Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500 Index, Russell 2000 Index and iShares MSCI EAFE ETF. The notes are expected to trade from July 30, 2026 and mature on April 27, 2028, unless automatically called from October 2026 through January 2028 if each underlier is at or above its initial level (7,411.98 for the S&P 500, 2,929.999 for the Russell 2000 and $103.41 for EFA on July 24, 2026).

Each $1,000 note may pay a quarterly coupon of $29.625 (2.9625% per quarter, up to 11.85% per year) when all underliers are at or above 70% of their initial levels. If held to maturity and not called, principal protection depends on the worst-performing underlier: full repayment occurs only if each final level is at least 65% of its initial level; below that, repayment is reduced one-for-one with the loss in the lesser-performing underlier, potentially down to zero. The estimated value on the trade date is expected between $925 and $955 per $1,000, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,059,000 of callable S&P 500® Index-linked notes due July 28, 2031. The notes pay no interest and repay at least the $1,000 face amount at maturity, with 100% upside participation in the S&P 500® Index from an initial level of 7,408.30 if held to maturity and not called.

Goldman may redeem the notes quarterly from July 28, 2027 to April 28, 2031 at 100% of face plus a fixed call premium (ranging from 9.3% to 44.175% of face per $1,000). The estimated value on the trade date is approximately $960 per $1,000 face amount, below the issue price, reflecting underwriting discounts of 2.5% and structuring and hedging costs. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and to complex U.S. tax treatment as contingent payment debt instruments.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder Focus ER Index, maturing on August 2, 2033 after a trade date of July 28, 2026. The notes do not pay interest and return at least the $1,000 face amount at maturity, subject to the credit risk of the issuer and guarantor.

The notes may be automatically called on annual observation dates if the index closes at or above rising call levels (from 101.25% to 107.50% of the initial index level), paying $1,000 plus a call premium per note, with call premiums from 17.25% to 103.50%. If not called, and the final index level exceeds the initial level, investors receive $1,000 plus 100% of the index gain; if the final level is equal to or below the initial level, repayment is limited to the $1,000 face amount.

The index is a complex, rules-based strategy with 5% volatility control, a momentum risk control overlay, and deductions including 0.65% per annum, so large allocations to cash-like positions can materially dampen performance. The issuer’s estimated value on the trade date is $885–$925 per $1,000, below issue price. For U.S. tax purposes, the notes are expected to be treated as contingent payment debt instruments, requiring accrual of ordinary income over their term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked, auto-callable notes tied to the common stock of NVIDIA Corporation maturing on August 12, 2027. Each security has a $1,000 face amount and pays a monthly contingent coupon of at least $10 (at least 12.00% per annum) only if NVIDIA’s stock closing price on the relevant calculation day is at or above the coupon threshold price, set at 60% of the starting price, with a memory feature that can pay previously unpaid coupons.

From November 2026 through July 2027, if on any call date NVIDIA’s stock closes at or above the starting price, the notes are automatically called for $1,000 plus the final and any unpaid coupons. If not called, at maturity investors receive $1,000 only if the final stock price is at or above the downside threshold price, also 60% of the starting price; otherwise the maturity payment is $1,000 × performance factor, exposing investors to losses of more than 40% and potentially all principal. Investors do not participate in any upside of NVIDIA stock or receive dividends, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The original offering price is $1,000, while the estimated value at pricing is expected to be $900–$930 per $1,000, and the notes are designed to be held to maturity with no exchange listing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes linked to the Bloomberg Bitcoin 4% Decrement ER Index, an excess‑return index tied to the iShares Bitcoin Trust ETF and reduced by a cash index based on the federal funds rate plus 4% per annum. The notes pay no interest and return at maturity depend solely on index performance from July 24, 2026 to the determination date, expected July 24, 2031.

The initial underlier level is 31,384.29, with an upside participation rate of 140%. If the index falls up to 15%, investors receive principal back; below that buffer, losses are 1:1 beyond 15%, and investors can lose a substantial portion of principal. The estimated value at pricing is expected between $885 and $925 per $1,000 face amount, below issue price, and returns are also subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The notes embed significant structural, bitcoin‑related, liquidity, and tax risks.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes linked to the Bloomberg Bitcoin 4% Decrement ER Index, maturing on or about January 29, 2030. The index tracks the iShares Bitcoin Trust ETF on an excess-return basis, reduced daily by the U.S. federal funds effective rate plus 4% per year, so it will systematically lag a similar index without these features.

The notes pay no interest. At maturity, for each $1,000 face amount, investors get 1.5× any positive index return, capped at a maximum settlement amount of $4,400. A 15% buffer protects against moderate declines: if the index is down 15% or less, repayment is $1,000. Below that buffer, principal loss is linear, and investors can lose up to 85% of principal. The initial index level is 31,384.29. The issuer’s estimated value at pricing is expected between $915 and $955 per $1,000, reflecting embedded fees and margins. Investors face both bitcoin-related volatility and the credit risk of GS Finance Corp and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes due August 3, 2033 linked to the Goldman Sachs Momentum Builder Focus ER Index. The notes can be automatically called annually if the index level is at least 101% of the initial index level on specified call observation dates, paying for each $1,000 face amount $1,000 plus a call premium that steps up from 13.30% in 2027 to 79.80% in 2032.

If not called, at maturity investors receive for each $1,000 either $1,000 plus 100% of any positive index return or, if the index is flat or down, only $1,000. The notes do not pay periodic interest and offer no upside leverage beyond 100% participation. The issuer’s estimated value on the trade date is $850–$890 per $1,000, below the issue price, reflecting dealer compensation and structuring costs.

The underlying index is a daily rebalanced, rules-based strategy with 5% volatility control, a momentum risk control overlay and an annual 0.65% deduction, often allocating heavily to cash-like positions, which can materially dampen index performance. Investors are exposed to the credit risk of GS Finance Corp. and the guarantor, complex index mechanics, limited liquidity, and contingent payment debt instrument tax treatment requiring accrual of ordinary income over the life of the notes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon equity-linked notes due 2029 linked to Micron, Palantir and Tesla shares. Investors receive a $34.584 monthly coupon per $1,000 face amount (3.4584% monthly, up to approximately 41.5% per year) only if, on each observation date, every underlier is at or above 50% of its initial level.

If the notes are not called and the worst-performing underlier finishes at or above 50% of its initial level, investors receive $1,000 per note at maturity plus any final coupon. If any underlier ends below 50%, repayment equals $1,000 plus $1,000 times the lesser-performing underlier return, so principal losses mirror the percentage decline and can reach 100%. The issuer may redeem the notes at par plus coupon on any coupon payment date from November 2026 to July 2029. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, may trade below issue price, and are not listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied equally to four index stocks: Meta, Amazon, Alphabet Class C and NVIDIA. The notes have a face amount of $450,000 in aggregate (denominations of $1,000), trade dated July 22, 2026, issued on July 27, 2026 and maturing on July 27, 2033, unless automatically called.

Each $1,000 note may pay a contingent monthly coupon of $6.25 (0.625% per month, up to 7.5% per year) if on a coupon observation date the closing price of each stock is at least 60% of its initial price. Initial prices are $627.17 (Meta), $244.85 (Amazon), $341.91 (Alphabet C) and $212.06 (NVIDIA). If any stock is below 60% on an observation date, no coupon is paid for that period.

The notes are automatically called on quarterly call observation dates from July 2027 to April 2033 if each stock is at or above its initial price; investors then receive $1,000 per note plus the applicable coupon and no further payments. If not called, at maturity investors receive $1,000 per note plus the final coupon, if conditions are met. 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 $937 per $1,000 face amount, below the issue price, reflecting dealer compensation, hedging and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due February 3, 2028, linked to Hewlett Packard Enterprise common stock. Each note has a $1,000 face amount and may pay a monthly contingent coupon of $25.417 (2.5417% per month, up to approximately 30.50% per year) when the underlier’s closing level on the observation date is at or above the coupon trigger level, set at 60% of the initial level.

The notes can be automatically called on scheduled observation dates from October 29, 2026 through December 29, 2027 if the underlier is at or above its initial level, returning $1,000 per note plus any due coupon. If not called, the February 2028 maturity payment depends on the final underlier level. Principal is protected only down to the trigger buffer level at 50% of the initial level; below that, investors are fully exposed to the underlier’s decline and can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is less than the original issue price, secondary market liquidity is uncertain, investors have no shareholder rights in HPE, upside is capped at return of principal plus coupons, and U.S. tax treatment is uncertain, with the issuer intending to treat the instrument as an income-bearing pre-paid derivative contract.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon VanEck Semiconductor ETF-Linked Notes due 2027 under its Medium-Term Notes, Series F program. The notes are linked to the VanEck Semiconductor ETF (SMH), not directly to its underlying index.

Investors may receive a contingent monthly coupon of $16.209 per $1,000 face amount (1.6209% monthly, up to about 19.45% per annum) only when the ETF’s closing level on a coupon observation date is at or above the coupon trigger level of 60% of the initial underlier level. The same 60% threshold serves as the trigger buffer level for principal protection at maturity.

If on any call observation date from February 10, 2027 through August 10, 2027 the ETF closes at or above its initial level, the notes are automatically called at $1,000 per note plus any due coupon, ending the investment early. If the notes are not called and, on the September 10, 2027 determination date, the ETF is at or above 60% of its initial level, investors receive $1,000 per note plus the final coupon. If the final level is below 60%, principal repayment is reduced one-for-one with the ETF decline, so losses can reach 100% of invested principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on any exchange, and may trade at prices below the original issue price. The estimated value on the trade date is expected to be lower than the original issue price due to distribution costs and dealer markups, and secondary market liquidity is not assured.

Goldman Sachs is offering notes linked to the BlackRock® Dynamic Factor Index, which tracks the performance of a dynamic basket of up to five equity ETFs, up to three Treasury bond ETFs and a cash constituent, after deducting a notional financing rate equal to SOFR + 0.26161% + 0.65% per annum (accruing daily). The index allocates among equity, fixed income and cash using factor signals (economic regime, value, momentum) and interest-rate trends, subject to a 5% volatility target, and may shift a large portion into cash when volatility rises.

Performance data from January 1, 2021 to July 1, 2026 show annualized returns of -2.18% for the index versus 15.30% for the S&P 500 proxy ETF and -1.71% for the 7‑10 year Treasury ETF, with index volatility of 4.96% and a maximum drawdown of -19.10%. As of July 1, 2026, the index allocated 41.85% to cash, 44.04% to Treasury ETFs and the balance across U.S. equity factor ETFs. The disclosure highlights numerous risks, including that the underlying assets must outperform the notional interest rate plus fee for the index level to rise, that the index may be significantly invested in cash, and that only limited post‑LIBOR performance history is available.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering contingent coupon auto-callable notes linked to the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index with an aggregate face amount of $5,996,000. The notes pay a monthly contingent coupon of $8.75 per $1,000 (0.875%, up to 10.50% per year) only if on each observation date all three indexes are at or above 70% of their initial levels. The notes may be automatically called quarterly if all underliers are at or above their initial levels, returning principal plus the applicable coupon.

If the notes are not called and on the determination date any index closes below 70% of its initial level, repayment of principal is reduced 1:1 with the worst-performing index, based on its lesser performing underlier return, and investors can lose their entire investment. Payments depend on the credit of GS Finance Corp. and the guarantor, and the estimated value at pricing is lower than the 100% issue price due to fees, structuring costs and dealer margins. Tax treatment is uncertain; counsel views the notes as income-bearing pre-paid derivative contracts, with coupons likely taxed as ordinary income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2031 tied to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The notes pay a monthly contingent coupon of $8.459 per $1,000 (0.8459%, up to ~10.15% p.a.) only if each index is at or above 70% of its initial level on the relevant observation date.

The notes are “worst-of” and principal-at-risk. If not called and any index finishes below 70% of its initial level at maturity, repayment of principal is reduced one-for-one with the lesser performing index, down to a possible zero recovery; investors could lose their entire investment. Automatic call can occur monthly (from February 2027) if all indexes are at or above initial levels, returning $1,000 per note plus the coupon then due.

Investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is disclosed as less than the 100% issue price, secondary market liquidity is uncertain, the notes are unlisted, and U.S. tax treatment is described as uncertain, with the issuer’s counsel treating them as income-bearing prepaid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Underlier-Linked Notes due 2029 tied to the Dow Jones Industrial Average, Russell 2000 Index and VanEck Semiconductor ETF. Each note has a $1,000 face amount and pays no interest.

The notes can be automatically called monthly starting July 30, 2027 if each underlier is at or above its initial level, paying $1,000 plus a call premium (from 25.7508% on the first call date up to 75.1065% on the last). If never called and on the July 30, 2029 determination date all underliers are at or above initial, investors receive $1,000 plus a 77.2524% maturity premium. If the worst underlier is below initial but at or above its 70% trigger buffer level, principal is returned. If the worst underlier falls below 70% of its initial level, repayment equals $1,000 times the lesser performing underlier return, exposing investors to up to a 100% loss of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed, and may trade at values below the original issue price. The estimated value at pricing is lower than the issue price. U.S. tax treatment is uncertain; the issuer intends to treat the notes as pre-paid derivative contracts and highlights possible application of constructive ownership rules and FATCA.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index-Linked Notes due July 27, 2029, linked to the Russell 2000® Index, S&P 500® Index and Nasdaq-100 Index®.

The notes may be automatically called on quarterly call observation dates from October 2026 through April 2029 if the closing level of each index is at or above its initial level; in that case, investors receive the $1,000 face amount plus any due coupon.

The notes pay a contingent coupon of $33.125 per $1,000 (3.3125% quarterly, up to 13.25% per annum) only if, on every trading day in the relevant quarter, each index stays at or above 70% of its initial level; otherwise the coupon for that quarter is zero.

If not called, at maturity investors receive any final coupon plus: $1,000 per note if the final level of each index is at least 60% of its initial level; otherwise, $1,000 plus the return of the lesser-performing index times $1,000, exposing investors to 1-for-1 downside beyond a 40% decline and possible total loss of principal. The estimated value at pricing is expected between $925 and $955 per $1,000, below the issue price, and the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose return is tied to an equally weighted basket of five large-cap technology stocks: Alphabet, Amazon.com, Meta Platforms, Microsoft and Oracle. Each stock has a 20% initial weight and initial weighted value of 20, setting the initial basket level at 100.

The notes pay no interest and mature on August 9, 2027. At maturity, the cash payment per $1,000 face amount depends on the basket return between July 21, 2026 and the determination date of August 5, 2027. If the final basket level is above the initial level, investors receive $1,000 plus 3× the basket return, subject to a cap level of 112.1% of the basket and a maximum settlement amount of $1,363. If the final basket level is at or below the initial level, the payoff equals $1,000 plus the basket return, exposing principal to full downside and potential total loss.

The offering size is initially $1,000,000 aggregate face amount, in $1,000 denominations. The original issue price is 100% of face, with a 0.95% underwriting discount and net proceeds of 99.05% to the issuer. The issuer estimates the initial economic value at approximately $954 per $1,000 note. The structure embeds extensive provisions for market disruption events, anti-dilution adjustments, and default amounts, and is subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., offers medium-term notes whose payments are linked to the BlackRock® Dynamic Factor Index. The index combines a basket of five U.S. equity factor ETFs, three U.S. Treasury ETFs and a cash constituent, and seeks to capture the extent to which this portfolio outperforms the sum of SOFR + 0.26161% + 0.65% per annum, with the fee accruing daily.

The equity basket is tilted monthly toward factors such as economic regime, value and momentum, while the fixed income basket is rebalanced daily based on interest-rate trends. A volatility-control mechanism reallocates among equity, bonds and cash to target 5% annualized volatility, which has recently led to high cash weights; the cash constituent reached up to 85.5% historically and stood at 41.85% on July 1, 2026. Since January 1, 2021 through July 1, 2026, the index showed annualized performance of -2.18% with realized volatility of 4.96% and a maximum drawdown of -19.10%, compared with higher returns but much higher volatility for the S&P 500 benchmark ETF.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, equity-linked notes tied to the common stocks of Caterpillar Inc. and GE Vernova Inc.. The notes have a $1,000 face amount, bear no interest, and are expected to mature on August 2, 2029, unless automatically called on the expected July 29, 2027 call observation date.

The notes are automatically redeemed if, on the call observation date, each stock’s closing price is at least 75% of its initial price, paying a fixed $1,325.5 per $1,000 on the expected August 3, 2027 call payment date. If not called, the maturity payout depends on the lesser performing stock: if both final prices exceed initial, investors receive 2x the lesser return; if both are at least 50% of initial but either is at or below initial, investors receive the absolute value of the lesser return. If any final price falls below 50% of initial, investors participate one-for-one in the loss of the weaker stock and can receive significantly less than 50% of face value, up to a total loss of principal.

The estimated value on the trade date is expected to be $925–$955 per $1,000, below the issue price, reflecting fees, hedging and issuer economics. Payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor, and secondary market liquidity is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Index-Linked Notes due 2029 linked to the Nasdaq-100 Index® and the S&P 500® Index. The notes have a $1,000 face amount and pay no interest.

The notes may be automatically called monthly if both indices are at or above their initial levels on a call observation date, paying $1,000 plus the applicable call premium (starting at 11.3004% and rising to 32.9595%). If not called, at maturity investors receive a capped payoff based on the lesser-performing index: $1,000 plus a 33.9012% premium if both indices end at or above initial levels, $1,000 if the worst index stays at or above its 85% buffer level, and a loss beyond a 15% buffer if the worst index finishes below its buffer. Principal is at risk and the notes are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no‑interest structured notes linked to an equally weighted basket of five stocks: Advanced Micro Devices, Applied Materials, Broadcom, Robinhood Markets (Class A) and ServiceNow. Each stock has a 20% weight, and the basket starts at an initial level of 100.

The notes, issued in $1,000 denominations, are expected to trade from July 30, 2026, and mature on August 4, 2031, unless automatically called. Beginning July 30, 2027, the notes are automatically redeemed if the basket is at least 90% of its initial level on a call observation date, paying $1,000 plus a fixed call premium (from 17% on the first call date up to 80.75% on the last).

If never called, maturity payoff depends on the basket return. With a 100% upside participation rate, investors receive $1,000 plus full upside if the final basket level is at or above 100. Capital is protected only down to a trigger buffer level of 50%; below that, losses are one‑for‑one with the basket, and investors can lose their entire principal. The notes’ estimated value on the trade date is $850–$890 per $1,000, reflecting structuring and distribution costs. Payments depend on the credit of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,520,000 face amount of three-year, equity-linked notes tied to an equally weighted basket of six alternative-asset manager stocks. The notes pay no interest and return at maturity depends solely on basket performance between July 22, 2026 and August 23, 2027.

The initial basket level is 100. If the final basket level is above 100, investors receive 3x the basket return, capped by a cap level of 114.15% and a maximum settlement of $1,424.5 per $1,000 face amount. If the final basket level is at or below 100, the return equals the basket return on the downside, exposing investors to full principal loss to zero.

The basket holds Apollo, Ares, Blackstone, Carlyle, KKR and TPG, each with an initial weight of about 16.667%. The estimated value at pricing is approximately $958 per $1,000 face, below the issue price, reflecting fees and hedging costs. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not reflect any dividends on the underlying stocks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable contingent coupon index-linked notes due 2029 tied to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each note has a $1,000 face amount.

Investors may receive a $9.167 monthly coupon (0.9167% per $1,000, 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 automatically called if, on any call observation date, all indices are at or above their initial levels, in which case investors receive $1,000 per note plus the due coupon and no further payments.

If the notes are not called, repayment at maturity depends solely on the least-performing index. If that index’s final level is at or above its 70% trigger buffer level, investors receive $1,000 per note (plus any final coupon). If it is below 70%, principal is reduced one-for-one with the index loss, and investors can lose their entire investment. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes due August 2, 2029, linked to the Nasdaq-100 Index, Russell 2000 Index and State Street SPDR S&P Regional Banking ETF. Investors receive a monthly coupon of $10.959 per $1,000 (1.0959%, up to about 13.15% per year) only if each underlier is at or above 70% of its initial level on the observation date.

The notes are automatically called at par plus coupon if on any call observation date each underlier is at or above its initial level. At maturity, if not called, principal repayment depends solely on the worst-performing underlier: if its final level is at or above 55% of its initial level (the trigger buffer), investors receive full principal; below 55%, repayment equals principal times that worst underlier’s return, so losses can reach 100% of the investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may have limited liquidity, and their estimated value at pricing will be less than the original issue price.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes that pay no interest and mature on August 9, 2027. The notes’ payoff depends on an equally weighted basket of five large-cap tech stocks: Alphabet, Amazon.com, Meta Platforms, Microsoft and Oracle, each with a 20% weight and initial basket level of 100.

If the final basket level on the August 5, 2027 determination date is at least 90% of the initial level, investors receive a capped cash payment of $1,179 per $1,000 face amount. If the basket falls by more than 10%, principal is reduced by about 1.1111% for every additional 1% decline, and investors can lose up to their entire investment. The initial aggregate face amount is $3.305 million, offered at 100% of face, with a 0.95% underwriting discount and 99.05% net proceeds to the issuer. The estimated value at pricing is approximately $956 per $1,000, and payments are subject to the unsecured credit risk of GS Finance Corp and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, income-bearing notes linked to an equally weighted basket of 7 semiconductor-related stocks (ADI, ASML, AVGO, KLAC, NVDA, TSM ADS, TXN). The initial basket level is 100, with each stock assigned an initial weighting of approximately 14.286% and an initial weighted value of 100/7.

The notes pay ; on each observation date, if the basket is at or above 80% of the initial basket level, the coupon per $1,000 equals $45.925 multiplied by the number of elapsed observation dates minus prior coupons. The notes are automatically called in whole if, on any call observation date from November 2026 through May 2027, the basket is at or above the initial level, in which case investors receive $1,000 per note plus the applicable coupon.

If not called, the notes mature on August 11, 2027. At maturity, if the basket return is at or above -20%, investors receive $1,000 plus the final coupon. If the basket return is below -20%, principal is reduced by a leveraged downside via a 20% buffer and a 125% buffer rate, and investors can lose up to their entire investment and receive no coupon. The estimated initial value is $900–$930 per $1,000 face amount, and payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500®-linked structured notes with an aggregate face amount of $1,050,000 under its Medium-Term Notes, Series F program. The notes are priced at 100% of face amount, with a 0.6% underwriting discount and 99.4% net proceeds to the issuer.

For each $1,000 note at maturity, investors receive: (1) if the S&P 500 final level exceeds the initial level, 200% of the index gain, capped at a maximum payment of $1,230; (2) if the index is between 90% and 100% of its initial level, return of principal; and (3) if the index falls below 90%, a dollar-for-dollar loss beyond the 10% buffer, down to as low as 10% of face in the worst illustrated case. The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange. Market value can be affected by index performance, volatility, rates and the issuers’ credit, and tax treatment is uncertain, with the notes intended to be treated as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $3,289,000 aggregate face amount of auto-callable, index-linked notes tied to the Nasdaq-100 Index and the S&P 500 Index under its Medium-Term Notes, Series F program.

The notes pay no interest and may be automatically called monthly if both underliers are at or above their initial levels on a call observation date, returning principal plus a fixed call premium (starting at 10.8504% and rising to 31.647% of face). If not called and both final index levels are at or above their initial levels at maturity in July 2029, investors receive principal plus a 32.5512% maturity premium.

The notes feature a 15% buffer: if the worst-performing index ends between 85% and 100% of its initial level, principal is returned; below 85%, repayment is reduced one-for-one with the index decline beyond the buffer, down to 15% of face if the lesser underlier falls to zero. Investors bear the credit risk of GS Finance Corp. and the guarantor, face potentially limited liquidity, and returns are capped even if indices rise significantly.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2027 linked to a common share of Carnival Corporation Ltd..

The notes have a face amount of $1,000 each and pay a contingent monthly coupon of $12.25 (1.225% per month, up to 14.70% per year) when the share’s closing level on the observation date is at or above the coupon trigger level, set at 57% of the initial share level. The same 57% level acts as a trigger buffer on principal at maturity.

The notes can be automatically called on specified dates from February 2027 through August 2027 if the share is at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon. If not called and the final share level is below the trigger buffer, repayment is reduced one-for-one with the share’s negative return, down to a possible 100% loss of principal. The notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed, and may trade at prices below the issue price; their original issue price exceeds the dealer’s model-based estimated value.

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

At maturity, if the S&P 500 final level is at or above the initial level, holders receive $1,000 plus the index return, capped at a maximum upside settlement amount of $1,212.50 per $1,000. If the index is down but not below 80% of the initial level (a 20% buffer), holders receive the absolute index return, turning moderate losses into gains. Below the buffer, investors lose 1% of principal for each 1% drop beyond the buffer, with examples showing repayment as low as 20% of face amount.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, may have limited or no secondary market, and carry uncertain U.S. tax treatment as pre-paid derivative contracts, with additional FATCA and section 871(m) considerations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering contingent income callable yield notes linked to the common stock of NVIDIA Corporation. The notes have a $2,141,000 aggregate face amount, trade on July 21, 2026, and mature on July 26, 2028, unless automatically called earlier.

Each $1,000 note may pay a quarterly contingent coupon of $35 per coupon period if NVIDIA’s closing level on the observation date is at or above 61% of the initial level of $207.29. The notes are automatically called, returning $1,000 plus the due coupon, if NVIDIA’s level is at or above the initial level on any call observation date. If held to maturity and not called, principal is protected only down to the 61% trigger buffer level; below that, repayment is reduced one-for-one with the stock’s negative return and can fall to $0, so investors can lose their entire investment.

The upside is capped at repayment of face amount plus coupons; investors do not participate in any stock appreciation above par. 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 100% original issue price. Tax treatment is uncertain and described as an income-bearing prepaid derivative contract.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Callable Contingent Coupon Index‑Linked Notes due 2031 tied to the Nasdaq‑100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each note has a $1,000 face amount and, if not redeemed early, pays $1,000 at maturity plus any final coupon.

The notes pay a monthly contingent coupon of $5.834 per $1,000 (0.5834% monthly, up to about 7.00% per year) only if on each observation date the closing level of every underlier is at or above 70% of its initial level; otherwise the coupon for that month is zero. GS Finance Corp. may, at its option, redeem the notes in whole on any coupon payment date from November 2026 through July 2031 for $1,000 per note plus any due coupon, which can shorten the investment term.

The issuer’s estimated value on the trade date is $885 to $925 per $1,000 face amount, below the original issue price, reflecting fees, costs and dealer economics. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may receive no coupons over the life of the notes, and may face limited or illiquid secondary market conditions.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $3,482,000 of Medium‑Term Notes, Series F, whose return depends on the weakest of three underliers: the EURO STOXX 50® Index, State Street® Technology Select Sector SPDR® ETF (XLK) and State Street® Utilities Select Sector SPDR® ETF (XLU).

The notes pay a contingent monthly coupon of $10 per $1,000 (1% monthly, up to 12.00% per annum) on any coupon payment date when the closing level of each underlier is at least 60% of its initial underlier level, which is also the coupon trigger level. The same 60% level is the trigger buffer level; at maturity, if the notes have not been redeemed and every final underlier level is at or above its trigger buffer level, investors receive $1,000 per note plus any final coupon.

If any final underlier level is below its trigger buffer level, the cash settlement amount is $1,000 + ($1,000 × lesser performing underlier return), so principal loss matches the negative return of the worst underlier and can reach 100%. GS Finance Corp. may redeem the notes at par plus any coupon on any coupon payment date from July 2027 through June 2029. Investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., no listing, and potentially little or no secondary market or coupons.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,533,260 of unsecured Capped Buffer GEARS linked to an unequally weighted basket of five equity indices, maturing in 2031. The basket starts at level 100 and includes the EURO STOXX 50® (40%), Nikkei 225 (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%).

At maturity, if the final basket level is above 100 but below the cap level, holders receive $10 plus 2.00x the basket gain, capped at a maximum settlement of $17.95 per $10 face amount (a 79.50% maximum return). If the final basket level is between 80% and 100% of the initial level, investors receive the $10 face amount. Below the 80% downside threshold, losses resume on a 1:1 basis beyond the 20% buffer, with up to 80% loss if the basket falls to zero.

The notes pay no interest, have a minimum denomination of $10, an expected trade date of July 21, 2026 and stated maturity of July 25, 2031. The estimated value is approximately $9.53 per $10 face amount, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured structured notes linked equally to the stocks of Meta Platforms, NVIDIA, Amazon.com and Apple. The notes are expected to trade on the July 29, 2026 trade date, be issued on July 31, 2026, and mature on August 1, 2031, unless automatically called earlier.

On each monthly coupon observation date, if the closing price of each index stock is at least 75% of its initial price, holders receive a maximum coupon of $7.5 per $1,000 face amount (0.75% monthly, up to 9% per annum). If any stock is below 75% of its initial price, holders receive only the minimum coupon of $0.209 per $1,000 (0.0209% monthly, up to about 0.25% per annum). Principal of $1,000 per $1,000 face amount is repaid at maturity, plus the final coupon.

Starting in July 2027, the notes are automatically called in whole if on any call observation date the closing price of each stock is at least its initial price; in that case, investors receive face amount plus the applicable coupon. The estimated value at pricing is expected to be $885–$925 per $1,000 face amount, reflecting model-based pricing and fees. Payments depend on the performance of the reference stocks and the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Index-Linked Notes due 2031 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and pays no periodic interest.

The notes are linked to the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index. On July 29, 2027, if each index is at or above its initial level, the notes are automatically called and investors receive $1,117.50 per $1,000 on August 3, 2027. If not called, at maturity on August 1, 2031 investors receive $1,000 plus 100% of the lesser-performing index’s positive return; if any index is flat or down, only the $1,000 principal is repaid.

Key risks include issuer and guarantor credit risk, no interest income, a secondary market that may be limited, initial estimated value below issue price, and complex contingent payment debt instrument tax treatment requiring accrual of ordinary income over the term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to an equally weighted basket of 8 large-cap energy and infrastructure stocks, each with a 12.5% weight and initial weighted value of 12.5, giving an initial basket level of 100. The notes are issued at 100% of face value with a 1% underwriting discount and an initial aggregate face amount of $500,000, maturing on August 6, 2027, unless automatically called.

On quarterly observation dates from November 3, 2026 through August 3, 2027, the notes are automatically called if the basket is at or above its initial level, returning par plus a step-up coupon. A conditional coupon accrues at $25.4 per $1,000 per observation date, but is paid only when the basket is at or above 75% of its initial level; otherwise the coupon is zero and may be zero for the entire term. At maturity, if not called, principal is protected only down to a 25% basket decline; below that buffer, repayment is reduced using a buffer rate of approximately 133.33%, and investors can lose up to all of their investment.

The notes carry the unsecured credit risk of GS Finance Corp. and its guarantor. The estimated value at pricing is $956 per $1,000 face amount, below the issue price, reflecting dealer compensation, structuring costs and model valuation. Secondary-market values will depend on basket performance, volatility, interest rates and the issuer’s credit spreads, and there may be limited or no liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable 10-year notes whose quarterly interest is linked to the 10-year Constant Maturity Treasury (CMT) rate. Each note has a $1,000 face amount and is expected to be issued on July 28, 2026, maturing on July 28, 2033.

On each quarterly interest payment date, the annualized interest rate equals the 7.90% interest factor multiplied by the fraction of scheduled U.S. government securities business days in the prior interest period when the 10‑year CMT rate is at or below 5.25%. If the rate is above 5.25% on every reference date in a period, no interest is paid for that quarter. Interest uses the 30/360 (ISDA) day-count convention.

The notes are callable at the issuer’s option at 100% of face amount plus accrued interest on any quarterly interest payment date on or after July 28, 2031. Payments are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be $929.8–$979.8 per $1,000 face amount, below the issue price, reflecting fees, hedging costs and the issuer’s pricing models. The notes are not listed, and secondary market liquidity and pricing are uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term, principal-at-risk notes linked to the S&P 500 Index, maturing on November 26, 2027. Each security has a $1,000 face amount and pays no interest or dividends.

At maturity, investors receive: the face amount plus 100% of any index increase, capped at an 11.40% maximum return (maximum payment $1,114 per security); the face amount if the index declines by up to the 15% buffer; or a reduced amount with 1‑to‑1 downside beyond the buffer, with the potential to lose up to 85% of principal. The starting level is 7,509.20 and the threshold level is 85% of that value.

The estimated value at pricing is approximately $968 per $1,000 face amount, below the original offering price, reflecting underwriting discounts of 2.325% and structuring costs. Total offering size is $2,374,000, with proceeds to the issuer of $2,318,804.50. Payments depend on the credit of GS Finance Corp. and its parent guarantor, and there is no exchange listing, so liquidity may be limited.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1,612,000 aggregate face amount of Medium-Term Notes, Series F, linked to Broadcom Inc. common stock and Coinbase Global, Inc. Class A common stock. The notes pay a contingent monthly coupon of $25.917 per $1,000 face amount, accruing over observation dates, only if on each coupon observation date the closing level of each underlier is at or above its coupon trigger level, set at 60% of its initial underlier level. The notes are subject to an automatic call feature if, on any call observation date from October 21, 2026, both underliers are at or above their initial levels, in which case investors receive $1,000 per note plus the then-due coupon. At maturity on July 26, 2029, if not called, investors receive $1,000 per note only if the final level of each underlier is at or above its trigger buffer level (also 60% of the initial level); otherwise, the payoff is $1,000 multiplied by the lesser performing underlier return, and investors may lose their entire principal. The notes bear issuer and guarantor credit risk, may have limited or no secondary market, and their estimated value at pricing is less than the 100% original issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing EURO STOXX 50^®-linked structured notes with an aggregate face amount of $3,297,000 under its Medium-Term Notes, Series F program. The notes pay no interest and return at maturity depends on index performance from the trade date to the determination date.

For each $1,000 face amount, investors receive: if the index ends above its initial level, $1,000 plus 154.25% of the index gain; if the index ends between 85% and 100% of the initial level, $1,000; if it falls below 85%, principal is reduced dollar-for-dollar with index losses beyond the 15% buffer, and a substantial loss of principal is possible.

The notes do not provide dividends or shareholder rights in the EURO STOXX 50^® stocks and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. They will not be listed on any exchange, secondary liquidity is uncertain, and U.S. tax treatment is described as a pre-paid derivative contract but remains uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $8,299,890 of Capped Buffer GEARS, unsecured notes linked to the S&P 500® Index, maturing on July 24, 2031. Denominations are $10 and integral multiples thereof.

At maturity, if the index has risen, holders receive $10 plus 1.5 times the index gain, capped at a maximum settlement amount of $15.30, a 53.00% maximum return. If the final index level is between the initial level and the 80.00% downside threshold, investors receive their $10 per note. Below that threshold, principal loss matches index decline beyond the 20.00% buffer, with an 80.00% loss if the index falls to zero. The notes pay no interest, have an estimated value of $9.60 per $10 at pricing, include a 3.50% underwriting discount, may have limited liquidity, and all payments depend on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers index-linked notes tied to the common stock of Apple, Amazon, Advanced Micro Devices and Verizon. The notes have a face amount of $1,000 per note, original issue price of 100% of face, and an aggregate face amount of $245,000 on the original issue date. They trade off a trade date of July 21, 2026, with an original issue date of July 24, 2026 and a stated maturity date of July 24, 2031, unless automatically called.

Investors receive a monthly contingent coupon of $9.625 per $1,000 (0.9625% monthly, up to 11.55% per annum) only if on each coupon observation date the closing price of every index stock is at least 70% of its initial price. Initial prices are $327.74 (Apple), $247.55 (Amazon), $544.43 (AMD) and $43.78 (Verizon). The notes are automatically called at par plus coupon if, from July 2027 through June 2031, on any call observation date the closing price of each stock is at or above its initial price.

If not called, at maturity investors receive $1,000 per note plus the final coupon, if due, with no market-loss participation but full exposure to the credit risk of GS Finance Corp. and its parent. The estimated value at pricing is approximately $963 per $1,000 face amount, below the issue price, reflecting underwriting and structuring costs. Underwriting discount is 2.125% of face, with net proceeds to the issuer of 97.875% of face. Extensive provisions govern market disruption events, anti-dilution adjustments and calculation-agent discretion, which can affect coupon payments, call determinations and observation dates.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2027 linked to the common stock of AeroVironment, Inc. (AVAV). Each note has a face amount of $1,000 and an initial underlier level of $150.35, the stock’s closing level on July 22, 2026.

On each quarterly coupon payment date, investors receive a contingent coupon only if the underlier’s closing level on the related observation date is at least 50% of the initial level, the coupon trigger level. The coupon accrues using a step formula of $68 per elapsed observation date, net of prior coupons. The notes are subject to an automatic call feature: if on any call observation date (from April 22, 2027 through July 22, 2027) the underlier closes at or above the initial level, investors receive $1,000 per note plus the due coupon and the notes terminate early.

If not called, at maturity on October 27, 2027 investors receive, in addition to any final coupon, $1,000 if the final underlier level is at least 50% of the initial level; otherwise they receive $1,000 + ($1,000 × underlier return), fully exposing them to downside and potentially losing their entire investment. Payments are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 linked to the common stock of NVIDIA Corporation. Each note has a $1,000 face amount and pays a contingent monthly coupon of $12 (1.2% per month, up to 14.40% per year) only if, on the relevant observation date, NVIDIA’s closing level is at or above 70% of the initial level.

The notes are automatically called if NVIDIA’s closing level on any call observation date from January 29, 2027 through June 29, 2029 is at or above the initial underlier level, in which case investors receive $1,000 per note plus the due coupon. If the notes are not called, they mature on August 2, 2029. At maturity, if NVIDIA’s final level is at or above the 60% trigger buffer level, investors receive $1,000 per note; if it is below 60%, repayment is reduced one-for-one with the underlier return, and investors may lose their entire investment.

The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and guarantor. The estimated value at pricing will be lower than the issue price, secondary market liquidity may be limited, and the U.S. tax treatment is uncertain, with the notes expected to be treated as income-bearing prepaid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $7,293,000 of Medium-Term Notes, Series F linked to the common stock of Intel Corporation. The notes pay a contingent quarterly coupon of $83.25 per $1,000 face amount (8.325% quarterly, up to 33.30% per annum) only if Intel’s closing level on each observation date is at or above the coupon trigger level, set at 50% of the initial underlier level of $105.45.

The notes have an automatic call feature: they are redeemed at $1,000 per note plus the due coupon if Intel’s closing level on any call observation date is at or above the initial level, potentially shortening the investment term. If the notes are not called, at maturity investors receive $1,000 per note if the final Intel level is at or above the 50% trigger buffer level. Below that level, principal is reduced one-for-one with the underlier return, and investors can lose up to 100% of their investment.

The original issue price is 100% of face, including a 2% underwriting discount, for 98% net proceeds to the issuer. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, are not listed on any exchange, and may have limited or no secondary market. The estimated value at pricing is less than the issue price, and the U.S. federal tax treatment is uncertain, with the notes intended to be treated as income-bearing pre-paid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the common stock of NVIDIA Corporation. The notes have an aggregate face amount of $21,566,000 and a $1,000 face amount per note.

Investors may receive a contingent monthly coupon of $10.25 per $1,000 (1.025% monthly, up to 12.30% per annum) if NVIDIA’s closing level on the observation date is at least 61% of the initial underlier level of $207.29. The notes are subject to an automatic call if NVIDIA’s level on a call observation date is at least the initial level, in which case investors receive $1,000 per note plus the due coupon, ending the investment early.

At maturity, if not called, principal repayment depends on NVIDIA’s final level. If it is at or above the 61% trigger buffer level, investors receive $1,000 per note; if below, repayment is $1,000 × (1 + underlier return), exposing investors to full downside and the possibility of losing their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may have limited liquidity, and have an estimated value lower than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable contingent coupon notes linked to the Class A common stock of Alphabet Inc. The notes have a total face amount of $1,105,000 (denominations of $1,000), trade date July 21, 2026, original issue date July 24, 2026 and stated maturity August 26, 2027.

Investors receive a fixed monthly coupon of $9.75 per $1,000 (0.975% monthly, up to ~11.7% per year) so long as the notes are outstanding. The notes are automatically called in whole if on any monthly call observation date from January to July 2027 Alphabet’s closing price is at least the initial price of $347.15, in which case investors receive par plus the due coupon. If not called, maturity payoff depends on Alphabet’s price on the determination date: investors receive full principal if the final price is at least 68% of the initial (the trigger buffer price), but if it is lower they incur a one-for-one loss, potentially losing their entire principal. The original issue price is 100% of face amount, with a 0.65% underwriting discount and 99.35% net proceeds to the issuer; the estimated initial value is about $987 per $1,000. Payments are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the filing details extensive market, structural, liquidity, conflict-of-interest and tax risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due July 31, 2031, linked to the common stock of Apple, Meta Platforms Class A, and NVIDIA. Each note has a $1,000 face amount and is part of the issuer’s Medium-Term Notes, Series F program.

The notes pay a contingent quarterly coupon of $23 per $1,000 (2.3% per quarter, up to 9.20% per year) only if the closing level of each underlier on the observation date is at least 78% of its initial level. The notes are automatically called, returning $1,000 plus the coupon then due, if on any call observation date from July 27, 2027 the closing level of each underlier is at least its initial level.

If the notes are not called, investors receive $1,000 at maturity plus the final coupon, if any, but may receive no coupons over the life of the notes. The issuer’s estimated value on the trade date is $885 to $925 per $1,000, below the issue price, reflecting fees, hedging and pricing model assumptions, and the notes are subject to the credit risk of both GS Finance Corp. and the guarantor.