Every 424B that Goldman Sachs Group Inc. (GS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow GS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GS filings page.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary prospectus supplement for monthly coupon, auto-callable notes linked to the common stock of Micron Technology (MU), Intel (INTC) and Advanced Micro Devices (AMD). The notes pay a fixed coupon of $10.417 per $1,000 each month (1.0417% monthly, up to approximately 12.5% per annum), starting after issuance.
The notes may be automatically called on monthly observation dates (commencing in May 2026) if the closing price of each index stock is at or above its initial price; if called, investors receive the $1,000 face amount plus the coupon then due. If not called, at maturity on the expected date of November 24, 2028, investors receive the final coupon and: (i) $1,000 if no trigger event has occurred; or, if a trigger event has occurred, (ii) $1,000 if the final price of each stock is at least 60% of its initial price, else (iii) $1,000 + $1,000 × (lesser performing index stock return), which can be substantially below face amount and down to zero. The estimated value at pricing is expected to be $925–$955 per $1,000.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) for auto‑callable monthly coupon notes linked to the Class A common stock of Strategy Inc (formerly MicroStrategy), Coinbase Global, Inc., and Super Micro Computer, Inc.
The notes pay a monthly coupon based on stock performance: $8.042 per $1,000 (0.8042% monthly, potential up to approximately 9.65% per annum) if the closing price of each index stock is at least 70% of its initial price on the observation date, or $0.209 per $1,000 (0.0209% monthly, potential up to approximately 0.25% per annum) otherwise. They are subject to automatic call if, on any observation date from November 2026 through October 2030, the closing price of each index stock is at least its initial price; if called, investors receive face amount plus the applicable coupon on the next payment date.
Observation dates are expected monthly on the 21st from December 2025 to November 2030. At maturity, expected November 29, 2030, investors receive $1,000 per $1,000 face amount plus the final coupon. The estimated value at pricing is expected to be $850–$890 per $1,000. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.
Goldman Sachs Group (GS) plans a new debt offering: Callable Fixed Rate Notes due 2037. The notes pay a fixed coupon of 5.125% per annum from the original issue date (expected November 28, 2025) to the stated maturity date (expected November 27, 2037).
Interest is paid semiannually on May 28 and November 28, starting May 28, 2026, using a 30/360 (ISDA) day count convention. Goldman Sachs may redeem the notes, in whole but not in part, on each February 28, May 28, August 28 and November 28 on or after November 28, 2027, at 100% of principal plus accrued and unpaid interest to (but excluding) the redemption date, with at least five business days’ notice.
The notes will be offered via Goldman Sachs & Co. LLC and InspereX LLC under a distribution agreement, with potential market-making after initial sale. Settlement is expected in DTC book-entry form, and the notes are not bank deposits or FDIC insured. FATCA withholding generally applies to obligations issued on or after July 1, 2014.
GS Finance Corp. plans to issue no‑coupon notes linked to the VanEck BDC Income ETF (BIZD), guaranteed by The Goldman Sachs Group, Inc. The notes pay at maturity based on BIZD’s performance from the initial level (set on the trade date, expected November 18, 2025) to the final level on the determination date (expected November 18, 2030), with maturity expected on November 21, 2030.
If the ETF return is positive or zero, you receive the maximum upside settlement amount of $1,287.5 per $1,000. If the ETF is down but by no more than 50%, you receive the absolute percentage decline as a positive return. If the ETF falls by more than 50%, your payoff declines one‑for‑one with the ETF, and you could lose a substantial portion or all of your investment.
The filing highlights credit risk of GS Finance Corp. and the guarantor, no dividends or interest, a 50% trigger buffer level, and an estimated value of $850–$890 per $1,000 at pricing. The notes will not be listed, and any market making by Goldman Sachs & Co. LLC may be discontinued at any time.
Goldman Sachs (GS), via GS Finance Corp., is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the common stock of UnitedHealth Group (UNH). They may be automatically called on quarterly observation dates if UNH’s closing level is greater than or equal to the initial level, returning $1,000 per note plus any coupon then due.
Coupons are contingent, paying on a quarterly schedule only if UNH’s closing level on the observation date is at or above the coupon trigger level of 60% of the initial level. If not called, at maturity on November 30, 2028, investors receive $1,000 per note if the final level is at or above the trigger buffer level of 60%; otherwise, repayment falls one‑for‑one with UNH’s decline, which can result in losing the entire investment. Key dates include trade date November 25, 2025; original issue date November 28, 2025; and determination date November 27, 2028.
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, a highly leveraged, rules-based futures index with a daily 6% per annum decrement.
The notes target quarterly contingent coupons of 2% (up to 8% per year) when the index is at least 55% of its initial level, and can be automatically called beginning in August 2026 if the index is at least 84% of its initial level, returning principal plus the applicable coupon. If the notes are not called and the index finishes below 55% of its initial level at maturity in November 2030, investors lose principal in line with the index decline and can lose their entire investment. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, reflecting structuring costs, leverage and the complex index design.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes linked to the iShares Bitcoin Trust ETF (IBIT) with an aggregate face amount of $437,000 on the original issue date. The notes pay a contingent monthly coupon of $11.875 per $1,000 (1.1875% monthly, up to 14.25% per year) only when the ETF’s closing level on the observation date is at least 60% of the initial level of $58.88; otherwise no coupon is paid.
The notes are callable at the issuer’s option at 100% of face amount plus any due coupon on monthly payment dates from May 2026 through October 2030. If not redeemed, at maturity in November 2030 holders receive $1,000 per note plus the final coupon if the ETF’s final level is at least 60% of the initial level; if it is lower, repayment is reduced one-for-one with the ETF loss and can fall to zero.
The estimated value at pricing is approximately $896 per $1,000 face amount. Payments depend on the credit of GS Finance Corp. and Goldman Sachs and expose holders to the significant volatility, regulatory and operational risks associated with bitcoin through the ETF.
Goldman Sachs Group (GS) plans a primary offering of Medium-Term Notes, Series N, as Callable Fixed Rate Notes due 2045. The notes pay 5.50% per annum from the original issue date (expected November 28, 2025) to the stated maturity date (expected November 28, 2045), with semiannual interest on May 28 and November 28, first payable on May 28, 2026.
The notes are callable at the issuer’s option, in whole but not in part, on each February 28, May 28, August 28 and November 28 on or after November 28, 2027, at 100% of principal plus accrued interest, with at least five business days’ notice. Interest accrues using the 30/360 (ISDA) day-count convention. There is no sinking fund, and holders do not have put rights.
Distribution is through Goldman Sachs & Co. LLC and InspereX LLC, with market-making expected but not assured. The notes are unsecured senior debt, not bank deposits, and not FDIC insured. Certain EEA/UK retail and other jurisdictional offering restrictions apply; FATCA withholding rules generally apply.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) for market‑linked, no‑coupon notes tied to an equally weighted basket of 8 large‑cap stocks. The notes can be automatically called if the basket’s closing level on the call observation date is at least the initial basket level of 100, paying ≥ $1,170.5 per $1,000 on the expected call payment date. If not called, the notes mature in 2027 with outcomes based on the basket return.
At maturity, investors receive: (i) $1,000 plus 125% of positive basket return; (ii) $1,000 if the basket is down up to 15%; or (iii) a loss beyond the 15% buffer using a ~117.65% buffer rate. The estimated value on trade date is expected between $900 and $930 per $1,000 face amount. The basket equally weights Constellation Energy, Eaton, Equinix, Freeport‑McMoRan, NextEra Energy, Quanta Services, Vertiv, and Vistra. Key dates are expected to be: trade on Nov 14, 2025, issue on Nov 19, 2025, call observation on Nov 27, 2026, determination on Nov 15, 2027, and maturity on Nov 18, 2027.
GS Finance Corp. is offering $1,000,000 aggregate face amount of zero‑coupon, auto‑callable notes linked to an equally weighted basket of five stocks: Advanced Micro Devices, AppLovin (Class A), Astera Labs, Robinhood Markets (Class A) and Vertiv (Class A). The notes mature on November 15, 2030, unless automatically called on observation dates beginning November 9, 2026 if the basket closes at or above the initial level of 100.
If called, each $1,000 pays $1,000 plus a call premium (e.g., 16.75% on the first call date). If not called, maturity pays: full upside at a 100% participation when the basket is flat or higher; $1,000 if the decline is within the 50% trigger buffer; or one‑for‑one downside if the basket falls more than 50%. The notes do not bear interest and dividends on the stocks are not passed through.
The estimated value is approximately $894 per $1,000 at the trade date; original issue price is 100%, underwriting discount 4.125%, and net proceeds 95.875% of face. Minimum denomination is $1,000. The notes are issued by GS Finance Corp. and fully guaranteed by The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $1,302,000. The notes do not pay interest and your payment depends entirely on index performance.
The notes may be automatically called on November 25, 2026 if the S&P 500 closing level on November 20, 2026 is at or above the initial level of 6,728.80, in which case you receive $1,080 per $1,000 face amount. If not called, at maturity in November 2028 you receive a cash amount based on the index: for gains, you participate at an upside rate of 187.15%; for flat to mildly negative performance down to a 10% buffer, you receive your $1,000 back.
If the index falls more than 10% below the initial level, losses accelerate using a buffer rate of about 111.11%, and you could lose your entire investment. The original issue price is 100% of face, including a 2% underwriting discount, and tax treatment is uncertain, with the notes intended to be treated as pre-paid derivative contracts.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,966,000 aggregate face amount of basket‑linked notes under a 424(b)(2) prospectus supplement. The notes pay no interest and reference an equally weighted basket of seven large‑cap stocks with an initial basket level of 100. Trade date is November 7, 2025 and original issue date is November 13, 2025.
The notes are automatically called if, on November 20, 2026, the basket is at or above the initial level, paying $1,175.5 per $1,000 on November 25, 2026. If not called, at maturity on November 12, 2027 holders receive: (i) $1,000 plus 125% of any basket gain; (ii) $1,000 if the basket decline is up to 20%; or (iii) a reduced amount if the decline exceeds 20%, using a 125% buffer rate.
The estimated value is ~$944 per $1,000 at pricing. Underwriting discount is 1.5% (net proceeds 98.5% of face). Denominations are $10,000 and $1,000 increments. Payments are subject to the credit of GS Finance Corp. and the guarantor; investors forgo dividends and may face limited liquidity and principal loss.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2032 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at 4.55% per annum from the original issue date, expected to be November 28, 2025, to the stated maturity date, expected to be November 12, 2032.
Interest is expected to be paid annually on November 28 and at maturity, using a 30/360 (ISDA) day count convention. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at 100% of principal plus accrued interest on quarterly redemption dates beginning February 28, 2027, upon at least five business days’ notice. The notes will be issued in book-entry form through DTC, are unsecured obligations of Goldman Sachs, are not bank deposits, and are not insured by the FDIC or any governmental agency.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $13,470,000 of Digital Notes linked to the Utilities Select Sector SPDR Fund (XLU), maturing on November 13, 2030. The notes pay no interest and all return comes from the final ETF level versus the initial level of $89.69.
At maturity, for each $1,000 face amount, if the ETF level is at or above the initial level, investors receive a fixed maximum settlement amount of $1,543.10, capping total upside at about 54.31%. If the ETF is below the initial level, repayment is reduced one-for-one with the ETF’s percentage loss, so investors can lose all principal.
The notes are unsecured obligations of GS Finance Corp. with a guarantee from The Goldman Sachs Group, Inc., exposing holders to their credit risk. The estimated value on the trade date is approximately $943 per $1,000 face amount, below the 100% issue price, reflecting a 2% underwriting discount plus up to 0.57% structuring fee and other costs. Investors do not receive any XLU dividends and face limited liquidity, market value volatility, and uncertain, complex U.S. tax treatment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the S&P 500® Index and maturing in November 2028. The notes pay no interest and can be automatically called in December 2026 if the index closing level on the November 2026 call observation date is at or above the initial level; in that case, investors receive $1,080 per $1,000 face amount.
If not called, the maturity payment depends on index performance. Above the initial level, returns are enhanced by an upside participation rate of at least 198.82%. Between 90% and 100% of the initial level, investors receive principal only. Below the 90% buffer level, losses accelerate with a buffer rate of about 111.11%, and investors can lose their entire principal. The notes’ estimated value at pricing is lower than the 100% issue price, they are subject to the credit risk of GS Finance Corp. and its parent guarantor, may have limited or no secondary market, and involve uncertain U.S. tax treatment.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2030 under its Medium-Term Notes, Series N program. The notes are expected to be issued on November 28, 2025 and to mature on November 12, 2030. Investors will receive interest at a fixed rate of 4.25% per annum, paid annually on November 28 and at maturity, with the first interest payment expected on November 28, 2026.
Goldman Sachs may redeem the notes early, in whole but not in part, on quarterly redemption dates starting November 28, 2026, at 100% of principal 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, and are not guaranteed by any bank. Interest is generally taxable as ordinary income, and the notes are subject to U.S. FATCA withholding rules. The distribution is led by Goldman Sachs & Co. LLC and InspereX LLC, with 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 auto-callable, zero-coupon notes linked to the Class A common stock of CoreWeave, Inc. The notes have a face amount of $1,000, an initial index stock price of $104.01, a trade date of November 7, 2025 and mature on May 14, 2027, with up to $300,000 issued initially.
The notes may be automatically called on November 9, 2026 if the CoreWeave stock closing price is at or above $104.01, paying a fixed $1,610 per $1,000 on November 17, 2026. If not called, at maturity investors receive: leveraged upside at a 200% participation rate if the stock is at or above the initial price; full principal back if the stock is down but not below 50% of the initial price; and a 1-for-1 loss if the stock is down more than 50%, which can result in a total loss of principal.
The notes do not pay interest, are unsecured obligations of GS Finance Corp., and expose holders to the credit risk of both the issuer and the guarantor. The estimated value on the trade date is approximately $932 per $1,000 face amount, below the issue price, reflecting dealer compensation, hedging and structuring costs. Extensive anti-dilution, market disruption and default provisions govern how payoffs are calculated under corporate actions and trading interruptions.
GS Finance Corp. filed a preliminary pricing supplement for autocallable index-linked notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Nasdaq-100 Index (NDX) and the Russell 2000 Index (RTY) and do not bear interest.
The notes can be automatically called quarterly if the closing level of each index is at or above its initial level on a call observation date, paying $1,000 plus the applicable call premium (from 8.75% up to 41.5625%). If held to maturity and both final index levels are at or above their initial levels, the payoff is $1,000 plus a 43.75% maturity premium. If any index is below its initial but at or above its 75% trigger buffer, repayment is $1,000. If any index finishes below 75% of its initial level, repayment falls by the lesser-performing index’s return, up to a total loss of principal.
Key dates: trade date Nov 20, 2025; original issue date Nov 25, 2025; determination date Nov 20, 2030; stated maturity Nov 27, 2030. GS&Co. is calculation agent; the notes will not be listed.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged underlier‑linked notes tied to the lesser of the EURO STOXX 50 Index and the iShares MSCI EAFE ETF. The notes pay no interest and repay based on performance from the expected trade date of November 21, 2025 to the determination date of November 22, 2027, with maturity expected on November 26, 2027.
If both underliers finish above their initial levels, the payoff equals $1,000 plus 1.77 times the return of the lesser performer. If any underlier is at or below its initial level but both are at least 90% of initial, repayment is $1,000. If any underlier finishes below 90% of initial, principal declines by the lesser performer’s return plus 10%. The preliminary estimated value is expected to be $900–$930 per $1,000 face amount. Repayment is subject to the credit risk of GS Finance Corp. and the guarantor.
Goldman Sachs (GS) filed a preliminary prospectus supplement for GS Finance Corp. notes linked to Meta, Amazon, Alphabet Class C and NVIDIA. The notes pay a monthly coupon of $6.375 per $1,000 (0.6375% monthly, potential for up to 7.65% per annum) only if on each observation date every stock closes at or above 75% of its initial price.
The notes are automatically called if, on any call observation date (commencing in November 2026 and ending in October 2031), each stock is at or above its initial price; investors then receive the face amount plus the applicable coupon on the next payment date. If not called, the notes are scheduled to mature on December 1, 2031, paying $1,000 per $1,000 face amount plus the final coupon, if any. Monthly coupon observation dates are expected to be the 21st of each month from December 2025 through November 2031.
The estimated value at pricing is expected to be between $885 and $935 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor.
GS Finance Corp. is offering Medium‑Term Notes, Series F, guaranteed by The Goldman Sachs Group, Inc., that are equity‑linked and auto‑callable with a contingent coupon and downside risk to principal. The notes are tied to the lowest performing of Meta Platforms Class A and Micron Technology common stock and mature on November 15, 2028.
The notes pay a monthly contingent coupon of at least $20.834 per $1,000 face amount (about 25.00% per annum) only if the lowest performing stock closes at or above its coupon threshold price, set at 70% of its starting price. Missed coupons have a memory feature. From February 2026 to October 2028, if the lowest performer is at or above its starting price on a call date, the notes are automatically called for face amount plus any due coupons.
If not called, principal is repaid only if the lowest performer is at or above its 70% downside threshold on the final calculation day; otherwise, investors lose more than 30% and up to all principal. Estimated value is $925–$955 per $1,000. Original offering price is $1,000, underwriting discount up to $23.25, and proceeds to the issuer $976.75 per security. Payments are subject to the credit risk of GS Finance Corp. and the guarantor. No exchange listing.
Goldman Sachs provided investor information for unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc., linked to the S&P 500 Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER (“SPAR4V6”). The notes are subject to the credit risk of both the issuer and guarantor and will not be listed on any exchange.
The index seeks volatility-adjusted exposure to the S&P 500 Futures Excess Return Index using rules-based signals (mean reversion, FOMC schedule, and turn-of-the-month). It targets 40% realized volatility with leverage up to 500% and a maximum 100% daily change in leverage. A 6% per annum daily decrement applies to the index level. The S&P 500 Futures Adaptive Response indices have been live since December 27, 2024; earlier figures shown are hypothetical backtests.
Materials emphasize extensive risk factors, including leverage risk, decrement drag, potential divergence from S&P 500 performance, negative roll yields, market disruptions, and tax uncertainty. Any specific note terms would be set in an applicable pricing supplement.
Goldman Sachs (GS) filed a Rule 424(b)(3) supplemental index fact sheet for notes linked to the S&P 500 Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The index applies a rules-based overlay to the S&P 500 Futures Excess Return Index, targeting volatility-adjusted exposure with a maximum exposure of 500% and a maximum daily change in leverage of 100%, and is subject to a daily decrement of 6.0% per annum.
Historical information prior to December 27, 2024 is hypothetical from the sponsor’s website. The materials state no regulatory approval and note that these securities are not bank deposits or FDIC insured. Key risks include issuer and guarantor credit risk, leveraged exposure, caps on daily leverage changes, potential periods when the index may be significantly uninvested, negative roll yields, and the possibility the index level could remain at zero if it ever reaches zero.
GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index‑Linked Notes due 2028 tied to the Nasdaq‑100, Russell 2000, and S&P 500.
The notes pay a monthly contingent coupon of $12.5 per $1,000 (1.25% monthly, up to 15.00% per annum) if on each observation date the closing level of each index is at or above its 80% coupon trigger. The notes are automatically called if, on a call observation date, each index is at or above its initial level; holders then receive $1,000 per note plus the coupon for that period.
If not called, at maturity on November 17, 2028 investors receive $1,000 per note if the final level of each index is at or above its 80% trigger buffer. Otherwise, repayment is reduced by the lesser performing index return, which can result in losing the entire investment. Key dates include a trade date of November 14, 2025 and monthly observation/payment dates as scheduled. The notes are subject to the credit risk of the issuer and guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium‑Term Notes, Series F linked to three stocks—Rocket Companies, TG Therapeutics, and Constellation Brands. The notes pay a contingent monthly coupon of $20.417 per $1,000 face amount (2.0417% monthly, up to approximately 24.5% per annum) only if each stock closes at or above 60% of its initial price on the observation date.
The notes are automatically called beginning in November 2026 if each stock is at or above its initial price, returning principal plus the then‑due coupon. If not called, they mature on the expected stated maturity date of November 30, 2028. At maturity: if each stock is at or above 60% of its initial price, investors receive $1,000 plus the final coupon; if any stock is between 50% and 60%, investors receive $1,000 with no coupon; if any stock is below 50%, repayment is reduced by the lesser‑performing stock’s return and no coupon is paid.
The estimated value at pricing is expected to be $925–$965 per $1,000 face amount. Payments are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor.
Goldman Sachs (GS) filed a preliminary 424(b)(2) pricing supplement for monthly coupon autocallable notes linked to the S&P 500 Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes may mature on November 19, 2030, unless automatically called on monthly observation dates starting in May 2026 if the index closes at or above the initial level.
Holders receive a $13.75 coupon per $1,000 face amount in any month the index closes at or above 70% of its initial level (1.375% monthly, up to 16.5% per annum). If called, investors receive face amount plus that month’s coupon. If not called, principal repayment at maturity depends on the index level on the final observation date; if the final level is below 40% of the initial level, investors incur losses proportional to the decline, up to total loss.
The index embeds up to 500% daily leverage, a 6% per annum decrement deducted daily, and caps the daily change in leverage. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. Estimated value at pricing is expected between $885 and $925 per $1,000 face amount. Expected trade date is November 12, 2025; issue date is November 17, 2025.
Goldman Sachs (GS), via GS Finance Corp., announces a primary offering of Market Linked Securities (Series F) tied to the lowest performing of the S&P 500, Russell 2000, and Nasdaq‑100 Technology Sector Index. Each note has a $1,000 face amount, an original offering price of $1,000, an underwriting discount of up to $23.25, and proceeds to the issuer of $976.75 per note.
The notes pay a monthly contingent coupon of at least $7.209 per $1,000 (≈8.65% p.a.) if the lowest performing index on the calculation day is at or above its coupon threshold (70% of starting level). From May 2026 through October 2028, an automatic call is triggered if the lowest performer is at or above its starting level, returning face value plus the final coupon.
If not called, at maturity on November 30, 2028 you receive $1,000 only if the lowest performer is at or above its downside threshold (70%); otherwise repayment falls in line with the index decline and can be substantially less than principal. The notes are unsecured, subject to the credit risk of GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The estimated value on pricing is expected between $925–$955 per $1,000.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable quarterly notes linked to the Russell 2000 Index, the EURO STOXX 50 Index, and the Consumer Staples Select Sector SPDR Fund. The notes mature on November 10, 2028, unless redeemed earlier at 100% of face value plus any due coupon.
Coupons are contingent: on each observation date (February, May, August, November, beginning February 2026), you receive $28.25 per $1,000 (2.825% quarterly; up to 11.3% per annum) only if each underlier closes at or above 70% of its initial level; otherwise no coupon is paid. At maturity, if not redeemed, you receive $1,000 plus the final coupon if each underlier is at or above 70% of its initial level; $1,000 (no coupon) if each is at or above 65% but any is below 70%; or a downside payment based on the lesser performing underlier if any finishes below 65%, which can result in a substantial loss of principal. The issuer’s estimated value at pricing is expected to be $925–$955 per $1,000, less than the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424B2 for Autocallable Contingent Coupon Index-Linked Notes due 2028. The notes link to the Nasdaq-100 Index, Russell 2000 Index, and S&P 500 Index, and may be automatically called if each underlier is at or above its initial level on designated observation dates.
The notes offer a contingent monthly coupon of $8.959 per $1,000 (0.8959% monthly, potential up to approximately 10.75% per annum) when the closing level of each underlier is at least 80% of its initial level on the related observation date. If held to maturity and not called, repayment depends on the lesser performing underlier: at or above the 80% buffer returns $1,000 per note (plus any final coupon); below the buffer, principal is reduced by the underlier’s decline beyond the 20% buffer. Key dates: trade November 10, 2025, issue November 14, 2025, determination November 10, 2028, and maturity November 17, 2028. The filing highlights credit risk of the issuer and guarantor, potential loss of principal, limited liquidity, and uncertain tax treatment.
GS Finance Corp. filed a preliminary pricing supplement for Callable Contingent Coupon Index‑Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes reference the Nasdaq‑100 Index, Russell 2000 Index, and S&P 500 Index.
The notes pay a contingent monthly coupon of at least $8.959 per $1,000 (0.8959% monthly, potential up to approximately 10.75% per annum) if, on each observation date, the closing level of each underlier is at or above its 70% coupon trigger level. If any underlier is below its trigger on an observation date, the coupon for that month is $0.
At maturity on November 10, 2028 (if not redeemed), the cash payment per $1,000 depends on the lesser performing underlier: return of $1,000 if all finals are at or above their 70% trigger buffer levels; otherwise, $1,000 plus $1,000 × the lesser performing underlier return, which can result in losing your entire investment. The issuer may redeem the notes, in whole, on any coupon payment date from May 2026 through October 2028, paying $1,000 plus any due coupon.
Goldman Sachs (GS), via GS Finance Corp., filed a preliminary pricing supplement for index-linked notes tied to the Russell 2000 and S&P 500. The notes do not pay interest and repay based on the lesser performing index from the trade date (expected November 21, 2025) to the determination date (expected November 21, 2028), with maturity expected on November 27, 2028.
At maturity, each $1,000 note pays: (i) the lesser performing index return if both indexes are flat or up, capped at a maximum settlement amount of at least $1,540; (ii) the absolute value of the lesser return if any index is down but both remain at or above 85% of initial (a 15% buffer); or (iii) a loss equal to the lesser return plus 15% if any index finishes below 85% of its initial level. Upside participation is 100% up to a cap level of at least 154% of initial. The estimated value is expected between $925 and $965 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor), and there may be limited or no secondary market.
GS Finance Corp. filed a preliminary pricing supplement for Autocallable Contingent Coupon Equity‑Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of Broadcom (AVGO), NVIDIA (NVDA) and Oracle (ORCL). They pay a contingent quarterly coupon only if the closing level of each underlier is at or above its coupon trigger level, set at 70% of the initial level for each name.
The notes are subject to an automatic call on scheduled dates if each underlier is at or above its initial level; if called, investors receive $1,000 per note plus any coupon then due. If not called, payment at maturity depends solely on the lesser performing underlier. If that underlier finishes below its 70% trigger buffer level, principal is reduced one-for-one with the lesser performer’s return, and investors could lose their entire investment. The calculation agent is Goldman Sachs & Co. LLC.
Original issue price is 100% of face amount, the underwriting discount is 2%, and net proceeds to the issuer are 98%. Key dates include trade date November 6, 2025, original issue date November 12, 2025, and stated maturity date November 9, 2028.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable monthly coupon notes linked to Vistra, NVIDIA, Meta Platforms Class A, and UnitedHealth Group. The notes are expected to mature on November 29, 2030, unless automatically called on monthly observation dates from November 2026 to October 2030 if each stock closes at or above 95% of its initial price.
On each monthly observation date (the 21st, from December 2025 to November 2030), if each stock is at or above 75% of its initial price, the note pays a maximum coupon of $6.667 per $1,000 face amount; otherwise it pays a minimum coupon of $0.209. At maturity, holders receive $1,000 per $1,000 face amount plus the final coupon.
The estimated value at pricing is expected between $850 and $890 per $1,000 face amount. The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and the guarantor, and will not be listed on any exchange.
GS Finance Corp. (GS) launched a primary offering of S&P 500-linked notes with an aggregate face amount of $625,000. The notes pay no interest and the payment at maturity depends on the S&P 500 Index level on the determination date versus the initial level of 6,840.20. If the index rises, holders earn 200% of the underlier return, capped at a maximum settlement amount of $1,166 per $1,000. If the index is flat to down but no lower than 90% of the initial level (a 10% buffer), investors receive the $1,000 face amount. Below the 90% buffer level, losses match the decline beyond the buffer at a 1:1 rate.
Key dates are trade on October 31, 2025, issue on November 5, 2025, determination on November 1, 2027, and maturity on November 4, 2027, each subject to adjustment. The underwriting discount is 2.25% of face amount, with net proceeds of 97.75% to the issuer. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., will not be listed, and are subject to the credit risk of the issuer and guarantor.
Goldman Sachs (GS) filed a preliminary 424B2 for GS Finance Corp.’s leveraged S&P 500 Index‑Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.
The notes offer 300% upside participation in the S&P 500 return, capped at a maximum settlement amount of $1,275.10 per $1,000 face amount. Principal is protected only to a 25% trigger buffer (trigger level 75% of the initial index). If the final index level falls more than 25% below the initial level, repayment is reduced one‑for‑one and investors could lose their entire investment. The notes do not bear interest and pay cash at maturity based on index performance measured from the trade date to the determination date.
Key dates include trade date November 4, 2025, original issue date November 7, 2025, determination date November 6, 2028, and stated maturity November 9, 2028, each subject to adjustment. Pricing terms indicate an underwriting discount of 2% and net proceeds of 98% of face amount. Credit risk of the issuer and guarantor, secondary market liquidity, and tax treatment uncertainties apply.
Goldman Sachs (GS) is offering GS Finance Corp. autocallable notes linked to the Goldman Sachs Momentum Builder Focus ER Index, due in 2032 and guaranteed by The Goldman Sachs Group, Inc. The notes can be automatically called each year if the index closes at or above rising call levels, with preset premiums. If not called, at maturity you receive $1,000 plus 100% upside participation in any positive index return; if the index is flat or lower, you receive the $1,000 face amount, subject to issuer and guarantor credit risk.
Key terms include annual call levels of 101% to 106% of the initial index level with corresponding call premiums of 10.35%, 20.70%, 31.05%, 41.40%, 51.75% and 62.10%. The estimated value on the trade date is $850 to $880 per $1,000, below the original issue price. The underlying index applies a 0.65% per annum deduction and may allocate heavily to cash positions due to 5% volatility control and momentum risk controls, which can mute performance. The notes pay no interest, and market value can be affected by rates, index volatility and the credit profile of the issuer and guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., announced preliminary terms for auto-callable contingent coupon notes linked to the State Street SPDR S&P Bank ETF (KBE) and the VanEck Semiconductor ETF (SMH). The notes offer a $7.667 monthly coupon per $1,000 (0.7667%) if the closing level of each ETF is at least 75% of its initial level on the relevant observation date.
The notes may be automatically called on monthly observation dates commencing in May 2026 if each ETF is at least 95% of its initial level, returning face amount plus the then‑due coupon. If not called, they mature on the expected August 21, 2028 determination/maturity cycle, with downside tied to the lesser‑performing ETF and a 20% buffer. If any ETF is below 75% at maturity, principal is reduced based on that ETF’s decline and no final coupon is paid. The estimated value on the trade date is expected between $900 and $930 per $1,000, and all payments are subject to the issuer and guarantor’s credit risk.
Goldman Sachs (GS), via GS Finance Corp., filed a preliminary 424B2 for Autocallable Index‑Linked Notes due 2030 guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Russell 2000 and EURO STOXX 50 and do not bear interest. The notes may be automatically called monthly if the closing level of each index is at or above its initial level on a call observation date, paying $1,000 plus the applicable call premium.
If not called, payment at maturity depends on the lesser performing index. A trigger buffer level is set at 75% of the initial level for each index. If both final index levels are at or above their initial levels, holders receive $1,000 plus the maturity date premium amount of 52.752%. If any index finishes below its initial level but at or above its trigger buffer, holders receive $1,000. If any index finishes below its trigger buffer, repayment is reduced by the lesser performing index return, and investors could lose their entire investment.
Key dates include trade date November 12, 2025, original issue date November 17, 2025, determination date November 12, 2030, and stated maturity date November 19, 2030. Call premiums step up from 5.2752% on the first call payment date to 51.8728% near maturity. The notes will not be listed, and valuation is subject to issuer and guarantor credit risk.
The Goldman Sachs Group, Inc. filed a preliminary pricing supplement for Fixed Rate Notes due 2035 under its Medium‑Term Notes, Series N program. The notes pay a fixed 4.55% per annum, with interest paid each year on November 13, commencing November 13, 2026, until the stated maturity on November 13, 2035.
The notes are issued in $1,000 denominations (and integral multiples thereof), will not be listed on any exchange, and are issued in book‑entry form through DTC. The issuer cannot redeem the notes prior to maturity. The calculation agent is Goldman Sachs & Co. LLC, and interest uses the 30/360 (ISDA) day count with a following unadjusted business day convention. Both full and covenant defeasance are available.
Goldman Sachs & Co. LLC acts as underwriter and may make a market after the initial sale; this constitutes a FINRA Rule 5121 conflict of interest. The supplement includes FATCA tax treatment and standard EEA/UK/Hong Kong/Singapore/Japan/Switzerland selling restrictions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) pricing supplement for Buffer Autocallable GEARS linked to the S&P 500 Index. The notes may be automatically called if the index on the call observation date is at or above the autocall barrier (100% of the initial level), paying the face amount plus an 8% call return per $10 note.
If not called, at maturity investors receive upside at 1.20–1.40x the index return when the index finishes above its initial level; full return of face amount if the index is between the initial level and the 90% downside threshold; and losses beyond a 10% buffer if the index finishes below the threshold. The notes pay no coupons and carry the credit risk of GS Finance Corp. and its guarantor.
Key economics include an issue price 100% of face amount, underwriting discount 2.50%, and net proceeds 97.50%. The estimated value is $9.35–$9.65 per $10 face amount. Expected dates: trade Nov 13, 2025, issue Nov 17, 2025, call observation Nov 20, 2026, maturity Nov 15, 2028. Minimum purchase is $1,000.
Goldman Sachs Group (GS) plans a primary debt offering of fixed rate notes due November 18, 2028 under its Medium‑Term Notes, Series N program. The notes carry a 3.85% per annum coupon, with interest paid on May 18 and November 18 of each year, beginning May 18, 2026. The notes are denominated in $1,000 increments and will be issued on November 18, 2025 following a November 14, 2025 trade date.
The notes will not be listed on any exchange, use the 30/360 (ISDA) day count, and follow a following unadjusted business day convention. No issuer redemption feature applies before maturity. Goldman Sachs & Co. LLC is the calculation agent and underwriter, and the offering will be conducted in compliance with FINRA Rule 5121 due to an affiliate conflict of interest.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no‑interest structured notes linked to an equally weighted basket of eight large‑cap stocks. Each stock starts at a 12.5% weight and the initial basket level is 100. The notes may be automatically called if the basket on the call observation date is at or above the initial level, paying at least $1,164 per $1,000 on the expected call payment date.
If not called, holders receive at maturity: (i) $1,000 plus 150% upside participation if the basket is above the initial level; (ii) $1,000 if declines are within a 15% buffer; or (iii) a reduced amount if losses exceed the buffer, using a buffer rate of approximately 117.65%. The notes do not bear interest and are subject to the credit risk of GS Finance Corp. and the guarantor.
Key dates are expected to be: trade November 24, 2025, issue November 28, 2025, call observation December 7, 2026, call payment December 10, 2026, determination November 24, 2027, and maturity November 30, 2027. The estimated value at pricing is $900–$930 per $1,000. Authorized denominations start at $10,000, with $1,000 multiples; selling concession up to 1.5%.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering preliminary Buffered S&P 500 Index-Linked Notes due on an expected December 1, 2027. The notes pay no interest and repay at maturity based on the S&P 500 Index level on the expected determination date of November 26, 2027.
Returns track the index: if the index return is positive or zero, you receive that return up to a maximum settlement amount of at least $1,140 per $1,000. If the index return is negative but not below -20%, you gain the absolute index move. If the index falls more than 20% (buffer to 80% of the initial level), losses equal the index return plus 20%, and you could receive significantly less than face value. The estimated value at pricing is expected between $925 and $965 per $1,000. The notes are unsecured obligations of GS Finance Corp. and subject to the credit risk of both the issuer and the guarantor.
Goldman Sachs (GS) filed a preliminary 424(b)(2) pricing supplement for Leveraged Buffered Notes linked to the S&P 500 Futures Excess Return Index. The notes pay no interest and return at maturity (expected June 1, 2028) depends on index performance from the trade date (expected November 26, 2025) to the determination date (expected May 26, 2028).
If the index return is positive or zero, holders gain the index return multiplied by a participation rate of at least 103%. If the index return is negative but no worse than -15%, holders receive the absolute value of the decline (a buffered outcome). If the decline exceeds 15%, losses reduce principal beyond the buffer. Payoff examples are shown per $1,000 face amount.
The notes are issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. The estimated value at pricing is expected between $925 and $965 per $1,000. The notes will not be listed; Goldman Sachs & Co. LLC may make a market but is not obligated to do so and is an affiliate involved in distribution, creating a FINRA Rule 5121 conflict of interest.
GS Finance Corp. filed a preliminary pricing supplement for Leveraged EURO STOXX 50 Index‑Linked Notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes offer principal repayment at maturity and upside exposure to the EURO STOXX 50: for each $1,000 note, holders receive $1,000 + ($1,000 × the upside participation rate × index return) if the final index level exceeds the initial level; otherwise, $1,000. The notes do not bear interest.
Key terms: Upside participation rate at least 106%; trade date November 26, 2025; original issue date December 2, 2025; determination date November 26, 2029; maturity November 29, 2029. The notes are subject to the credit risk of the issuer and guarantor and will not be listed; any market‑making may be discontinued at any time. The estimated value at pricing will be less than the original issue price, and secondary prices may include dealer spreads. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income over the term based on a comparable yield.
GS Finance Corp. filed a preliminary 424(b)(2) pricing supplement for two separate offerings of buffered index-linked notes, each tied to a single index: the S&P 500 or the Russell 2000. The notes pay no interest and return at maturity depends on index performance from the expected trade date on November 21, 2025 to the determination date on November 21, 2030, with the stated maturity expected on November 26, 2030.
Both notes feature a 100% participation rate, a 15% buffer (losses begin below 85% of the initial level), and a cap via a maximum settlement amount. For the S&P 500 note, the cap level is at least 149% of the initial level with a maximum settlement amount of at least $1,490 per $1,000 face amount. For the Russell 2000 note, the cap level is at least 162.15% with a maximum settlement amount of at least $1,621.5. The estimated value range is $885–$935 per $1,000 face amount. Repayment is subject to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor).
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., plans leveraged S&P 500 Futures Excess Return Index-linked notes due December 2, 2030. The notes do not pay interest and repay at maturity based on index performance from the trade date to the determination date.
If the final index level exceeds the initial level, holders receive a positive return equal to the upside participation rate (at least 193%) times the index return. If the final level is at or above the 70% trigger buffer level, investors receive the $1,000 face amount. If the final level falls below the trigger buffer level, repayment decreases one-for-one with the index decline, and investors could lose their entire investment.
Key dates include trade date November 26, 2025, original issue date December 2, 2025, determination date November 26, 2030, and maturity December 2, 2030. The underlier tracks E-mini S&P 500 futures, not the S&P 500 Index, and may be affected by financing costs and roll yields. The notes are not listed; market making may be limited and prices may differ from estimated value. Credit risk of the issuer and guarantor applies.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,938,000 aggregate face amount of Callable S&P 500 Futures Excess Return Index-Linked Notes due 2030 under a Rule 424(b)(2) prospectus supplement. The notes are issued at 100% of face amount, carry a 4.125% underwriting discount, and provide 95.875% net proceeds to the issuer. The estimated value is approximately $935 per $1,000 at pricing.
The notes do not bear interest and may be redeemed by the company on specified monthly call payment dates at 100% of face amount plus $1,000 times the applicable call premium amount. If not redeemed, repayment at maturity on October 31, 2030 depends on the S&P 500 Futures Excess Return Index from the trade date to the determination date. Upside is 1.7x the index return if the final level exceeds the initial level of 564.91. A 20% buffer applies: between 80% and 100% of the initial level, holders receive $1,000; below 80%, principal is reduced on a linear basis.
Denominations are $1,000. Key dates include trade date October 28, 2025 and determination date October 17, 2030. The index tracks E-mini S&P 500 futures, not the S&P 500 Index, and carries risks such as negative roll yield and issuer/guarantor credit risk.
Goldman Sachs (GS) plans to offer Callable Contingent Coupon Index‑Linked Notes due November 19, 2030, issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The notes reference the Russell 2000 Index and S&P 500 Index.
Holders receive a contingent quarterly coupon of at least $15 per $1,000 face amount (1.5% quarterly; potential up to at least 6.00% per annum) if on each observation date both underliers close at or above 55% of their initial levels (the coupon trigger). The issuer may redeem the notes at its option, in whole, on any coupon payment date from May 2026 through August 2030, paying $1,000 per note plus any due coupon.
If not redeemed, maturity payment depends on the lesser performing index. If each final level is at or above the 55% trigger buffer, payment is $1,000; otherwise, it equals $1,000 plus $1,000 times the lesser performing underlier return, which can reduce principal up to a total loss. Key risks include contingent coupons (which may be zero), issuer and guarantor credit risk, estimated value below issue price, no exchange listing, and tax uncertainty.
GS Finance Corp. filed a 424(b)(2) pricing supplement for callable contingent income notes linked to the iShares Bitcoin Trust ETF. The notes mature on October 31, 2030 and may be redeemed at 100% of face value plus any due coupon on any payment date from April 2026 through July 2030.
Holders receive a $34.125 quarterly coupon per $1,000 face amount (3.4125% per quarter; up to 13.65% per year) only if the ETF’s closing level on the observation date is at or above 60% of the initial level. The initial ETF level is $64.49. At maturity, if the ETF return is ≥ -40%, investors receive $1,000 plus the final coupon; otherwise payment equals $1,000 plus $1,000 times the ETF return, with no final coupon, which can result in a substantial loss.
The estimated value is approximately $881 per $1,000 face amount. Original issue price is 100% of face, with a 4.3% underwriting discount and 95.7% net proceeds. Aggregate face amount on the original issue date is $260,000, with potential for additional sales.