument for U.S. tax purposes, with a disclosed comparable yield of 4.1217% per annum.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $3,505,000 of callable notes linked to the S&P 500 Index. The notes pay no interest and mature on November 26, 2031, unless redeemed earlier at the issuer’s option on monthly call payment dates from November 2026 to October 2031, with call premiums rising from 6.6% up to 39.05% of face amount.
At maturity, if not called, holders receive for each $1,000 the greater of $1,000 or $1,000 plus 100% of any positive S&P 500 return from the initial level of 6,602.99; if the index is flat or down, repayment is $1,000. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor. The issue price is 100% of face, with a 4.125% underwriting discount and an estimated value of about $927 per $1,000. For U.S. tax purposes they are treated as contingent payment debt instruments, using a 4.5% comparable yield and a projected maturity payment of $1,311.02 per $1,000.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $728,000 of Absolute Return Trigger Notes due November 30, 2027 linked to the S&P 500® Index. The notes do not pay interest. Instead, the cash you receive at maturity depends on index performance between the trade date and the determination date.
If, on any trading day in that period, the index closes below 79% or above 121% of the initial level of 6,538.76, a barrier event occurs and you receive a fixed $1,020 per $1,000 face amount at maturity, a 2% gain, regardless of the final index level. If no barrier event occurs, you receive $1,000 plus the absolute index return, capped between 0% and 21%, so the most you can receive is $1,210 per $1,000.
The original issue price is 100% of face, with a 2.27% underwriting discount and 97.73% net proceeds to the issuer. Goldman estimates the initial fair value at about $953 per $1,000, reflecting structuring and distribution costs. Investors face the credit risk of GS Finance Corp. and its parent, potential illiquidity in any secondary market, limited upside and complex U.S. tax treatment as a contingent payment debt instrument.