Goldman Sachs Group Inc. 424B Filings

GS Finance Corp. priced 0% coupon, auto-callable notes linked to the Goldman Sachs Momentum Builder Focus ER Index, with an aggregate face amount of $25,676,000 at 100% of face. The underwriting discount is 4.375%, resulting in net proceeds of 95.625%.

The notes may be automatically called if the index closes at or above 101% of the initial level of 110.44 on annual observation dates, paying $1,000 plus a fixed call return that steps up from 7.25% (2026) to 43.5% (2031). If not called, the notes mature on October 29, 2032, paying $1,000 plus 100% of any positive index return, or $1,000 if the index return is zero or negative.

The index uses daily rebalancing with a 5% volatility control and a momentum risk control overlay; returns are calculated on an excess-return basis and reduced by a 0.65% per annum deduction. The estimated value is approximately $899 per $1,000 face amount, reflecting fees and model assumptions. 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 two separate series of leveraged buffered index-linked notes tied to either the S&P 500 Index or the Russell 2000 Index. The notes pay no interest and return at maturity depends on index performance from the expected trade date of November 21, 2025 to the determination date, expected May 22, 2028, with maturity expected May 25, 2028.

Each note offers a 200% participation rate in upside to a cap and a 10% buffer against declines (buffer level 90% of the initial level). For each $1,000 face amount, the maximum settlement amount is at least $1,204 for the S&P 500 note (cap level at least 110.2% of the initial level) and at least $1,265 for the Russell 2000 note (cap level at least 113.25%). If the final level is between the initial and the buffer level, repayment of $1,000 applies; below the buffer, losses equal the index return plus the 10% buffer amount. The preliminary estimated value is $925–$965 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp. filed a preliminary 424(b)(2) for callable Nasdaq‑100 Index‑linked notes guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest and are expected to mature on December 2, 2030, unless redeemed earlier. If not called, holders receive for each $1,000: $1,000 plus 100% of the index return if the final index level exceeds the initial level; otherwise $1,000.

The issuer may redeem the notes on scheduled monthly call payment dates at 100% of face plus $1,000 times the applicable call premium amount (set on the trade date). The call premium schedule begins at “at least 7.0008%” on December 1, 2026 and steps up over time. Key dates are expected to be: trade date November 25, 2025 and original issue date December 1, 2025. The estimated value at pricing is $885–$935 per $1,000, reflecting model-based valuation and fees. Payments are subject to the credit risk of GS Finance Corp. and the guarantor, and the notes are expected to be treated as contingent payment debt instruments for U.S. tax purposes.

Goldman Sachs (GS), via GS Finance Corp., is offering $2,385,000 of Trigger Autocallable Contingent Yield Notes due 2027, linked to the common stock of SLB N.V. The notes pay a quarterly contingent coupon of $0.33375 per $10 (13.35% per annum) only if SLB’s closing price on the observation date is at or above the coupon barrier set at 70% of the $36.16 initial price. Beginning in January 2026, the notes will be automatically called if SLB closes at or above the initial price on any observation date, returning face value plus the coupon, with no further payments.

If not called, and SLB’s final price on April 27, 2027 is at or above the downside threshold (also 70% of the initial price), holders receive face value plus the final coupon. If the final price is below the downside threshold, repayment is reduced one-for-one with SLB’s decline, and the final coupon is not paid, up to total loss of principal. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. The estimated value at pricing is approximately $9.75 per $10. Key dates: trade October 27, 2025; issue October 30, 2025; maturity April 30, 2027. Underwriting discount is 1.5% and net proceeds are 98.5% of face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of the S&P 500, Russell 2000, and EURO STOXX 50. The notes pay a contingent coupon only when each index closes at or above a 75% coupon barrier on the observation date. The contingent coupon is between $0.23 and $0.2425 per $10 quarterly (up to 9.20%–9.70% per annum).

Beginning in April 2026, the notes are automatically called if each index is at or above its initial level on an observation date; investors then receive the $10 face amount plus the due coupon, and the notes terminate. If not called, and on the determination date each index is at or above its 75% downside threshold, holders receive $10 plus the final coupon. If any index is below its threshold, repayment is reduced one-for-one with the lesser performing index’s decline, and the final coupon is not paid, which can result in a total loss.

The offering lists an estimated value of $9.50–$9.80 per $10 at pricing. Pricing economics show a 2.25% underwriting discount and 97.75% net proceeds to the issuer. Key dates: trade Oct 29, 2025, issue Oct 31, 2025, determination Oct 30, 2028, maturity Nov 2, 2028. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, filed a preliminary prospectus supplement for autocallable, no‑interest notes linked to an equally weighted basket of five stocks: Advanced Micro Devices, AppLovin, Astera Labs, Robinhood Markets, and Vertiv. The basket starts at an initial level of 100 with each stock at a 20% weight and initial weighted value of 20.

The notes may be automatically called on scheduled observation dates beginning on November 9, 2026 if the basket level is at or above its initial level, paying $1,000 plus the applicable call premium per $1,000 face amount. If not called, at maturity (expected November 15, 2030) investors receive: (i) $1,000 plus 100% of any positive basket return; (ii) $1,000 if the basket decline is within the 50% trigger buffer; or (iii) $1,000 plus the basket return if the decline exceeds 50%, which can result in substantial loss.

The estimated value at pricing is expected between $850 and $890 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The schedule lists call premiums for each call payment date through 2030.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500 Index-linked notes maturing in 2028. These notes do not pay interest and repay at least the face amount at maturity.

The maturity payment is tied to the S&P 500’s performance from the trade date to the determination date. If the index rises, your return matches the index return up to a maximum settlement amount of $1,197.50 per $1,000. If the index is flat or down, you receive $1,000 per $1,000 face amount.

Key dates include a trade date of November 25, 2025, original issue date of December 1, 2025, determination date of November 27, 2028, and stated maturity of November 30, 2028 (each subject to adjustment). The notes are part of Goldman’s Medium‑Term Notes, Series F program, will not be listed on an exchange, and are subject to the credit risk of the issuer and guarantor.

Goldman Sachs (GS), via GS Finance Corp., is offering Buffered Digital S&P 500 Index‑Linked Notes fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return at maturity depends on the S&P 500’s level on the determination date versus the trade date.

If the final index level is at or above the 90% buffer level, holders receive a capped maximum settlement amount, expected to be between $1,130.90 and $1,154 per $1,000 note. If the index finishes below the buffer, the payoff declines by approximately 1.1111% for every 1% drop below the buffer, and investors could lose their entire principal. Key terms are set on the trade date, with the determination date expected 22–25 months later and cash settlement two business days after. The notes are unsecured obligations subject to the credit risk of the issuer and guarantor, will not be listed, and GS&Co. may make a market but is not obligated to do so. A FINRA Rule 5121 conflict of interest applies.

GS Finance Corp. plans a primary offering of callable buffered notes linked to the S&P 500 Futures Excess Return Index, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are expected to mature on October 31, 2030, unless redeemed earlier at 100% of face amount plus a call premium.

If held to maturity and not redeemed, payoff depends on index performance from the expected October 29, 2025 trade date to the expected October 17, 2030 determination date: gains are 1.25x the index return when the final level is at or above the initial level; modest declines down to 75% of the initial level return the absolute decline; below 75%, losses occur with a 25% buffer. Monthly call premiums range from 12% early in the schedule to 59% near September 30, 2030.

The index tracks E-mini S&P 500 futures, not the S&P 500 Index itself; futures financing costs and roll yields can materially affect returns. The estimated value at pricing is expected between $885 and $925 per $1,000. Repayment is subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering $6,185,000 of callable notes linked to the S&P 500 Futures Excess Return Index. The notes pay no interest and mature on October 28, 2030, unless redeemed earlier at 100% of face value plus the applicable call premium on quarterly call payment dates.

If not redeemed, the payoff depends on index performance from the October 23, 2025 trade date to the October 14, 2030 determination date. For each $1,000: if the final index level exceeds the 552.61 initial level, investors receive $1,000 plus 5.9 times the index return. If the final level is between 50% and 100% of the initial level, investors receive $1,000. If below 50%, repayment falls one-for-one with the index, and investors could lose all principal.

The index tracks E-mini S&P 500 futures, not the S&P 500 Index, and may be affected by futures roll and financing costs. The estimated value is approximately $966 per $1,000 at pricing. The original issue price is 100% of face amount, the underwriting discount is 1.125%, and net proceeds to the issuer are 98.875%.

GS Finance Corp. is offering $500,000 aggregate face amount of callable 10-Year CMT Rate‑Linked Range Accrual Notes due October 24, 2040, guaranteed by The Goldman Sachs Group, Inc. The notes price at 100% with a 2.50% underwriting discount and 97.50% net proceeds; the estimated value is approximately $986.5 per $1,000.

Interest is paid quarterly on January 24, April 24, July 24 and October 24. The first four payments accrue at 9.00% per annum. Beginning in January 2027, each quarter’s rate equals the fraction of reference dates when the 10‑year CMT rate is ≤5.00% multiplied by a 9.00% interest factor, using the 30/360 (ISDA) convention; if all reference dates exceed 5.00%, no interest is paid for that period.

The notes are callable at par plus accrued interest on any quarterly interest payment date on or after October 24, 2026. Proceeds will be loaned to The Goldman Sachs Group, Inc. or its affiliates. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

Goldman Sachs (GS) filed a preliminary 424B2 for GS Finance Corp.’s Autocallable Equity‑Linked Notes due 2028, guaranteed by The Goldman Sachs Group, Inc. The notes are linked to AMZN, GOOG, META and MSFT and do not bear interest. Terms will be set on the trade date and the filing warns you could lose your entire investment.

The notes auto‑call on the call payment date if, on the call observation date, each underlier closes at or above its initial level. If called, holders receive $1,500 per $1,000 face amount. If not called, payment at maturity depends on the lesser performing underlier: an upside participation rate of 425% applies when each final level exceeds its initial; repayment of $1,000 applies if each final level is at or above its 70% trigger buffer but any underlier is at or below its initial; otherwise, payoff falls one‑for‑one with the lesser performer.

Key dates: trade October 30, 2025, issue November 4, 2025, call observation October 21, 2026, call payment October 26, 2026, determination October 23, 2028, maturity October 26, 2028. The estimated value at pricing is expected to be below the original issue price and the notes carry the credit risk of GS Finance Corp. and the guarantor.

Goldman Sachs (GS), via GS Finance Corp., filed a preliminary 424(b)(2) prospectus for auto-callable, no‑coupon notes linked to Uber Technologies, Inc. common stock. The notes may be automatically called on the call observation date (expected to be November 3, 2026) for $1,174 per $1,000 face amount if Uber’s price is at or above the initial level, with payment on the call payment date (expected to be November 10, 2026).

If not called, the maturity payout (expected November 10, 2028) depends on Uber’s performance: 150% participation in gains up to a maximum settlement amount of $1,800.1 per $1,000; “buffered” absolute returns for declines up to 20%; and losses if the final price falls more than 20% from the initial price. The cap corresponds to a cap price of 153.34% of the initial price. The notes do not pay interest.

The estimated value at pricing is expected between $890 and $920 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor). Key dates are expected to be: trade date November 3, 2025; call observation date November 3, 2026; determination date November 3, 2028; and stated maturity date November 10, 2028.

Goldman Sachs (GS), via GS Finance Corp., announced a preliminary pricing supplement for digital notes linked to the SPDR S&P Biotech ETF (XBI). The notes pay no interest and return at maturity depends on XBI’s performance between the expected trade date of October 28, 2025 and the expected determination date of November 30, 2026.

If XBI’s final level is at least 70% of the initial level, holders receive the maximum settlement amount of $1,087 for each $1,000 face amount. If XBI declines by more than 30%, repayment equals $1,000 plus $1,000 times the ETF return, resulting in principal loss and potentially a total loss. The notes are unsecured obligations of GS Finance Corp. and are guaranteed by The Goldman Sachs Group, Inc.

The estimated value at pricing is expected to be $925–$955 per $1,000. Key dates include the expected original issue date of October 31, 2025 and the expected stated maturity date of December 3, 2026. The notes will not be listed, and secondary market prices may be affected by volatility in XBI, interest rates, and the credit profile of the issuer and guarantor.

GS Finance Corp. announced a preliminary pricing supplement for callable notes linked to the S&P 500 Futures Excess Return Index, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are expected to mature on November 5, 2030, unless redeemed earlier.

The issuer may redeem the notes on monthly call payment dates at 100% of face value plus a listed call premium. If not redeemed, maturity payment depends on index performance from the expected October 31, 2025 trade date to the expected October 22, 2030 determination date. Upside is leveraged at 1.6x of the index return. If the final index level is between 50% and 100% of the initial level, investors receive the $1,000 face amount. If it falls below 50% of the initial level, repayment declines one-for-one with the index and investors could lose their entire investment.

The filing highlights an estimated value of $850–$890 per $1,000 at pricing and details extensive market, structure, call, and tax risks. The index tracks E-mini S&P 500 futures (not the S&P 500 Index), so futures dynamics, financing costs, and roll yield can materially affect returns.

GS Finance Corp. plans to offer Autocallable Contingent Coupon Index‑Linked Notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes reference three equity indices: the Dow Jones Industrial Average (INDU), Russell 2000 (RTY), and S&P 500 (SPX).

The notes pay a contingent monthly coupon of at least $9 per $1,000 (at least 0.9% monthly, up to at least 10.8% per annum) if on the observation date the closing level of each underlier is ≥ 80% of its initial level (the coupon trigger). The notes are automatically called on designated quarterly dates if each underlier is ≥ its initial level, returning $1,000 per note plus any due coupon.

If not called, payment at maturity depends on the lesser performing underlier. If each final level is ≥ the 80% buffer, holders receive $1,000 per note. If any final level is below its buffer, the payoff is reduced by the formula using a buffer rate of 125%, and investors could lose their entire principal. Key dates: trade date October 22, 2025; original issue date October 27, 2025; determination date January 22, 2029; stated maturity January 25, 2029. CUSIP/ISIN: 40058QNP0 / US40058QNP09.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering U.S. dollar-denominated, autocallable contingent coupon notes linked to the common stocks of Applied Materials and Synopsys and to an ADS of Taiwan Semiconductor Manufacturing Company Limited (representing five common shares). Each note has a $10 face amount, original issue price of 100% and will not be listed.

The notes may be automatically called on quarterly observation dates starting in January 2026 if each stock closes at or above its initial price, paying $10 plus the contingent coupon then due. On each quarterly determination date, a contingent coupon accrues only if all three stocks close at or above a 60.00% barrier, with coupon mechanics targeting between $0.4125 and $0.425 per quarter on a cumulative basis (maximum return expected between 4.125% and 4.25% quarterly, or 16.50%–17.00% per annum). If not called, the notes mature on October 25, 2029.

At maturity, if each stock is at or above its 60.00% downside threshold, holders receive $10 plus the final contingent coupon. If any stock is below its threshold, repayment is reduced by the lesser-performing stock return, and principal losses can be substantial, up to total loss. The underwriting discount is 2.25% and the net proceeds are 97.75% of face amount. The estimated value on the trade date is expected to be $9.30–$9.60 per $10 note.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) pricing supplement for autocallable notes linked to the S&P 500, Dow Jones Industrial Average, and Russell 2000. The notes pay no interest and may be automatically called on observation dates starting October 26, 2026 if each index is at least 80% of its initial level, returning the face amount plus a call premium.

If not called, the maturity payment depends on the worst-performing index. If each index is at least 80% of its initial level on the determination date, holders receive $1,320 per $1,000. If any index is below 80%, the payoff equals $1,000 plus the lesser-performing index return times $1,000, which can result in substantial loss of principal.

Call premiums step from 8% to 30% across scheduled dates; the maturity-date premium is 32%. The estimated value at pricing is expected between $905 and $945 per $1,000. Key risks include credit exposure to the issuer and guarantor, capped upside, and potential loss up to the entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary pricing supplement for Autocallable Contingent Coupon Index-Linked Notes due 2030. The notes reference three underliers: the Nasdaq-100 Technology Sector Index (NDXT), the Russell 2000 Index (RTY) and the S&P 500 Index (SPX).

The notes pay a contingent monthly coupon of $8.959 per $1,000 (0.8959% monthly, up to approximately 10.75% per annum) if each underlier closes at or above its 70% coupon trigger level on the observation date. They may be automatically called if on any call observation date (beginning July 2026) each underlier is at or above its initial level; in that case, holders receive $1,000 plus the coupon then due.

If not called, maturity payment depends on the lesser performing underlier. At maturity on October 30, 2030, if each final underlier level is at or above its 70% trigger buffer level, holders receive $1,000 (plus any final coupon). Otherwise, repayment equals $1,000 plus $1,000 times the lesser performing underlier return, which can result in a substantial loss, up to the entire investment. Key dates include trade date October 23, 2025 and original issue date October 28, 2025. The notes are subject to the credit risk of the issuer and guarantor, are not listed, and the estimated value at pricing will be less than the original issue price.

GS Finance Corp. filed a product supplement for Medium‑Term Notes, Series F, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are senior unsecured obligations whose return is linked to a specified equity “Market Measure” such as an index, ETF, single stock/ADR, a basket, or the best‑ or worst‑performer among them.

Each offering will be defined in a separate term sheet, including the Market Measure, maturity and risk factors. Notes may pay fixed or contingent coupons, may be callable, and the Redemption Amount can be less than, equal to, or greater than principal. Units are generally issued in $10 denominations and, unless a term sheet says otherwise, the notes will not be listed. GS&Co. will act as selling agent and calculation agent.

Key risks include principal at risk, credit risk of the issuer and guarantor, limited liquidity, potential early call, valuation that may be below the public offering price, and conflicts from hedging and market‑making. Proceeds are expected to be lent to The Goldman Sachs Group, Inc. or affiliates, and Goldman may hedge using instruments linked to the Market Measure.

GS Finance Corp. filed a preliminary 424(b)(2) pricing supplement for non‑interest‑bearing, auto‑callable notes linked to the Goldman Sachs Momentum Builder Focus ER Index (GSMBFC5). The notes may be automatically called if, on any annual observation date, the index closes at or above 101.5% of the initial level, paying face value plus the applicable call return.

If called, the scheduled call returns are 10.4% (Oct 28, 2026), 20.8% (Oct 28, 2027), 31.2% (Oct 30, 2028) and 41.6% (Oct 29, 2029). If not called, at maturity (expected Nov 4, 2030) each $1,000 pays: $1,000 plus 100% of any positive index return; otherwise $1,000.

The index is an excess‑return measure over the federal funds rate and applies a 0.65% per annum deduction, with volatility (5% limit) and momentum risk controls that can shift exposure into non‑interest‑bearing cash, which can reduce performance. The notes carry the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor). The estimated value at pricing is expected between $850 and $890 per $1,000. Expected trade date is Oct 28, 2025 and original issue date Oct 31, 2025.

Goldman Sachs (GS) filed a 424B2 for GS Finance Corp. Autocallable Index‑Linked Notes due 2029, guaranteed by The Goldman Sachs Group, Inc. These notes are linked to the Nasdaq‑100 Index (NDX) and the S&P 500 Index (SPX), pay no interest, and may be automatically called if, on the call observation date, the closing level of each index is at or above its initial level. If called, holders receive $1,100 per $1,000 face amount on the call payment date.

If not called, the maturity payment depends on the lesser performing index. With a 202% upside participation rate, if each final index level is above its initial level, the payout increases with the lesser performer. If any final index level is below its initial level but at or above its 90% buffer level, repayment is $1,000 per $1,000 face amount. If any final index level falls below its buffer level, principal is at risk, with losses matching the decline beyond the 10% buffer. Key dates: trade date November 4, 2025; original issue date November 7, 2025; call observation date November 4, 2026; call payment date November 12, 2026; determination date November 5, 2029; stated maturity date November 13, 2029.

GS Finance Corp. filed a preliminary prospectus supplement for auto-callable, buffered basket-linked notes, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and reference an equally weighted basket of eight large-cap stocks, each initially set at 12.5% of the basket and an initial basket level of 100.

The notes are automatically called if, on the call observation date (expected October 30, 2026), the basket is at or above its initial level, paying $1,162 per $1,000 on the call payment date (expected November 4, 2026). If not called, at maturity (expected October 21, 2027) investors receive: (i) $1,000 plus 125% of any positive basket return; (ii) $1,000 if the basket return is between 0% and -15%; or (iii) a reduced amount if the basket falls more than 15%, using a buffer rate of approximately 117.65% applied to losses beyond the 15% buffer.

The estimated value at pricing is expected between $900 and $930 per $1,000 face amount. Authorized denominations are $10,000 and integral multiples of $1,000. Declines in one stock may offset gains in others, and payments are subject to the credit risk of the issuer and guarantor.

Goldman Sachs (via GS Finance Corp.) filed a preliminary 424(b)(2) pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the least performing of the S&P 500 Index and the Russell 2000 Index. The notes pay a contingent quarterly coupon only if each index closes at or above its coupon barrier on the observation date. The indicative coupon ranges between $0.275 and $0.29125 per $10 per quarter (about 11.00%–11.65% per annum). The coupon barrier and downside threshold for each index are set at 75% of its initial level.

Automatic call may begin in April 2026 if each index is at or above its initial level on any quarterly observation date; if called, holders receive the face amount plus the contingent coupon and the notes terminate. If not called, at maturity on October 26, 2028 investors receive the face amount plus the final coupon if each index is at or above its downside threshold; otherwise, repayment is reduced one-for-one with the decline of the lesser performing index, and investors could lose all principal. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. Estimated value at pricing is expected between $9.80 and $9.99 per $10 face. Original issue price is 100% with a stated underwriting discount of 0%, and net proceeds to the issuer of 100%.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) for unsecured, no‑interest notes linked to an equally weighted basket of 7 large‑cap stocks. The notes may be automatically called if, on the call observation date (expected to be October 30, 2026), the basket’s closing level is at or above the initial basket level of 100, paying $1,148.5 per $1,000 on the call payment date (expected to be November 4, 2026).

If not called, at maturity (expected October 21, 2027) holders receive: (i) if the final basket level is at or above 100, the greater of the basket upside with 100% participation or the threshold settlement amount of $1,297 per $1,000; (ii) if the basket is below 100 but at or above the 80% buffer, $1,000; (iii) if below 80%, a loss at a 125% downside rate beyond the 20% buffer. The estimated value on the trade date (expected October 20, 2025) is $900–$930 per $1,000, reflecting fees and dealer economics.

The basket includes CEG, MRVL, META, MSFT, NVDA, VRT, and VST, each initially ~14.286% weight. Payments are subject to the credit risk of the issuer and guarantor.

Goldman Sachs (GS) plans a primary offering of fixed rate notes. The preliminary supplement outlines 4.25% Fixed Rate Notes due October 31, 2032, issued in $1,000 denominations under its Medium-Term Notes, Series N program. Interest is paid on the last calendar day of April and October, beginning April 30, 2026, and calculated on a 30/360 (ISDA) basis. The notes will not be listed on any securities exchange, and there is no issuer redemption feature before maturity.

The trade date is expected to be October 29, 2025, with the original issue date on October 31, 2025. Goldman Sachs & Co. LLC will act as calculation agent and underwriter, and the offering will comply with FINRA Rule 5121 due to an affiliate conflict of interest. Settlement will occur through DTC in book-entry form. The supplement notes full and covenant defeasance options and includes standard U.S. federal income tax treatment where interest is taxable as ordinary income. Pricing, underwriting discount, and aggregate principal amount will be set on the trade date.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. (NYSE: GS), filed a preliminary 424(b)(2) pricing supplement for market-linked, auto-callable notes tied to the lowest of the S&P 500 Index, Russell 2000 Index, and Nasdaq-100 Technology Sector Index. The securities offer a quarterly contingent coupon of at least $22.50 per $1,000 face amount (at least 9.00% per annum) if the lowest underlier on a calculation day is at or above its 70% coupon threshold.

The notes may be automatically called at par plus the final coupon if, on any quarterly call date from May 2026 through August 2028, the lowest underlier is at or above its starting level. If not called, at maturity on November 8, 2028 you receive $1,000 only if the lowest underlier is at or above its 70% downside threshold; otherwise you lose more than 30%, up to all principal.

The original offering price is $1,000 per security, the underwriting discount is up to $23.25, and the proceeds to issuer are $976.75 per security. 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. The securities are not listed and pay no dividends or index appreciation.

Goldman Sachs (GS) plans to issue fixed rate notes due 2030. The notes pay interest at 4.00% per annum from the original issue date to the stated maturity date, with semiannual payments on the last calendar day of April and October, starting April 30, 2026 and ending at maturity on October 31, 2030. Denominations are $1,000 and multiples thereof, and the notes will not be listed on any exchange.

Key mechanics include the 30/360 (ISDA) day count convention, a “following, unadjusted” business day convention, and no issuer redemption before maturity. The issuer may elect full or covenant defeasance. Settlement is through DTC in book-entry form, with Goldman Sachs & Co. LLC as calculation agent.

Goldman Sachs & Co. LLC will underwrite the offering and may make a market after the initial sale. Because the underwriter is an affiliate, the deal is subject to FINRA Rule 5121 conflict-of-interest provisions. Distribution is limited in certain jurisdictions, including the EEA, UK, Hong Kong, Singapore, Japan, and Switzerland, under applicable offering restrictions.

GS Finance Corp. filed a Rule 424(b)(2) product supplement describing how it may offer and sell Medium‑Term Notes, Series F, linked to equity indices, ETFs, individual stocks/ADRs, or combinations. The notes repay principal at maturity (subject to issuer and guarantor credit risk) and may provide a positive return based on the referenced market measures.

The notes may not pay coupons unless specified in an applicable pricing supplement, will not be listed on an exchange, and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Goldman Sachs & Co. LLC is the initial calculation agent. Key risks include credit risk of the issuer and guarantor, complex payoff features, model‑based estimated value below the original offering price, limited or no secondary market, no dividend participation, and potential conflicts from hedging and trading activities.

Tax treatment is complex and will be detailed in the supplemental tax discussion and applicable pricing supplements. Specific terms, including the market measures, dates, and any coupon features, will be set in the related pricing supplement, which controls in case of inconsistencies.

Goldman Sachs (GS), via GS Finance Corp., is offering preliminary Autocallable Contingent Coupon Equity‑Linked Notes due 2028 linked to Advanced Micro Devices, Inc. (AMD). The notes pay a $14.334 monthly coupon per $1,000 face amount (1.4334% monthly, potential up to approximately 17.20% per annum) on any observation date when AMD’s closing level is at or above the coupon trigger level.

The notes feature a quarterly automatic call if AMD’s closing level is at or above the initial underlier level, returning $1,000 per note plus the coupon then due. If not called, payment at maturity depends on AMD’s performance. If the final underlier level is at or above the trigger buffer level, investors receive $1,000 per note (plus any final coupon). If it is below the trigger buffer, investors receive $1,000 + ($1,000 × underlier return), and could lose their entire investment.

Key terms include: Initial underlier level $233.08 (AMD closing level on October 17, 2025), coupon trigger level 50% of initial, and trigger buffer level 50% of initial. Dates: Trade October 20, 2025; Original issue October 27, 2025; Determination October 17, 2028; Stated maturity October 24, 2028. The notes are guaranteed by The Goldman Sachs Group, Inc., are unsecured, will not be listed, and carry risks including credit risk, potential no coupons, limited liquidity, and an initial estimated value below the issue price.

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 under its Medium‑Term Notes, Series F program. The notes do not pay interest and return depends on index performance from the trade date to the determination date.

Holders receive enhanced upside at a 170.25% participation rate if the final underlier level exceeds the initial level. Principal is protected at maturity down to a 20% decline (buffer level 80% of the initial level). If the final level falls more than the buffer, repayment is reduced 1% per 1% drop below the buffer. Key dates: trade date October 30, 2025, original issue date November 4, 2025, and maturity November 4, 2030.

Risks include issuer and guarantor credit risk, potential loss of principal beyond the buffer, no dividends, and the underlier’s futures‑based methodology, which may be adversely affected by financing costs and negative roll yields. The estimated value at pricing is expected to be less than the issue price. The offering involves FINRA Rule 5121 conflicts of interest, will not be listed, and GS&Co. may make a market but is not obligated to do so.

Goldman Sachs (GS) launched a preliminary 424(b)(2) pricing supplement for Callable Fixed Rate Notes due 2045. The notes pay 5.25% per annum from the expected original issue date of October 31, 2025 to the expected stated maturity of October 31, 2045, with interest paid annually on the last calendar day of October. The first interest payment is expected on October 31, 2026.

Goldman Sachs may redeem the notes at 100% of principal plus accrued and unpaid interest, in whole but not in part, on each redemption date (the last calendar day of January, April, July and October) on or after October 31, 2028, with at least five business days’ prior notice. Interest uses the 30/360 (ISDA) day-count convention. The notes will be issued in DTC book-entry form under the Medium‑Term Notes, Series N program, with Goldman Sachs & Co. LLC and InspereX LLC as underwriters. Sales to certain accounts may occur below par per the supplemental plan of distribution, and EEA/UK retail investor restrictions apply.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. (NYSE: GS), filed a preliminary 424(b)(2) for Autocallable Contingent Coupon Index‑Linked Notes tied to the S&P 500, Nasdaq‑100, and EURO STOXX 50. The notes may auto‑call quarterly from April 2026 through January 2029 if each index is at or above its initial level, returning face value plus the coupon.

Coupons of $22.5 per $1,000 (2.25% quarterly, up to 9% p.a.) are paid only if each index is at or above 70% of its initial level on the observation date. At maturity (expected April 19, 2029), if not called: you receive $1,000 plus final coupon if every index is at least 82% of its initial level; between 70%–82%, principal is reduced linearly to as low as 88%; below 70%, principal is reduced further based on the lesser‑performing index and no coupon is paid.

The filing lists an estimated value of $915–$955 per $1,000 at pricing. Denominations are $1,000. The notes are unsecured obligations of GS Finance Corp. and subject to the credit risk of both the issuer and the guarantor. The trade date is expected to be October 15, 2025.

Goldman Sachs (GS), via GS Finance Corp., filed a preliminary 424(b)(2) for Bearish Autocallable Absolute Return Notes linked to the S&P 500 Index, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are expected to mature on February 4, 2027.

The notes are automatically called at par if on any daily call observation date the S&P 500 closing level is less than 80% of the initial level, resulting in a 0% return. If not called: at maturity you receive at least $1,035 per $1,000 if the index return is ≥ 0% (a contingent return of at least 3.5%); if the index return is between 0% and -20%, you receive the absolute value of the negative return (capped at 20%); if below -20%, you receive $1,000.

The product is designed for investors who expect the index to end below its initial level but not below 80%, or to rise modestly within the contingent cap. Estimated value at pricing is expected between $925 and $955 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and the guarantee of The Goldman Sachs Group, Inc. The notes will not be listed.

GS Finance Corp. launched a preliminary pricing supplement for leveraged buffered notes linked to the S&P 500 Index, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes offer 300% upside participation in the index return, subject to a maximum settlement amount expected between $1,170.40 and $1,200.10 per $1,000 face amount.

The structure includes a 10% buffer (buffer level at 90% of the initial level). If the index falls more than the buffer, losses accelerate at approximately 111.11% of the decline below the buffer. The notes do not bear interest and repay at maturity based on the final index level on the determination date. Key dates will be set on the trade date; the determination date is expected to be between 23 and 26 months after the trade date, with the stated maturity two business days later.

The notes are part of Goldman’s Medium‑Term Notes, Series F. They will not be listed, market-making may be limited, and investors are exposed to the credit risk of the issuer and guarantor. Illustrative tables show principal risk if the S&P 500 declines beyond the 10% buffer and capped gains above roughly 105.680% of the initial level.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) pricing supplement for Bearish Autocallable Absolute Return notes linked to the S&P 500 Index. The notes pay no interest and are designed for a mildly bearish view, with maturity expected on February 4, 2027.

The notes are automatically called at par if on any observation day the Index closes below 80% of its initial level, resulting in a 0% return. If not called, outcomes at maturity are: at least $1,030 per $1,000 face amount if the Index is flat or higher; a positive “absolute return” up to 20% if the Index is down but not below 80% of the initial level; and $1,000 if the Index is below 80% of the initial level.

The contingent positive return when the Index is flat or higher is set at at least 3%. The estimated value is expected to be $925 to $955 per $1,000 at pricing, reflecting fees and structuring costs. Trade date is expected October 31, 2025; the determination date is expected February 1, 2027.

GS Finance Corp. is offering Autocallable Equity‑Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes reference Amazon.com, Johnson & Johnson, and Walmart common stocks.

The notes pay no interest. They are automatically called if on the call observation date each underlier is at or above its initial level; in that case, you receive $1,300 per $1,000 on the call payment date. If not called, at maturity you receive: (i) if each final underlier level is above its initial level, $1,000 + 650% of the lesser‑performing underlier return; (ii) if each final underlier level is at or above its 80% buffer level but any is at or below its initial level, $1,000; or (iii) if any final underlier level is below its buffer level, a reduced amount via the 20% buffer formula, which can result in a substantial loss of principal.

Key dates: trade October 24, 2025; original issue October 29, 2025; call observation October 30, 2026; call payment November 4, 2026; determination October 24, 2028; maturity October 27, 2028. The notes are subject to issuer and guarantor credit risk, will not be listed, and market making is not assured. The amount on a call date is capped, and the maturity payout depends solely on the lesser‑performing underlier.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Digital notes linked to the Energy Select Sector SPDR Fund (XLE). The notes pay no interest and mature on October 21, 2026. For each $1,000 face amount, if the final ETF level on October 16, 2026 is greater than or equal to the initial level of $85.22, holders receive a capped amount of $1,186. If the final level is below $85.22, repayment declines one-for-one with the ETF return, and investors could lose their entire principal.

The initial estimated value is approximately $962 per $1,000 face amount. Aggregate face amount is $885,000 on the original issue date. The original issue price is 100% of face amount, the underwriting discount is 2%, and net proceeds to the issuer are 98% of face amount. The notes are unsecured obligations of GS Finance Corp. and are not listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,644,000 of contingent quarterly coupon notes linked to the S&P 500 Index and Russell 2000 Index. The notes pay $21.875 per $1,000 each quarter (2.1875%, up to 8.75% per year) if both indices are at or above their 70% coupon trigger levels on the observation date; otherwise no coupon is paid.

At maturity on October 16, 2031, if not earlier redeemed, investors receive $1,000 per note if both final index levels are at or above their 70% trigger buffer levels. If either index finishes below its buffer, repayment is reduced by the lesser performing index return, and investors could lose their entire investment. The company may redeem the notes at par on any coupon date from April 2026 through July 2031, plus any due coupon.

Initial index levels are 6,552.51 for the S&P 500 and 2,394.595 for the Russell 2000. The issue price is 100% of face amount, and dealers may receive a structuring fee up to 0.6%. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering NVIDIA-linked, no-coupon notes under Rule 424(b)(2). The notes may be automatically called on October 19, 2026 if NVDA’s closing price is at or above the initial price of $183.16, paying $1,200 per $1,000 on October 22, 2026. If not called, they mature on October 14, 2027 with return based on NVDA’s performance.

At maturity: if NVDA is at or above the initial price, the payoff equals $1,000 plus 135% of the index return. If NVDA is below the initial price but down by no more than 30% (i.e., at or above 70%), the payoff reflects the absolute decline (e.g., -10% stock return pays +10%). Below the 70% trigger, losses match the stock’s decline and can result in losing most or all principal.

The notes’ estimated value at pricing is $951 per $1,000. Aggregate face amount is $948,000; the original issue price is 100% with a 2.25% underwriting discount and 97.75% net proceeds. The notes do not pay interest and 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 auto-callable, income-bearing notes linked to the Class A shares of Robinhood Markets, Palantir Technologies, and the common stock of Tesla. The notes are expected to mature on October 27, 2028, unless automatically called starting in October 2026 through July 2028.

The coupon is contingent each quarter: if each stock closes at or above 60% of its initial price on an observation date, holders accrue $60.625 per $1,000 (6.0625% quarterly, up to 24.25% per year), less prior coupons paid. If any stock is below that 60% level, no coupon is paid for that period. The notes are called if, on a call observation date, each stock is at or above its initial price, returning face amount plus the then-due coupon on the next payment date.

At maturity, if not called and at least one stock finishes at or above its initial price (no “trigger event”), holders receive face amount, plus the final coupon if each stock is at or above 60% of its initial price. If all three finish below their initial prices (a trigger event), repayment is based on the worst performer’s return, capped at face amount and potentially well below it if that stock is under 60%. The estimated value is expected to be $925–$965 per $1,000 face amount.

Goldman Sachs (GS) filed a preliminary pricing supplement for auto-callable, monthly observation barrier notes linked to the S&P 500 Index, Global X Defense Tech ETF (SHLD), and iShares Russell 2000 ETF (IWM). The notes mature on October 15, 2026, unless redeemed earlier.

The notes may pay a monthly coupon of $9.709 per $1,000 (0.9709% monthly, ~11.65% per annum) on each payment date if the closing level of each underlier is at least 80% of its initial level. Goldman Sachs may redeem the notes at 100% of face value plus any due coupon on payment dates from January 2026 through September 2026.

At maturity, if not redeemed and each underlier’s return is at least -20%, investors receive $1,000 plus the final coupon. If any underlier is below 80% of its initial level, repayment is reduced by a 125% buffer rate beyond a 20% downside, which can result in significant loss of principal. Initial levels are 6,595.04 (S&P 500), $68.41 (SHLD), and $239.30 (IWM), observed intra-day on October 10, 2025. The estimated value is expected between $925 and $955 per $1,000, 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 preliminary autocallable notes linked to Palantir Class A, Tesla, and Target. The notes mature on an expected stated maturity of November 4, 2030, but may be automatically called on semi-annual observation dates (April/October) from October 2026 to April 2030 if each stock is at least 86.5% of its initial price.

Coupons are observed monthly. If each stock is at least 80% of its initial price on an observation date, holders receive $5 per $1,000 face amount (0.5% monthly, up to 6% per annum); otherwise they receive $0.834 per $1,000 (0.0834% monthly, up to ~1% per annum). At maturity, holders receive $1,000 plus the final coupon. The expected trade date is October 27, 2025 and the original issue date is October 29, 2025.

The estimated value at pricing is expected between $850 and $890 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and the guarantor. The notes will not be listed, and secondary market liquidity may be limited.

GS Finance Corp. filed a preliminary pricing supplement for Callable Contingent Coupon Index‑Linked Notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Nasdaq‑100, Russell 2000 and S&P 500, and may be redeemed by the company on coupon payment dates in January, April, July and October, beginning April 2026.

The notes pay a contingent monthly coupon of $8.042 per $1,000 (0.8042% monthly, potential up to approximately 9.65% per annum) if each index closes at or above 65% of its initial level on the observation date; otherwise, the coupon is zero. At maturity, if not redeemed, investors receive $1,000 per note if each index is at or above its 55% trigger buffer. If any index is below 55%, the payoff is $1,000 plus $1,000 times the lesser performing index return, which can result in a substantial loss, including the entire principal.

Key risks include issuer and guarantor credit risk, the possibility of receiving no coupons, sensitivity to market volatility and interest rates, lack of listing, and an estimated initial value below the issue price. Coupons are expected to be taxed as ordinary income under the described approach.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) pricing supplement for Autocallable Buffered Notes linked to the Russell 2000 Futures Excess Return Index. The notes pay no interest and may be automatically called on the call observation date (expected October 19, 2026) if the index is at or above the initial level, paying $1,115 per $1,000 on the expected call payment date (October 22, 2026).

If not called, the notes mature on the expected stated maturity date (October 20, 2028). At maturity, holders receive: (1) face amount plus 125% of any positive index return; (2) face amount if the index decline is up to 30%; or (3) a reduced amount if the decline exceeds 30%, reflecting losses beyond the buffer. Payments depend solely on the index level on the observation or determination dates.

The index tracks E-mini Russell 2000 futures, not the cash Russell 2000 Index, and may be affected by financing costs and roll yields. Estimated value on the trade date is expected to be $925–$955 per $1,000. The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., and are treated as a pre-paid derivative contract for U.S. tax purposes, per counsel’s opinion.

GS Finance Corp. filed a preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the Russell 2000 and S&P 500, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The notes pay a quarterly contingent coupon only if each index closes at or above its coupon barrier of 70% of its initial level. From April 2026, the notes are automatically called if each index is at or above its initial level on an observation date, returning face amount plus the coupon then due. If not called, and on the determination date each index is at or above its downside threshold of 60%, investors receive face amount (plus any final coupon). If any index is below its downside threshold at maturity, repayment is reduced one‑for‑one with the lesser performing index and investors could lose their entire investment.

Indicative terms include a contingent coupon between $0.1625 and $0.175 per $10 per quarter (up to 6.50%–7.00% per annum), an estimated value of $9.50–$9.80 per $10, original issue price 100%, underwriting discount 2.25%, and net proceeds 97.75%. Key dates: trade October 21, 2025, issue October 24, 2025, maturity October 24, 2030. Payments are subject to the credit of GS Finance Corp. and Goldman Sachs.

Goldman Sachs (GS) priced $7,461,000 of Contingent Income Callable Securities linked to the S&P 500 Index (SPX), issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The notes pay a contingent quarterly coupon of $16.875 per $1,000 only if the index on each observation date is at or above the downside threshold level of 5,051.3325 (75.00% of the initial index value of 6,735.11).

Early redemption: the issuer may redeem at 100% of principal plus any due coupon on any coupon payment date from April 14, 2026 through July 12, 2035. If not redeemed, the notes mature on October 12, 2035. At maturity, holders receive $1,000 plus the final coupon if the final index value is at or above the threshold; otherwise, repayment equals $1,000 multiplied by the index performance factor (final/initial), with no coupon—investors do not participate in index upside.

Other key terms: estimated value approximately $962 per $1,000; underwriting discount 0.75%; net proceeds 99.25% ($7,405,042.50) to the issuer. The securities are unsecured, principal-at-risk, and will not be listed.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) prospectus for non‑interest‑bearing, autocallable notes linked to an equally weighted basket of seven stocks (Constellation Energy, Marvell, Meta, Microsoft, NVIDIA, Vertiv, Vistra). The notes may be automatically called on the call observation date if the basket closes at or above the initial level, paying at least $1,167.3 per $1,000 face amount.

If not called, the maturity payoff depends on basket performance: upside pays $1,000 plus 125% of the basket’s positive return; between 0% and -20% the payoff is $1,000; below -20% losses apply at a 125% buffer rate. The issuer discloses an estimated value of $900–$930 per $1,000 at pricing and highlights credit risk of GS Finance Corp. and the guarantor. Key dates are expected to be set around October 2025 (trade/issue), with observation in October 2026 and maturity in October 2027.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) pricing supplement for Buffered PLUS linked to the EURO STOXX 50 Index, maturing on May 3, 2028. These unsecured, principal-at-risk notes offer 200% leveraged upside on index gains, subject to a cap of at least $1,280 per $1,000 note, and include a 15.00% buffer against moderate declines.

If the index is unchanged or down by up to 15%, investors receive $1,000 at maturity. If the index falls beyond the buffer, losses are 1%-for-1% past 15%, with a minimum payment of $150 per note. The notes pay no interest, will not be listed, and all payments are subject to the credit risk of the issuer and guarantor.

Key terms include: expected pricing on October 31, 2025, valuation on April 28, 2028, and original issue date on November 5, 2025. The issue price is 100%, the underwriting discount is 3%, and net proceeds are 97% per note. The estimated value is disclosed as $905–$965 per $1,000 note.