Goldman Sachs Group Inc. 424B Filings

Goldman Sachs Group Inc. (GS), via GS Finance Corp., is offering Medium-Term Notes, Series F linked to the VanEck Semiconductor ETF (SMH) with an aggregate face amount of $1,059,000. The notes are fully and unconditionally guaranteed by Goldman Sachs.

Investors receive a contingent quarterly coupon of $46.875 per $1,000 (4.6875% per quarter, up to 18.75% per year) only if SMH’s closing level on the observation date is at or above the coupon trigger level of 80% of the initial level; otherwise the coupon is zero. The buffer level is also 80%, providing 20% downside protection at maturity if held and not redeemed.

At maturity, if not called, investors receive $1,000 per note if the final SMH level is at or above the buffer; otherwise, principal is reduced according to the buffer formula and investors can lose a substantial portion of principal. Upside is capped at par, even if SMH more than doubles. GS may redeem the notes at par (plus any due coupon) on any coupon payment date from February 2027 through February 2029. The original issue price is 100% of face, with a 3% underwriting discount and 97% net proceeds to the issuer. Key risks include SMH volatility and industry concentration, credit risk of GS Finance Corp. and Goldman Sachs, uncertain tax treatment, potential illiquidity, and an estimated value below the issue price.

Goldman Sachs Group Inc. (as guarantor for GS Finance Corp.) is offering equity index-linked medium-term notes tied to the Russell 2000 Index with a $1,000 face amount per security. The notes pay no interest and return at maturity depends entirely on index performance on a single calculation day near August 31, 2028.

Holders receive 200% of any positive index return, capped at a maximum return of at least 26.20%, so the maximum maturity payment is at least $1,262 per $1,000. A 10% buffer protects against modest declines: if the index is down up to 10%, investors get back $1,000. Below that, losses are 1‑for‑1 beyond the buffer, with up to 90% loss of principal in a severe decline.

The securities are unsecured obligations of GS Finance Corp., fully guaranteed by Goldman Sachs, subject to their credit risk, and have no listing and no dividends. The estimated initial value is $900–$930 per $1,000, below the $1,000 issue price, reflecting dealer compensation and structuring costs, and secondary-market prices may be lower. The filing highlights complex tax and liquidity risks.

Goldman Sachs Group Inc. (GS), via GS Finance Corp., is offering basket-linked, auto-callable notes due August 2, 2028, whose return depends on an equally weighted basket of eight large-cap stocks. The notes pay no interest and are unsecured obligations guaranteed by Goldman Sachs Group Inc.

The initial basket level is 100, with each stock having a 12.5% weight and initial weighted value of 12.5. On August 4, 2027, if the basket’s closing level is at or above 100, the notes are automatically called and pay $1,300 per $1,000 face amount on August 9, 2027, capping return regardless of further basket gains.

If not called, the maturity payoff on each $1,000 depends on the basket return on July 28, 2028. For a non‑negative basket return, holders receive $1,000 plus 125% of the gain. If the basket declines but stays within a 10% buffer (final level between 90 and 100), repayment is $1,000. Below the 90% buffer, principal is reduced 1:1 beyond the 10% cushion, so substantial losses of principal are possible.

The aggregate initial face amount is $916,000, in $1,000 denominations, with an original issue price of 100% of face, a 1.75% underwriting discount and 98.25% net proceeds to GS Finance Corp. The estimated economic value is about $940 per $1,000, reflecting structuring costs and dealer compensation. Investors are exposed to basket performance, structural features such as market-disruption and anti-dilution adjustments, and the credit risk of both GS Finance Corp. and its guarantor.

Goldman Sachs Group, Inc. (GS), via GS Finance Corp., is offering MSCI EAFE Index-linked Medium-Term Notes, Series F with an aggregate face amount of $1,250,000. For each $1,000 note at maturity, investors receive: $1,000 plus the MSCI EAFE return when the index is above its initial level of 3,111.56, capped at a maximum settlement amount of $1,539; or only the $1,000 face amount if the index is flat or lower.

The notes bear no interest and all payments are subject to the credit risk of GS Finance Corp. and its parent guarantor, The Goldman Sachs Group, Inc. Secondary market value may differ from issue price due to model-based valuation, credit spreads, interest rates, volatility and other factors, and there is no assurance of a liquid market.

The notes expose investors to risks tied to foreign equity markets, currency movements in the MSCI EAFE countries, and special U.S. tax rules for contingent payment debt instruments, under which U.S. holders must accrue ordinary income based on a 5.065% comparable yield and a projected maturity payment of $1,225.19 per $1,000 even though no cash is paid until maturity.

GOLDMAN SACHS GROUP INC, through GS Finance Corp., is offering unsecured, senior, structured notes linked to the S&P 500 Futures Excess Return Index, with an aggregate face amount of $677,000 and a stated maturity on February 1, 2029.

For each $1,000 note, if the final index level is at or above the initial level of 594.12, investors receive $1,000 plus 113% of the index return. If the index has fallen but remains at or above the 85% buffer level, investors receive the absolute index return (down moves up to 15% become positive). Below the 85% buffer, principal is reduced dollar-for-dollar with index losses beyond the 15% buffer, and investors can lose a substantial portion of principal.

The notes pay no interest, are issued at 100% of face with a 2.77% underwriting discount (net proceeds 97.23%), are not listed, and their estimated value at pricing is less than the issue price. Returns depend on the futures-based underlier, GS Finance Corp.’s and Goldman Sachs’ credit, market factors, and uncertain U.S. tax treatment as a pre-paid derivative contract.

Goldman Sachs Group Inc. (GS), through GS Finance Corp., is offering $865,000 of leveraged callable notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest, are issued at 100% of face amount in $1,000 denominations, and mature on July 28, 2031, unless earlier redeemed at the issuer’s option on monthly call dates at 100% of face plus a specified call premium (starting at 20.0004% and rising to 98.3353%).

If not called, the maturity payment per $1,000 depends on index performance from July 23, 2026 to July 23, 2031: (i) for final levels at or above the initial 592.51, investors receive $1,000 plus 2.475× the index return; (ii) for declines down to a 60% trigger buffer, investors receive the absolute index return; (iii) below the trigger, losses match the index return and principal can be fully lost. The estimated value is about $979 per $1,000 at pricing, below the issue price, and payments are subject to the unsecured credit of GS Finance Corp. and the guarantee of The Goldman Sachs Group, Inc. Tax treatment is intended as a pre-paid derivative contract, but the consequences are uncertain.

Goldman Sachs Group, Inc. (GS), through GS Finance Corp., is issuing principal-protected, index-linked notes with an aggregate face amount of $4,135,000, tied to the Goldman Sachs Momentum Builder Focus ER Index. The notes may be automatically called annually if the index closing level is at or above the initial level of 113.24 on specified call observation dates; in that case holders receive $1,000 plus a fixed call premium (from 7.75% on the first call date up to 46.50% on the last) per $1,000 face amount.

If not called, at maturity in July 2033 investors receive: (i) $1,000 plus 100% participation in any positive index return, or (ii) only $1,000 if the index is flat or down, so downside is limited to foregone return. The notes pay no periodic interest, are unsecured obligations of GS Finance Corp. guaranteed by Goldman Sachs, and are subject to their credit risk. The original issue price is 100% of face, with a 4.375% underwriting discount and 95.625% net proceeds. Goldman’s own estimated value is $897 per $1,000 at trade date, below issue price due to fees and structuring. The underlying index is complex, uses daily rebalancing, volatility and momentum controls, and an annual 0.65% deduction, and is calculated on an excess return basis over the federal funds rate, which can materially drag index and note performance. For U.S. tax purposes the notes are treated as contingent payment debt instruments with a comparable yield of 5.3521%, requiring accrual of ordinary income over the term.

Goldman Sachs Group Inc. (GS), as guarantor for GS Finance Corp., is offering medium-term auto-callable notes linked to the Goldman Sachs Momentum Builder Focus ER Index. The notes have an aggregate face amount of $619,000, a face amount of $1,000 per note and are issued at 100% of face value with a 4% underwriting discount.

The notes pay no interest. They are automatically called on August 2, 2027 if the index on July 28, 2027 is at or above the initial level of 113.24, in which case holders receive $1,146.50 per $1,000. If not called, at maturity in July 2031 investors receive at least the $1,000 face amount, plus upside equal to 300% of any positive index return.

The index uses daily rebalancing, a 5% volatility control, a momentum risk control overlay and deducts 0.65% per year (plus the federal funds rate on the base index), which can keep a large allocation in low-return cash. Goldman Sachs estimates the initial value of the notes at $900 per $1,000, below issue price, and the notes are subject to the credit risk of GS Finance Corp. and Goldman Sachs. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income based on a comparable yield of 5.17%.

Goldman Sachs Group Inc. (GS), via GS Finance Corp., is offering auto-callable, index-linked notes with an aggregate face amount of $1,969,000. The notes pay no interest and mature on July 31, 2031, unless automatically called starting July 28, 2027 if the S&P 500® Futures Volatility Plus Daily Risk Control Index is at or above its initial level of 992.25.

On any call, holders receive $1,000 plus a call premium that starts at 10.1508% of face on the first call date and steps up to 49.9081% near maturity. At final maturity if not called, investors get full principal back if the index decline is within a 15% buffer; beyond that, losses are linear (index return plus 15%), so a large drop can cause substantial principal loss.

The upside participation rate is 100% of index gains. The original issue price is 100% of face, with a 3.75% underwriting discount and 96.25% net proceeds to GS Finance Corp. The bank estimates the economic value at about $935 per $1,000, initially marking notes for account statements at that value plus about $27.5, which amortizes to zero by October 27, 2026.

GOLDMAN SACHS GROUP INC (symbol: GS) is the issuer of record for a Form 424B2 filing submitted to the SEC.

GOLDMAN SACHS GROUP INC (GS), through GS Finance Corp. as issuer and Goldman Sachs as guarantor, is offering S&P 500®-linked Medium-Term Notes, Series F, with an aggregate face amount of $1,037,000. Investors receive a cash payment at maturity based on S&P 500 performance from July 28, 2026 to January 29, 2029, with a 200% upside participation rate but a maximum settlement amount of $1,256.40 per $1,000 note.

The notes include a 10% buffer: if the index falls up to 10%, principal is repaid; below a 90% buffer level, principal is reduced 1% for each additional 1% decline, with hypothetical outcomes as low as 10% of face. The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and Goldman Sachs, are not listed on any exchange, and may have limited secondary market liquidity. Tax treatment is uncertain and contemplated as a pre-paid derivative contract on the S&P 500.

GOLDMAN SACHS GROUP INC (symbol: GS) is the issuer of record for a Form 424B2 filing submitted to the SEC.

GOLDMAN SACHS GROUP INC (GS), through issuer GS Finance Corp. and with a full guarantee from Goldman Sachs Group, is offering callable contingent coupon notes linked to the common stocks of Amazon.com, Advanced Micro Devices and Tesla. The notes are issued at 100% of face amount with a 4% underwriting discount and net proceeds of 96% of face.

The aggregate face amount on the original issue date is $22,090,000, in denominations of $1,000, with trade date July 28, 2026, original issue date July 31, 2026 and stated maturity July 31, 2031, subject to an automatic call feature starting July 2027. The notes are automatically called if on any call observation date the closing price of each reference stock is at least 95% of its initial price of $230.86 (Amazon), $454.62 (AMD) and $307.44 (Tesla), paying $1,000 plus the then‑due coupon.

Monthly coupons are contingent: if on a coupon observation date the closing price of each stock is at least 75% of its initial price (the coupon trigger price), investors receive a catch‑up coupon equal to $8 per $1,000 times the number of observation dates to date minus prior coupons, equivalent to up to 0.8% per month (9.6% per annum); otherwise the coupon is zero. If never called, at maturity investors receive $1,000 per $1,000 face amount plus any final coupon. The estimated value at pricing is approximately $982 per $1,000, and the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $799,000 of Callable Buffered Monthly Russell 2000® Index-Linked Range Accrual Notes due July 31, 2031. The notes pay monthly contingent interest based on how often the Russell 2000® Index closes at or above 85% of the initial level of 2,953.800. The annualized interest rate for each period equals the fraction of qualifying trading days multiplied by an interest factor of 7.25%, then adjusted using a 30/360 (ISDA) day-count convention; interest can be as high as 7.25% per annum or fall to 0%.

Principal repayment is linked to index performance. At maturity, if the final index level is at least 85% of the initial level (a 15% buffer), investors receive 100% of face amount; below that threshold, repayment is reduced linearly, with potential loss of a substantial portion of principal, down to 15% of face amount if the index goes to zero. There is no upside participation above the initial level. The notes are callable at par plus accrued interest on any monthly interest payment date on or after July 31, 2027. Estimated value at pricing is approximately $942 per $1,000 face amount, below the 100% issue price, reflecting structuring and distribution costs. 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 $2,535,000 of callable S&P 500® Index-linked notes due August 2, 2032. The notes are sold at 100% of face amount with a 4.125% underwriting discount and 95.875% net proceeds to the issuer.

The notes pay no interest. If not redeemed early, investors receive at maturity the greater of $1,000 per note or $1,000 plus 100% of the positive S&P 500® return from the initial level 7,428.78 on July 28, 2026 to the determination date on July 26, 2032. If the index is flat or down, principal repayment is $1,000.

The issuer may redeem the notes monthly from August 2, 2027 through June 30, 2032 at $1,000 plus a preset call premium, rising from 8.85% to 52.3625%. The estimated value is approximately $936 per $1,000 note at pricing, and investors are exposed 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 Callable S&P 500® Futures Excess Return Index-Linked Notes due July 31, 2031 with an aggregate face amount of $4,144,000. The notes are issued at 100% of face amount in $1,000 denominations, bear no interest, and are unsecured obligations subject to the credit risk of both GS Finance Corp. and its guarantor.

The notes provide 200% upside participation in the S&P 500® Futures Excess Return Index above the initial level of 594.12. Principal is protected only down to a 70% buffer level; below this, losses increase linearly and investors can lose a substantial portion of principal. GS Finance Corp. may redeem the notes in whole, beginning August 2, 2027, at 100% of face plus a call premium that steps up from 16.5% to 81.125% by July 3, 2031, capping further upside if called. The estimated value is approximately $935 per $1,000 at pricing, reflecting structuring costs and dealer margin, and secondary-market values may be significantly lower than face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering two tranches of Leveraged Buffered Index-Linked Notes with an aggregate face amount of $3,143,000, issued under its medium-term note shelf. One tranche is linked to the S&P 500 Index and the other to the Russell 2000 Index.

Both notes pay no interest and repay at maturity based on index performance from the July 28, 2026 trade date to each determination date, with a 10% downside buffer and capped upside. The S&P 500 note offers 200% upside participation with a maximum cash payout of $1,242.5 per $1,000 face amount and matures in February 2029; the Russell 2000 note offers 110% participation with a $1,240 cap and matures in February 2028. If the final index level falls more than 10% below its initial level, principal loss is one-for-one beyond the buffer, up to a minimum return of 10% of face. Estimated values at pricing are $961 and $973 per $1,000, below issue price, and investors are exposed to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stock of NVIDIA, Meta Platforms Class A, Alphabet Class A and Broadcom. The notes have an aggregate initial face amount of $500,000, in $1,000 denominations, with a trade date of July 28, 2026 and stated maturity on July 31, 2031, subject to early redemption.

On each monthly coupon observation date from August 2026 through July 2031, if the closing price of each index stock is at least 75% of its initial price ($197.01 NVDA, $593.41 META, $333.71 GOOGL, $380.91 AVGO), investors receive a coupon of $8.8 per $1,000 face amount (0.88% monthly, up to 10.56% per annum); otherwise, the coupon for that month is $0. At maturity, if the notes have not been redeemed, holders receive $1,000 per $1,000 face amount plus any final coupon.

The issuer may redeem the notes at 100% of face amount plus any due coupon on quarterly coupon payment dates tied to January, April, July and October observation dates from July 2027 through April 2031. The original issue price is 100% of face amount, including a 4% underwriting discount, for net proceeds of 96%. The estimated value at pricing is approximately $949 per $1,000, reflecting structuring and distribution costs. Payments are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and the notes provide no dividends or shareholder rights in the underlying stocks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger-buffered notes under its Medium-Term Notes, Series F program, linked to the S&P 500® Futures Excess Return Index. The aggregate face amount is $835,000, with a $1,000 denomination.

At maturity in July 2031, investors receive cash based on index performance. If the final index level is at or above the initial level (594.12), payment is the greater of the $1,505 threshold settlement amount or $1,000 plus 100% of the index return. If the index is down but not below 70% of the initial level, investors earn the absolute index return as a positive amount.

If the final level falls below 70% of the initial level (a 30% trigger buffer), principal loss matches the negative index return and investors can lose their entire investment. The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may trade below issue price, and embed structural and tax complexities, including uncertain U.S. federal income tax treatment.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked auto-callable notes with an aggregate face amount of $1,000,000 under its Medium-Term Notes, Series F program. The notes pay no interest and may be automatically called on July 28, 2027 if the S&P 500 closing level is at or above the initial level of 7,428.78, in which case investors receive $1,090 per $1,000 face amount on August 4, 2027. If not called, at maturity on August 6, 2029 the cash settlement depends on index performance, with a 145% upside participation rate above the initial level, principal protection down to a trigger buffer at 75% of the initial level, and one-for-one losses below that, up to a total loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, and their estimated value at pricing is less than the original issue price due in part to a 2.35% underwriting discount and other costs. U.S. federal income tax treatment is uncertain; counsel views the notes as a pre-paid derivative contract on the index.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing Medium-Term Notes, Series F, linked to the Goldman Sachs Momentum Builder® Focus ER Index, with an aggregate face amount of $68,273,000.

The notes are auto-callable annually if the index closes at or above 101% of the initial level, paying for each $1,000 face amount $1,000 plus a call premium that rises from 10.15% in 2027 up to 60.90% in 2032. If not called, at maturity investors receive for each $1,000 the greater of (i) $1,000 plus 100% of any positive index return or (ii) $1,000, so principal is repaid at maturity if the issuer and guarantor perform.

The index is a rules-based, volatility- and momentum-controlled strategy with daily rebalancing among equity, bond, commodity and cash exposures, calculated on an excess-return basis over the federal funds rate with an additional 0.65% per annum deduction, which can materially dampen performance. The estimated value on the trade date is $897 per $1,000 note, below the issue price, and the notes pay no periodic interest and are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. For U.S. tax purposes they are treated as contingent payment debt instruments, generally requiring accrual of ordinary income over their term based on a comparable yield.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering two tranches of buffered index-linked notes with an aggregate face amount of $10,735,000. One tranche is linked to the EURO STOXX 50® Index with face amount $2,389,000, initial underlier level 6,289.51, upside participation rate 146%, and a buffer level at 75% of the initial level (25% buffer amount). The other tranche is linked to the S&P 500® Futures Excess Return Index with face amount $8,346,000, initial underlier level 594.12, upside participation rate 174%, and a buffer level at 80% of the initial level (20% buffer amount).

The notes pay no interest and return at maturity depends solely on index performance on the determination date in 2031. Above the initial level, investors receive $1,000 plus the participation rate times the index return; between the initial level and the buffer level, they receive only the $1,000 face amount; below the buffer level, principal is reduced in line with index losses beyond the buffer. Estimated values at issuance are $940 and $924 per $1,000 face amount, below the 100% issue price, reflecting fees and structuring costs. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor and will not be listed; secondary market liquidity is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes maturing on August 4, 2031 with an aggregate initial face amount of $510,000 (subject to increase). Payments depend on the common stocks of Advanced Micro Devices, UnitedHealth Group, Tesla and NVIDIA.

The notes may be automatically called from July 2027 to June 2031 if on a call observation date each stock’s closing price is at least its initial price ($454.62 AMD; $428.79 UNH; $307.44 TSLA; $197.01 NVDA). If called, holders receive principal plus the applicable coupon.

Monthly coupons per $1,000 face amount are $10.625 (1.0625%) when each stock is at or above 77.5% of its initial price, otherwise $0.209. At maturity, investors receive $1,000 plus the final coupon. The estimated value on the trade date is approximately $945 per $1,000, below the issue price, and investors bear the unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The terms include detailed market disruption and anti-dilution adjustment provisions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Callable Buffered S&P 500® Futures Excess Return Index-Linked Notes due July 31, 2031. The notes are issued at 100% of face amount in $1,000 denominations, with an aggregate face amount of $1,425,000, and pay no interest.

At maturity, if not called, the cash payment per $1,000 depends on the S&P 500® Futures Excess Return Index performance from the initial underlier level 594.12 on July 28, 2026 to July 24, 2031. Upside participation is 175% for gains; between 80% and 100% of the initial level investors receive the absolute index move; below 80%, principal is exposed with only a 20% buffer. The issuer may redeem the notes in whole on specified call payment dates from August 2, 2027 through June 30, 2031 at 100% plus a call premium that steps up to 122.9206% of face amount.

The estimated value on the trade date is approximately $923 per $1,000 face amount, below the issue price, reflecting structuring and distribution costs including a 4.125% underwriting discount and net proceeds of 95.875% of face amount. Investors bear the unsecured credit risk of GS Finance Corp. and the guarantor and may lose a substantial portion of principal.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Futures Excess Return Index-linked Medium-Term Notes, Series F, with an aggregate face amount of $1,917,000. These notes provide exposure to the S&P 500® Futures Excess Return Index, which tracks E-mini S&P 500 futures contracts rather than the S&P 500® Index itself.

At maturity on July 31, 2031, for each $1,000 note you will receive: if the final underlier level exceeds the initial level of 594.12, $1,000 + ($1,000 × 124% upside participation rate × underlier return); if the final level is equal to or below the initial level, you receive only the $1,000 face amount. The notes do not bear interest and may underperform interest-bearing debt of similar maturity.

The original issue price is 100% of face amount, with an underwriting discount of 3.93% and net proceeds of 96.07% to the issuer. Investors bear the credit risk of GS Finance Corp. and the guarantor, as well as structural risks including potential negative roll yield, imperfect correlation with the reference equity index, and secondary market and valuation risks. For U.S. federal income tax purposes, the notes are treated as contingent payment debt instruments with a comparable yield of 5.17% per annum and a projected payment at maturity of $1,295.44 on a $1,000 investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes under its Medium-Term Notes, Series F program with an aggregate face amount of $20,000. The notes are linked to the Nasdaq-100 Index® and the Russell 2000® Index and may be automatically called on annual call observation dates if each index is at or above its initial level, paying for each $1,000 face amount $1,000 + ($1,000 × the applicable call premium) (12.75% in 2027 or 25.5% in 2028).

If not called, at maturity in August 2029 investors receive a cash settlement based on the lesser performing index. If both final index levels are at or above initial levels, payment equals $1,000 + 38.25%; if each is at or above a 70% trigger buffer but below initial, principal is returned; if either finishes below its trigger buffer, repayment equals $1,000 times the lesser performing index return, and investors can lose up to 100% of principal. The notes pay no interest, are subject to the credit risk of GS Finance Corp. and its guarantor, are not listed, and their estimated value at pricing is lower than the 100% issue price due to underwriting discounts, fees and hedging. U.S. federal income tax treatment is uncertain, with counsel viewing the notes as a pre-paid derivative contract.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked medium-term notes with an aggregate face amount of $605,000 under its Series F program. The notes pay at maturity based on the underlier return from the trade date to the determination date, with 1:1 upside participation but a cap at a maximum settlement amount of $1,286 per $1,000 face amount. If the final S&P 500® level is at or below the initial level of 7,428.78, investors receive only principal at par and the notes bear no periodic interest. The issuer’s models estimate a comparable yield of 5.0387% per annum and a projected payment of $1,208.71 at maturity solely for U.S. tax accrual purposes. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on an exchange, and may trade at values below face amount before maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $844,000 of S&P 500® Daily Risk Control 5% USD Excess Return Index-linked notes maturing August 2, 2029. The notes pay no interest and return a cash amount at maturity based on index performance from July 28, 2026 to July 30, 2029.

If the final index level is at or above the initial level of 181.19, holders receive $1,000 plus 156.5% of the positive index return. If the index declines, investors receive $1,000 plus the absolute index return, capped at a maximum downside settlement amount of $2,000 per $1,000 note. The structure references an excess return index that subtracts borrowing costs of SOFR + 0.02963%, so it may underperform the underlying total return index and there is no assurance of achieving the 5% volatility target.

The notes are unsecured obligations of GS Finance Corp. with a full guarantee from The Goldman Sachs Group, Inc., exposing investors to both entities’ credit risk. The original issue price is 100% of face, with net proceeds of 96.95% after a 3.05% underwriting discount. The estimated value on the trade date is about $951 per $1,000, and for U.S. tax purposes the notes are treated as contingent payment debt instruments with a comparable yield of 4.96%.

GS Finance Corp. is offering leveraged buffered notes linked to the MSCI EAFE Index, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes provide 200% participation in positive index returns, but payouts are capped at a maximum settlement amount of $1,296.50 per $1,000 face amount.

A 10% buffer applies: if the index decline is within 10%, investors receive their face amount; below the 90% buffer level, principal loss is 1% for each additional 1% decline, and a substantial portion of principal can be lost. The notes pay no interest and are subject to the credit risk of the issuer and guarantor, limited liquidity, foreign market and currency risks, and uncertain U.S. tax treatment. Historical index performance and hypothetical examples show that large declines in the MSCI EAFE Index can result in very low repayment at maturity.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked notes with an aggregate face amount of $5,225,000. The notes provide leveraged upside exposure, paying at maturity for each $1,000 face amount: $1,000 plus 300% of the S&P 500® Index return, capped at a maximum settlement amount of $1,145.

If the final S&P 500® level is equal to or below the initial level of 7,428.78, investors incur losses on a 1-for-1 basis with the index decline and may lose their entire investment. The notes do not bear interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, and will not be listed on any exchange. The original issue price is 100% of face, with a 2.35% underwriting discount and 97.65% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index-Linked Notes due 2028 linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. Each note has a $1,000 face amount and pays contingent quarterly coupons only if all three underliers are at or above 70% of their initial levels on the relevant observation date.

The notes may be automatically called beginning in July 2027 if each index is at or above its initial level, in which case holders receive $1,000 per note plus the coupon then due. If not called, at maturity in August 2028 investors receive $1,000 per note only if every index is at or above its 70% buffer level; otherwise principal is reduced based on the lesser performing index, with potential loss of a substantial portion of principal down to 30% of face amount. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, are not listed on any exchange, and their estimated value at pricing will be less than the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $2,075,000 of Autocallable Buffered iShares Expanded Tech-Software Sector ETF-Linked Notes due July 31, 2031. The notes pay no interest and are linked to the iShares Expanded Tech-Software Sector ETF (IGV), not directly to its underlying index.

The notes may be automatically called on July 28, 2027 if IGV’s closing level is at or above the initial level of $91.78, paying $1,153.5 per $1,000 face amount on August 2, 2027. If not called, maturity payment depends on ETF performance: gains participate at an upside participation rate of 103%; a 15% buffer protects against moderate declines; below the buffer, losses are linear beyond that threshold, so investors can lose a substantial portion of principal. The estimated value at pricing is about $942 per $1,000 face amount, below the 100% issue price, and secondary market values will be affected by issuer and guarantor credit, IGV volatility, rates, and other factors.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $53,027,000 of Medium-Term Notes, Series F, linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes have an automatic annual call: if on a call observation date the index level is at or above a rising call level (from 101% to 106% of the initial level), investors receive $1,000 plus the applicable call premium (from 14.70% to 88.20% of face) and the notes terminate early.

If not called, the stated maturity date is July 29, 2033. At maturity, the cash payment per $1,000 note equals $1,000 plus 100% upside participation in the index if the final index level exceeds the initial level of 113.24; otherwise investors receive only the face amount, so downside is limited to foregone return, subject to issuer and guarantor credit risk. The index itself is complex, uses daily rebalancing, volatility and momentum risk controls, and applies an annual 0.65% deduction on an excess-return basis over the federal funds rate, which can materially dampen index gains.

The notes pay no periodic interest. The original issue price is 100% of face, with a 4.625% underwriting discount and 95.375% net proceeds, while Goldman Sachs estimates the initial fair value at $894 per $1,000 note. U.S. holders are expected to treat the notes as contingent payment debt instruments, recognizing taxable ordinary income over the term based on a comparable yield of 5.3521%, even though cash is generally received only upon call or at maturity.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $1,266,000. For each $1,000 note, payment at maturity depends on the S&P 500® performance from the trade date to the determination date.

If the final index level exceeds the initial level of 7,428.78, the cash payment equals $1,000 plus the index return, capped at a maximum settlement amount of $1,284 per $1,000 face amount. If the final level is equal to or below the initial level, investors receive only the $1,000 face amount, so downside index moves do not reduce principal at maturity but also provide no positive return.

The notes pay no periodic interest and will not be listed on any securities exchange. The original issue price is 100% of face amount, with an underwriting discount of 3.55% and net proceeds of 96.45% of face to the issuer. For U.S. tax purposes, the notes are treated as contingent payment debt instruments with a comparable yield of 5.065% per annum and a projected maturity payment of $1,225.19 on a $1,000 investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering 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 40% volatility target, up to 500% exposure and a daily 6.0% p.a. decrement.

The notes pay conditional monthly coupons of $10.209 per $1,000 (about 1.0209% monthly, up to ~12.25% per year) only when the index is at least 60% of the initial level of 489.44. Beginning January 2027, the notes are automatically called if the index is at or above the initial level, returning principal plus the due coupon. At maturity on August 4, 2031, if not called, investors receive principal only if the index is at or above 60% of the initial level; otherwise repayment is fully exposed to index losses and can fall to zero.

The estimated value is about $922 per $1,000 face amount, below the issue price, reflecting fees and issuer economics. Investors face the credit risk of GS Finance Corp. and Goldman Sachs, the drag from the decrement, leverage-related volatility, complex signal-based index rules, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Contingent Income Auto-Callable Securities linked to the common stock of Palo Alto Networks, Inc. The notes are principal-at-risk, mature on August 10, 2029, and may be automatically called on quarterly call observation dates starting November 9, 2026 if the stock closes at or above the initial share price, returning $1,000 per note plus the contingent coupon.

On each coupon observation date, investors receive a contingent quarterly coupon of at least $43.75 per $1,000 only if the stock closes at or above the downside threshold price, set at 50.00% of the initial share price. A memory feature can pay previously missed coupons if conditions are later met. At maturity, if the final share price is at or above the downside threshold, investors receive $1,000 plus the final contingent coupon; otherwise the payoff equals $1,000 multiplied by the share performance factor, exposing investors to 1-for-1 downside below the threshold and potential total loss of principal. The notes do not participate in any upside of the underlying stock, have an original issue price of 100% with a 2.25% underwriting discount, and an estimated value between $910 and $970 per $1,000 note.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing, auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes mature on August 4, 2031 unless automatically called on quarterly observation dates starting in August 2027, when the index closing level is at or above the initial level of 489.44; in that case investors receive $1,000 plus a call premium (from 24% up to 118% of face).

If never called and the final index level on July 28, 2031 is at or above the initial level, investors receive the maximum settlement amount of $2,200 per $1,000. If the index has fallen by up to 50%, principal is returned; below that “trigger buffer,” losses are 1:1 with the index and can reach a total loss of principal. The underlier uses up to 500% leverage, targets 40% volatility, and applies a 6% per annum decrement, which systematically drags performance and can cause underperformance versus an identical index without a decrement and versus the S&P 500® Index. The notes carry the unsecured credit risk of GS Finance Corp. and its guarantor. Original issue price is 100% of face amount, with an underwriting discount of 4.5% and estimated value of about $911 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index under its Medium-Term Notes, Series F program. The notes pay no interest and return depends solely on index performance between an initial level, set as the lowest closing level during an observation period from the expected August 26, 2026 trade date to October 26, 2026, and a final level on the expected May 28, 2030 determination date.

At maturity (expected May 31, 2030), for each $1,000 face amount investors receive: (i) up to a maximum settlement amount of at least $1,340 with a 200% upside participation if the index rises, capped once the index gain reaches a cap level of at least 117% of the initial level; (ii) full principal repayment if the index is flat or down by up to 15%; or (iii) a loss of principal if the index falls more than 15%, with losses matching index declines beyond that buffer. The buffer level is 85% of the initial level and the buffer amount is 15%. The estimated value on the trade date is expected between $910 and $960 per $1,000, reflecting structural features, fees and issuer credit spreads. Payments are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor, and secondary market value may differ materially from the estimated value.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing Series F market-linked notes tied to the common stock of Marvell Technology, Inc. The notes offer a monthly contingent coupon of at least $22.75 per $1,000 (at least 27.30% per annum) whenever the stock’s closing price on the relevant calculation day is at least 50% of the starting price; a memory feature allows previously missed coupons to be paid if a later observation is above this threshold.

Beginning with the November 2026 calculation day, the notes are auto-callable if Marvell’s stock closes at or above the starting price, in which case investors receive the $1,000 face amount plus the final and any unpaid coupons. If not called, at maturity on August 10, 2029 investors receive $1,000 only if the final stock price is at least 50% of the starting price; otherwise, repayment equals $1,000 times the stock performance factor, exposing investors to losses greater than 50% and potentially a total loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, have an original offering price of $1,000 per note, an estimated value between $890 and $920 per $1,000, and are not listed on any exchange.

GS Finance Corp. is offering $5,000,000 in Trigger Autocallable GEARS notes linked to an equally weighted basket of 29 large-cap technology and data‑infrastructure stocks, guaranteed by The Goldman Sachs Group, Inc. The notes are unsecured and do not pay interest or dividends.

The notes may be automatically called on August 4, 2027 if the basket level is at least 100% of the initial basket level, paying $12.20 per $10 face amount (a 22.00% call return). If not called, at maturity on August 1, 2029 investors receive geared upside of 1.80× positive basket performance. Principal is protected only down to a 75.00% downside threshold; below that, losses are one‑for‑one with the basket and investors can lose their entire investment.

The initial issue price is 100% of face amount, including a 2.00% underwriting discount, with net proceeds of 98.00% to the issuer. The estimated value is about $9.21 per $10 at pricing. The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and may have limited or no secondary market liquidity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due August 2, 2029, linked to the common stock of Marvell Technology, Inc. The initial underlier level is $163.40, set on July 29, 2026. The notes pay quarterly contingent coupons only if the underlier’s closing level on the relevant observation date is at least the coupon trigger level, which equals 50% of the initial level. The same 50% level serves as the trigger buffer for principal protection.

The notes may be automatically called on specified observation dates starting February 1, 2027 if the underlier is at or above the initial level; in that case investors receive $1,000 per note plus the coupon due, ending the investment early. If the notes are not called and the final underlier level is below the trigger buffer level, the maturity payment is $1,000 + ($1,000 × underlier return), exposing investors to full downside of the stock and potential 100% loss of principal. Upside is capped at return of face value plus coupons; investors do not participate in stock appreciation.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Invesco QQQ Trust, Series 1, maturing in 2028. The notes pay no interest and all return depends on QQQ’s performance.

The notes may be automatically called on August 9, 2027, if on August 4, 2027 the QQQ level is at or above the initial level of $675.49; in that case investors receive $1,147.50 per $1,000 (114.75% of face value) and the trade ends early. If not called, at maturity on August 2, 2028 investors receive: $1,000 plus 200% of any positive QQQ return; $1,000 if QQQ is between 90% and 100% of the initial level; or a reduced amount if QQQ falls below the 90% buffer level, with losses matching further downside. A hypothetical 23% final level yields 33% of face, so a substantial portion of principal can be lost. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed, and secondary market value may be below the issue price, which itself exceeds the model-based estimated value.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes due in October 2027 that pay no interest and whose payoff depends on the lesser performer of the Russell 2000® Index and the S&P 500® Index between an expected trade date of August 31, 2026 and an expected determination date of September 30, 2027.

At maturity, for each $1,000 note, if both indices are at or above their initial levels, investors receive $1,000 plus the lesser index return times an upside participation rate of at least 100%. If either index is down but both remain at or above 90% of their initial levels, investors receive $1,000 plus the absolute value of the lesser loss. If any index finishes below 90% of its initial level, the payoff becomes $1,000 plus the lesser index return plus a 10% buffer, so losses beyond that buffer reduce principal and a substantial loss of capital is possible. The estimated value on the trade date is expected between $925 and $965 per $1,000, and payments are subject to the credit risk of GS Finance Corp. and the guarantor. The notes will not be listed, may have limited liquidity, and carry complex tax and market disruption provisions.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes due August 30, 2029 linked to the Nasdaq-100 Index® and the Russell 2000® Index. The notes are issued at 100% of face amount, do not bear interest, and will not be listed on any exchange.

The notes may be automatically called on annual observation dates in 2027 and 2028 if each index is at or above its initial level, paying for each $1,000 face amount $1,000 plus at least 13.25% on the first call date or at least 26.5% on the second. If not called, at maturity investors receive a cash amount per $1,000 based on the lesser performing index: at least 39.75% upside (capped) if both end at or above initial levels; full principal if each is at or above its 70% trigger buffer level; or full exposure to the downside of the worst index if it closes below its trigger, potentially resulting in a total loss of principal.

The estimated value determined by GS&Co.’s models will be less than the original issue price, and secondary market prices may be further reduced by dealer spreads and commissions. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., complex tax treatment as a pre-paid derivative contract, and risks related to index methodology changes and foreign securities exposure.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500 Index-linked notes due February 20, 2031. The cash payment at maturity per $1,000 depends on index performance from the August 14, 2026 trade date to the determination date.

If the final S&P 500 level exceeds the initial level, investors receive $1,000 plus the index return, capped by a maximum settlement amount of at least $1,508. If the final level is equal to or below the initial level, investors receive only the $1,000 face amount. The notes pay no periodic interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange. U.S. holders are taxed under the contingent payment debt instrument rules, requiring accrual of ordinary income over the life of the notes even though cash is paid only at maturity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Nasdaq-100 Index®-Linked Notes due 2031 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and an original issue price of 100% of face amount.

The notes pay no interest and may be automatically called on August 23, 2027 if the Nasdaq-100 Index® closing level is at or above the initial level, in which case investors receive at least $1,147.50 per $1,000 on August 26, 2027 and no further payments. If not called, the August 19, 2031 maturity payment depends on index performance, with a 150% upside participation rate for gains, full principal return if the final level is between 80% and 100% of the initial level, and a one-for-one loss below an 80% trigger buffer level, exposing investors to a potential total loss of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, and may have limited or no secondary market liquidity. The estimated value at pricing is lower than the issue price due to underwriting discounts, structuring fees and other costs, and the tax treatment is uncertain, with counsel viewing them as a pre-paid derivative contract on the Nasdaq-100 Index®.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to an unequally weighted basket of the S&P 500 Index (40%), TOPIX (40%) and EURO STOXX 50 Index (20%). The notes pay no interest and return at maturity depends solely on basket performance from the expected August 31, 2026 trade date to the expected August 31, 2029 determination date.

The initial basket level is 100. If the final basket level is above 100, investors receive principal plus at least 131% of the basket’s positive return. If the basket falls by up to 15%, principal is repaid. Below a 15% decline, losses match the basket return and principal can be fully lost. The estimated value at pricing is $925–$965 per $1,000 face amount, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable contingent coupon notes linked to the S&P 500® Index, the Russell 2000® Index and the iShares® MSCI EAFE ETF, maturing on April 27, 2028, with an initial aggregate face amount of $8,500,000.

The notes pay a quarterly contingent coupon of $29.625 per $1,000 (2.9625% quarterly, up to 11.85% per annum) only if on each observation date the closing level of every underlier is at least 70% of its initial level. The notes are automatically called, returning face amount plus coupon, if on any call observation date from October 2026 to January 2028 each underlier is at or above its initial level.

If not called, principal repayment at maturity depends on the worst-performing underlier. Full principal is returned (plus any final coupon) if each final level is at least 70% of its initial level, and principal only (no coupon) if each is at least 65%. If any underlier ends below 65% of its initial level, repayment is reduced one-for-one with the lesser performing underlier return, potentially to 0% of face amount, with no coupon. Payments are subject to the unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering medium‑term Buffered S&P 500 Index‑Linked Notes due 2028 that pay no interest and return a cash amount at maturity based on the S&P 500 Index level on the determination date.

For each $1,000 note, investors receive upside equal to the S&P 500 return if positive, but capped at a maximum settlement amount of $1,238. A 10% buffer protects against moderate declines: if the index finishes between 90% and 100% of its initial level, holders get back $1,000. Below the 90% buffer level, principal loss is linear, with a 1% loss of face amount for each 1% the index falls below the buffer, so a substantial portion of capital can be lost.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, and may have limited or no secondary market liquidity. The estimated value at pricing is disclosed as less than the original issue price due to fees and structuring costs. U.S. tax treatment is uncertain; counsel views the notes as a pre‑paid derivative contract, and FATCA and section 871(m) considerations may apply.