Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F that are linked to the S&P 500® Futures Excess Return Index and are scheduled to mature on August 29, 2031. The notes are digital/buffered structured products that do not pay periodic interest.

At maturity, for each $1,000 face amount, investors receive a cash amount based on the index performance from the trade date (August 26, 2026) to the determination date (August 26, 2031). If the final index level is at or above the initial level, investors receive the greater of a threshold settlement amount of at least $1,540 or $1,000 plus the index return. If the index declines but remains at or above 70% of the initial level (a 30% trigger buffer), investors receive $1,000 plus the absolute index return, turning moderate losses in the index into positive note returns.

If the final level falls below the 70% trigger buffer, principal is exposed one-for-one to the index decline and investors can lose up to 100% of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on an exchange, may have limited liquidity, and their estimated value at pricing will be less than the original issue price. Tax treatment is uncertain; the notes are expected to be treated as a pre-paid derivative contract for U.S. federal income tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing structured Medium-Term Notes, Series F, with an aggregate face amount of $394,000. The notes are linked to the Nasdaq-100 Index, the S&P 500 Index and the VanEck Gold Miners ETF.

Investors receive a contingent monthly coupon of $10.625 per $1,000 (1.0625% monthly, up to 12.75% per annum) only if each underlier is at or above its coupon trigger level of 75% of its initial level on the observation date; otherwise the coupon is zero. The notes are automatically called at $1,000 per note plus any due coupon if, on a call observation date, each underlier is at or above its initial level.

If not called, principal repayment at maturity in 2030 depends solely on the lesser performing underlier. Full principal is repaid if each final level is at or above its buffer level of 60% of its initial level. Below that, principal is reduced dollar-for-dollar with losses beyond the 40% buffer, so investors can lose a substantial portion of capital. The notes are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is lower than the 100% original issue price due to fees, hedging and structuring costs.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering buffered S&P 500® Index-linked notes due 2028 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and pays no interest.

At maturity, investors receive cash based on S&P 500® performance from trade date to August 14, 2028. Upside is 1:1 with the index but capped at a maximum settlement of at least $1,173.50 per $1,000. If the index declines but stays within the 25% buffer, returns match the index loss in absolute value (e.g., -12% index gives +12% note return). Below the 75% buffer level, losses are leveraged: investors lose about 1.3333% per 1% additional index drop and can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent. The original issue price is 100% of face, with an underwriting discount of 1.5% and net proceeds of 98.5%. The estimated value at pricing is lower than the issue price, secondary liquidity is uncertain, and the U.S. tax treatment as a pre-paid derivative contract is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Oracle, Tesla and Palantir Technologies. The notes have an aggregate face amount of $400,000, trade on July 27, 2026, and mature on July 31, 2031, unless automatically called.

Each $1,000 note pays a monthly coupon that depends on all three stocks. If, on a coupon observation date, the closing price of each stock is at least 75% of its initial price ($119.90 ORCL, $309.22 TSLA, $131.53 PLTR), investors receive the maximum coupon of $5.417 (0.5417% monthly). Otherwise they receive the minimum coupon of $0.834 (0.0834% monthly).

The notes are automatically called if, on any call observation date from July 2027 through June 2031, all three stocks are at or above 75% of their initial prices; investors then receive $1,000 plus the applicable coupon. The original issue price is 100% of face, with a 4.55% underwriting discount and 95.45% net proceeds to the issuer. The estimated value is approximately $935 per $1,000, 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 Bearish Autocallable Absolute Return S&P 500® Index-Linked Notes maturing on an expected date of August 9, 2029. The notes pay no interest and return depends on S&P 500® performance from the expected trade date of August 6, 2026 to the determination date.

The notes are automatically called in whole if on any call observation date the S&P 500® closes at less than 70% of its initial level; investors then receive only the $1,000 face amount per note. If not called and the index return on the determination date is at least 0%, investors receive a fixed $1,155 per $1,000 (a 15.5% contingent return.

If not called and the index is below its initial level but at or above 70%, investors receive the face amount plus the absolute underlier return, up to a maximum of 30%, or $1,300 per $1,000. If the index ends below 70% of its initial level, investors receive only the $1,000 face amount. The issuer expects the initial estimated value to be $925–$955 per $1,000, lower than the issue price, and highlights credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. as well as complex tax treatment as contingent payment debt instruments.

GOLDMAN SACHS GROUP INC (GS), through GS Finance Corp., is offering leveraged buffered S&P 500 Index-linked notes due June 1, 2029 under its Medium-Term Notes, Series F program, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes reference the S&P 500 Index and are unsecured senior debt, not bank deposits and not insured by any governmental agency.

For each $1,000 note, investors receive at maturity: if the S&P 500 final level is above the initial level, 200% of the index gain but no more than the maximum settlement amount of $1,252.50; if the index is between 85% and 100% of its initial level, $1,000 (principal returned); if below 85%, investors lose 1% of principal for each 1% the index finishes below the 85% buffer level, potentially down to 15% of face amount. The notes pay no interest.

The issuer discloses that the model-based estimated value on the trade date will be less than the original issue price, reflecting underwriting discount, structuring and hedging costs. Market value before maturity may be volatile and influenced by S&P 500 performance, interest rates, volatility, dividends and the creditworthiness of GS Finance Corp. and its parent. The U.S. federal income tax treatment is uncertain; Sidley Austin LLP opines it is reasonable to treat the notes as pre-paid derivative contracts, with capital gain or loss at sale or maturity.

GOLDMAN SACHS GROUP INC (GS), through GS Finance Corp., is offering autocallable index-linked notes due 2028 linked to the Russell 2000® Index and the S&P 500® Index. The notes pay no interest and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The notes may be automatically called on August 31, 2027 if each index is at or above its initial level, in which case investors receive at least $1,127.50 per $1,000 face amount on September 8, 2027. If not called, at maturity investors receive a cash amount based on the lesser performing index, with a 200% upside participation rate on gains. A 15% buffer (buffer level 85% of initial) provides limited downside protection; if the lesser index falls below its buffer level, principal is reduced one-for-one beyond the 15% buffer and investors may lose a substantial portion of their investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on any exchange, may have limited liquidity, and have an estimated value on the trade date that is less than the original issue price. U.S. federal income tax treatment is uncertain and expected to follow a pre-paid derivative contract characterization.

GOLDMAN SACHS GROUP INC (GS), through GS Finance Corp as issuer and Goldman Sachs Group as guarantor, is offering equity-linked, unsecured notes tied to an equally weighted basket of six large-cap stocks (Alphabet, Broadcom, Coherent, Eaton, RTX and Vistra). The notes pay no interest and are scheduled to mature on July 27, 2028, unless automatically called on August 6, 2027.

The initial basket level is 100, with each stock weighted at approximately 16.667%. If on the call observation date the basket is at or above 100, the notes are automatically redeemed for $1,202 per $1,000 face amount. If not called, at maturity investors receive: (i) $1,000 plus 150% of any positive basket return; (ii) $1,000 if the basket decline is up to 20%; or (iii) a loss with 125% participation in declines beyond the 20% buffer. The estimated value on the trade date is approximately $947 per $1,000, versus a 100% issue price, reflecting fees, hedging and model assumptions.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is offering $4,000,000 of Autocallable Contingent Coupon ETF-Linked Notes due July 29, 2030, linked to the iShares Semiconductor ETF (SOXX). The notes pay a contingent coupon of $79.5 per $1,000 (7.95% quarterly, up to 31.8% per year) when SOXX is at or above 75% of the initial level of $527.01 on quarterly observation dates.

The notes are automatically called at par plus coupon if SOXX is at or above its initial level on any call observation date from January 2027 through April 2030. If held to maturity and not called, principal is fully returned only if SOXX is at or above a 65% trigger buffer of the initial level; below this, repayment falls one-for-one with the ETF’s decline, and investors can lose their entire investment.

The initial issue price is 100% of face, while the issuer’s estimated value is about $989 per $1,000, reflecting structuring costs and margins. Payments depend entirely on the credit of GS Finance Corp. and the guarantee of Goldman Sachs Group Inc., and investors do not receive SOXX dividends.

GOLDMAN SACHS GROUP INC (GS), through issuer GS Finance Corp and with a guarantee from The Goldman Sachs Group, Inc., is offering medium-term structured notes linked to an equally weighted basket of Bank of America, Capital One, Morgan Stanley and Wells Fargo common stocks. The basket has an initial level of 100, with each stock given a 25% weight and initial weighted value of 25.

The notes pay no interest and mature on July 27, 2028, but may be automatically called on August 5, 2027 if the basket level is at least its initial level, in which case investors receive $1,166.9 per $1,000 face amount. If not called, at maturity investors get: (i) leveraged upside of 125% of any positive basket return; (ii) full principal repayment if the basket decline is up to 15%; or (iii) a loss, calculated using a buffer rate of approximately 117.65%, if the basket falls more than 15%. The aggregate initial face amount is $875,000; issue price is 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds. The estimated value on the trade date is approximately $967 per $1,000, below the issue price.

Goldman Sachs Group Inc. (GS), via issuer GS Finance Corp., is offering auto-callable contingent coupon notes linked to the common stock of NVIDIA, Oracle and Western Digital. The notes are issued at 100% of face amount, with aggregate face amount of $705,000 and are guaranteed by Goldman Sachs Group Inc.

Notes pay a 2% monthly contingent coupon (potentially up to 24% per year) only if on a monthly observation date each stock closes at or above 50% of its initial price. If any stock is below that 50% “coupon trigger,” no coupon is paid for that month.

Beginning July 2027, the notes are automatically called if on any call observation date all three stocks are at or above their initial prices; in that case holders receive par plus the applicable coupon. If not called, at July 27, 2029 maturity principal repayment depends on a trigger event: if all three final prices are below initial, losses follow the worst-performing stock and can reach 100% of principal once it falls below 50% of its initial level; otherwise principal is repaid. The estimated value is about $925 per $1,000 at pricing, below issue price, and payments are subject to the unsecured credit of GS Finance Corp. and the guarantee of Goldman Sachs Group Inc., with limited liquidity and complex anti-dilution and market disruption provisions.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is offering $3,071,000 aggregate face amount of medium-term structured notes linked to three underliers: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the VanEck Semiconductor ETF. The notes pay a contingent monthly coupon of $17.084 per $1,000 face amount (1.7084% monthly, up to ~20.5% per annum) only if on each observation date all underliers are at or above 60% of their initial levels.

The notes are subject to an automatic call if, on any call observation date from January 25, 2027, each underlier is at or above its initial level; investors then receive $1,000 per note plus the due coupon, ending the trade early. If not called, the July 29, 2031 maturity payment per $1,000 depends solely on the “lesser performing underlier”: full principal back if its final level is at or above 60% of its initial level, or $1,000 × (1 + lesser performing underlier return) if below, which can result in a total loss of principal. Initial levels are 16,138.59 (NDXT), 2,929.999 (RTY) and $561.19 (SMH). The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by Goldman Sachs, and carry credit, market, liquidity and complex tax risks.

Goldman Sachs Group Inc. (GS), via GS Finance Corp., is offering $28,540,000 of Contingent Income Auto-Callable Securities due July 27, 2028, linked to the worst-performing of the S&P 500, Russell 2000 and Nasdaq-100 indices. The notes pay a $26 contingent quarterly coupon per $1,000 only if each index is at or above 70% of its initial value on the relevant observation date; otherwise the coupon is zero. The notes are automatically called if on any call observation date each index is at or above its initial level, returning principal plus the coupon then due, with no further payments. If held to maturity and not called, investors receive $1,000 plus the final coupon only if each index stays at or above 70% of its initial value; otherwise the payoff is $1,000 multiplied by the worst index’s performance factor, which can be far below par and can be zero. The notes are unsecured obligations of GS Finance Corp., guaranteed by Goldman Sachs Group Inc., with an estimated value of $980 per $1,000 and net proceeds of 98% of principal.

The Goldman Sachs Group, Inc. (GS), as guarantor for GS Finance Corp., is offering autocallable contingent coupon notes linked to the Russell 2000® Index, S&P 500® Index and Nasdaq‑100 Index®. The notes are expected to trade from a July 29, 2026 trade date to an August 2, 2029 stated maturity, unless automatically called starting in October 2026 when all three indices are at or above their initial levels.

Holders may receive a quarterly coupon of $32.5 per $1,000 (3.25% quarterly, up to 13% per year) only if, on every trading day in the quarter, each index stays at or above 70% of its initial level; otherwise that quarter’s coupon is zero. If the notes are not called, principal repayment at maturity depends on the worst‑performing index: if each final level is at least 60% of its initial level, investors receive $1,000 per note; if any index finishes below 60%, repayment is reduced in proportion to the decline of the worst index and investors can lose most or all of principal and forfeit the final coupon.

The notes are unsecured obligations of GS Finance Corp., fully guaranteed by Goldman Sachs, and expose investors to their credit risk. Goldman Sachs estimates the initial economic value at $925–$955 per $1,000 of face amount, below the 100% issue price, and warns of limited liquidity, complex market‑disruption mechanics and uncertain, potentially adverse U.S. tax treatment.

Goldman Sachs Group Inc. (GS), via issuer GS Finance Corp., is offering auto-callable, unsecured structured notes linked to the common stocks of Casey’s General Stores, Marathon Petroleum and Howmet Aerospace. The notes pay no interest and are guaranteed by The Goldman Sachs Group, Inc.

The notes may be automatically called on October 26, 2026 if each stock’s closing price is at least 80% of its initial level, paying $1,105 per $1,000 on October 29, 2026. If not called, the notes mature on July 29, 2031 and the payoff depends solely on the worst-performing stock.

At maturity, if every stock is at or above 80% of its initial price, investors receive $1,000 plus 1.25 times the worst stock’s return plus 20%. If all are between 70% and 80%, only $1,000 is repaid. Below 70% on any stock, principal is reduced at about 1.4286% per 1% decline of the worst stock below 70%, and the entire investment can be lost. The estimated value is $971 per $1,000 at pricing, reflecting structuring costs, and the notes are subject to GS Finance Corp. and Goldman Sachs credit risk with limited liquidity.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is offering S&P 500®-linked structured notes under its Medium-Term Notes, Series F program, with an aggregate face amount of $12,061,000. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., do not bear interest, and are not listed on any exchange.

At maturity, each $1,000 note pays a cash amount based on S&P 500® performance from the trade date to the determination date. Returns match the index return when it is at or above the initial level, but are capped at a maximum upside settlement amount of $1,226.50 per $1,000. If the index falls but stays above the 80% buffer level (a 20% buffer), investors receive the absolute value of the index return. Below the buffer level, principal is exposed 1-for-1 to further declines, and investors may lose a substantial portion of their investment. The original issue price is 100% of face, with a 0.15% underwriting discount and 99.85% net proceeds to the issuer; investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., and the tax treatment is characterized as a pre-paid derivative contract, subject to uncertainty.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp as issuer, is offering S&P 500 Index-linked notes due 2028 under its medium-term note program, fully and unconditionally guaranteed by Goldman Sachs. The notes provide principal repayment at maturity and a capped equity-linked upside.

For each $1,000 note, investors receive $1,000 plus the S&P 500® "underlier return" if the index finishes above its initial level, subject to a maximum settlement amount of at least $1,155. If the final index level is at or below the initial level, only the $1,000 face amount is paid.

The notes pay no periodic interest, may trade below face value before maturity, and expose holders to the credit risk of both GS Finance Corp and Goldman Sachs. For U.S. tax purposes they are treated as contingent payment debt instruments, generally requiring accrual of taxable income over the term even though cash is only received at maturity.

Goldman Sachs Group Inc. (GS), through GS Finance Corp., is offering $27,000,000 of Contingent Income Auto-Callable Securities linked to Eli Lilly and Company common stock, maturing July 27, 2029, and fully guaranteed by Goldman Sachs Group Inc.

The notes pay a contingent quarterly coupon of $27.50 per $1,000 per observation period, but only when Eli Lilly’s closing price on the relevant observation date is at or above a downside threshold of $717.618 (60% of the $1,196.03 initial share price). If on any call observation date the stock closes at or above the initial share price, the notes are automatically called for $1,000 plus the coupon then due, and no further payments occur.

At maturity, if not previously called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final contingent coupon; if it is below, repayment is reduced 1-for-1 with the stock decline (payment equals $1,000 times the share performance factor), and can fall to zero. Investors do not participate in any stock appreciation, face full principal-at-risk, rely on GS Finance Corp. and Goldman Sachs Group Inc. credit, and the estimated value is approximately $971 per $1,000 security, below the issue price.

GOLDMAN SACHS GROUP INC (GS), via GS Finance Corp., is issuing $2,000,000 of Autocallable Contingent Coupon Index-Linked Notes due July 27, 2029, linked to the Russell 2000®, S&P 500® and Nasdaq-100 Index®.

The notes pay a quarterly contingent coupon of $33.125 per $1,000 (3.3125% quarterly, up to 13.25% per year) only if on every trading day in the quarter each index stays at or above 70% of its initial level; otherwise the coupon for that quarter is zero. Starting October 2026, the notes are automatically called in whole if on any call observation date each index is at or above its initial level, paying $1,000 per note plus any due coupon.

If not called, principal repayment at maturity depends on the worst-performing index. If each index is at or above 60% of its initial level, investors receive $1,000 per note plus any final coupon. If any index is below 60%, repayment is reduced in proportion to the decline of the worst index, and investors can lose up to their entire investment. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are sold at 100% of face amount with a 0.5% underwriting discount (net 99.5% to the issuer).

Goldman Sachs Group, Inc. (GS), via GS Finance Corp., is offering $1,829,000 aggregate face amount of ETF‑Linked Notes due October 28, 2027, linked to the lesser performer of the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Utilities Select Sector SPDR ETF (XLU).

The notes pay no interest and are principal-at-risk. For each $1,000 face amount, if on the October 25, 2027 determination date the final level of each ETF is at least 80% of its initial level ($84.13 for XLP and $46.29 for XLU), investors receive a capped payment of $1,116. If either ETF closes below 80% of its initial level, the payout is $1,000 plus $1,000 times the lesser-performing ETF’s return, which can reduce the repayment down to zero, so investors may lose their entire investment.

The issue price is 100% of face amount; the estimated value at pricing is about $985 per $1,000, reflecting structuring and distribution costs, including a structuring fee of up to 0.45%. GS Finance Corp. is the issuer and The Goldman Sachs Group, Inc. fully guarantees payments, so all amounts are subject to their credit risk. The notes are characterized for U.S. tax purposes as prepaid derivative contracts, with complex and potentially changing tax treatment.

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), via GS Finance Corp., is issuing medium‑term structured notes linked to the Nasdaq‑100 Index, Russell 2000 Index and S&P 500 Index with an aggregate face amount of $2,838,000. The notes pay a contingent monthly coupon of $9.167 per $1,000 (0.9167% monthly, up to ~11% per annum) only if on each observation date all three indices are at or above 70% of their initial levels.

The notes are subject to an automatic call: if on any call observation date all indices are at or above their initial levels, investors receive $1,000 per note plus the coupon and the notes terminate early. If never called, at maturity investors receive $1,000 per note only if every index is at or above 60% of its initial level; otherwise the payoff is reduced one‑for‑one with the worst index’s loss, based on the “lesser performing underlier,” and principal can be fully lost.

The original issue price is 100% of face with a 1% underwriting discount (net proceeds 99%). The notes bear the credit risk of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. They are unsecured, not FDIC‑insured, not listed on any exchange, and their market value may differ from the issue price due to GS&Co.’s pricing models, market factors and liquidity.

Goldman Sachs Group, Inc. (GS), via GS Finance Corp., is offering S&P 500® Index-linked Medium-Term Notes, Series F, fully and unconditionally guaranteed by Goldman Sachs. The aggregate face amount is $845,000, sold at 100% of face with a structuring fee of up to 0.45% embedded in the economics.

The notes pay no interest and mature on October 28, 2027. For each $1,000 note, if the S&P 500 final level is at or above the initial level, investors receive a capped maximum of $1,067.50. If the index is below the initial level but at or above the 75% buffer level, investors receive $1,000 plus the absolute underlier return. Below the 75% buffer, principal is reduced 1% for each 1% decline beyond the 25% buffer, with potential for substantial loss of principal.

The notes do not provide dividends or shareholder rights in S&P 500 stocks and are subject to the credit risk of GS Finance Corp. and Goldman Sachs. They are intended to be treated for U.S. tax purposes as contingent payment debt instruments, with a comparable yield of 4.7908% and projected maturity payment of $1,061.87 per $1,000, requiring annual ordinary income inclusion even though cash is only paid at maturity.

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

Goldman Sachs (GS) provides an index supplement describing the Dow Jones Industrial Average Futures Excess Return Index (Bloomberg: DJIAFP), which tracks the performance of the nearest maturing quarterly E-mini Dow ($5) futures contract on the Chicago Mercantile Exchange. The index, calculated and published by S&P Dow Jones Indices, has a base value of 100 on June 14, 2002 and is quoted in USD.

The supplement presents historical performance through July 1, 2026. For the most recent year, the index shows an annualized return of 14.21% with 12.38% annualized volatility; over five years, the annualized return is 6.20% with 14.86% volatility. Since January 4, 2021, the annualized return is 8.42% with 14.65% volatility. Comparative data indicate that over the same periods the index has delivered lower annualized returns than both the Dow Jones Industrial Average and the S&P 500 Index.

The document highlights multiple risk considerations for securities linked to this index, including credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., the possibility that market value may not track index moves, lack of dividends and shareholder rights, structural differences between equity futures and the underlying equity index, and the potential drag from negative roll yields on futures over time. The securities are unsecured obligations, not bank deposits, and are not insured or guaranteed by any governmental agency.

Goldman Sachs Finance Corp. is offering securities whose performance is linked to the Nasdaq-100 Technology Sector Index (NDXT), an equal-weight, price-return index of Nasdaq-100 companies classified as Technology under the Industry Classification Benchmark. The index launched on February 22, 2006 with a base value of 1000.00 and is calculated in USD by Nasdaq, Inc.

For the period ended July 1, 2026, the index showed annualized returns of 54.23% over 1 year, 30.34% over 3 years, 15.67% over 5 years and 17.19% since January 4, 2021, with annualized volatility around the high 20%–30% range. Over the same horizons, these returns exceeded those of both the Nasdaq-100 Index and the S&P 500 Index.

The securities entail multiple risks: exposure to GS Finance Corp. and The Goldman Sachs Group, Inc. credit risk, tech-sector and foreign market concentration, index sponsor discretion, lack of dividends and shareholder rights, and potential divergence between index moves and security market value. They are not bank deposits and are not FDIC insured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers medium-term notes and warrants linked to the S&P 500® Daily Risk Control 5% USD Excess Return Index, an excess-return version of the S&P 500® Daily Risk Control 5% USD Total Return Index.

The Excess Return index reflects a hypothetical leveraged or deleveraged exposure to the S&P 500® Total Return Index, targeting 5% volatility. Leverage above 100% and cash positions below 100% accrue borrowing or lending at SOFR plus 0.02963%. Any increase in the Risk Control index is offset by this funding rate at the Excess Return index level.

The supplement highlights limited post-LIBOR history and discloses that, for the period ended July 1, 2026, the Excess Return index produced annualized returns of 4.72% (1 year), 3.53% (3 years), 2.49% (5 years) and 3.26% since January 4, 2021, with volatility near the 5% target. It also compares these results to higher returns from the S&P 500® Index and S&P 500® Total Return Index.

Extensive risk factors note credit risk to GS Finance Corp. and The Goldman Sachs Group, Inc., sensitivity to market and volatility dynamics, borrowing costs, the shift from LIBOR to SOFR, and that the “risk control” label does not assure outperformance or positive returns.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable contingent interest notes with an aggregate face amount of $2,574,000 linked to the VanEck Gold Miners ETF and VanEck Semiconductor ETF. The notes pay a contingent monthly coupon of $19.917 per $1,000 face amount (about 1.9917% monthly, up to roughly 23.9% per year) only if on each observation date both ETFs are at or above 75% of their respective initial levels of $75.02 (GDX) and $580.17 (SMH). The notes can be automatically called from January 2027 through March 2029 if on a call observation date both ETFs are at or above their initial levels, in which case holders receive $1,000 per note plus the applicable coupon. At maturity on April 26, 2029, if not called, principal repayment depends solely on the lesser performing ETF: full principal is protected only down to a 20% decline (final level at least 80% of initial). Between 80% and 75%, investors incur a partial loss; below 75% of initial, losses increase one-for-one beyond a 20% buffer and no final coupon is paid. The estimated value is approximately $947 per $1,000 note, versus a 100% issue price, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing index-linked notes tied to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes price at 100% of face with a face amount of $1,295,000 and an estimated value of about $953 per $1,000 at trade.

The notes pay of $14.167 per $1,000 (1.4167% monthly, up to ~17% per year) whenever the index is at least 70% of the initial level of 484.74 on an observation date; otherwise no coupon is paid. They may be automatically called from July 2027 to June 2032 if the index is at or above the initial level, returning principal plus the due coupon.

At maturity on July 28, 2032, if not called, principal is protected only down to a 60% trigger buffer. If the final index level is below 60% of the initial level, repayment is reduced 1-for-1 with index losses and investors can lose their entire investment. The underlier itself is highly complex: it targets 40% volatility using leverage up to 500%, caps daily leverage changes at 100%, can be significantly uninvested, and applies a 6% per annum daily decrement, which systematically drags performance versus a similar index without this fee-like deduction.

GS Finance Corp. describes a set of S&P 500® Futures Adaptive Response Indices that will underlie future Series F medium-term notes fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes’ payments will be linked to one of six rules-based indices that adjust exposure daily to the S&P 500® Futures Excess Return Index using leverage and volatility targeting.

The indices target 35% or 40% volatility, with maximum leverage of 450% or 500% and a cap of 100% on the daily change in leverage. They may be significantly uninvested in the futures index on some days, so only part of any market gains may be captured while uninvested portions earn no return. Four “Decrement Indices” apply a fixed annual decrement of 4% or 6%, deducted daily even when not fully invested, which systematically drags performance and causes them to trail otherwise identical non-decrement versions.

The methodology relies on four calendar- and pattern-based signals, including mean reversion and Federal Open Market Committee schedule effects, plus a volatility-control overlay based on “Realized Volatility.” The supplement highlights extensive risks: leverage can magnify losses (for example, a 1% futures decline could translate into a 4.5%–5% index drop), caps on leverage changes may hurt performance in both rallies and drawdowns, assumptions behind the signals may fail, negative roll yield in futures can erode returns over time, and the indices’ limited live histories (launch dates in December 2024 and July 2026) mean investors must rely heavily on back-tested data.

Goldman Sachs, through GS Finance Corp., describes the S&P 500® Futures Volatility Plus Daily Risk Control Index, which provides 100%–200% leveraged exposure to the S&P 500® Futures Excess Return Index using a dynamic volatility target. The index has a base date of February 4, 1998 and a base value of 100 and is calculated by S&P Dow Jones Indices LLC.

The index was launched on April 25, 2022 and much of the data shown before that date is hypothetical and obtained from the index sponsor’s website. As of July 1, 2026, annualized return was 26.59% (1-year) and 16.24% since January 4, 2021, with annualized volatility of 22.47% and 26.64%, respectively. On July 1, 2026, exposure to the S&P 500® Futures Excess Return Index was 169.35%.

The supplement highlights that securities linked to this index are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., rely heavily on hypothetical back-tested performance, use futures (with potential negative roll yields), and embed leveraged and risk-control mechanics that may cause index performance to differ significantly from the S&P 500® Index and related futures benchmarks.

Goldman Sachs, through GS Finance Corp., describes the S&P 500® Volatility Plus Daily Risk Control Index, which can underlie its Medium-Term Notes, Series F and Warrants, Series G guaranteed by The Goldman Sachs Group, Inc. The index provides leveraged exposure to the S&P 500® Index using a dynamic volatility target equal to S&P 500 realized volatility plus 10%, with exposure bounded between 100% and 200%.

The index launched on March 21, 2022, has data available back to December 31, 1991, and is calculated and maintained by S&P Dow Jones Indices LLC. Using a mix of hypothetical and historical data through July 1, 2026, the index shows annualized returns of 34.40% over 1 year and 29.23% over 3 years, with annualized volatility of 22.56% and 25.18% respectively. As of July 1, 2026, its exposure to the S&P 500® Index is 168.55%.

The supplement emphasizes that past and hypothetical performance are not indicative of future results and outlines numerous risks, including credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., leverage and volatility-targeting risks, the possibility of receiving less than face amount, and the limited operating history of the index.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F whose payments are linked to the S&P 500® Futures Excess Return Index (Bloomberg: SPXFP). This index tracks the nearest quarterly E-mini S&P 500 futures contract on the Chicago Mercantile Exchange and has a base value of 100 on its base date of September 9, 1997.

The index launched on August 11, 2010 and is calculated by S&P Dow Jones Indices LLC. For the period ended July 1, 2026, the index showed annualized returns of 16.78% (1 year), 14.23% (3 years), 8.61% (5 years) and 11.00% since January 4, 2021, with corresponding annualized volatility up to 16.91%, although past performance is not indicative of future results.

Comparatively, over the same horizons, the S&P 500® Index had higher annualized returns of 20.74% (1 year), 18.91% (3 years), 11.61% (5 years) and 13.69% since January 4, 2021. The notes involve risks including issuer and guarantor credit risk, lack of dividends or shareholder rights, potential negative roll yields in futures, and the possibility that changes in the underlier or its sponsor’s policies may affect market value and payout.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing Autocallable S&P 500 Futures Excess Return Index-Linked Notes due July 28, 2031 with an aggregate face amount of $431,000. The notes pay no interest and are unsecured obligations subject to the credit risk of both GS Finance Corp. and the guarantor.

The notes are linked to the S&P 500 Futures Excess Return Index, based on E-mini S&P 500 futures rather than the S&P 500 Index itself. On the July 30, 2027 call observation date, if the index is at least 90% of its initial level of 592.51, the notes are automatically called for $1,100 per $1,000 face amount on August 4, 2027.

If not called, at maturity investors receive: leveraged upside of 2.5x positive index return; full principal repayment if the index decline is up to 45% (trigger buffer at 55% of initial level); or a dollar-for-dollar loss if the decline exceeds 45%, with the potential to lose the entire investment. The estimated value is approximately $963 per $1,000 at pricing, below the 100% issue price, reflecting fees, hedging costs and structuring economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing Buffered Digital S&P 500 Index-Linked Notes due October 13, 2027 with an aggregate face amount of $558,000. The notes pay no interest and return at maturity depends solely on S&P 500 Index performance between the initial level of 7,408.30 on the July 23, 2026 trade date and the final level on October 8, 2027.

If the index return is at or above -7.25% (final level at least 92.75% of initial), holders receive a capped amount of $1,072.5 per $1,000 face amount. If the index return is between -20% and -7.25%, the payoff equals $1,000 plus the absolute index return, giving positive returns on moderate declines. Below a -20% index move (final level under 80% of initial), principal is reduced dollar-for-dollar beyond the 20% buffer, and investors can lose a substantial portion of principal.

The original issue price is 100% of face amount, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The estimated value on the trade date is approximately $985 per $1,000. Payments are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor. For U.S. tax purposes, the notes are treated as contingent payment debt instruments with a comparable yield of 4.8308% and projected payment at maturity of $1,060.42 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked, auto-callable medium-term notes maturing on August 2, 2029, linked to the common stock of SoFi Technologies, Inc. Each security has a $1,000 face amount.

The notes pay a (about 21.20% per annum) only if the SoFi stock closing price on the relevant monthly calculation day is at or above the coupon threshold price, set at 60% of the starting price. A “memory” feature allows previously missed coupons to be paid later if a future calculation day meets the threshold.

From October 2026 through June 2029, if on any call date the stock price is at or above the starting price, the notes are automatically called for the face amount plus the then-due and any unpaid coupons. If not called, at maturity investors receive $1,000 per security if the final stock price is at or above the downside threshold (also 60% of the starting price). If the final price is below that level, repayment is $1,000 × (ending price ÷ starting price), exposing investors to losses of more than 40% and up to the full principal.

The estimated value on the pricing date is expected to be $925–$955 per $1,000, below the $1,000 offering price. Underwriting discount is up to 2.325% (up to $23.25 per $1,000), and all payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $500,000 of Medium-Term Notes, Series F linked to the common stock of AeroVironment, Inc. Payments depend on the stock’s performance and the credit of the issuer and guarantor.

The notes pay a contingent quarterly coupon only if the underlier’s closing level on each observation date is at least the coupon trigger level, set at 50% of the initial level of $150.35. The notes are automatically called if the underlier is at or above the initial level on specified call observation dates, returning $1,000 per $1,000 face amount plus any due coupon.

If not called, at maturity investors receive $1,000 per note if the final level is at or above the 50% trigger buffer level; otherwise, repayment is reduced one-for-one with the underlier’s loss, and investors could lose their entire investment. The estimated value at pricing is less than the 100% issue price, the notes are unsecured, not listed, and carry significant market, credit, liquidity and tax risks, including treatment as an income-bearing pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable income-bearing notes linked to the VanEck Semiconductor ETF. The notes have a stated maturity of July 28, 2031 and an aggregate face amount of $400,000 on the original issue date, in $1,000 denominations.

Investors may receive monthly coupons of $9.542 per $1,000 (0.9542% monthly, about 11.45% per annum) on observation dates when the ETF is at or above 80% of its $580.17 initial level; otherwise no coupon is paid. The notes are subject to an automatic call from July 2027 through June 2031 if the ETF is at or above 95% of the initial level, in which case holders receive $1,000 plus the due coupon.

At maturity, if not called and the ETF is at or above the 80% buffer level, holders receive $1,000 plus any final coupon; if below, principal is reduced in line with the ETF decline beyond the 20% buffer. The notes carry the credit risk of GS Finance Corp. and the guarantor, and the estimated value on the trade date is $944 per $1,000, below the 100% issue price, reflecting fees, hedging and structuring costs.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1,217,000 of autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes pay no interest and return at least the $1,000 face amount at maturity, subject to issuer and guarantor credit risk.

Each year, the notes are automatically called if the index is at or above a rising call level, paying $1,000 plus a fixed call premium per $1,000 (from 13.20% in 2027 up to 79.20% in 2032). If never called, maturity payment equals $1,000 plus 100% of any positive index return; if the index is flat or down, only $1,000 is repaid.

The initial index level is 113.37; the upside participation rate is 100%. The notes are issued at 100% of face but have an estimated value of $891 per $1,000 on the trade date, reflecting fees and hedging costs. The index uses daily rebalancing, a 5% volatility control, a momentum risk control overlay, and a 0.65% per annum deduction, which can materially dampen index performance.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing leveraged callable notes linked to the S&P 500® Futures Excess Return Index, with an aggregate face amount of $1,637,000. The notes are issued at 100% of face amount, with a 4.125% underwriting discount and 95.875% of face amount in net proceeds to the issuer.

The notes pay no interest and mature on July 28, 2033, unless redeemed early starting July 28, 2027 at 100% plus a call premium that steps up from 11.0004% to 76.0861%. If not redeemed, investors receive at maturity, per $1,000, either $1,000 if the index return is zero or negative, or $1,000 plus 4x the positive index return based on an initial underlier level of 592.51 and a 400% upside participation rate.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is approximately $921 per $1,000 face amount, below the issue price, and the notes are treated as contingent payment debt instruments for U.S. tax purposes, with a comparable yield of 5.43%.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity-Linked Notes due 2027 linked to the common stock of NVIDIA Corporation. Each note has a $1,000 face amount and an original issue price of 100% of face amount.

The notes pay a contingent monthly coupon of $9.917 per $1,000 face amount, accruing over up to 13 coupon observation dates, but only if on each relevant observation date NVIDIA’s share price is at or above a coupon trigger level of 61% of the initial level. If the underlying closes below this level on an observation date, no coupon is paid for that month.

The notes are autocallable: beginning February 10, 2027, if on any call observation date NVIDIA’s price is at or above the initial underlier level, the notes are automatically redeemed at $1,000 plus the due coupon, ending the investment early. If the notes are not called, then at maturity on September 15, 2027, investors receive $1,000 per note only if the final NVIDIA level is at or above the trigger buffer level of 61%. If the final level is below 61%, principal is exposed one-for-one to NVIDIA’s decline, and investors can lose up to their entire investment. Upside is capped at par plus coupons; investors do not participate in any share price increase beyond principal return.

GS Finance Corp is issuing $5,387,000 of unsecured Autocallable Buffered Notes linked to the iShares Semiconductor ETF (SOXX), guaranteed by The Goldman Sachs Group, Inc. The notes are sold at 100% of face amount, with a 1.75% underwriting discount and 98.25% net proceeds to the issuer.

The notes pay no interest and mature on July 27, 2028, but may be automatically called on July 30, 2027 if SOXX’s closing level is at least the initial level of $551.24, in which case investors receive $1,300 per $1,000 note on August 4, 2027. If not called, maturity payoff per $1,000 depends on SOXX’s final level on July 24, 2028: upside gains are leveraged at a 125% participation rate; losses are buffered up to 20%, with full principal returned if the ETF is down 20% or less, but losses beyond 20% reduce principal dollar-for-dollar.

The notes’ estimated value at pricing is about $969 per $1,000, below issue price, reflecting structuring costs and dealer compensation. Secondary market values will reflect GS&Co. pricing models, a temporary additional amount of $26 per $1,000 that amortizes to zero by October 22, 2026, market conditions, and the credit risk of both GS Finance Corp and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to a Class A subordinate voting share of Shopify Inc. Each note has a $1,000 face amount, with an aggregate initial face amount of $665,000, and an initial index stock price of $112.00.

The notes pay a contingent quarterly coupon of $49.375 per $1,000 (4.9375%, up to 19.75% per annum) only if on the related observation date Shopify’s closing price is at least 50% of the initial price. The notes are subject to an automatic call from January 2027 through April 2029 if the stock closes at or above the initial price, in which case investors receive $1,000 plus the coupon.

If not called, the notes mature on July 26, 2029. At maturity, if the final stock price is at least 50% of the initial price, investors receive $1,000 plus any final coupon. If it is below 50%, repayment is reduced one-for-one with the stock’s decline and can be as low as zero, with no coupon. The estimated value on the trade date is approximately $964 per $1,000, and payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, income-bearing notes linked to three underliers: the Russell 2000® Index, the S&P 500® Index and the State Street® Consumer Staples Select Sector SPDR® ETF. The notes are expected to trade from a July 30, 2026 trade date to an August 2, 2030 stated maturity, unless automatically called starting in October 2026.

For each $1,000 face amount, investors may receive a fixed monthly coupon of $8.667 (0.8667% monthly, about 10.4% per annum) on any observation date where each underlier is at least 70% of its initial level. The issuer will automatically redeem the notes at par plus the due coupon if, on any call observation date, each underlier is at or above its initial level. If held to maturity and not called, principal repayment depends solely on the worst-performing underlier: full principal is returned if each final level is at least 60% of its initial level; below that “trigger buffer level,” repayment is reduced one-for-one with the lesser performing underlier, potentially resulting in a loss of the entire investment and no coupon. The estimated value on the trade date is expected between $905 and $945 per $1,000, reflecting embedded fees and hedging costs.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital Equity-Linked Notes linked to Alphabet Inc. Class A stock. The notes pay no interest and return a cash amount at maturity based on Alphabet’s performance from trade date to a determination date about 13–15 months later.

For each $1,000 note, if the final Alphabet level is at or above the 80% buffer level, investors receive a capped maximum settlement amount, expected between $1,121.40 and $1,142.40. If the final level is below 80% of the initial level, principal is reduced by 1.25% for every 1% decline below the buffer, up to a total loss. The structure entails credit risk of both GS Finance Corp. and its parent, limited upside, potential illiquidity, and uncertain tax treatment, with the notes characterized as a pre‑paid derivative contract for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, zero-coupon notes linked to the capital stock of International Business Machines Corporation. Each note has a $1,000 face amount and is scheduled to mature on July 27, 2028, unless automatically called.

The notes are automatically redeemed in whole if on a call observation date (starting August 2, 2027 and January 24, 2028) IBM’s closing price is at least 75% of the initial index stock price of $214.19, paying $1,000 plus a call premium of 21.25% or 31.875%, respectively. If not called and IBM’s final price on the July 24, 2028 determination date is at least 75% of the initial price, investors receive a capped maximum settlement of $1,425 per $1,000 (a 42.5% maturity premium). If IBM falls more than 25% (below the trigger buffer price), repayment is $1,000 plus $1,000 times the index stock return, so investors participate fully in downside and can lose their entire principal.

The notes do not pay interest, their return is capped, and payments depend solely on prices on specified observation and determination dates. They are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. Estimated value on the trade date is $925–$955 per $1,000, below issue price.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes with an aggregate face amount of $628,000 linked to the common stock of Snowflake Inc. The notes pay a contingent monthly coupon of $17.625 per $1,000 (1.7625% monthly, up to 21.15% per annum) when Snowflake’s closing level on the observation date is at or above 50% of the initial level.

The notes are subject to an automatic call if the underlier is at or above the initial level of $265.13 on any call observation date, in which case investors receive $1,000 per note plus the coupon then due. At maturity, if the notes are not called, investors receive $1,000 per note only if the final underlier level is at or above the 50% trigger buffer level; otherwise, repayment of principal is reduced one-for-one with the underlier return and investors may lose their entire investment. 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 trade at prices below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F that are equity ETF-linked, principal-at-risk securities maturing on August 3, 2028. The notes are linked to an equally weighted basket of the State Street Energy Select Sector SPDR ETF and the State Street Technology Select Sector SPDR ETF.

Each $1,000 note offers 125% leveraged upside on any basket gain, subject to a maximum return of at least 28.40%, giving a maximum maturity payment of at least $1,284. If the basket decline is within a 15% buffer, investors receive $1,000. For declines beyond 15%, losses are 1-for-1, with up to 85% loss of principal.

The notes pay no interest or dividends, are designed to be held to maturity, and carry the credit risk of GS Finance Corp. and its guarantor. The original offering price is $1,000 per note, while the estimated value at pricing is expected to be $900–$930 per $1,000, reflecting structuring and distribution costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent income notes linked to the S&P 500® Index, Russell 2000® Index and State Street® Consumer Staples Select Sector SPDR® ETF. The notes are expected to trade from an August 5, 2026 trade date to an expected August 9, 2029 maturity, unless automatically called starting in February 2027.

Investors receive a monthly coupon of $9.042 per $1,000 (0.9042%, about 10.85% per annum) only if on each observation date all three underliers are at or above 70% of their initial levels; otherwise the coupon for that month is zero. At maturity, if not called and each underlier is at or above 70% of its initial level, holders receive $1,000 plus the final coupon. If any underlier is below 70%, principal is reduced one-for-one with the worst performer, with losses that can reach 100% of principal and no coupon.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor. The estimated value on the trade date is $925–$955 per $1,000, below the 100% issue price, reflecting fees, hedging costs and model assumptions, and secondary market prices may be lower.