Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the S&P 500® Daily Risk Control 5% USD Excess Return Index. The notes pay no interest and are expected to mature on December 21, 2028.

At maturity, for each $1,000 face amount, investors receive $1,000 plus a return linked to the index. If the index return is zero or positive, the payoff equals the index gain multiplied by an upside participation rate of at least 120%. If the index return is negative, investors receive the absolute value of the index decline, but the total payout is capped at a maximum downside settlement amount of $2,000 per $1,000 note, creating leveraged exposure in both directions.

The underlier is an excess return index that reflects the S&P 500® risk-control strategy minus a financing rate of SOFR plus 0.02963%, which reduces positive performance and amplifies losses. Payments are subject to the credit risk of GS Finance Corp. and its parent, and the estimated initial value is expected to be $925–$965 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero-coupon, auto-callable structured notes with an aggregate face amount of $1,287,000. The notes are linked to the EURO STOXX 50® Index, the Energy Select Sector SPDR® Fund (XLE) and the Utilities Select Sector SPDR® Fund (XLU).

The notes may be automatically called quarterly starting on November 23, 2026 if all three underliers are at or above their initial levels, paying back principal plus a call premium that starts at 19% and steps up over time. If not called, at maturity on November 29, 2030 investors receive $1,950 per $1,000 if all underliers are at or above initial levels, return of principal if the worst underlier is at or above 70% of its initial level, and a proportionate loss if the worst underlier finishes below that buffer, with the potential to lose the entire investment. The estimated value on the trade date is about $926 per $1,000, and payments are subject to the unsecured credit risk of GS Finance Corp. and its guarantor.

The Goldman Sachs Group, Inc. is offering $3,000,000 of Callable Step-Up Fixed Rate Notes due November 25, 2050 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 5.00% per annum from November 25, 2025 to November 24, 2030, then 6.00% per annum from November 25, 2030 to maturity, with interest paid annually each November 25 starting in 2026.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on any February 25, May 25, August 25 or November 25 on or after November 25, 2030 at 100% of principal plus accrued interest, which could limit investors’ ability to benefit from the higher 6.00% rate. The notes are offered at 100% of principal with a 1.75% underwriting discount, resulting in proceeds before expenses of $2,947,500, are issued in $1,000 denominations, are unsecured senior debt, not listed on any exchange, not bank deposits and not insured by the FDIC.

Goldman Sachs (GS) provides an overview of the S&P 500® Futures Excess Return Index (Bloomberg: SPXFP), which tracks the nearest maturing quarterly E-mini S&P 500 futures contract on the Chicago Mercantile Exchange. The index, sponsored and calculated by S&P Dow Jones Indices, has a base value of 100 on September 9, 1997 and is quoted in USD.

As of November 3, 2025, the index shows annualized returns of 15.06% over 1 year, 17.76% over 3 years, 12.78% over 5 years, and 11.66% since January 2, 2020, with corresponding annualized volatilities up to 20.70%. Over the same periods, it has trailed the S&P 500® Index, which returned 19.61%, 22.58%, 15.25% and 13.58%, respectively.

The text highlights key risks for investors in securities linked to this index, including credit risk to GS Finance Corp. and The Goldman Sachs Group, Inc., lack of dividends and shareholder rights, potential negative roll yields in futures, the derivative nature of futures contracts, and the possibility that market disruptions or index methodology changes could adversely affect security values.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked, auto-callable notes tied to the lowest performing of Advanced Micro Devices and Meta Platforms Class A common stock. Each note has a $1,000 face amount and pays no interest or dividends.

On quarterly call dates starting in December 2026, if the lowest performing stock’s closing price is at or above its starting price, the notes are automatically called for $1,000 plus a fixed call premium that starts at at least 6.00% of face amount and steps up to at least 24.00% if called on the final calculation day in November 2029. If the notes are never called, investors receive only the $1,000 face amount at maturity, with no positive return.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, have no exchange listing and are designed to be held to maturity. The initial estimated value is expected to be between $900 and $930 per $1,000, reflecting underwriting discounts of up to 3.075% and issuance and structuring costs.

Goldman Sachs (GS) provides an index supplement describing the Dow Jones Industrial Average Futures Excess Return Index (Bloomberg: DJIAFP). This index tracks the performance of the nearest maturing quarterly E-mini Dow ($5) futures contract on the Chicago Mercantile Exchange, referencing the 30‑stock Dow Jones Industrial Average® price-weighted index. It has a base value of 100 on June 14, 2002 and is calculated by S&P Dow Jones Indices.

The supplement shows historical performance through November 3, 2025. For that date, the index’s annualized return was 8.75% over 1 year, 10.01% over 3 years, 9.63% over 5 years, and 7.53% since January 2, 2020, with annualized volatility between about 13.78% and 19.92% across periods. Over the same horizons, the S&P 500® and the Dow Jones Industrial Average® posted higher annualized returns.

The document highlights multiple risks for securities linked to this index, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., the lack of dividend exposure and shareholder rights, the impact of negative roll yield in futures, and the possibility that futures-based index behavior differs from the underlying equity index. The securities are unsecured obligations, are not bank deposits, and are not insured by any governmental agency.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured autocallable notes linked to the Nasdaq-100 Index® and the S&P 500® Index, maturing in December 2027.

The notes do not pay interest. They may be automatically called on the December 21, 2026 call observation date if each index is at or above its initial level, in which case investors receive at least $1,130 per $1,000 on the call payment date. If not called, at maturity holders receive cash based on the lesser performing index, with a 200% upside participation rate and an index-specific trigger buffer level at 80% of the initial level.

If any index finishes below its trigger buffer level, repayment of principal is reduced one-for-one with the loss in the worst index, up to a total loss of the investment. The notes are subject to the credit risk of the issuer and guarantor, are not listed, have limited liquidity, and their estimated value at pricing is less than the original issue price. U.S. tax treatment is uncertain and discussed as a prepaid derivative contract.

Goldman Sachs is offering securities linked to the S&P 500® Futures Volatility Plus Daily Risk Control Index, which provides 100% to 200% leveraged exposure to the S&P 500® Futures Excess Return Index based on a dynamic volatility target. The index tracks E-mini S&P 500 futures and has a base value of 100 from February 4, 1998, with live calculation beginning April 25, 2022.

Published data combine hypothetical back-tested levels before launch and historical levels afterward, and the materials repeatedly warn this should not be seen as a guide to future performance. For the period ended November 3, 2025, the index shows annualized returns of 17.97% over 1 year and 26.81% over 3 years, with annualized volatility up to 30.50% since January 2, 2020. Exposure to the futures index was 185.02% on November 3, 2025.

Key risks include leveraged exposure, the possibility of larger losses than the underlying indices, reliance on Goldman Sachs Finance Corp. and The Goldman Sachs Group, Inc. credit, lack of dividends or shareholder rights, and the fact that the “risk control” design may not prevent significant declines or guarantee the volatility target.

Goldman Sachs’ GS Finance Corp. has issued an index supplement describing structured securities linked to the Nasdaq-100 Technology Sector Index (NDXT), an equal-weighted, price return index of technology companies drawn from the Nasdaq-100 Index®. The index is sponsored, calculated and maintained by Nasdaq, Inc. and has been in existence since February 22, 2006 with a base value of 1000.

The supplement highlights that, through November 3, 2025, the index showed annualized returns of 28.86% over 1 year, 34.93% over 3 years, 15.40% over 5 years and 15.98% since January 2, 2020, alongside relatively high annualized volatility of around 27%–32%. Comparative data show how these returns stack up against the broader Nasdaq-100 Index® and the S&P 500® Index, while repeatedly stressing that past performance does not predict future results.

The document also outlines key risks of investing in securities linked to the index, including credit risk to GS Finance Corp. and The Goldman Sachs Group, Inc., potentially lower estimated value versus original issue price, lack of dividends and shareholder rights, concentration in the technology sector, exposure to foreign markets, and the possibility that Nasdaq’s index policies and discretionary decisions may adversely affect index levels and the value of the securities.

Goldman Sachs (GS) has issued an index supplement describing the S&P 500® Daily Risk Control 5% USD Excess Return Index, which underlies certain GS Finance Corp. medium-term notes and warrants. This index measures the return of a leveraged or de‑leveraged exposure to the S&P 500® Total Return Index, after deducting a borrowing rate of SOFR + 0.02963%.

The related Risk Control index adjusts its exposure to the S&P 500® Total Return Index to target 5% volatility, with exposure that can be above or below 100%, creating a hypothetical cash position that also earns or pays SOFR + 0.02963%. Annualized returns for the Excess Return index to November 3, 2025 were 2.21% over 1 year, 4.63% over 3 years, 3.74% over 5 years and 2.90% since January 2, 2020, with volatility around 5%. The supplement highlights numerous risks, including issuer and guarantor credit risk, borrowing costs, limitations of the risk-control methodology, and the recent switch from overnight USD LIBOR to SOFR.

Goldman Sachs (GS) is offering securities linked to the S&P 500® Volatility Plus Daily Risk Control Index, which provides 100% to 200% leveraged exposure to the S&P 500® Index based on a dynamic volatility target. The index, launched on March 21, 2022 with history back to December 31, 1991, targets realized volatility equal to the S&P 500’s realized volatility plus 10%.

Using a mix of hypothetical and historical data to November 3, 2025, the index shows annualized returns of 26.06% over 1 year, 36.09% over 3 years, and 19.28% since January 2, 2020, with annualized volatility between roughly 25% and 31%. Over the same periods, the S&P 500® Index had lower annualized returns.

As of November 3, 2025, index exposure to the S&P 500® was 184.42%, underscoring leverage risk. Investors face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., no dividend entitlement or shareholder rights, and the possibility of larger losses than a direct S&P 500® investment, despite the “risk control” label. The securities are not bank deposits, are not FDIC insured, and have not been approved or disapproved by the SEC.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero-coupon callable notes linked to the Nasdaq-100 Index® with a stated maturity expected to be December 23, 2030. The notes pay no interest and return depend on index performance or early redemption.

Starting in December 2026 and through November 2030, the issuer may redeem the notes at 100% of face amount plus a call premium, with indicative premiums beginning at least 7.2% and stepping up to at least 35.4% on later call dates. If the notes are not redeemed and the final index level is above the initial level, investors receive $1,000 plus 100% of the index gain; if the index is flat or lower, they receive $1,000 per $1,000 face amount.

The estimated value at pricing is expected to be between $885 and $935 per $1,000 face amount, reflecting structuring costs and dealer compensation. Investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., potential secondary-market discounts, complex U.S. tax treatment as contingent payment debt instruments, and exposure to volatility and regulatory risks affecting the Nasdaq-100 Index® and its foreign components.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes maturing on December 1, 2027, tied to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. The notes pay no interest and the amount you receive at maturity depends on the worst-performing index.

For each $1,000 note, if every index is at or above its initial level on the determination date, you receive a capped maximum of $1,169. If any index is below its initial level but at or above 70% of that level, you receive your $1,000 principal back. If any index finishes below 70% of its initial level, your repayment is reduced 1% for each 1% drop below the 70% buffer, so you can lose a substantial portion of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They do not provide dividends or shareholder rights in the underlying stocks, may have limited liquidity, and involve complex U.S. tax treatment described as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes due 2032 linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes can be automatically called on annual observation dates if the index is at or above rising call levels, paying for each $1,000 face amount $1,000 plus a call premium of at least 9.25% to 55.50% depending on the year.

If the notes are never called, investors receive at maturity $1,000 plus 100% of any positive index return; if the final index level is at or below the initial level, they receive only $1,000, so downside is limited to lost opportunity but there is no periodic interest.

The index rebalances daily across up to 10 futures- and cash-based exposures with a 5% volatility control, a momentum risk control feature and an annual deduction of 0.65% on an excess-return basis over the federal funds rate, so large allocations to cash positions can materially reduce index performance. The issuer’s estimated value is $850 to $890 per $1,000 face amount, below the issue price, and the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. For U.S. tax purposes they are treated as contingent payment debt instruments, requiring taxable accrual of ordinary income over the term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the S&P 500® Index under its Medium-Term Notes, Series F program. The notes do not pay interest and may be automatically called in December 2027 if the index level is at or above the initial level, in which case investors receive at least $1,081 per $1,000 face amount.

If the notes are not called, at maturity in December 2028 investors receive $1,000 plus any gain based on index performance with a 110% upside participation rate, or $1,000 if the index is flat or lower. The estimated value determined by Goldman’s pricing models will be less than the original issue price, and secondary market prices may be further reduced by dealer spreads and commissions. Repayment depends on the credit of GS Finance Corp. and its parent, and the notes are unsecured, not bank deposits, and not FDIC insured. The notes are treated as contingent payment debt instruments for U.S. tax purposes, which can require taxable income each year even without interim cash payments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering equity-linked notes whose payoff depends on Microsoft Corporation common stock. The notes pay no interest and are scheduled to mature on June 7, 2027.

At maturity, for each $1,000 note, investors receive cash based on Microsoft’s price change from the initial level on the expected December 2, 2025 trade date to the final level on the expected June 2, 2027 determination date. If Microsoft’s return is positive or zero, the note’s gain matches that return but is capped at a maximum upside settlement amount of $1,102, corresponding to a cap price of 110.2% of the initial stock price.

If the stock is down but not by more than 20%, investors receive the absolute value of that loss as a positive return (for example, a -10% stock move gives a +10% note return). If Microsoft falls by more than 20%, principal is reduced dollar-for-dollar beyond that 20% buffer, and investors can lose a substantial portion of their investment. The estimated initial value is disclosed as $925–$955 per $1,000, below the issue price, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering $12,000,000 of contingent income buffered auto-callable securities linked to the iShares Bitcoin Trust ETF (IBIT), fully guaranteed by The Goldman Sachs Group, Inc. These unsecured notes pay no regular interest. Instead, for each $1,000, investors may receive contingent monthly coupons calculated as $15.625 per elapsed observation date, but only when the ETF closes on that date at or above the buffer price, set at 70.00% of the $50.73 initial ETF price.

The notes can be automatically called on monthly call observation dates if the ETF closes at or above the initial price, returning $1,000 per security plus the coupon then due, with no further payments. If not called, and at maturity the ETF is at or above the buffer price, investors receive $1,000 plus the final coupon; if below the buffer, they lose about 1.4286% of principal for each 1% decline beyond the 30.00% buffer and receive no final coupon, potentially losing their entire investment. The securities are not listed, carry GS and Goldman Sachs Group credit risk, have an estimated value of approximately $976 per $1,000 at pricing, and are exposed to the high volatility and regulatory and structural risks of bitcoin through the ETF.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing notes tied to an equally weighted basket of 7 U.S.-listed energy and industrial stocks. Each note has a $1,000 face amount and an initial basket level of 100.

The notes may be automatically called on the call observation date if the basket level is at or above 100, paying $1,147 per $1,000. If not called, the maturity payoff depends on the basket return: gains are amplified by a 125% upside participation rate when the basket is above 100; if the basket is between 70% and 100%, investors still receive a positive return equal to the absolute basket move. If the basket falls below 70%, principal is exposed one-for-one to losses and can be largely or entirely lost.

The estimated value on the trade date is expected to be $925–$965 per $1,000, reflecting fees, hedging costs and issuer credit spreads, and the notes carry full credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,090,000 of market-linked notes tied to the Class A common stock of AppLovin Corporation. Each security has a $1,000 face amount and pays a contingent quarterly coupon of $69 (27.60% per annum) only if AppLovin’s stock on the relevant calculation day is at or above 60% of the $520.82 starting price.

The notes are auto-callable from May 2026 through August 2028 if the stock is at or above the starting price, returning face amount plus the final contingent coupon. If not called, principal is protected at maturity only if the final stock price is at or above 60% of the starting price; below that level, investors lose more than 40%, up to their entire principal. The estimated fair value at pricing is about $941 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Class A shares of Robinhood Markets, CoreWeave and AppLovin. The notes have an aggregate face amount of $1,304,000, a scheduled maturity on November 30, 2032, and may be automatically called on monthly observation dates from November 2026 through October 2032 if each stock is at or above its initial price of $106.21 (Robinhood), $69.21 (CoreWeave) and $520.82 (AppLovin).

On each monthly coupon observation date from December 2025, investors receive a step-up coupon only if all three stocks close at or above 70% of their initial prices. The formula equates to $6.584 per $1,000 of face amount per qualifying month, or up to approximately 7.9% per year, reduced by prior coupons paid. If the notes are never called and conditions are met on some dates, investors receive coupons plus $1,000 at maturity; otherwise they may receive only principal.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and expose investors to their credit risk. The estimated value on the trade date is approximately $917 per $1,000 face amount, below the 100% issue price, reflecting underwriting discount of 4.125% and structuring costs. Liquidity is not assured, market value may be volatile, and investors have no rights in the underlying stocks.

GS Finance Corp. is offering leveraged buffered notes linked to the S&P 500® Index, due in 2028 and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and the amount repaid at maturity depends on index performance.

If the S&P 500 ends above its initial level, investors receive a positive return equal to a 200% upside participation rate, capped by a maximum settlement amount of at least $1,210 per $1,000 face amount. If the index falls but stays at or above 85% of its initial level (a 15% buffer), investors receive full principal back.

If the index finishes below the 85% buffer level, principal is reduced 1% for every 1% decline below that level, and investors could lose a substantial portion of their investment. The notes are subject to the credit risk of both the issuer and guarantor, may trade below the issue price, are not listed on an exchange, and have uncertain U.S. tax treatment characterized as a pre-paid derivative contract.

GS Finance Corp. is offering S&P 500® Index-linked notes due in 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and your return depends entirely on the S&P 500® performance between the expected trade date of December 12, 2025 and the expected determination date of June 12, 2031.

At maturity, for each $1,000 face amount you receive cash based on index performance. If the index rises, you gain 100% of the index return but your payout is capped at the maximum settlement amount of $1,460. If the index is flat or down, you receive the greater of the formula-based amount or the minimum settlement amount of $900, so you can lose up to 10% of principal. The estimated initial value is between $885 and $935 per $1,000, reflecting fees and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,194,000 of Medium-Term Notes, Series F linked to the S&P 500® Futures Excess Return Index. The notes may be automatically called on November 20, 2026 if the underlier is at or above the initial level (534.87), paying 113.75% of face value, or $1,137.50 per $1,000 on November 30, 2026.

If not called, at maturity on November 28, 2031 you receive: $1,000 plus 200% of any positive underlier return; $1,000 if the final level is between 85% and 100% of the initial level; or a reduced amount if the final level is below 85%, with losses matching the decline beyond the 15% buffer. The notes pay no interest, can lose a substantial portion of principal, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering unsecured structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay a fixed quarterly coupon of $23.875 per $1,000 face amount (2.3875% per quarter, up to 9.55% per year) only if, on the observation date, the index is at least 80% of its initial level; otherwise no coupon is paid.

The notes can be automatically called on quarterly dates from November 2027 through August 2035 if the index is at or above its initial level, returning the $1,000 face amount plus the due coupon. If not called, they mature in November 2035, paying $1,000 per $1,000 face amount plus any final coupon. The underlier uses up to 500% leverage, a 40% volatility target, rules-based signals, and a fixed 6% per annum daily decrement, all of which can magnify losses and cause the index to lag the S&P 500® Futures Excess Return Index and the S&P 500® Index. The estimated value on the trade date is expected to be between $885 and $925 per $1,000 face amount, below the original issue price.

GS Finance Corp. is offering $2,152,000 of callable notes linked to the 10-year U.S. Treasury constant maturity rate, guaranteed by The Goldman Sachs Group, Inc. The notes pay monthly interest through November 24, 2030, but only for days in each interest period when the 10-year CMT rate is at or below 4.70%, multiplied by a 6.60% interest factor using a 30/360 day-count.

The issuer may redeem the notes at 100% of face amount plus accrued interest on any monthly interest payment date on or after November 24, 2026, which can shorten the investment. The estimated value at pricing is about $974.4 per $1,000 face amount, below the issue price, reflecting fees, hedging costs and funding spreads. Key risks include the credit risk of GS Finance Corp. and its guarantor, the possibility of receiving little or no interest, limited secondary market liquidity, sensitivity to rate movements and reference-rate volatility, and uncertain but expected variable-rate debt tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Tesla-linked autocallable contingent coupon equity notes due December 8, 2027. Each note has a $1,000 face amount and pays monthly coupons only if Tesla’s share price on the observation date is at least 70% of the initial level; otherwise the coupon for that month is zero. The coupon formula targets $18.334 per observation date on a catch-up basis when conditions are met.

The notes are automatically called at par plus the due coupon if Tesla closes at or above its initial level on any call observation date from June 1, 2026 through November 1, 2027. If not called, at maturity investors receive full principal back if Tesla is at least 60% of the initial level, but take a one-for-one loss below that, potentially losing their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, may trade below issue price, are not listed, and carry complex tax treatment and market risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering zero-coupon structured notes linked to Celestica, Qualcomm and Intel. The notes pay no interest and may be automatically called on the call observation date if each stock closes at or above 50% of its initial price, in which case investors receive $1,286 per $1,000 face amount.

If not called, the maturity payment depends on the lesser performing stock. If all three finish above their initial prices, investors get 2x that stock’s gain. If any stock finishes at or below its initial price but all remain at or above 50% of initial, investors receive only the $1,000 face amount. If any stock closes below 50% of its initial price, principal is reduced one-for-one with that stock’s loss and can fall to zero.

The preliminary estimated value is $925–$955 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, and the notes may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, equity-linked notes tied to Celestica, QUALCOMM and Intel. The notes pay no interest and are scheduled to mature in late 2028, unless automatically called in late 2026.

The notes are automatically redeemed for $1,467.5 per $1,000 face amount if, on the call observation date, each stock closes at or above 65% of its initial price. If not called, the maturity payment depends on the worst-performing stock: if all finish above their initial prices, investors receive five times the lesser-performing stock’s return; if any finish at or below their initial price but all stay at or above 50%, investors receive only their $1,000 principal. If any stock finishes below 50% of its initial price, repayment falls in line with the worst stock’s loss, and investors can lose up to their entire investment.

The estimated value on the trade date is expected to be $925–$955 per $1,000 face amount, reflecting fees, hedging costs and issuer credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable notes linked to the Russell 2000® Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes run to an expected maturity in December 2031 but can be automatically called monthly from May 2026 if all three underliers are at or above their initial levels.

Investors may receive a monthly coupon of $13.334 per $1,000 (1.3334%, about 16% per year) whenever each underlier is at least 75% of its initial level; otherwise the coupon is zero. At maturity, if not called, full principal is repaid only if every underlier is at or above 60% of its initial level, with a partial buffer between 60% and 75%. Below 60% on any underlier, repayment is reduced one-for-one with the worst performer, and all coupons stop, so the entire investment can be lost.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor. The estimated value on the trade date is expected to be $885–$925 per $1,000, below the issue price, reflecting dealer compensation and structuring costs.

GS Finance Corp. is offering unsecured buffer autocallable securities linked to the S&P 500®, guaranteed by The Goldman Sachs Group, Inc. The notes may be automatically called on the December 2, 2026 call observation date if the index is at or above 100% of its initial level, paying $10 plus the product of $10 and a call return expected between 7.50% and 8.85%.

If not called, the notes mature on November 29, 2030. At maturity, holders participate one-for-one in any index gain. If the index is flat or down but at or above 80% of its initial level, investors receive full principal. Below this 20% buffer, repayment falls in line with index losses beyond the buffer, with up to 80% loss if the index goes to zero. The notes pay no coupons, forgo dividends, and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated initial value is $9.35–$9.65 per $10 face amount, and the minimum purchase is $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2032 under its Medium-Term Notes, Series F program. The notes are automatically called on specified annual dates if the index closes at or above rising call levels, starting at 100.75% of the initial index level in 2026 with a 9.25% call premium, increasing yearly up to a 55.50% call premium in 2031.

If the notes are not called, at maturity investors receive for each $1,000 face amount: $1,000 plus 100% of any positive index return, or $1,000 if the final index level is equal to or below the initial level, so downside is limited to return of principal, subject to issuer and guarantor credit risk. The issuer’s estimated value on the trade date is $885–$925 per $1,000, below the original issue price, reflecting structuring costs. The index uses daily rebalancing, volatility control at 5%, momentum risk control, and a 0.65% per annum deduction, and can allocate heavily to cash-like positions, which may reduce index returns. The notes pay no interest and are treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indices and maturing in 2028. The notes can pay a monthly coupon of $10.625 per $1,000 (1.0625% per month, up to 12.75% per year) if on each observation date all three indices are at or above 70% of their initial levels. The notes are automatically called and repaid at par, plus any due coupon, if on a call observation date all three indices are at or above their initial levels.

If the notes are not called, the maturity payment depends only on the worst-performing index. Investors receive full principal back if the worst index is at or above 70% of its initial level; otherwise repayment is reduced in line with that index’s loss, and investors can lose up to 100% of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., have limited liquidity, provide no index ownership or dividends, and involve complex, uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to three U.S. equity ETFs: the SPDR® S&P 500® ETF Trust, SPDR® Dow Jones® Industrial AverageSM ETF Trust and iShares® Russell 2000 ETF. The notes have an aggregate face amount of $1,606,000, a $1,000 minimum denomination and mature on November 17, 2028, unless automatically called starting in February 2026.

Investors can receive a fixed coupon of $8.542 per $1,000 (0.8542% monthly, about 10.25% per year) on each monthly observation date only if the closing level of every ETF is at least 70% of its initial level. The notes are automatically redeemed at par plus coupon if on a call observation date all ETFs are at or above their initial levels of $671.93 (SPY), $471.80 (DIA) and $237.48 (IWM).

If the notes are not called, principal repayment at maturity depends on the worst-performing ETF. Full principal is returned (plus any final coupon) if each ETF is at or above 70% of its initial level. If any ETF finishes below that 70% trigger, repayment is reduced one-for-one with the loss on the worst ETF, and investors could lose their entire investment and receive no coupon. The estimated value at pricing is about $996 per $1,000 face amount, 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 issuing $41,362,000 of principal-at-risk contingent income callable securities due November 17, 2028, linked to the worst-performing of the S&P 500, Russell 2000 and Nasdaq-100 indices. Investors may receive a $31.50 quarterly coupon per $1,000 only if each index stays at or above 75% of its initial value on every index business day in the observation period. The notes are callable at the issuer’s option at 100% of principal plus any due coupon on quarterly payment dates from February 20, 2026 through August 17, 2028. At maturity, principal is repaid only if the worst index is at or above its 70% downside threshold; below that level, repayment is reduced 1-to-1 with the worst index’s decline and can be zero. The securities are not listed, carry issuer and guarantor credit risk, and have an estimated value of about $984 per $1,000 at pricing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $35,962,000 of auto-callable, principal-at-risk notes linked to the iShares Bitcoin Trust ETF (ticker IBIT). The notes may be automatically called on November 23, 2026 for a fixed cash payment of $1,291.50 per $1,000 if the ETF’s price is at or above the $53.475 initial level.

If not called, at maturity in December 2027 investors get 150% of any ETF gain above the initial price, or a positive “dual directional” return for ETF declines down to a 75% downside threshold of $40.10625. If the ETF finishes below that threshold, repayment is reduced 1-for-1 with the ETF’s loss and can fall to zero.

The securities pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, and are exposed to bitcoin’s high volatility through the ETF. The original issue price is $1,000, while the estimated value is approximately $949 per security.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing equity-linked notes tied to an equally weighted basket of 8 large-cap stocks, with an initial basket level of 100 and aggregate face amount of $6,944,000 on the original issue date. The notes pay no interest and mature on November 18, 2027, but may be automatically called on November 27, 2026 if the basket’s closing level is at or above the initial level, in which case holders receive $1,170.5 per $1,000 face amount on the call payment date.

If not called, maturity payments depend on basket performance: for a positive basket return, investors receive $1,000 plus 125% of the gain; for returns between 0% and -15%, they receive $1,000; below -15%, principal is reduced using a buffer rate of approximately 117.65%, so substantial losses, up to total loss of principal, are possible. The estimated value at pricing is about $946 per $1,000 face amount, reflecting underwriting discounts and structuring 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 leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, maturing on an expected date of November 27, 2028. The notes pay no interest and the cash payout at maturity depends solely on index performance from the trade date to the determination date.

If the index return is positive or zero, investors receive the face amount plus 118% of the index gain. If the index is down but not by more than 21.5%, investors receive the face amount plus the absolute value of the loss, turning moderate declines into gains. If the index falls more than 21.5%, losses exceed the buffer and investors receive less than the face amount, potentially a substantial loss.

The estimated value on the trade date is expected to be between $890 and $920 per $1,000 face amount, reflecting structuring costs and credit spreads, and secondary market values may be significantly below the issue price. Payments depend on the credit of both GS Finance Corp. and The Goldman Sachs Group, Inc., and investors have no rights in the underlying futures or index stocks.

GS Finance Corp. is offering $1,400,000 of Autocallable Participation Notes linked to the S&P 500® Index, issued at $10 per unit with an initial estimated value of $9.75 per $10 principal amount.

The notes mature in about three years and may be automatically called in roughly one year at $10.778 per unit if the index is at least 90.00% of its 6,734.11 starting level on the Call Observation Date. If not called, at maturity investors get 1-to-1 upside participation above a 90.00% threshold, but if the index finishes below that threshold they are exposed to 1-to-1 downside beyond 90.00%, with up to 90.00% of principal at risk.

The notes pay no periodic interest, are unsecured obligations of GS Finance Corp. fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and will not be listed on any exchange. The public offering price includes a $0.15 per-unit underwriting discount, leaving $9.85 in proceeds per unit, and the minimum initial purchase is $100,000 in principal amount.

GS Finance Corp. (GS) is offering S&P 500®-linked auto-callable notes with an aggregate face amount of $2,136,000, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes do not pay interest and are issued at 100% of face amount, with a 2% underwriting discount and 98% net proceeds to the issuer.

The notes may be automatically called on the call observation date of November 27, 2026 if the S&P 500 closing level is at or above the initial level of 6,734.11, in which case investors receive $1,080 per $1,000. If not called, the maturity is November 17, 2028 and the payoff depends on index performance: 198.82% upside participation above the initial level, return of principal if the index ends between 90% and 100% of the initial level, and leveraged losses below the 10% buffer that can result in a total loss of principal.

Investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., potentially limited secondary market liquidity, market value sensitivity to interest rates and volatility, and uncertain U.S. tax treatment characterized as a pre-paid derivative contract under current issuer guidance.

The Goldman Sachs Group, Inc. plans to issue senior unsecured fixed rate notes due 2032 under its Medium-Term Notes, Series N program. The notes will pay interest at a fixed rate of 4.35% per annum, with payments made on June 5 and December 5 of each year, starting June 5, 2026 and continuing until the stated maturity date of December 5, 2032. The notes will be issued in minimum denominations of $1,000 and integral multiples thereof, in U.S. dollars.

The notes will not be listed on any securities exchange and will be issued in book-entry form through DTC, with Goldman Sachs & Co. LLC acting as underwriter, calculation agent and an affiliate of the issuer. The structure includes standard U.S. federal income tax treatment for interest and capital gains, provisions for full and covenant defeasance, and detailed selling and distribution restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,763,000 of structured notes linked to the common stocks of NVIDIA, SoFi Technologies and Uber. These notes pay a contingent monthly coupon of $26.667 per $1,000 (about 2.6667% per month, up to roughly 32% per year) only if each stock closes at or above 60% of its initial level on the relevant observation date.

The notes can be automatically called quarterly if all three stocks are at or above their initial levels, in which case holders receive $1,000 per note plus the due coupon, with no further payments. If not called, principal repaid at maturity depends solely on the worst-performing stock: if its final level is at least 60% of its initial level, investors receive $1,000 per note; if it is below 60%, repayment is reduced one-for-one with that stock’s loss and can fall to $0, meaning a complete loss of invested principal. There is no upside above par, the notes are subject to Goldman Sachs credit risk, secondary market prices may be below issue price, and the U.S. tax treatment is described as uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk notes linked to NVIDIA, CoreWeave and Tesla stock. The notes mature on November 18, 2027 and can be automatically called monthly from November 2026 if each stock is at or above its initial price. Investors may receive a contingent coupon of $18.875 per $1,000 per observation date (about 1.8875% monthly, up to 22.65% per annum) when all three stocks close at or above 50% of their initial prices. If at maturity all three stocks are below their initial prices and any is below 50% of its initial level, repayment is reduced in line with the worst-performing stock and can fall to zero. The initial estimated value is about $938 per $1,000, versus a 100% issue price on an aggregate face amount of $1,130,000, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered notes linked to the S&P 500® Index that do not pay interest and are scheduled to mature on the expected stated maturity date of November 30, 2027. The cash payment at maturity per $1,000 face amount depends on index performance from the expected trade date of November 24, 2025 to the determination date, expected November 24, 2027. If the index gain is zero or positive, investors participate one-for-one in the index return up to a maximum upside settlement amount of $1,171, corresponding to a cap level of 117.1% of the initial index level. If the index is down but not by more than 20%, investors receive the absolute value of the loss as a positive return, so a -20% index return produces +20% on the notes. If the index falls by more than 20%, losses beyond that buffer are passed through, so an index return of -21% produces a -1% note return and deeper declines can result in a substantial loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on an exchange, and their estimated value on the trade date is expected to range from $925 to $955 per $1,000 face amount, reflecting offering costs and dealer economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Snowflake Inc. The notes pay fixed coupons of $25 per $1,000 each quarter (2.5% quarterly, up to 10% per year) until maturity or automatic call. The notes will be automatically redeemed at face amount plus the coupon if Snowflake’s share price on any call observation date is at or above the initial stock price. At maturity in 2028, if the notes have not been called and Snowflake’s final stock price is at least 50% of the initial price, investors receive the full face amount plus the final coupon; if it is below 50%, repayment of principal is reduced in line with the stock’s percentage decline, and investors can lose all or most of their investment. Payments are unsecured and subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The issuer estimates the value of each note at issuance at $925–$955 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500^® Futures Excess Return Index. The notes pay no interest and return a cash amount at maturity based on index performance between the trade date and a determination date expected in late 2028.

If the index return is zero or positive, holders receive the face amount plus gains multiplied by at least 113.75%. If the index return is negative but not worse than -20%, investors still receive a positive return equal to the absolute index loss. If the index falls by more than 20%, investors lose principal, with losses increasing as the index declines further.

The notes’ estimated value on the trade date is expected to be between $925 and $965 per $1,000 face amount, below the issue price, reflecting dealer compensation and structuring costs. Investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., exposure to futures-related effects such as financing costs and negative roll yield, limited liquidity, and uncertain U.S. tax treatment as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Futures Excess Return Index-linked notes with an aggregate face amount of $2,208,000. The notes pay no interest and mature on November 18, 2030. At maturity, investors receive $1,000 per note plus 165% of any positive index return. Principal is protected only down to a 15% buffer: if the index has fallen by 15% or less, investors receive the $1,000 face amount; if it falls by more than 15%, repayment is reduced dollar-for-dollar with the additional decline, so a substantial loss of principal is possible. The product references E-mini S&P 500 futures rather than the cash S&P 500 index, and performance may be eroded by financing costs and negative roll yield. Key risks include the credit of GS Finance Corp. and its parent, limited liquidity, market volatility, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable income notes linked to the common stock of NVIDIA, Celestica and Tesla. The notes pay a conditional monthly coupon of $15.375 per $1,000 face amount (1.5375% monthly, up to 18.45% per year) whenever all three stocks close at or above 50% of their initial prices on an observation date.

Beginning in November 2026, the notes are automatically called if all three stocks are at or above their initial prices on a call observation date, returning principal plus the due coupon. If not called, and on the final date all three stocks are below their initial prices and any is below 50%, repayment is reduced in line with the worst-performing stock, potentially to zero. The estimated value at pricing is expected between $925 and $955 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary prospectus supplement for auto‑callable monthly coupon notes linked to the common stocks of MercadoLibre and NVIDIA and an ADS of Sea Limited. The notes mature on the expected November 24, 2028 and may be automatically called on monthly observation dates starting in November 2026 if each index stock is at or above its initial price set on the expected trade date of November 19, 2025.

Monthly observation dates are expected to be the 19th of each month. A coupon accrues only when each index stock closes at or above 50% of its initial price; the coupon formula is $9.167 per $1,000 (0.9167% monthly, with potential up to approximately 11% per annum) less any prior coupons paid. If not called, a “trigger event” occurs if each final price is below its initial price; maturity payment then depends on the lesser performing stock and can be significantly below principal.

Authorized denominations are $1,000. The estimated value at pricing is expected between $925 and $955 per $1,000. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Medium‑Term Notes, Series F, linked to the Class A common stock of Coinbase, Lyft, and the common stock of Mara Holdings. The notes mature on November 10, 2028 and are automatically called on quarterly observation dates starting in May 2026 if each stock closes at or above its initial price (COIN $309.14, LYFT $22.04, MARA $15.87, set on November 7, 2025). Monthly coupons accrue when, on the observation date, each stock is at least 50% of its initial price, paying $24.584 per $1,000 (2.4584% monthly, up to ~29.5% per annum); otherwise the coupon for that month is zero.

If not called, the maturity payment depends on the worst‑performing stock. If each final price is at least 50% of its initial price, holders receive $1,000 plus the final coupon. If any stock is below 50%, repayment is reduced by the lesser performer’s return and no coupon is paid; investors could receive less than 50% of face amount, down to zero. Aggregate face amount on issue date is $419,000; issue price 100%, underwriting discount 1.75%, net proceeds 98.25%. The estimated value is approximately $949 per $1,000, with an initial additional amount of $51 amortizing to zero by March 9, 2026. All payments are subject to the credit risk of the issuer and guarantor.