Every 424B that Goldman Sachs Group Inc. (GS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow GS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GS filings page.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable income-bearing notes linked to the common stock of CrowdStrike Holdings, Inc., Oracle Corporation and Celestica Inc. The notes have an aggregate $726,000 face amount, denominations of $1,000, trade on July 15, 2026 and mature on July 20, 2028, subject to automatic call.
Monthly observation dates begin in August 2026. A coupon accrues only if on an observation date the closing price of each index stock is at least 50% of its initial price; when this condition is met, the coupon for each $1,000 equals $23.334 (2.3334% monthly, up to about 28% per year) times the number of elapsed observation dates, minus all prior coupons. The notes are automatically called if, on any call observation date from July 2027 to June 2028, each stock’s price is at or above its initial level, in which case investors receive $1,000 plus the then-accrued coupon.
At maturity, if the notes have not been called and a trigger event has not occurred (at least one stock’s final price is at or above its initial price), investors receive the $1,000 face amount, plus the final coupon if all stocks are at or above 50% of their initial levels. If a trigger event has occurred and any stock finishes below 50% of its initial price, repayment is reduced based on the lesser performing index stock return, and investors can lose most or all of principal and receive no final coupon. The estimated value at pricing is about $967 per $1,000 face amount, below the issue price; the notes carry a 1% underwriting discount and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, equity-linked notes with an aggregate face amount of $501,000, linked to the common stock of Intuitive Surgical, Boston Scientific and Capital One Financial. The notes pay no interest and mature on July 19, 2029, unless automatically called on any observation date starting July 22, 2027.
The notes are automatically redeemed at par plus a call premium if, on a call observation date, the closing price of each stock is at or above its step-down call level; call premiums range from 15.75% to 39.375%. If not called, the maturity payment per $1,000 depends on the lesser performing stock. If each final stock price is at least 50% of its initial price, investors receive $1,472.50 per $1,000 (a 47.25% maturity premium). If any stock finishes below 50% of its initial price, principal is reduced one-for-one with the worst stock’s return, with potential loss of the entire principal.
The initial prices are $388.97 (Intuitive Surgical), $43.04 (Boston Scientific) and $208.89 (Capital One). The original issue price is 100% of face, with a 0.75% underwriting discount and 99.25% net proceeds to the issuer. The estimated value is approximately $963 per $1,000, reflecting structuring and distribution costs, and the notes carry full 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 with a total face amount of $6,546,000, tied to an equally weighted basket of seven large-cap stocks. The notes pay no interest and may be automatically called on July 28, 2027 if the basket level is at least the initial level of 100, in which case investors receive $1,209.5 per $1,000 on the August 2, 2027 call payment date.
If not called, the notes mature on July 19, 2028. At maturity, for each $1,000: if the basket has risen, investors receive $1,000 plus 125% of the basket’s percentage gain; if the basket is flat to down no more than 20% (buffer level 80), investors receive $1,000; if the basket is down more than 20%, losses are magnified by the 125% buffer rate, and principal can be fully lost. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The original issue price is 100% of face, with an estimated value of approximately $942 per $1,000, a 1.5% underwriting discount and 98.5% net proceeds to the issuer.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1,500,000 of S&P 500®-linked Medium-Term Notes, Series F. The notes pay no interest and expose holders to both index performance and issuer/guarantor credit risk.
The notes may be automatically called on July 21, 2027 if the S&P 500® closing level on July 16, 2027 is at or above the initial underlier level of 7,543.64; in that case investors receive $1,110 per $1,000 face amount. If not called, at maturity on July 14, 2031 investors receive: $1,000 plus 140% of any index gain; $1,000 if the final level is between 70% of the initial level and the initial level; or $1,000 plus the index return if the final level is below the 70% trigger buffer level, which can lead to a total loss of principal.
The original issue price is 100% of face amount, with a 0.75% underwriting discount and 99.25% net proceeds to the issuer. The notes are not listed, market-making is discretionary, the initial estimated value is below the issue price, tax treatment is uncertain (treated as a pre-paid derivative contract in counsel’s opinion), and the notes are subject to FATCA and dividend equivalent analyses.
GS Finance Corp. is offering $1,250,000 aggregate face amount of Callable Fixed Coupon Index-Linked Notes due July 20, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay a fixed coupon of $7.375 per $1,000 (0.7375% monthly, up to 8.85% per annum) from August 2026 to maturity, subject to the issuer’s right to redeem.
The notes are linked to the Nasdaq-100 Index and the S&P 500 Index, using the lesser performing index. If, at maturity, both index returns are at or above -20% of their initial levels, investors receive $1,000 per note plus final coupon. If either index is below -20%, principal is reduced one-for-one with the lesser return, down to zero, so investors can lose their entire investment. GS Finance Corp. may call the notes at 100% of face amount plus coupon on any monthly payment date from July 2027 through June 2028. The initial estimated value is about $977 per $1,000 face amount, below the 100% issue price, reflecting structuring costs and dealer compensation.
GS Finance Corp. is offering $5,750,000 aggregate face amount of Trigger Autocallable Contingent Yield Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the least performing of the EURO STOXX 50® Index and the Nasdaq‑100 Index®.
Investors may receive a contingent coupon of $0.25 per $10 per quarter (up to 10.00% per year) only if on each observation date both indices are at or above their coupon barriers, set at 70% of their initial levels (6,280.19 for EURO STOXX 50®, 29,586.29 for Nasdaq‑100®). From January 2027, the notes are automatically called if on any quarterly observation date each index is at or above its initial level; in that case, holders receive $10 per note plus the due coupon and no further payments.
If the notes are not called and on the July 14, 2031 determination date either index is below its 70% downside threshold, repayment is reduced one‑for‑one with the loss in the lesser performing index and investors can lose up to 100% of principal. The notes are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value is $9.79 per $10 at pricing, below the 100% issue price, reflecting underwriting discounts and issuer pricing.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $5,150,000 of Trigger Autocallable GEARS due 2029, linked to the common stock of General Motors Company. These unsecured notes may be automatically called on July 22, 2027 if GM’s closing price is at least the autocall barrier, which equals 100% of the initial underlying index stock price of $77.64. If called, holders receive $10 per note plus a fixed call return of 23.27%, and no further payments.
If not called, the July 19, 2029 maturity payout per $10 note depends on GM’s price on the determination date. Above the initial price, investors receive $10 plus the stock return multiplied by an upside gearing of 1.50. Between the initial price and the downside threshold (75% of the initial price), principal is repaid at $10. Below the downside threshold, repayment falls one-for-one with the stock return and investors can lose their entire investment.
The notes pay no coupons and do not provide dividends on GM stock. The estimated value at pricing is about $9.66 per $10 face amount, below the issue price, reflecting fees and hedging costs. Any payment depends on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc., and there may be little or no secondary market.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,226,000 aggregate face amount of principal-protected notes linked to the Russell 2000 Index and the S&P 500 Index. For each $1,000 note held to maturity, investors receive either $1,059 if the final level of both indexes is at or above its initial level, or $1,000 if either index finishes below its initial level.
The notes do not pay periodic interest and are not listed on any exchange. The original issue price is 100% of face, with a 1.271% underwriting discount and 98.729% net proceeds to the issuer. The trade date is July 15, 2026, with maturity on August 19, 2027.
For U.S. tax purposes, the notes are treated as contingent payment debt instruments. A comparable yield of 4.60% per annum and a projected payment at maturity of $1,051.20 per $1,000 are used solely to determine taxable income. Key risks include issuer and guarantor credit risk, an estimated value below the issue price, limited liquidity, capped upside at 105.9% of face, and complex tax treatment, including potential FATCA and 871(m) considerations for non-U.S. holders.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose return depends on an equally weighted basket of Arista Networks, Credo Technology Group, and Marvell Technology. The notes pay no interest and are unsecured obligations subject to issuer and guarantor credit risk.
The initial basket level is 100. At maturity on July 26, 2027, investors receive for each $1,000 face amount: the maximum settlement amount of $1,674 if the final basket level is at or above 100, or otherwise $1,000 plus $1,000 times the basket return, fully exposing principal to basket losses down to zero. The initial estimated value is about $908 per $1,000, below the issue price, reflecting fees and hedging costs. Aggregate face amount is $1,026,000, with a 2% underwriting discount and 98% net proceeds to the issuer.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,000,000 of Autocallable Contingent Coupon Index-Linked Notes due July 19, 2029, linked to the Russell 2000, S&P 500 and Nasdaq‑100 indices. The notes are issued at 100% of face amount, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. Investors may receive a conditional coupon of $31.25 per $1,000 (3.125% quarterly, up to 12.5% per year) only if, on every trading day in a quarter, each index stays at or above 70% of its initial level; otherwise the coupon for that quarter is $0.
The notes are automatically called at par plus any due coupon if, on specified observation dates from October 2026 to April 2029, all three indices are at or above their initial levels (2,976.259 for Russell 2000, 7,572.40 for S&P 500, 29,502.60 for Nasdaq‑100). If not called, principal repayment at maturity depends on the lesser performing index: if each index is at least 60% of its initial level, investors receive par; if any index falls below 60%, repayment is reduced one‑for‑one with that index’s loss, and up to 100% of principal can be lost, with no final coupon. The notes carry the credit risk of GS Finance Corp. and its guarantor. The initial estimated value is about $998 per $1,000, below the issue price.
GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing Market-Linked Notes tied to an equally weighted basket of 7 large-cap technology stocks. The aggregate face amount is $2,044,000, issued at 100% of face with a 1.5% underwriting discount and 98.5% net proceeds.
The notes mature on July 19, 2028, but may be automatically called on July 28, 2027 if the basket level is at or above the initial level of 100, paying $1,153 per $1,000 face. If not called, maturity payment depends on basket performance: for positive returns, investors receive $1,000 plus 125% of the basket gain; for declines between 0% and -15%, they receive $1,000; below a 15% buffer (basket under 85), principal is reduced using a buffer rate of 117.65% of losses beyond 15%, and the entire investment can be lost. The notes do not pay dividends on the underlying stocks and are subject to the credit risk of GS Finance Corp and the guarantor. The estimated value on the trade date is approximately $949 per $1,000 face, below the issue price.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, index-linked Medium-Term Notes, Series F, with an aggregate face amount of $1,039,000. The notes are tied to the Goldman Sachs Momentum Builder Focus ER Index, a rules-based multi-asset index that applies daily rebalancing, a 5% volatility control and a momentum risk control feature, and deducts 0.65% per annum plus the federal funds rate on an excess-return basis.
The notes may be automatically called annually if the index meets or exceeds rising call levels (from 101% to 107% of the initial level), paying for each $1,000 face amount $1,000 plus a call premium (from 15.85% up to 110.95%). If not called, at maturity in July 2034 investors receive, per $1,000, either $1,000 + 100% of any positive index return or $1,000 if the index has been flat or declined, subject to the credit risk of the issuer and guarantor. The notes do not pay coupons and the estimated value on the trade date is $892 per $1,000, below the 100% issue price, reflecting fees and structuring costs.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers equity-linked notes tied to the common stock of Advanced Micro Devices, Amazon.com, Alphabet Class C, Intel and NVIDIA. The notes have a face amount of $1,012,000 in aggregate on the original issue date, with additional sales possible later, and are issued at 100% of face with a 2.5% underwriting discount and 97.5% net proceeds.
The notes pay a contingent monthly coupon of $8.5 per $1,000 (0.85%, up to 10.2% per year) only if on each coupon observation date the closing price of every index stock is at or above 70% of its initial price; otherwise the coupon is zero. Initial prices are $529.14 (AMD), $254.96 (Amazon), $370.21 (Alphabet C), $102.99 (Intel) and $212.50 (NVIDIA). The notes may be automatically called on monthly call observation dates from January 2027 through June 2029 if each stock closes at or above its initial price, in which case investors receive $1,000 per $1,000 face plus the applicable coupon.
Absent an automatic call, at maturity on July 19, 2029 investors receive $1,000 per $1,000 face plus the final coupon, if any. The estimated value on the trade date (July 15, 2026) is about $966 per $1,000, reflecting structuring costs and dealer compensation. Payments are unsecured and subject to the credit risk of GS Finance Corp. and the guarantor, and the notes are not principal-protected beyond issuer and guarantor performance.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Leveraged Index Return Notes linked to the MSCI Emerging Markets Index. Each note has a $10 principal amount, no periodic interest, a term of about two years and is subject to full issuer and guarantor credit risk.
The notes may be automatically called after about one year if the index level on the Call Observation Date is at least its Starting Value, paying a Call Payment of $11.90–$12.10 per unit, including a 19.00%–21.00% Call Premium, after which no further payments occur. If not called, at maturity investors receive 150.00% leveraged upside on any index increase. If the Ending Value is between the Starting Value and the Threshold Value of 60.00%, principal is returned. If the Ending Value is below the Threshold Value, principal is reduced 1-for-1 with index losses, up to a 100.00% loss of principal.
The public offering price is $10.00 per unit, including a $0.15 per unit underwriting discount, and the initial estimated value is $9.25–$9.55 per $10. The notes are not listed, market-making is discretionary, and the minimum initial purchase is $100,000, making this a complex, illiquid, principal-at-risk structured note.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1,152,000 aggregate face amount of auto-callable buffered notes linked to the VanEck Gold Miners ETF. The notes have a trade date of July 15, 2026 and mature on July 20, 2028, unless automatically called on August 2, 2027.
The notes pay no interest. If the ETF’s closing level on the call observation date is at or above the initial level of $74.00, the notes are automatically redeemed for $1,251 per $1,000 face amount, capping return. If not called, at maturity investors receive a cash amount based on ETF performance with a 125% upside participation rate for gains and a 25% downside buffer; below 75% of the initial level, losses increase at a buffer rate of about 133.33%, and investors can lose their entire investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The original issue price is 100% of face, including a 1.5% underwriting discount, for net proceeds of 98.5%. The notes are not listed, may trade at values below issue price, and involve concentrated exposure to gold and silver mining stocks and uncertain tax treatment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 face amount, bears no interest and is expected to be issued on July 28, 2026, maturing on July 28, 2031 unless called early.
The notes are automatically called if on the call observation date, expected July 30, 2027, the index level is at least 90% of its initial level. In that case, investors receive $1,100 per $1,000 on the call payment date, expected August 4, 2027.
If not called, the maturity payment depends on index performance. For a non-negative index return, investors receive $1,000 plus 250% of the index gain. If the index declines by up to 45% (down to the 55% trigger buffer level), principal is returned. Below that buffer, repayment falls one-for-one with the index, 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. The estimated initial value is $885–$925 per $1,000, below the issue price, and secondary-market prices may be further affected by liquidity, volatility, rates and issuer credit spreads.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of NVIDIA and Costco, an ADS of Taiwan Semiconductor Manufacturing Company Limited, and the common stock of JPMorgan Chase. The notes pay a conditional monthly coupon of $8.042 per $1,000 face amount (0.8042% monthly, up to approximately 9.65% per annum) when on a coupon observation date the closing price of each index stock is at least 80% of its initial price.
The notes may be automatically called on monthly observation dates from July 2027 through June 2031 if each stock is at or above its initial price, in which case investors receive face amount plus the applicable coupon. If not called, the notes mature on the expected stated maturity date of July 31, 2031, paying $1,000 per $1,000 face amount plus any final coupon. The estimated value at pricing is expected to be $885–$925 per $1,000, below the 100% issue price, and investors bear the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., as well as the risk of receiving no coupons over the life of the notes.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing Market Linked Securities due July 19, 2029 linked to the lowest performing of Advanced Micro Devices, Inc. and Micron Technology, Inc. common stock. The notes have a $1,000 face amount and are offered at 100% of face, for an aggregate offering of $2,545,000.
The notes may be automatically called on July 20, 2027 if the lowest performing stock is at least 55% of its starting price, paying $1,450 per $1,000 (a 45% call premium). If not called, the maturity payment depends solely on the lowest performer: 200% leveraged upside above its starting price; a contingent absolute return for declines up to 40%; and 1‑to‑1 downside below 60% of its starting price, exposing investors to up to a 100% loss of principal.
The starting prices are $529.14 for AMD and $904.28 for Micron. The notes pay no interest or dividends, are not listed, and all payments are subject to the unsecured credit risk of GS Finance Corp. and its guarantor. The initial estimated value is approximately $953 per $1,000 face amount, below the issue price, reflecting structuring costs and dealer compensation.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $10-denominated Buffer Autocallable Securities linked to an unequally weighted basket of five equity indices: EURO STOXX 50® (40%), Nikkei 225 (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The initial basket level is 100, the autocall barrier is 100% of that level, the participation rate is 100%, and the downside threshold is 80% (a 20% buffer).
The notes may be automatically called on the August 5, 2027 call observation date if the basket is at or above the autocall barrier, paying $10 plus a call return expected to be between 13.15% and 16.15%. If not called, at July 31, 2031 maturity investors receive: upside participation in any basket increase; return of face amount if the final basket level is between 80% and 100%; or a loss matching basket declines beyond the 20% buffer, down to 20% of face if the basket goes to zero. The estimated value at pricing is expected between $8.50 and $8.90 per $10 face amount, versus a 100% issue price, and investors face full credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., no coupons, complex tax treatment and potentially limited secondary liquidity.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F with an aggregate face amount of $8,715,000. The notes pay a contingent monthly coupon of $9.375 per $1,000 face amount (0.9375% monthly, up to 11.25% per annum) only if on each observation date the Nasdaq-100 Technology Sector Index, S&P 500 Index and iShares Russell 2000 ETF are all at or above 80% of their initial levels.
At maturity, if not previously redeemed, investors receive $1,000 per note if the worst-performing underlier is at or above its 80% buffer level. If the worst underlier falls below this buffer, principal is reduced using a 20% buffer and a 125% buffer rate, and investors can lose their entire investment. GS Finance Corp. may redeem the notes at par plus any due coupon on any coupon payment date from August 2026 through June 2027.
Key risks include the credit risk of GS Finance Corp. and the guarantor, potential loss of all principal, the possibility of receiving no coupons, limited or no secondary market, underlier-specific concentration and tracking risks, and uncertain U.S. tax treatment. The estimated value at pricing is lower than the 100% issue price.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering EURO STOXX 50®-linked, Medium-Term Notes, Series F with an aggregate face amount of $2,575,000. The notes do not bear interest and are unsecured senior obligations subject to the credit risk of both the issuer and guarantor.
The notes may be automatically called on August 2, 2027 if the EURO STOXX 50® closing level on July 28, 2027 is at or above the initial level of 6,265.58; in that case investors receive $1,140 per $1,000 face amount, capping the return. If not called, the maturity payment on July 19, 2028 depends on index performance: 150% upside participation above the initial level, full principal return between the 85% buffer level and the initial level, and a below the buffer that can result in a total loss of principal.
The original issue price is 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer. The estimated value at pricing is lower than the issue price, secondary market liquidity is not assured, the notes are not insured or listed, and U.S. tax treatment is uncertain, with counsel viewing them as a pre-paid derivative contract on the index.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $542,000 aggregate face amount of index-linked notes tied to the Russell 2000 Index and the S&P 500 Index. The notes pay no interest and return depends on the lesser performing index from trade date to determination date.
At maturity, investors receive for each $1,000 face amount either the maximum settlement amount of $1,130 if each index finishes at or above its initial level, or $1,000 if any index finishes below its initial level, so downside at maturity is limited to return of principal but upside is capped at 13%. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may trade below face value before maturity, and may lack an active market. For U.S. tax purposes they are treated as contingent payment debt instruments with a comparable yield of 4.7146% per annum, requiring accrual of ordinary income over the life of the notes even though cash is only paid at maturity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Class A common stock of Workday, Inc. The notes have a July 20, 2026 original issue date and mature on July 19, 2029, unless automatically called earlier.
For each $1,000 face amount, investors may receive a monthly contingent coupon of $15.834 (1.5834% per month, up to about 19% per year) only when Workday’s closing price on a coupon observation date is at least 60% of the initial stock price of $141.82. The notes are automatically redeemed at par plus the due coupon if, on any call observation date from October 2026 through June 2029, the stock closes at or above the initial price.
If not called, principal repayment depends on the final stock price. At maturity, investors receive $1,000 per note if the final price is at least 50% of the initial price; below that level, repayment is reduced one-for-one with the stock’s decline, potentially to zero, and no coupon is paid. The estimated value on the trade date is about $983 per $1,000 face amount, below the 100% issue price, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing Medium-Term Notes, Series F, with an aggregate face amount of $1,532,000 linked to the common stock of Broadcom Inc., Palantir Technologies Inc. Class A, and Tesla, Inc.
Each note has a $1,000 face amount, pays a contingent monthly coupon of $14.167 (1.4167% per month, up to approximately 17.00% per year) only if the closing level of each underlier on the relevant observation date is at or above its coupon trigger level, set at 80% of its initial level. The notes are subject to an automatic call feature: if on any call observation date each underlier is at or above its initial level (Broadcom $394.28, Palantir $133.76, Tesla $394.46), the issuer will redeem the notes early at $1,000 per note plus the due coupon.
If the notes are not called, payment at maturity on July 20, 2033 is $1,000 per note plus any final coupon, with no upside participation beyond par. The estimated value on the trade date is $937 per $1,000 face amount, below the original issue price, reflecting a 4.125% underwriting discount, structuring costs, and an additional amount of $21.75 that amortizes to zero by October 14, 2026. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. For U.S. tax purposes, they are expected to be treated as contingent payment debt instruments with a comparable yield of 5.2131% per annum and a projected payment at maturity of $1,002.80 on a $1,000 investment.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable contingent coupon buffered notes linked to the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index with an aggregate face amount of $4,241,000.
Holders receive a monthly contingent coupon of $10.209 per $1,000 (1.0209% monthly, up to approximately 12.25% per annum) only if on each observation date every underlier is at or above its coupon trigger level, set at 80% of its initial level. The same 80% level functions as a buffer level; if at maturity any underlier finishes below this buffer and the notes have not been called, repayment of principal is reduced in line with the lesser performing underlier, so investors can lose a substantial portion of principal.
The notes may be automatically called on specified dates starting in 2027 if each underlier is at or above its initial level, returning $1,000 per note plus any due coupon. The underwriting discount is 0.7% of face (issuer proceeds 99.3%), the notes are not exchange-listed, their estimated value at pricing is less than the issue price, and they are subject to the credit risk of both the issuer and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked notes under its Medium-Term Notes, Series F program with an aggregate face amount of $361,000. The notes mature on June 30, 2028, after a determination date of June 27, 2028.
The payoff is based on the lesser performing of the Russell 2000 Index and the S&P 500 Index. At maturity, investors receive the maximum settlement amount of $1,154.50 per $1,000 face amount if the final level of each index is at or above its initial level; otherwise, they receive $1,000, regardless of how far either index falls. The notes do not pay periodic interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor.
For tax purposes, the notes are treated as contingent payment debt instruments. A comparable yield of 4.7146% per annum and a projected maturity payment of $1,096.41 per $1,000 are used to determine taxable ordinary income over the term, even though cash is only received at maturity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the First Trust Nasdaq Cybersecurity ETF (CIBR). The notes pay no interest and return depends on the ETF level on specified dates.
The notes may be automatically called on August 6, 2027 if the ETF is at or above its initial level, paying at least $1,164 per $1,000 face amount on the call payment date. If not called, at maturity in August 2028 investors participate in ETF gains at a 125% upside rate, receive full principal back for ETF declines up to 10%, and are exposed to losses beyond that buffer, potentially losing a substantial portion of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, and the initial estimated value is between $925 and $955 per $1,000, below the issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering senior unsecured Autocallable Contingent Coupon (with Memory) Barrier Notes linked to an equally weighted basket of Micron Technology, NVIDIA and Palantir Class A shares. Each unit has a $10 principal amount and a minimum initial purchase of $100,000.
The notes pay a quarterly contingent coupon with memory of between $0.325 and $0.375 per unit (13.00%–15.00% per annum) only when the basket’s Observation Value on a coupon date is at least 60% of the Starting Value. Missed coupons can be caught up later if this condition is met, via the memory formula.
The notes are automatically called if, on any quarterly Call Observation Date starting about six months after pricing, the basket is at or above 100% of the Starting Value; investors then receive $10 principal plus the applicable contingent coupon and no further payments. If not called, at maturity in July 2029 investors receive $10 per unit if the Ending Value is at least 60% of the Starting Value, or otherwise suffer 1‑to‑1 downside exposure, with up to 100% of principal at risk. The issuer’s initial estimated value is $9.25–$9.55 per $10, reflecting fees and structuring costs, and there is no exchange listing or assured secondary market. All payments depend on the credit of GS Finance Corp. and its guarantor.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering medium-term structured notes linked to the Russell 2000, S&P 500 and EURO STOXX 50 indices with an aggregate face amount of $10,430,000.
The notes pay a contingent monthly coupon of $9 per $1,000 (0.9% monthly, up to 10.8% per annum) only if on each observation date every index is at or above its coupon trigger level, set at 70% of its initial level. The same 70% level functions as a buffer level; if, at maturity and absent earlier automatic call, any index finishes below this buffer, principal is reduced based on the lesser performing index and can fall to zero, meaning investors may lose their entire investment.
The notes are subject to an automatic call on scheduled call dates if each index is at or above its initial level, in which case investors receive $1,000 per note plus the coupon then due. Key dates include a trade date of July 15, 2026, original issue date of July 20, 2026, determination date of November 15, 2029 and stated maturity date of November 20, 2029. Payments depend on GS Finance Corp.’s and Goldman Sachs’ credit, market conditions, and index performance, and the notes will not be listed on an exchange.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., offers $14,615,000 aggregate face amount of S&P 500® Index-linked Medium-Term Notes, Series F. Each note has a $1,000 face amount, no interest, and matures on July 17, 2028, subject to adjustment.
The cash payment at maturity depends on the S&P 500® performance from the July 15, 2026 trade date to the July 12, 2028 determination date. Investors receive the face amount plus 200% of any positive index return, capped at a maximum settlement amount of $1,219 per $1,000. A 15% buffer applies: if the index falls by up to 15%, principal is returned; beyond that, losses match the index decline below the 85% buffer level, potentially reducing repayment to as low as 15% of face. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may trade below face, are not listed, and have uncertain tax treatment characterized as a pre-paid derivative contract in the issuer’s view.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,025,000 of Leveraged Callable Dow Jones Industrial Average®-Linked Notes due July 18, 2031. The notes are issued at 100% of face amount, with a 2.5% underwriting discount and 97.5% net proceeds to the issuer.
The notes pay no interest and return at least the $1,000 face amount at maturity. If the Dow Jones Industrial Average® rises, holders receive 105% of the index gain. GS Finance Corp. may redeem the notes quarterly from July 2027 to April 2031 at 100% of face plus a call premium that steps up from 10% to 47.5%. The estimated value on the trade date is about $965 per $1,000, and for U.S. tax purposes the notes are treated as contingent payment debt instruments with a comparable yield of 5.0608%.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to an equally weighted basket of Alphabet, Amazon, Apple, Meta and Netflix common stocks. The notes are issued at 100% of face amount with an aggregate face amount of $360,000 and denominations of $1,000.
The notes pay no interest. They can be automatically called if the basket level on a call observation date (starting July 15, 2027) is at or above the initial basket level of 100, paying per $1,000 face: $1,000 plus a call premium of 14.85% in 2027 or 29.7% in 2028. If not called, at maturity on July 19, 2029 investors receive per $1,000: $1,445.5 (a 44.55% maturity premium) if the basket is at or above its initial level; $1,000 if the basket is down but not below the 80% trigger buffer level; or $1,000 plus $1,000 times the basket return if the basket has fallen more than 20%, exposing investors to losses up to full principal.
The estimated value on the trade date is approximately $945 per $1,000 face amount, below the issue price, reflecting fees and dealer economics. Underwriting discount is 1.2% of face, with net proceeds of 98.8% to the issuer. Repayment is 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 July 29, 2032 linked to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the VanEck Semiconductor ETF.
The notes pay a contingent monthly coupon of $22.5 per $1,000 face amount (2.25% per month, up to 27.00% per year) only if on each observation date all three underliers are at or above 75% of their initial levels. The notes are automatically called if, on any call observation date starting January 25, 2027, each underlier is at or above its initial level, in which case investors receive $1,000 per note plus the coupon then due.
If the notes are not called, principal repayment at maturity depends on the lesser performing underlier. If its final level is at least 60% of its initial level, investors receive full principal. If it is below 60%, repayment is reduced one-for-one with that underlier’s decline, and investors can lose their entire investment. Additional risks include the credit risk of the issuer and guarantor, potential absence of any coupons, secondary market and valuation uncertainties, concentration in technology and semiconductor sectors, foreign market and currency exposure, and uncertain U.S. tax treatment including possible application of constructive ownership rules.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the S&P 500® Index with an aggregate face amount of $1,084,000. The notes are issued at 100% of face amount, with an underwriting discount of 1.168%, resulting in net proceeds of 98.832% of face amount to the issuer.
The notes feature an automatic call on October 1, 2027 if, on the September 28, 2027 call observation date, the index closing level is at or above the initial level of 7,572.40. In that case, holders receive $1,120 per $1,000 face amount, capping return. If not called, payment at the July 2, 2029 maturity depends on the index: if the final level exceeds the initial, investors receive $1,000 plus 173% of the index gain; if the final level is between 80% and 100% of the initial, they receive $1,000; if it is below the 80% trigger buffer level, principal is reduced one-for-one with the index decline and can fall to zero, meaning investors may lose their entire investment.
The notes pay no interest, are subject to the credit risk of GS Finance Corp. and the guarantor, and may trade below issue price. The issuer states that the original issue price exceeds the model-based estimated value, that secondary market liquidity is not assured, and that U.S. tax treatment is uncertain, with the notes intended to be treated as pre-paid derivative contracts.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, market-linked notes due August 2, 2029, linked to an equally weighted basket of Advanced Micro Devices and Oracle common stock. These notes pay a monthly contingent coupon of at least $15.209 per $1,000 face amount (about 18.25% per annum) only when the basket closing level on a calculation day is at or above 80% of the starting level, with a memory feature that can repay previously missed coupons.
From January 2027 to June 2029, the notes are automatically called if the basket is at or above the starting level, returning face amount plus the applicable coupon(s). If not called, principal is protected only down to a 20% buffer: if the final basket level is below 80% of the starting level, investors lose principal 1‑for‑1 beyond the buffer, up to an 80% loss. Investors do not participate in any upside of the basket and receive no dividends, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The initial estimated value is $890–$920 per $1,000, below the $1,000 offering price.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked Medium-Term Notes, Series F with an aggregate face amount of $1,025,000. The notes pay no interest and may be automatically called after one year if the S&P 500 closing level on the call observation date is at or above the initial level.
If automatically called, holders receive $1,086 per $1,000 face amount (108.6%), capping return. If not called, payment at maturity depends on index performance: investors participate 100% in upside above the initial level, receive full principal back if the final level is between 70% and 100% of the initial level, and lose principal on a 1:1 basis below a 30% buffer. For example, at 18% of the initial level, the payout would be 48% of face amount, a 52% loss for purchase at par.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not FDIC insured, will not be listed on any exchange, and may have limited or no secondary market. The original issue price exceeds the model-based estimated value, and market value can be affected by many factors, including underlier level, volatility, interest rates, and the issuer’s credit. Tax treatment is uncertain; counsel views the notes as a pre-paid derivative contract, but the IRS could assert a different treatment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering EURO STOXX 50®-linked structured notes with an aggregate face amount of $1,546,000. The notes have a trade date of July 15, 2026 and a stated maturity date of July 18, 2031, and bear no interest.
The notes may be automatically called on July 27, 2027 if the index on the call observation date is at or above the initial level of 6,265.58, in which case holders receive $1,197 per $1,000 face amount. If not called, maturity payment depends on index performance with a 125% upside participation rate, full principal protection only down to a 75% trigger buffer level, and 1:1 downside exposure below that level, so investors can lose their entire investment. Payments are subject to the credit risk of GS Finance Corp. and its parent, and the estimated value at issuance is less than the original issue price.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked medium-term notes with an aggregate face amount of $1,672,000. The notes are auto-callable on July 27, 2027 if the S&P 500 closing level on July 22, 2027 is at or above the initial level of 7,572.40, in which case holders receive a capped payment of $1,095 per $1,000 face amount.
If not called, the July 18, 2031 maturity payment depends on index performance. Above the initial level, investors receive 125% of the upside; between 75% and 100% of the initial level, they receive principal only; below 75%, losses match the index decline, down to a complete loss of principal. The notes pay no interest, have an original issue price of 100% of face, an underwriting discount of 2.5%, and expose investors to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., as well as structural, market, and tax uncertainties.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,015,000 of unsecured, basket-linked notes maturing on August 2, 2027. The notes pay no interest and the maturity payment depends on an equally weighted basket of four bank stocks: Bank of America, Capital One Financial, Morgan Stanley and Wells Fargo.
The initial basket level is 100, with a threshold level at 90%. If the final basket level is at or above 90% of the initial level, investors receive a capped maximum of $1,136 per $1,000 face amount. If the basket falls more than 10%, principal is reduced at a buffer rate of 111.11%, and investors can lose their entire investment. The notes’ initial estimated value is about $967 per $1,000, reflecting structuring and distribution costs, and repayment is subject to the credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $61,561,910 of Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation common stock. Each $10 note pays a $0.2875 quarterly contingent coupon (up to 11.50% per annum) only when NVIDIA’s closing price on the observation date is at or above the coupon barrier.
The initial NVIDIA price is $212.50, and both the coupon barrier and downside threshold are set at 50.50% of that level. Starting in January 2027, the notes are automatically called if NVIDIA closes at or above the initial price on any quarterly observation date, returning face amount plus that period’s coupon.
If not called, and NVIDIA’s final price on July 16, 2029 is at or above the downside threshold, investors receive face amount plus the final coupon. If the final price is below the threshold, repayment is reduced one-for-one with the negative stock return and the final coupon is forfeited, so investors can lose all principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value on the trade date is $9.68 per $10 face amount, below the 100% issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term Autocallable Contingent Coupon Notes due 2031 linked to three underliers: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the VanEck Semiconductor ETF.
Investors receive a monthly contingent coupon of $17.084 per $1,000 face amount (1.7084% monthly, approximately 20.50% per annum) only if, on each coupon observation date, the closing level of every underlier is at or above 60% of its initial level. The notes are subject to an automatic call if on any call observation date each underlier is at or above its initial level, in which case investors receive $1,000 per note plus the coupon then due and the notes terminate early.
If the notes are not called, the cash settlement at maturity in 2031 depends solely on the lesser performing underlier. If that underlier’s final level is at or above 60% of its initial level, investors receive $1,000 per note (plus any final coupon). If it is below 60%, repayment of principal is reduced one-for-one with its negative return, and up to 100% of principal can be lost. Payments are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The notes may trade below issue price, may have limited liquidity, and involve complex tax consequences.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index‑linked notes tied to the common stock of Lennox International Inc. The notes have an aggregate face amount of $575,000, priced at 100% of face, with a 2.5% underwriting discount and 97.5% net proceeds to the issuer on the original issue date of July 20, 2026.
The notes pay quarterly contingent coupons of up to 2.6875% per quarter (up to 10.75% per annum) only if the stock closes at or above 65% of the initial index stock price of $548.67 on the relevant observation date. They may be automatically called starting January 2027 if the stock is at or above the initial price, returning face value plus the due coupon. If held to maturity on July 19, 2029 and not called, principal is protected only down to a 35% downside buffer: if the final stock price is at or above 65% of the initial price, investors receive $1,000 per note plus any final coupon; below that level, repayment is reduced 1:1 with the stock decline, potentially to zero and with no coupon.
The estimated value at pricing is approximately $965 per $1,000 face amount, below the issue price, reflecting fees, hedging and structuring costs. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes will not be listed, so secondary market liquidity and resale prices may be limited.
The Goldman Sachs Group, Inc. is offering senior unsecured fixed rate notes due July 21, 2028 as part of its Medium-Term Notes, Series N program. The notes bear interest at 4.60% per annum, paid semi-annually on January 21 and July 21, beginning January 21, 2027.
The notes are issued in $1,000 denominations in U.S. dollars, will not be listed on any securities exchange, and settle through DTC in book-entry form. The offering is conducted through Goldman Sachs & Co. LLC as underwriter and may be followed by market-making transactions. Certain ERISA, tax (including FATCA), and regional selling restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland apply.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Digital Equity-Linked Notes due 2028 linked to Micron Technology, Inc. common stock. Each note has a $1,000 face amount and does not bear interest.
At maturity, if Micron’s final stock level is at or above 60% of the initial level of $853.20, investors receive a capped maximum settlement of $1,675 per $1,000 face amount. If the final level is below 60% of the initial level, the payoff equals $1,000 plus $1,000 times the underlier return, so losses mirror Micron’s decline and can reach a 100% loss of principal. Upside beyond the cap does not increase returns.
The notes expose holders to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below face value before maturity, may lack a liquid secondary market, and involve uncertain U.S. federal income tax treatment, which counsel characterizes as a pre-paid derivative contract on Micron stock.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Leveraged Callable S&P 500® Futures Excess Return Index-Linked Notes due on an expected stated maturity date of August 5, 2031. The notes pay no interest and are unsecured obligations subject to the credit risk of both entities.
Each note has a $1,000 face amount. If not redeemed early, the cash payment at maturity depends on the S&P 500® Futures Excess Return Index performance from the expected trade date of July 31, 2026 to the determination date, with a 235.5% upside participation rate when the final level is at or above the initial level. If the final level is below the initial but at or above 60% of the initial level, investors receive the absolute index return. If it falls below 60%, losses are one-for-one with the index return and investors can lose their entire principal.
The issuer may call the notes monthly at 100% of face plus a call premium, which starts at 20.0004% in August 2027 and rises to 98.3353% by July 2031, capping potential upside if redeemed. The estimated initial value is between $885 and $935 per $1,000, below the issue price due to fees, hedging and structuring costs. Investors do not own the futures or index constituents, are exposed to futures-specific risks such as negative roll yield, and face complex and uncertain U.S. tax treatment, including potential future rule changes and FATCA-related withholding.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 4% Decrement Index (USD) ER. The notes are expected to trade from July 17, 2026, be issued on July 22, 2026, and mature on July 22, 2032, unless automatically called earlier.
Holders may receive a monthly coupon of $15.542 per $1,000 (1.5542% monthly, up to ~18.65% per year) for any month in which the index closing level on the coupon observation date is at least 70% of the initial index level. The notes are automatically called, at par plus the coupon, if on any quarterly call observation date the index is at or above its initial level.
If not called, principal repayment depends on the final index level. A 50% trigger buffer applies: if the final level is at least 50% of the initial level, investors receive 100% of face (plus any final coupon). If it is below 50%, repayment is reduced one-for-one with the index decline, potentially causing a total loss of principal. No upside above par is paid if the index rises.
The index targets 40% volatility with up to 500% leverage and applies a 4.0% per annum daily decrement, which drags performance and can worsen losses. The issuer’s estimated value at pricing is expected between $885 and $925 per $1,000, below the 100% issue price, and investors are exposed to the unsecured credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Leveraged Buffered S&P 500 Futures Excess Return Index-Linked Notes due 2029 under its Medium-Term Notes, Series F program. The notes are linked to the S&P 500 Futures Excess Return Index, which tracks the nearest-maturity E-mini S&P 500 futures contract rather than the S&P 500 Index itself.
At maturity, for each $1,000 note, investors receive: (i) if the final underlier level is above the initial level, $1,000 plus 152% of the underlier gain; (ii) if the final level is between the initial level and the 80% buffer level, the face amount; (iii) if it falls below the buffer level, principal is reduced 1-for-1 with the index loss beyond the 20% buffer, so a substantial loss of principal is possible. The notes pay no interest and are cash-settled only.
Key risks include credit risk of GS Finance Corp. and the guarantor, potential large losses if the index declines below the buffer, secondary-market and pricing-model uncertainties, the structural drag from futures financing costs and negative roll yields, market disruption provisions, lack of rights in any futures or stocks, and uncertain U.S. tax treatment, including possible FATCA and section 871(m) considerations.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering digital equity-linked notes due 2028 linked to the common stock of Vistra Corp.. Each note has a $1,000 face amount and pays no interest.
Payment at maturity depends on the stock’s arithmetic-average closing level on five averaging dates in January 2028 versus the $152.56 initial underlier level set on July 16, 2026. If the final underlier level is at or above the trigger buffer level of 70% of the initial level, investors receive a fixed maximum settlement amount of $1,382 per $1,000 note. If the final level is below the trigger buffer level, the payoff equals $1,000 plus $1,000 times the underlier return, so losses match the stock’s percentage decline from the initial level and can reach 100% of principal.
The original issue price is 100% of face amount, with an underwriting discount of 1.25% and net proceeds to the issuer of 98.75% of face amount. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $795,000 aggregate face amount of VanEck Gold Miners ETF-linked Medium-Term Notes, Series F. The notes have an initial underlier level of $74.00 for the VanEck Gold Miners ETF (GDX).
Investors may receive a contingent monthly coupon of $10.625 per $1,000 (1.0625% monthly, up to 12.75% per annum) only when GDX’s closing level on the observation date is at least 80% of the initial level. The notes are automatically called at par plus the coupon if, on any call observation date from July 15, 2027, GDX is at or above the initial level.
If not called, at maturity on July 18, 2031 investors receive par if the final level is at least the 75% buffer level. Below the buffer, principal is reduced using a 25% buffer and 100% buffer rate, with examples showing potential losses up to 75% of face value. The notes’ estimated value at pricing is less than the 100% issue price and they are subject to the credit risk of GS Finance Corp. and Goldman Sachs, as well as structural, market, concentration, foreign market, currency and tax risks.
The Goldman Sachs Group, Inc. is issuing $4,000,000 principal amount of Callable Fixed Rate Notes due July 17, 2030 under its Medium-Term Notes, Series N program. The notes pay fixed interest at 4.825% per annum from July 17, 2026, with annual interest payments each July 17, starting July 17, 2027.
The issuer may, at its option, redeem the notes in whole (but not in part) on any January 17, April 17, July 17 or October 17 on or after July 17, 2028 at 100% of principal plus accrued interest, upon at least five business days’ notice. There is no sinking fund and holders cannot require early repayment.
The initial price to the public is 100.00% of principal. Underwriters receive a 0.712% discount (total $28,480), resulting in gross proceeds before expenses of $3,971,520 to Goldman Sachs, which expects offering expenses of about $15,000. The notes are issued only in book-entry form through DTC, are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any governmental agency.