Goldman Sachs Group Inc. 424B Filings

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.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing ETF-linked notes under its Medium-Term Notes, Series F program with an aggregate face amount of $1,315,000. The notes mature on November 26, 2027 and are tied to the Energy Select Sector SPDR Fund (XLE) and the Pacer US Cash Cows 100 ETF (COWZ).

Holders may receive a monthly coupon of $6 per $1,000 in face amount (0.6% monthly, up to 7.2% per year) if on each observation date both ETFs are at or above 80% of their initial levels ($89.42 for XLE and $58.05 for COWZ). If either ETF is below 80% on an observation date, no coupon is paid for that month.

If the notes are not redeemed early and held to maturity, principal repayment depends on the worst-performing ETF. Full principal is repaid if each ETF is at or above 70% of its initial level; below that, repayment is reduced in line with the decline of the weaker ETF, and all principal can be lost. Goldman Sachs may redeem the notes at par plus any due coupon on monthly payment dates from May 2026 through October 2027. The original issue price is 100% of face amount, with a 3% underwriting discount and 97% net proceeds to the issuer. The estimated value at pricing is about $940 per $1,000, reflecting structuring costs and dealer compensation.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering non-interest-bearing auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The index uses up to 500% leverage, a 40% volatility target and a fixed 6.0% per annum decrement that is deducted daily, which can significantly reduce returns and magnify losses.

The notes may be automatically called quarterly from May 2026 if the index is at least 95% of the initial level of 439.49, paying back principal plus a call premium (starting at 12.5% and stepping up to 118.75% of face). If not called and at maturity in November 2030 the index is at least 95% of its initial level, holders receive a capped maximum of $2,250 per $1,000 face amount. If the index falls by up to 40%, holders receive principal; if it falls by more than 40%, repayment is reduced one-for-one with the index loss and all principal can be lost.

The aggregate face amount is $1,801,000, issued at 100% of face with net proceeds of 99.2% after a 0.8% underwriting discount. The estimated value on the trade date is approximately $952 per $1,000 face amount, reflecting structuring costs and dealer compensation, and secondary market prices may be lower and influenced by Goldman Sachs’ credit risk and market factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, no-interest notes linked to three underliers: the Nasdaq-100 Technology Sector Index, the S&P 500® Index and the Energy Select Sector SPDR® Fund. The notes have an aggregate face amount of $1,977,000, a trade date of November 21, 2025 and a stated maturity of November 30, 2027, subject to early automatic call.

The notes may be automatically called on call observation dates starting November 23, 2026 if each underlier is at least 90% of its initial level (11,840.45 for the Nasdaq-100 Technology Sector Index, 6,602.99 for the S&P 500® Index and $89.42 for XLE). If called, investors receive $1,000 plus a call premium of 16% or 24% depending on the call date.

If not called, the maturity payoff per $1,000 depends on the lesser performing underlier. Investors receive $1,320 if all final levels are at least 90% of initial; $1,000 if all are at least 70% but any is below 90%; and otherwise $1,000 plus the lesser performing underlier return times $1,000, which can reduce repayment below 70% of face, including total loss. The maturity upside is capped at a 32% gain, investors forgo dividends, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is approximately $967 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,308,000 of index-linked Medium-Term Notes, Series F. These notes pay a contingent quarterly coupon of $22.125 per $1,000 face amount (2.2125% quarterly, up to 8.85% per year) only if the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index are each at or above 70% of their initial levels on the relevant observation date.

The notes can be automatically called on specified dates if all three indexes are at or above their initial levels, returning $1,000 per note plus any due coupon, which can significantly shorten the investment term. If the notes are not called, principal repayment at maturity in 2031 depends on the worst-performing index. If the lowest index finishes below 70% of its initial level, repayment is reduced one-for-one with that decline, and investors can lose their entire investment.

The notes are unsecured obligations exposed to the credit risk of GS Finance Corp. and its parent, have an estimated value below the 100% issue price due to fees and expenses, are not listed on any exchange and may have limited secondary market liquidity. The tax treatment is complex and uncertain, and coupon payments are expected to be taxed as ordinary income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term, index-linked notes with an aggregate face amount of $25,186,000 tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes can be automatically called each year if the index closes at or above a rising call level; in that case, holders receive $1,000 per note plus a call premium (starting at 7.70% in 2026 and stepping up annually).

If the notes are never called, the cash paid at maturity in 2032 depends on index performance: for a positive index return, investors receive $1,000 plus 100% of the index gain; for a flat or negative index return, they receive only the $1,000 face amount. The notes pay no periodic interest, and the estimated value on the trade date is $892 per $1,000 face amount, below the original issue price, reflecting fees and hedging costs.

The underlying index is a rules-based, daily rebalanced strategy that allocates among equity, bond, commodity and cash exposures, applying 5% volatility control, a momentum risk control overlay and a 0.65% annual deduction, which can keep a large portion of the index in low- or zero-return cash positions. Key risks include issuer and guarantor credit risk, potential illiquidity, capped returns upon early call, complex index methodology, tax treatment as a contingent payment debt instrument and the possibility of earning no return beyond principal repayment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon notes linked to the S&P 500® Index and maturing on January 2, 2031. The notes can pay a quarterly coupon of at least $16.5 per $1,000 face amount (at least 1.65% per quarter, with the potential for up to at least 6.60% per year) if on each observation date the index is at or above 70% of its initial level; otherwise, no coupon is paid for that quarter.

At maturity, if the notes have not been redeemed and the S&P 500® is at or above 70% of its initial level, investors receive back the full $1,000 per note. If the index finishes below 70%, repayment is reduced one-for-one with the index decline, so investors can lose up to 100% of their principal. The issuer may redeem the notes at par plus any due coupon on quarterly dates from January 2027 through October 2030, which can shorten the investment term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $721,000 of leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, maturing on November 27, 2028. The notes pay no interest; all value comes from the index performance between the initial level of 539.99 and the final level on the determination date.

If the index return is zero or positive, holders receive their principal plus 118% of the index gain. If the index is down but not by more than 21.5%, investors gain the absolute value of the loss (a buffer-with-reversal feature). If the index falls more than 21.5%, principal is reduced by the decline beyond that buffer, so a substantial loss of principal is possible.

The original issue price is 100% of face, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The estimated value at pricing is about $979 per $1,000, reflecting fees and hedging costs. Payments depend on the credit of GS Finance Corp. and its guarantor, and there may be limited or no secondary market. The filing also highlights complex tax treatment and potential future tax law changes affecting returns.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon equity-linked notes due 2027 tied to Tesla, Inc. common stock. Investors receive a monthly coupon of $17.5 per $1,000 (1.75% per month, up to 21.00% per year) only if Tesla’s closing level on the observation date is at least 60% of the initial level. At maturity, if not previously redeemed and Tesla is at or above 50% of its initial level, investors receive full principal; below 50%, repayment falls one-for-one with Tesla’s decline, and the entire investment can be lost. The issuer may call the notes at par plus any due coupon on any coupon payment date from March 2026 through August 2027. The estimated value on the trade date is lower than the original issue price, the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and they will not be listed, which may limit liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked notes with an automatic call feature and significant downside risk. The notes have a $2,643,000 aggregate face amount and a $1,000 face value per note. They pay no interest and may be automatically called on December 9, 2026, if the S&P 500 closing level on the December 4, 2026 call observation date is at or above the initial level of 6,602.99, in which case holders receive $1,080 per $1,000 face amount.

If not called, the November 27, 2028 maturity payment depends on index performance. Above the initial level, investors receive $1,000 plus 202.23% of the index gain. Between 90% and 100% of the initial level, they receive back only the $1,000 face amount. Below 90%, losses accelerate via a buffer rate of about 111.11%, and investors can lose their entire investment. The notes’ estimated value on the trade date is less than the 100% issue price, they are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., and there may be limited or no secondary market liquidity.

The Goldman Sachs Group, Inc. (GS) is offering callable fixed rate notes due 2035 under its Medium-Term Notes, Series N program. The notes are expected to be issued on December 16, 2025 and to mature on December 14, 2035.

Investors are expected to receive a fixed interest rate of 5.00% per annum, with interest paid annually on December 16 and at maturity, starting with the first payment expected on December 16, 2026. Interest is calculated using the 30/360 (ISDA) day count convention.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on quarterly redemption dates, expected to be March 16, June 16, September 16 and December 16 on or after December 16, 2027, at 100% of the outstanding principal amount plus accrued and unpaid interest to, but excluding, the redemption date. The notes are issued in book-entry form through DTC, are not bank deposits and are not insured by the FDIC or any governmental agency.

The notes are being underwritten by Goldman Sachs & Co. LLC and InspereX LLC, with sales at the initial price to the public or at market-related or negotiated prices. The offering is restricted in certain jurisdictions, including the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, where sales are limited to specified non-retail or professional investors and subject to local securities laws.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2045 under its Medium-Term Notes, Series N program. The notes are expected to be issued on December 16, 2025 and pay interest at a fixed rate of 5.35% per annum from the original issue date to the stated maturity date, expected to be December 15, 2045.

Interest is expected to be paid annually on December 16, beginning December 16, 2026, and at maturity. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on quarterly redemption dates starting on or after December 16, 2028 at 100% of principal plus accrued interest. The notes are unsecured senior debt, issued only in book-entry form through DTC, are not bank deposits, and are not insured by the FDIC or any government agency.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2037 under its Medium-Term Notes, Series N program. The notes are expected to be issued on December 16, 2025 and are scheduled to mature on December 16, 2037.

Holders will receive interest at a fixed rate of 5.05% per annum, paid annually on each December 16, with the first payment expected on December 16, 2026. The notes are senior unsecured obligations, issued in book-entry form through DTC, and are not bank deposits, are not FDIC insured, and are not guaranteed by a bank.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on each March 16, June 16, September 16 and December 16 on or after December 16, 2027 at 100% of principal plus accrued and unpaid interest, upon at least five business days’ notice. There is no sinking fund, and investors cannot require early repayment. Interest is calculated using a 30/360 (ISDA) day count convention, interest is taxable as ordinary income for U.S. holders, and the notes are generally subject to FATCA withholding rules.

GS Finance Corp. is issuing $1,042,000 of autocallable index-linked notes due November 29, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are linked to the S&P 500®, Nasdaq-100® and Russell 2000® indices.

The notes are automatically called on November 23, 2026 if each index is at or above its initial level, returning $1,137 per $1,000 on December 1, 2026. If not called, repayment at maturity depends on the worst-performing index: gains are leveraged at a 125% participation rate when all indices finish above their initial levels, while a 67% buffer applies only down to a 33% loss. Below 67% of the initial level for any index, principal falls one-for-one with the worst index and up to the entire investment can be lost.

The estimated value on the trade date is $964 per $1,000 face amount, reflecting structuring costs and dealer compensation, with a 1% underwriting discount and 99% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $862,000 of Fixed Coupon Buffered Notes linked to the S&P 500 Volatility Plus Daily Risk Control Index, maturing on November 27, 2028. Investors receive fixed coupons of $13.25 per $1,000 each quarter (up to 5.3% per year) regardless of index performance.

At maturity, for each $1,000, investors get $1,000 plus the final coupon if the index has not fallen more than 15% from the initial level of 6,110.32. If the index is down more than 15%, principal is reduced on a 1:1 basis beyond that buffer, with examples showing losses up to 85% of principal. The notes do not participate in any upside above the initial index level, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, and had an estimated initial value of about $948 per $1,000, below the original issue price.

The Goldman Sachs Group, Inc. is offering Medium-Term Notes, Series N, in the form of Callable Fixed Rate Notes due 2040. The notes are expected to pay a fixed interest rate of 5.20% per annum from the original issue date, expected to be December 16, 2025, to but excluding the stated maturity date, expected to be December 14, 2040. Interest is scheduled to be paid annually on each December 16, starting on the first interest payment date, expected to be December 16, 2026.

Goldman Sachs may redeem the notes, in whole but not in part, at its option on each March 16, June 16, September 16 and December 16 on or after June 16, 2028, at 100% of principal plus accrued interest. The notes will be issued as a global security through DTC, are unsecured debt obligations of The Goldman Sachs Group, Inc., and are not bank deposits or FDIC insured. U.S. holders will generally recognize ordinary interest income on payments, and the notes are subject to FATCA withholding rules. Distribution will be handled by Goldman Sachs & Co. LLC and InspereX LLC, with detailed selling and eligibility restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering an aggregate face amount of $1,000,000 of Nasdaq-100, Russell 2000 and S&P 500 linked notes under its Medium-Term Notes, Series F program.

The notes pay a contingent monthly coupon of $7.25 per $1,000 (0.725% monthly, up to 8.70% per year) only if the closing level of each index on the observation date is at least 60% of its initial level. The notes are automatically called at par plus coupon if, on any call observation date starting in May 2026, all three indexes are at or above their initial levels.

If the notes are not called, repayment at maturity in November 2028 depends on the worst-performing index. If that index is at or above 60% of its initial level, investors receive full principal back; otherwise the payoff is reduced one-for-one with the loss in that index, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp. is issuing $2,173,000 of auto-callable, principal-protected notes linked to the common stock of Broadcom, Meta Platforms (Class A), NVIDIA and Tesla. The notes pay no interest and may be automatically called monthly if each stock’s closing level is at or above its initial level on a call observation date, in which case holders receive $1,000 plus a call premium (starting at 9.5004% and stepping up to 46.7103% per $1,000 face amount).

If the notes are never called and on the determination date all underliers are at or above their initial levels, investors receive $1,000 plus a 47.502% maturity premium; if any underlier is below its initial level, investors receive only the $1,000 face amount. The notes do not provide any participation above these caps and carry the credit risk of GS Finance Corp. and its guarantor, The Goldman Sachs Group, Inc. For U.S. tax purposes they are treated as contingent payment debt instruments, with a comparable yield of 4.37% used to accrue taxable income over the term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing Medium-Term Notes, Series F that are auto-callable and linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The aggregate face amount is $2,533,000, with an original issue price of 100% of face, an underwriting discount of 0.5% and net proceeds of 99.5% of face.

The notes pay a contingent monthly coupon of $8.5 per $1,000 (0.85% monthly, up to 10.20% per annum) if on each observation date every index is at or above 65% of its initial level. They may be automatically called from May 21, 2026 onward if each index is at or above its initial level, in which case holders receive $1,000 per note plus the due coupon.

At maturity on November 27, 2028, if not called and the worst-performing index is at or above 65% of its initial level, investors receive full principal back; if it is below 65%, repayment is reduced in line with that index’s loss and investors can lose their entire investment. The pricing supplement highlights credit risk of the issuer and guarantor, the possibility of receiving no coupons, secondary-market and valuation risks, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500® Index-linked buffered notes with an aggregate face amount of $930,000 under its Medium-Term Notes, Series F program. For each $1,000 note held to maturity, investors receive cash based on the index performance from the trade date to the determination date.

If the S&P 500 final level is above its initial level, the payoff rises one-for-one with the index but is capped at a maximum settlement amount of $1,460 per $1,000 note. If the index falls but remains at or above 85% of its initial level (a 15% buffer), investors receive back the $1,000 face amount. Below the 85% buffer level, principal is reduced at a 1% loss for each 1% further decline, so investors can lose a substantial portion of their investment.

The notes pay no interest, offer no dividends or shareholder rights in the S&P 500 companies, and their market value before maturity can be volatile. They are subject to the credit risk of GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor and include complex tax and valuation considerations described in the tax and risk discussions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $744,000 aggregate face amount of structured notes that pay variable monthly coupons linked to the stocks of Vistra, NVIDIA, Meta Platforms and UnitedHealth Group. The notes mature on November 29, 2030, but may be automatically called starting in November 2026 if each stock closes at or above 95% of its initial price.

On each monthly observation date, if every stock is at or above 75% of its initial level, holders receive a maximum coupon of $6.667 per $1,000 (about 8% per year); otherwise they receive a minimum coupon of $0.209 (about 0.25% per year. At maturity, investors receive $1,000 per note plus the final coupon. The notes are unsecured, subject to the credit risk of GS Finance Corp. and its guarantor, and their estimated value at pricing is $936 per $1,000, reflecting a 4% underwriting discount and structuring and distribution costs.