Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500® Index-linked notes with an aggregate face amount of $926,000 maturing on August 24, 2029. For each $1,000 note, investors receive at maturity either the face amount or a positive return matching the index performance from the trade date to the determination date, capped at a maximum settlement amount of $1,212 (a 21.2% maximum gain). The notes pay no periodic interest and are subject to the credit risk of both the issuer and guarantor.

The pricing supplement highlights that the notes’ estimated value on the trade date is less than the 100% issue price and that secondary market values may be lower than the purchase price. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, with a disclosed comparable yield of 4.2033% per year, meaning taxable income accrues over the term even though cash is paid only at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS) linked to a weighted basket of international equity indices: EURO STOXX 50® (40%), TOPIX (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The notes are scheduled to price on or about December 16, 2025, with expected maturity on January 4, 2029.

The Trigger PLUS provide at least 142.50% leveraged upside on any positive basket return; if the final basket value is at or below the initial level but at or above the 80% trigger level, investors receive only their $1,000 principal per note. If the basket finishes below the trigger, repayment falls one-for-one with the basket decline and can go to zero, so principal is at risk. The estimated value per note at pricing is disclosed as $890–$950, below the 100% issue price, reflecting fees and structuring costs. The notes pay no interest or dividends and are unsecured obligations subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,806,000 of auto-callable notes linked to Amazon, Alphabet Class C, Apple and NVIDIA stock. The notes pay a fixed coupon of $7.459 per $1,000 face amount each month (0.7459% monthly, up to about 8.95% per year) until maturity on November 27, 2028 or earlier automatic call.

The notes are automatically redeemed at par plus the coupon if on any monthly call observation date from November 2026 each stock’s closing price is at or above its initial level ($220.69 for Amazon, $299.65 for Alphabet C, $271.49 for Apple, $178.88 for NVIDIA). If not called, principal repayment at maturity depends on the worst-performing stock: full principal is repaid if each has fallen less than 20%, but losses mirror declines beyond that threshold, up to an 80% loss.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is approximately $943 per $1,000 face amount, below the 100% issue price, reflecting fees, hedging and structuring costs; the underwriting discount is 3.25% of face, leaving 96.75% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay conditional monthly coupons of $12.292 per $1,000 (1.2292% monthly, up to about 14.75% per year) whenever the index is at least 70% of its initial level of 439.49 on an observation date.

The notes can be automatically called on monthly dates from May 2026 through October 2029 if the index is at or above its initial level, returning the $1,000 face amount plus the accrued coupon. If not called, they mature on December 3, 2029. At maturity, if the final index level is at least 50% of the initial level, investors receive full principal back (plus any final coupon). If it is below 50%, repayment is reduced one-for-one with the index decline, and principal loss can reach 100%.

The underlier is a leveraged futures-based index targeting 40% volatility, with exposure up to 500% and a daily 6% per annum decrement, which steadily drags performance and can magnify losses. The estimated value is approximately $964 per $1,000 of face amount, and 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 $322,000 of index-linked notes due December 24, 2026 tied to the Russell 2000® Index and S&P 500® Index. The notes pay no interest and repay at maturity based on the lesser performing index.

If both indices are at or above their initial levels, investors participate 1:1 in the lesser index return, capped at a maximum settlement amount of $1,125 per $1,000 face amount. A 10% downside buffer applies: if the worst index ends between 90% and 100% of its initial level, investors receive the absolute return; below 90%, losses equal the lesser index return plus 10%, so principal can be substantially reduced.

The estimated value on the trade date is approximately $957 per $1,000 face amount, below the issue price, reflecting fees and hedging costs. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes will not be listed, so liquidity may be limited.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100 Index® and Russell 2000® Index-linked notes with an aggregate face amount of $1,004,000 under its Medium-Term Notes, Series F program.

The notes pay no interest and may be automatically called semi-annually if each index is at or above its initial level, returning principal plus a fixed call premium (from 9.1% up to 22.75% of face amount). If held to maturity and not called, investors receive enhanced upside at a 150% participation rate based on the lesser-performing index, full principal back if that index stays at or above 85% of its initial level, and losses if it falls below that buffer.

The underwriting discount is 3.03% of face amount, so net proceeds to the issuer are 96.97% of face. Key risks highlighted include potential loss of a substantial portion of principal, no interest income, reliance on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., limited or no secondary market, structural complexity, foreign securities exposure through the indices, and uncertain U.S. federal tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100, Russell 2000 and S&P 500 linked notes with an aggregate face amount of $2,815,000 under its Medium-Term Notes, Series F program.

The notes pay a contingent monthly coupon of $7.5 per $1,000 face amount (0.75% monthly, up to 9.00% per year) only if on each observation date all three indices are at or above 60% of their initial levels. If any index is below this coupon trigger on a given date, no coupon is paid for that month.

The notes can be automatically called on any call observation date from May 21, 2026 through October 23, 2028 if each index is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon. If not called, at maturity on November 27, 2028 investors receive $1,000 per note if the worst-performing index is at or above 60% of its initial level; otherwise repayment is reduced one-for-one with the worst index’s loss, and investors can lose their entire principal.

Risk factors highlight that the notes depend on GS Finance Corp. and Goldman Sachs credit, may pay few or no coupons, can be highly sensitive to small index moves around the 60% buffer, may trade below issue price, and have an estimated value below the original issue price of 100% of face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,648,000 of index-linked notes maturing on November 26, 2027. These notes pay no interest and the amount repaid at maturity depends on the worst performer among the Nasdaq-100, S&P 500 and Russell 2000 indices between November 21, 2025 and the determination date.

If all three indices finish at or above their initial levels, holders receive a capped payment of $1,169 per $1,000 face amount (about 16.9% total gain). If any index is below its initial level but all remain at or above 70% of their initial levels, investors simply receive their $1,000 principal. If any index falls below 70% of its initial level, repayment is reduced one‑for‑one beyond a 30% buffer based on the worst index, and investors can lose a substantial portion of principal. The issuer’s estimated value at pricing is about $962 per $1,000, below issue price, reflecting fees and structuring costs.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering market-linked notes due December 29, 2028 tied to the lowest performer of the VanEck Gold Miners ETF and the iShares® Silver Trust. Each $1,000 note pays a contingent quarterly coupon of at least $36.25 (at least 14.50% per annum) only if, on the relevant calculation day, the lowest-performing ETF is at or above 70% of its starting price.

Starting in June 2026, the notes are auto-callable quarterly if the lowest-performing ETF is at or above its starting price, returning the $1,000 face amount plus that quarter’s coupon. If the notes are not called and, on the final calculation day, the lowest-performing ETF is below 70% of its starting level, investors lose principal in full proportion to the decline and can lose their entire investment.

The notes do not participate in any upside of the ETFs and pay no dividends. They are unsecured obligations subject to the credit risk of GS Finance Corp and The Goldman Sachs Group, Inc. The estimated value on the pricing date is expected to be $925–$955 per $1,000, less than the $1,000 offering price.

GS Finance Corp. (GS) is offering $2,000,000 of three-year, index-linked notes tied to the Nasdaq-100, Russell 2000 and S&P 500. Investors receive a contingent monthly coupon of $10.625 per $1,000 face amount (1.0625% monthly, up to 12.75% per year) only when each index closes at or above 70% of its initial level on the observation date.

The notes are automatically called if, on any call observation date, all three indices are at or above their initial levels; in that case, investors receive $1,000 per note plus the due coupon, ending the investment early.

If the notes are not called, repayment at maturity depends solely on the worst-performing index. If its final level is at least 70% of its initial level, investors receive full principal. If it finishes below 70%, principal is reduced in line with that index’s loss, and investors could lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and involve complex tax and market risks.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2035 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 4.90% per annum from the original issue date, expected to be December 16, 2025, until the expected stated maturity date of November 30, 2035. Interest is expected to be paid annually on each December 16 and on the stated maturity date, with the first interest payment expected on December 16, 2026.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on specified quarterly redemption dates starting on June 16, 2027, at 100% of the outstanding principal amount plus accrued and unpaid interest. The notes will be issued in book-entry form through DTC and are not bank deposits, are not insured by the FDIC or any governmental agency, and have no sinking fund. The distribution is led by Goldman Sachs & Co. LLC and InspereX LLC, with sales subject to various selling restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering two separate series of buffered index-linked notes with a combined face amount of $5,331,000. One $699,000 note is linked to the EURO STOXX 50® Index and one $4,632,000 note is linked to the S&P 500® Futures Excess Return Index.

The notes pay no interest and mature on November 26, 2030. At maturity, for each $1,000 face amount, holders receive upside exposure if the linked index finishes above its initial level, with a 135% participation rate for the EURO STOXX 50® note and 149% for the S&P 500® futures note. Principal is protected only down to a 75% buffer level on the EURO STOXX 50® note and 80% on the S&P 500® futures note; below those levels, losses match index declines beyond the buffer and can be substantial.

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 values at pricing are $940 and $929 per $1,000, reflecting upfront costs and model-based pricing. Repayment is subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are unsecured, not FDIC insured and will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering up to $3,125,000 of structured notes linked to the Class A common stock of The Trade Desk, Inc. The notes mature on November 26, 2027, unless redeemed early by the issuer at 100% of face amount plus any coupon, on monthly payment dates from May 2026 through October 2027.

For each $1,000 note, investors may receive a contingent monthly coupon of $22.50 (2.25%, up to 27% per year) if The Trade Desk’s share price on the observation date is at least 60% of the $39.65 initial price; otherwise the coupon is zero. At maturity, if the final stock price is at least 60% of the initial price, principal is repaid in full plus any final coupon. If the final price is between 50% and 60%, principal is repaid but no final coupon is paid. If the final price is below 50%, repayment is reduced one-for-one with the stock’s loss, and as little as 0% of face value may be returned.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, and carry full issuer and guarantor credit risk. The estimated value on the trade date is approximately $971 per $1,000 face amount, below the issue price due to structuring and selling costs.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering $1,287,000 of buffered index-linked notes in two tranches tied to major U.S. equity indices. One note references the S&P 500® Index with a $738,000 aggregate face amount, 100% upside participation, a 15% downside buffer (buffer level 85% of the initial level 6,602.99) and a cap that limits the maximum payment to $1,490 per $1,000 at maturity. The second note references the Russell 2000® Index with a $549,000 face amount, 100% upside participation, the same 15% buffer (buffer level 85% of the initial level 2,369.587) and a higher cap of $1,621.5 per $1,000.

The notes pay no interest and return at least principal only if the final index level on the November 21, 2030 determination date is at or above the 85% buffer; below that, losses mirror index declines beyond the 15% buffer, so holders can lose a substantial portion of principal. Maturity is scheduled for November 26, 2030. The initial issue price is 100% of face, with a 4.125% underwriting discount and net proceeds of 95.875% to the issuer. Estimated values are $931 and $923 per $1,000, reflecting structuring and distribution costs, and secondary market liquidity and pricing are not assured. The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., and are intended to be treated as pre-paid derivative contracts for U.S. federal income tax purposes.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2055 as part of its Medium-Term Notes, Series N. The notes are expected to pay fixed interest of 5.45% per annum from the original issue date, expected to be December 16, 2025, to the stated maturity date, expected to be December 16, 2055. Interest is expected to be paid once a year on December 16, with the first payment expected on December 16, 2026.

Goldman Sachs may, at its option, redeem the notes early, in whole but not in part, on each March 16, June 16, September 16 and December 16 on or after December 16, 2030, at 100% of the outstanding principal amount plus accrued and unpaid interest to but excluding the redemption date. The notes will be issued in book-entry form through DTC and will not benefit from any sinking fund. They are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any governmental agency.

The Goldman Sachs Group, Inc. (GS) is offering callable fixed rate notes due 2030 as part of its Medium-Term Notes, Series N. The notes are expected to pay interest at a fixed rate of 4.20% per annum from the original issue date, expected to be December 16, 2025, to but excluding the stated maturity date, expected to be November 29, 2030, with annual interest payments expected each December 16 and at maturity.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on quarterly redemption dates on or after December 16, 2026, after at least five business days’ notice. The notes are unsecured senior debt obligations, issued in book-entry form through DTC, are not bank deposits, and are not insured by the FDIC or any governmental agency. U.S. holders generally will be taxed on interest as ordinary income, and the notes are subject to FATCA withholding rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $13,495,000 of medium‑term notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes offer 100% repayment of face amount at maturity (subject to issuer and guarantor credit) and a 100% upside participation rate if the index ends above its initial level.

The notes may be automatically called each year if the index closes at or above rising call levels, paying $1,000 plus a call premium (from 10.35% on the first call date up to 62.10% on the last). They pay no periodic interest, and index returns are reduced by an ongoing 0.65% per annum deduction and by the index’s excess‑return structure over the federal funds rate.

The original issue price is 100% of face amount, including a 4.625% underwriting discount, while Goldman’s estimated value on the trade date is $889 per $1,000 note. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income over their term based on a comparable yield.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,050,000 of structured notes linked to the common stock of Microsoft and the Class C stock of Alphabet. The notes pay no interest and return at maturity depends solely on the lesser performing stock between trade date and the November 21, 2028 determination date.

If both stocks rise, investors receive principal plus 2.4805 times the lower stock’s percentage gain, up to maturity, using initial prices of $487.12 for Microsoft and $292.99 for Alphabet set on November 19, 2025. If either stock’s return is negative, the note’s return is negative on a one‑for‑one basis, and investors can lose up to their entire principal.

The estimated value at pricing is about $974 per $1,000 face amount, below the 100% issue price, reflecting an underwriting discount of 1% of face plus up to 0.8% structuring fee. 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 $637,000 aggregate face amount of auto-callable notes linked to Astera Labs and AMD common stock. The notes pay no interest and mature on November 29, 2030, but can be automatically called starting November 23, 2026 if both stocks close at or above their initial prices of $141.80 (ALAB) and $203.78 (AMD). In that case, investors receive $1,000 plus a call premium per note, with scheduled premiums from 12.25% up to 49%.

If the notes are never called and on the final determination date both stocks are above their initial prices, the maturity payment equals $1,000 plus 100% of the gain of the lesser-performing stock; otherwise investors receive only the $1,000 face amount. The estimated value is about $927 per $1,000 at pricing, versus a 100% issue price, reflecting structuring and distribution costs including a 3.625% underwriting discount (net proceeds 96.375%). Payments depend on the credit of GS Finance Corp and the guarantor, and the notes may have limited or illiquid secondary trading and values sensitive to stock prices, volatility, interest rates and credit spreads.

GS Finance Corp, fully guaranteed by The Goldman Sachs Group, Inc., is offering $30,651,000 of auto-callable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes have a $1,000 face amount, do not pay interest, and can be automatically called annually if the index is at or above 101% of its initial level, paying back $1,000 plus a call premium that steps up from 7.25% to 43.50%.

If the notes are never called, at maturity investors receive $1,000 plus 100% of any positive index return; if the index is flat or down, they receive only the face amount, so principal is repaid but there is no downside participation in the index. The index itself is a rules-based, volatility- and momentum-controlled portfolio with a 0.65% per year deduction and frequent allocations to cash-like positions, which can limit upside.

The original issue price is 100% of face, but the issuer’s estimated value is $893 per $1,000, reflecting underwriting discounts and structuring costs. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, meaning taxable ordinary income accrues over time based on a 4.63% comparable yield, even though cash is typically only paid on call or at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable S&P 500® Index-linked notes that do not pay interest and are scheduled to mature in late 2031 unless redeemed earlier. The notes are issued in $1,000 denominations and return at least the face amount at maturity if held to the stated maturity date.

The payoff is tied to the S&P 500® Index: if the index is higher on the determination date than on the trade date, holders receive $1,000 plus 100% of the index gain; if the index is flat or lower, they receive $1,000. The issuer may redeem the notes in whole on monthly call dates starting in 2026, paying $1,000 plus an increasing call premium. The estimated value at pricing is disclosed as between $850 and $890 per $1,000 face amount, and payments are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering auto-callable structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, maturing on November 29, 2030. The notes pay quarterly contingent coupons of $27 per $1,000 (2.7% per quarter, up to 10.8% per year) whenever the index is at or above 60% of its initial level of 439.49 on an observation date.

Starting in November 2026, the notes are automatically called if the index is at or above the initial level on an observation date, returning the $1,000 face amount plus the due coupon. If held to maturity and not called, principal is protected only down to the 50% trigger buffer; below that, losses match the index decline and you could lose your entire investment.

The underlier uses leverage of up to 500% and a daily 6% per annum decrement, which can magnify losses and drag on performance. The aggregate face amount at issuance is $174,000, the issue price is 100% of face, the underwriting discount is 4.25%, and the estimated value is about $911 per $1,000. 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 issuing $531,000 of index-linked notes due November 27, 2028 tied to the Russell 2000® Index and the S&P 500® Index. The notes pay no interest and repay a variable amount at maturity based on the lesser-performing index from the trade date to the determination date.

Each $1,000 note has a 15% downside buffer: as long as both indexes finish at or above 85% of their initial levels, holders receive at least their principal, and if either index is modestly down, they gain the absolute value of the lesser loss. Upside is fully participated but capped by a maximum settlement amount of $1,540 per $1,000, which corresponds to a 54% maximum gain.

If the lesser-performing index falls more than 15% from its initial level, principal is reduced one-for-one beyond that buffer, so investors can lose a substantial portion of their investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and their estimated value at pricing is approximately $952 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $402,000 under its Medium-Term Notes, Series F program.

The notes return the face amount at maturity if the S&P 500® final level is equal to or below the initial level of 6,602.99. If the final level is higher, the payoff equals the index return on a 1:1 basis but is capped at a maximum settlement amount of $1,142.50 per $1,000 face amount, limiting upside to 14.25%, and the notes pay no periodic interest.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and may trade below face value before maturity. For U.S. tax purposes they are treated as contingent payment debt instruments; holders must accrue ordinary income over the term based on a comparable yield of 4.1217% per annum and a projected maturity payment of $1,120.30 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $4,018,000 of leveraged callable notes linked to the S&P 500® Futures Excess Return Index, maturing on November 26, 2031. The notes pay no interest and return at least the $1,000 face amount at maturity.

If the index rises above the initial level of 539.99, investors receive $1,000 plus 1.25 times the positive index return; if the index is flat or down, they receive $1,000. Goldman may redeem the notes monthly starting in 2026 at 100% of face value plus a fixed call premium that steps up from 12% to 71% over the call schedule.

The original issue price is 100% of face amount, with a 4.125% underwriting discount and net proceeds of 95.875% to the issuer. The estimated value at pricing is approximately $917 per $1,000, reflecting fees, hedging and model assumptions. Payments depend on the index and the credit of GS Finance Corp. and its guarantor; the notes are unsecured, not insured, and will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,383,000 of leveraged buffered index-linked notes in two tranches tied separately to the S&P 500 Index and the Russell 2000 Index. The S&P 500 tranche has a $2,113,000 face amount and the Russell 2000 tranche has $270,000 face amount, each in $1,000 denominations and maturing on May 25, 2028.

The notes pay no interest. At maturity, investors get $1,000 plus or minus an amount based on index performance from the November 21, 2025 trade date, with 200% upside participation but capped at a maximum of $1,204 per $1,000 for the S&P 500 notes and $1,265 for the Russell 2000 notes. A 10% downside buffer (buffer level 90% of the initial index level) partially protects principal, but if the final index level falls below this buffer, principal loss is linear beyond that point and can be substantial.

The estimated value at issuance is $952 per $1,000 for the S&P 500 notes and $949 for the Russell 2000 notes, below the 100% issue price due to fees and structuring costs. Repayment depends on the unsecured credit of GS Finance Corp. and its guarantor, and there may be limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes with an aggregate face amount of $504,000. The notes pay no interest and return at least the face amount at the stated maturity date of November 27, 2028, subject to the issuer’s and guarantor’s credit risk.

The payoff depends on the Goldman Sachs Momentum Builder ^® Focus ER Index. If the final index level exceeds the initial level of 109.44, investors receive $1,000 plus $1,000 × the 267.5% upside participation rate × index return; otherwise they receive $1,000 per note. The index is a daily rebalanced, multi-asset strategy that targets 5% volatility and is calculated on an excess return basis over the federal funds rate, with an additional 0.65% per annum deduction that can materially reduce performance, especially when the index allocates heavily to cash-like positions.

The original issue price is 100% of face amount, with a 3.18% underwriting discount and 96.82% net proceeds to the issuer. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, with a comparable yield of 4.12% per annum and a projected maturity payment of $1,132.31 per $1,000 note used to compute taxable income over the term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,305,000 of callable buffered notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are scheduled to mature on November 26, 2030, unless redeemed early at 100% of face amount plus a call premium on specified monthly call payment dates.

At maturity, if not called, each $1,000 note pays based on index performance from the November 21, 2025 trade date to the November 12, 2030 determination date. Returns are 1.53x the positive index return when the final level is at or above the initial 539.99 level; if the final level is between 80% and 100% of the initial level, investors receive the absolute value of the index return. Below 80% of the initial level, principal is reduced beyond a 20% buffer and losses can reach 80% of face amount.

The estimated value is approximately $926 per $1,000 face amount, below the 100% original issue price. The underwriting discount is 4.125% of face amount, with net proceeds of 95.875% to the issuer. 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 an autocallable structured note linked to Arm Holdings ADS, Vistra Corp. and Dow Inc. stock. The note has an aggregate face amount of $667,000 and matures on November 29, 2028, unless automatically called starting in November 2026 if each stock is at or above its initial price.

Investors may receive a conditional monthly coupon of $12.084 per $1,000 face amount (about 14.5% per year) only when all three stocks are at or above 60% of their initial prices. Principal repayment depends on a trigger and buffer structure based on the worst-performing stock, and investors can lose a substantial portion of principal if a trigger occurs and that stock finishes below 80% of its initial price. The estimated value at pricing is about $914 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and Goldman Sachs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged callable notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are expected to mature on January 2, 2031, unless redeemed early.

The issuer may redeem the notes monthly from January 2027 to December 2030 at 100% of face amount plus a call premium that starts at least at 10.0008% and reaches at least 49.1706%. If not redeemed, each $1,000 note pays $1,000 plus 1.9 times any positive index return; if the index return is zero or negative, investors receive $1,000.

The estimated value at pricing is expected between $850 and $890 per $1,000 face amount, reflecting fees and hedging costs. Payments depend on the performance of E-mini S&P 500 futures, the credit of GS Finance Corp. and Goldman Sachs, and complex tax rules for contingent payment debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,475,000 of index-linked notes due November 26, 2027 tied to the S&P 500 Index and the Russell 2000 Index. The notes pay no interest. At maturity, investors receive $1,000 per note if either index finishes below its initial level, or a capped amount of $1,128.50 per $1,000 if both indices are at or above their initial levels, regardless of how far they rise. The initial index levels are 6,602.99 for the S&P 500 and 2,369.587 for the Russell 2000, measured on the November 21, 2025 trade date. The estimated value is about $986 per $1,000 at pricing, reflecting fees and hedging costs, and market value can fluctuate with index performance, interest rates and the credit of GS Finance Corp. The underwriting discount is 0.5%, so net proceeds to the issuer are 99.5% of face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay quarterly contingent coupons of at least $27.25 per $1,000 (2.725% per quarter, up to at least 10.9% per year) whenever the index is at or above 60% of its initial level on an observation date; otherwise no coupon is paid.

The notes can be automatically called starting in December 2026 if the index is at or above its initial level, returning the $1,000 face amount plus the due coupon. If not called, principal protection depends on the final index level: investors are fully repaid at maturity so long as the index is at or above 50% of its initial level, but lose one-for-one below that, up to a 100% loss of principal.

The underlier uses up to 500% leverage, volatility targeting and calendar-based signals, and is reduced by a 6.0% per annum daily decrement, which drags performance and can worsen losses. The estimated value on the trade date is expected between $850 and $890 per $1,000 face amount, and all 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 $399,000 of index-linked notes tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes can be automatically called after roughly one year if the index is at or above its initial level, paying $1,080 per $1,000 face amount (an 8% call payout). If not called, at maturity investors receive at least the $1,000 face amount, with upside of 300% of any positive index return; if the index is flat or lower, only principal is repaid. The issuer’s estimated value is $904 per $1,000, below the issue price, reflecting fees and structuring costs. The index uses daily rebalancing, volatility and momentum controls, and a 0.65% annual deduction, and can be heavily allocated to cash-like positions, which can limit performance. The notes pay no periodic interest and are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes maturing on November 29, 2030 with an aggregate face amount of $2,037,000 on the original issue date. The notes pay no interest and are tied to the Class A shares of Alphabet and Meta Platforms and the common stock of NVIDIA.

The notes may be automatically called on November 22, 2027 if each stock’s closing price is at least 90% of its initial price ($299.66 for Alphabet, $594.25 for Meta, $178.88 for NVIDIA). In that case, holders receive $1,200 per $1,000 face amount on the call payment date.

If not called, the maturity payment depends on the lesser performing stock. If each final price on November 21, 2030 is above its initial price, investors receive $1,000 plus 125% of the lesser stock’s gain. If any final price is at or below its initial level, investors receive only the $1,000 principal. The estimated value at pricing is about $928 per $1,000, reflecting a 4% underwriting discount and structuring costs, and investors are exposed to the credit risk of both GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk contingent income callable securities linked to the iShares Bitcoin Trust ETF (IBIT), expected to mature on November 30, 2028.

Investors may receive a contingent quarterly coupon of at least $70.25 per $1,000 in principal, but only if the ETF’s closing price stays at or above a downside threshold of 65% of the initial ETF price on every ETF business day in the observation period; otherwise the coupon for that quarter is zero. Goldman Sachs can redeem the notes at 100% of principal plus any due coupon on each coupon payment date from March 2, 2026 through August 30, 2028.

At maturity, if the ETF is at or above the downside threshold, investors receive full principal back (plus any final coupon if conditions are met). If it is below the threshold, repayment is reduced 1-to-1 with the ETF’s decline, potentially to zero. Investors do not participate in any upside of the ETF. The estimated value is disclosed as $890 to $950 per $1,000 security, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Futures Excess Return Index-linked notes that pay no interest and return cash at maturity based on index performance. For each $1,000 note, if the index return is zero or positive, holders receive the greater of a threshold settlement amount of at least $1,485 or $1,000 plus the index gain. If the index return is negative but not below -30%, investors receive $1,000 plus the absolute index loss as a positive return. If the index return is below -30% (the index falls more than 30% and below 70% of its initial level), repayment is reduced one-for-one with the index loss, and investors can lose their entire principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, below the issue price, reflecting fees and dealer margins. Because the underlier is based on E-mini S&P 500 futures rather than the S&P 500® Index itself, returns are affected by futures pricing, financing costs, volatility and negative roll yields, which can cause the index, and therefore the notes, to underperform the equity index. The U.S. tax treatment is uncertain, and investors are required to treat the notes as pre-paid derivative contracts unless the law changes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $7,900,000 of index-linked notes tied to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a contingent monthly coupon of $8.475 per $1,000 face amount (0.8475% monthly, up to 10.17% per annum) only if on each observation date all three indices are at or above 65% of their initial levels.

If the notes are not redeemed early, the principal repayment at maturity depends solely on the worst-performing index. Investors receive $1,000 per note if each index finishes at or above 55% of its initial level; otherwise the payoff is $1,000 plus $1,000 times the lesser-performing index return, which can reduce the payment to zero, meaning a total loss of invested principal.

The issuer can redeem the notes at its option, in whole but not in part, on any coupon payment date from May 2026 through October 2030 at $1,000 per note plus any due coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may not pay any coupons over their life, and may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable notes linked to the S&P 500® Futures Excess Return Index, maturing in December 2030. The notes pay no interest and are unsecured obligations subject to the credit risk of both the issuer and guarantor.

The payoff depends on index performance from the expected trade date in December 2025 to a determination date in December 2030. If the final index level is above the initial level, investors receive principal plus 1.7× the positive index return. If the final level is between 80% and 100% of the initial level, investors receive only their principal. Below 80%, principal is reduced so investors can lose a substantial portion of their investment.

Goldman may call the notes monthly from December 2026 to November 2030 at 100% of face amount plus a preset call premium. The estimated value at pricing is expected to be between $850 and $890 per $1,000 face amount, reflecting fees, hedging costs and model-based pricing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $4,075,000 of auto-callable “Jump Securities” linked to the worst performer of three ETFs: XLE, XLV and XBI, maturing November 26, 2031. The notes pay no coupons but can be automatically called on scheduled observation dates if each ETF is at or above its initial price, returning principal plus a fixed call premium.

If the notes are never called and, on the valuation date, each ETF is at or above its initial level, holders receive $1,000 plus a 117.60% maturity premium per $1,000. If any ETF finishes below its initial price, repayment is $1,000 times the worst ETF’s performance factor, so investors lose 1% of principal for every 1% decline and can lose their entire investment. Returns are capped, investors do not receive ETF dividends, the estimated value at pricing is $922 per $1,000, and the notes carry issuer and guarantor credit risk with no exchange listing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering S&P 500® Futures Excess Return Index-linked notes due November 26, 2030. The notes do not pay interest and are unsecured obligations whose value at maturity depends on the index level on the November 21, 2030 determination date.

The initial index level is 539.99. If the index return is zero or positive, investors receive the greater of a $1,385 threshold settlement amount or $1,000 plus the index return on each $1,000 face amount. If the index return is negative but not below -30% (final level at or above 70% of initial), investors receive $1,000 plus the absolute index return, providing upside on moderate declines.

If the final index level falls more than 30% below the initial level, repayment is reduced one-for-one with the index return and investors can lose their entire principal. The estimated value at pricing is about $916 per $1,000, reflecting a 4.125% underwriting discount and issuance costs. The notes are exposed to index volatility, futures roll and financing effects, limited liquidity, complex tax treatment and the credit risk of both GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,000-face-value market-linked notes tied to the Vanguard FTSE Emerging Markets ETF (VWO), maturing on November 30, 2028. The notes pay no interest or dividends and are designed to be held to maturity.

The notes can be automatically called on December 2, 2026 if the ETF’s closing price is at or above the starting price, paying $1,000 plus a call premium of at least 11.6%. If not called, at maturity holders get: 150% of any ETF gain above the starting price; full principal back if the ETF loss is within a 15% buffer; or a dollar‑for‑dollar loss beyond that buffer, up to an 85% loss of principal. All payments depend on the credit of GS Finance Corp. and Goldman Sachs. The estimated initial value is $925–$955 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing semiconductor-linked structured notes with an aggregate face amount of $1,278,000. The notes mature on August 28, 2028 and can be redeemed by the issuer at par plus any due coupon on quarterly payment dates from May 2026 through May 2028.

Returns depend on the VanEck Semiconductor ETF (SMH), not its underlying index. Each $1,000 note may pay a conditional quarterly coupon of $23.125 (2.3125% per quarter, up to 9.25% per year) if SMH is at or above 80% of the initial level of $326.13 on the relevant observation date; otherwise no coupon is paid.

If the notes are not called, at maturity investors receive $1,000 per note as long as SMH is at or above 80% of its initial level, plus any final coupon. If SMH is below that buffer, principal is reduced on a leveraged basis and investors can lose a substantial portion of their investment. The estimated value is approximately $943 per $1,000, below the 100% issue price, and payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, principal-at-risk notes linked to the iShares® Bitcoin Trust ETF (ticker IBIT), maturing on January 4, 2028.

The notes may be automatically called on the December 23, 2026 call observation date, paying at least $1,300.50 per $1,000 if the ETF closes at or above its initial price; no further payments occur after an automatic call. If not called, investors receive 150.00% of any positive ETF performance at maturity, a positive “dual directional” return for ETF declines of up to 25.00%, or a 1‑for‑1 loss of principal if the ETF falls below 75.00% of its initial level.

The notes pay no interest, have an estimated initial value of $900–$960 per $1,000, and are unsecured, unsubordinated obligations subject to the credit risk of GS Finance Corp. and its guarantor. They concentrate exposure in bitcoin via IBIT, which carries significant volatility, regulatory, custody, market manipulation and tax risks detailed in extensive risk factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the S&P 500® Index, Tesla, Inc. and NVIDIA Corporation. The notes have a $1,000 face amount and are expected to mature on November 30, 2028, but can be automatically called quarterly from May 2026 if all three underliers are at or above their initial levels.

Investors may receive a fixed coupon of $14.375 per $1,000 (1.4375% monthly, up to 17.25% per year) for any month in which each underlier is at least 60% of its initial level; otherwise the coupon for that month is zero. If the notes are not called and all underliers are below their initial levels on the final observation date, principal repayment depends on the worst performer. If any underlier finishes below 50% of its initial level, repayment is reduced in line with that underlier’s loss and investors can lose most or all of their principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be $925–$955 per $1,000, reflecting structuring and distribution costs and GS&Co. pricing models.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering leveraged, callable notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are expected to mature in late 2031, unless Goldman redeems them early on specified monthly call dates starting in late 2026 for par plus a preset call premium.

If the index level at maturity is above its initial level, holders receive principal plus 1.25× the index gain; if the index is flat or down, repayment is limited to principal only. The index tracks E-mini S&P 500® futures, whose returns can differ from the cash S&P 500® Index and may be reduced over time by financing costs and negative roll yield.

The notes are unsecured obligations of GS Finance Corp., guaranteed by Goldman Sachs, and carry full issuer and guarantor credit risk. Goldman discloses an estimated fair value of about $850–$890 per $1,000 face amount at pricing, below issue price, and highlights limited liquidity, call risk, complex tax treatment as contingent payment debt instruments, and multiple market and futures-specific risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,000,000 of Trigger Callable Contingent Yield Notes due 2030 linked to the least performing of the S&P 500, Russell 2000 and EURO STOXX 50 indices. The notes pay a contingent coupon of $0.2125 per $10 (up to 8.50% per year) on quarterly dates only if all three indices are at or above 70% of their initial levels.

Goldman can redeem the notes at its option on any quarterly coupon date from February 2026 through August 2030 at face amount plus any due coupon. If not called, principal is protected at maturity only if each index is at or above 50% of its initial level; otherwise, repayment is reduced one-for-one with the decline of the worst index and investors can lose their entire investment. The estimated value at pricing is about $9.78 per $10, below the $10 issue price, reflecting fees, costs and model assumptions. All payments depend on the credit of GS Finance Corp. and Goldman Sachs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $10 face value Trigger Autocallable Contingent Yield Notes linked to the Russell 2000® and S&P 500® indices. Investors may receive quarterly contingent coupons between $0.185 and $0.195 per $10 (up to about 7.40%–7.80% per annum) only if, on each observation date, both indices close at or above a coupon barrier set at 70% of their initial levels.

Starting in May 2026, the notes are automatically called if both indices are at or above their initial levels, returning the $10 face amount plus the coupon, with no further payments. If not called, and on the final date both indices are at or above the same 70% downside thresholds, holders receive $10 plus the final coupon; otherwise repayment is reduced one-for-one with the decline of the weaker index and can fall to $0. The estimated value at pricing is expected to be $9.50–$9.80 per $10, below the issue price, and all payments are subject to the credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable buffered notes linked to the S&P 500^® Futures Excess Return Index. The notes pay no interest and are scheduled to mature in late 2030, unless Goldman redeems them earlier on monthly call dates for $1,000 per note plus a call premium that starts at at least 16.0008% and steps up over time.

At maturity, if not called, investors receive for each $1,000 face amount: 1.55× any positive index return; the full absolute return if the index is down but no worse than 20%; or a loss beyond that 20% buffer if the index finishes below 80% of its initial level. The structure is exposed to the performance of E-mini S&P 500 futures (not the cash S&P 500 Index) and to the credit risk of both GS Finance Corp. and its parent. The estimated value on the trade date is expected to be between $850 and $890 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to an ADS of Arm Holdings plc. The notes are scheduled to mature on September 10, 2027, unless redeemed early by the issuer at 100% of face amount plus any due coupon between June 2026 and August 2027.

The notes pay a monthly coupon of $15.834 per $1,000 face amount (1.5834% monthly, about 19% per year potential) only when the Arm ADS is at or above 60% of its initial price on the relevant observation date; otherwise the coupon is zero. At maturity, principal is protected only down to a 50% trigger buffer: if the final price is at or above 50% of the initial level, investors receive at least full face value; if it is below 50%, repayment is reduced one-for-one with the stock’s decline and can result in a complete loss of principal.

The notes’ estimated value on the trade date is expected to be between $925 and $965 per $1,000 face amount, less than the original issue price, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The notes are unsecured, not bank deposits, and not insured by the FDIC or any governmental agency.