Goldman Sachs Group (GS) 424B Filings

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.

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.