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.
The Goldman Sachs Group, Inc. is offering $9,000,000 of Callable Fixed Rate Notes due July 17, 2031 under its Medium-Term Notes, Series N program. The notes pay 5.00% annual interest from July 17, 2026, with interest paid each July 17, starting July 17, 2027.
Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at 100% of principal plus accrued interest on any January 17, April 17, July 17 or October 17 on or after July 17, 2028, upon at least five business days’ notice. The notes are issued in book-entry form through DTC and are not bank deposits or FDIC insured.
The initial price to the public is 100% of principal. Underwriters receive a 0.933% discount, and Goldman Sachs expects gross proceeds of $8,916,030 before approximately $15,000 of offering expenses. The notes are subject to FATCA withholding rules and are offered only to eligible investors in specified jurisdictions, with distribution and marketing restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $25,242,540 of Buffer Autocallable GEARS linked to the S&P 500® Index, maturing in 2029, in $10 denominations. The notes are issued at 100% of face amount, with a 2.50% underwriting discount and 97.50% net proceeds to the issuer.
The structure offers upside gearing of 1.373 on positive index returns if held to maturity and not called, a 10.00% buffer and a downside threshold at 90.00% of the initial index level of 7,572.40. An autocall barrier at 100.00% of the initial level and a 9.00% call return can trigger automatic redemption in 2027. Investors receive no coupons and may lose up to 90.00% of principal; all payments depend on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value is $9.71 per $10 face amount at pricing.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $392,000 aggregate face amount of auto-callable notes linked to the S&P 500 Futures Excess Return Index. The notes are issued at 100% of face amount, with a 0.6% underwriting discount and 99.4% net proceeds to the issuer.
The notes pay no interest and may be automatically called on July 27, 2027 if the underlier on the July 22, 2027 call observation date is at or above the initial level of 606.02. In that case, holders receive 116% of face value, or $1,160 per $1,000 note. If not called, at maturity on July 18, 2031 the cash payment per $1,000 equals: (i) $1,000 plus 235% of any positive underlier return; (ii) $1,000 if the final level is between the initial level and the 65% trigger buffer level; or (iii) $1,000 plus $1,000 times the underlier return if the final level is below the trigger, exposing investors to principal losses.
Investors bear the credit risk of GS Finance Corp. and the guarantor and may lose their entire investment. The estimated value on the trade date is less than the issue price, secondary market liquidity is uncertain, and the futures-based underlier can be adversely affected by financing costs, negative roll yield, market disruptions and complex U.S. tax treatment.
The Goldman Sachs Group, Inc. is offering $16,000,000 of Callable Fixed Rate Notes due July 17, 2031 under its Medium-Term Notes, Series N program. The notes pay fixed interest at 5.10% per annum from the original issue date of July 17, 2026, with annual interest payments each July 17, starting on July 17, 2027.
The notes are callable at Goldman Sachs’ option, in whole but not in part, on each January 17, April 17, July 17 and October 17 on or after July 17, 2027 at 100% of principal plus accrued interest, with at least five business days’ notice. The initial price to the public is 100% of principal; the underwriting discount is 0.851%, resulting in proceeds to Goldman Sachs of 99.149%, or $15,863,840, before approximately $15,000 of offering expenses.
Goldman Sachs & Co. LLC and InspereX LLC are underwriting the deal, each purchasing $8,000,000 principal amount. The notes are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any governmental agency. FATCA withholding rules generally apply, and there are distribution and retail-investor restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, equity-linked notes tied to the common stock of Casey’s General Stores, Marathon Petroleum, and Howmet Aerospace. The notes pay no interest and are scheduled to mature on July 29, 2031, unless automatically called.
The notes are automatically redeemed on the call payment date for $1,105 per $1,000 face amount if, on the October 26, 2026 call observation date, each stock closes at or above 80% of its initial price. If not called, the cash settlement at maturity depends solely on the lesser performing stock. If each final price is at least 80% of its initial price, investors receive principal plus upside equal to 1.25 × (lesser-performing return + 20%). If any stock finishes below 80% but all are at or above the 70% buffer price, investors receive only principal. If any stock finishes below 70%, principal is reduced by about 1.4286% for every 1% the lesser performer falls below 70%, up to a total loss, and investors could lose their entire investment.
The estimated value on the trade date is expected to be $885–$935 per $1,000 face amount, reflecting underwriting discounts, structuring fees and hedging costs, and the notes are subject to the 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 bearish autocallable absolute return notes linked to the S&P 500® Index, maturing on a stated maturity date expected to be October 28, 2027, with trade and original issue dates expected to be July 24, 2026 and July 29, 2026.
The notes pay no interest. If a “redemption event” occurs on any call observation date (each trading day from but excluding the original issue date to but excluding the determination date) when the index closes at less than 80% of its initial level, the notes are automatically redeemed at par and the return is 0%.
If not called, at maturity investors receive for each $1,000 face amount: $1,057.50 if the index return is greater than or equal to 0% (a capped contingent return of 5.75%); $1,000 plus the absolute value of the negative index return (up to 20%) if the index return is between 0% and -20%; or $1,000 if the index return is below -20%. Upside is capped at 5.75% when the index is flat or up and at 20% when the index is down but not below 80% of its initial level.
The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. The estimated value at pricing is expected to be between $925 and $955 per $1,000 face amount, reflecting underwriting and structuring costs and the issuer’s pricing models. The instruments are intended for investors who expect the S&P 500® level at maturity to be between 80% and 105.75% of its initial level and who accept the structural caps, automatic call risk, tax treatment as contingent payment debt instruments, and limited liquidity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Contingent Income Buffered Auto-Callable Securities linked to the Class A common stock of Vertiv Holdings Co, expected to mature on July 22, 2030. These unsecured notes put principal at risk.
Investors may receive a contingent quarterly coupon of at least $42.25 per $1,000 principal on observation dates when Vertiv’s share price is at or above the buffer price, with a memory feature for missed coupons. The securities can be automatically called if Vertiv’s stock is at or above the initial share price on specified call observation dates, returning principal plus the coupon then due, with no further payments.
At maturity, if not called, holders receive full principal plus the final coupon if the final share price is at or above the 50.00% buffer price. If it is below the buffer, the payoff is reduced by 2.00% of principal for every 1.00% decline beyond the 50% buffer via a downside factor of 2.00, and the coupon is not paid, so the investment can be fully lost. The estimated value is $905–$965 per $1,000, below the 100% issue price.
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 Amazon.com, Inc. The notes pay a monthly contingent coupon of $9.25 per $1,000 (0.925%, up to 11.10% per annum) whenever Amazon’s closing level on the observation date is at least 68% of the initial level.
The notes may be automatically called beginning February 2027 if Amazon’s level is at or above the initial level on any call observation date, in which case investors receive $1,000 plus the due coupon. If not called, at maturity on September 3, 2027, investors receive $1,000 per note if the final level is at least 68% of the initial level; otherwise they are exposed 1-for-1 to Amazon’s decline and can lose their entire principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, have an estimated value below the issue price, are not listed on any exchange, and feature complex and uncertain U.S. tax treatment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $782,000 aggregate face amount of auto-callable contingent coupon buffer notes linked to Dow Inc. common stock, maturing July 18, 2030. The notes pay fixed coupons of $25 per $1,000 (2.5% quarterly, up to 10% per annum) until maturity or automatic call.
The notes are automatically called, and redeemed at par plus coupon, if on any quarterly call observation date the Dow share price is at or above the initial price of $29.70. If not called, at maturity investors receive par if the final price is at least 50% of the initial price; below that “trigger buffer price” principal is reduced one-for-one with the stock decline, potentially to zero. Payments depend entirely on the credit of GS Finance Corp. and the guarantor. The estimated value is about $964 per $1,000 versus a 100% issue price, with a 3.1% underwriting discount and 96.9% net proceeds to the issuer.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Equity-Linked Notes due 2029 linked to the common stock of Microsoft Corporation. The notes are issued at 100% of face amount, do not bear interest, and are unsecured obligations subject to the credit risk of both the issuer and guarantor.
The notes may be automatically called on August 5, 2027 if Microsoft’s closing level on the August 2, 2027 call observation date is at or above the initial level; in that case investors receive 120.0004% of face value ($1,200.004 per $1,000) and no further payments. If not called, at maturity on August 3, 2029 investors receive: upside exposure at a 100% participation rate if the final level is above the initial level; full principal repayment if the final level is between the initial level and the 57.75% trigger buffer level; and a 1:1 loss of principal with the underlier return if the final level is below the trigger, which can result in losing the entire investment. The estimated value determined by GS&Co.’s models is less than the issue price, secondary market liquidity is uncertain, tax treatment is complex, and the notes confer no shareholder rights in Microsoft.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $54,604,700 of Trigger Autocallable GEARS linked to an equally weighted basket of 29 large-cap technology and data‑infrastructure stocks. The notes are unsecured obligations, issued at 100% of face amount in $10 denominations, maturing on July 18, 2029 unless automatically called.
The initial basket level is 100.00, with an autocall barrier at 100% of that level on July 22, 2027. If the basket is at or above the barrier, investors receive $10 plus a 23.00% call return ($12.30 per $10) and the notes terminate. If not called, and on the determination date the basket is above the initial level, investors receive $10 plus 1.50× the positive basket return. If the basket ends between 75% and 100% of the initial level, principal is repaid at $10.
If the final basket level is below the 75% downside threshold, repayment is reduced one‑for‑one with the basket return, and investors can lose up to their entire investment. There are no coupons or dividends, secondary market liquidity may be limited, and all payments depend on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is about $9.14 per $10 face amount.
GS Finance Corp. is offering $41,389,400 in Trigger Autocallable GEARS, senior unsecured notes linked to the EURO STOXX 50® Index and guaranteed by The Goldman Sachs Group, Inc. The notes are issued at 100% of face amount, with a 2.50% underwriting discount and 97.50% net proceeds to the issuer.
The notes may be automatically called on July 22, 2027 if the index is at or above the autocall barrier of 100% of the 6,265.58 initial level, paying $10 plus an 18.00% call return per $10. If not called, at maturity on July 17, 2031 investors receive $10 plus leveraged upside at 1.61x index gains, full principal if the index is between 75% and 100% of the initial level, and a one-for-one loss below the 75.00% downside threshold, potentially losing the entire investment.
The securities pay no coupons, have a minimum purchase of $1,000, and all payments depend on the creditworthiness of GS Finance Corp. and the guarantor. The estimated value is about $9.59 per $10 face amount on the trade date, below the issue price, reflecting structuring and distribution costs.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity-Linked Notes due 2029 linked to the common stock of Target Corporation. Each note has a $1,000 face amount and pays a contingent quarterly coupon of $26.25 per observation period, accruing cumulatively, only when the underlier’s closing level on the relevant coupon observation date is at or above the coupon trigger level.
The coupon trigger level and the trigger buffer level are each set at 50% of the initial underlier level. The notes are automatically called if, on any call observation date from January 2027 through April 2029, the underlier’s closing level is at or above the initial underlier level, in which case investors receive $1,000 per note plus the coupon then due. If the notes are not called, at maturity in July 2029 investors receive $1,000 per note if the final underlier level is at or above the trigger buffer level; otherwise the payoff equals $1,000 plus $1,000 times the underlier return, exposing investors to losses down to 0% of principal.
The documentation highlights that investors may lose their entire investment, may receive no coupons, and are exposed to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is lower than the 100% issue price due to fees and structuring costs, and there is no assurance of an active secondary market.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes whose return is linked to the common stock of Boston Scientific Corporation. The notes pay conditional quarterly coupons of $31.25 per $1,000 face amount (3.125% per quarter, up to 12.5% per year) whenever the stock closes at or above 50% of its initial price on the relevant observation date.
The notes may be automatically called beginning in January 2027 if the stock closes at or above its initial price on a call observation date, returning the $1,000 face amount plus the applicable coupon. If held to the expected July 27, 2029 maturity and not called, investors receive $1,000 plus the final coupon if the stock has not fallen more than 50%. If the final stock price is below 50% of the initial price, principal is reduced one-for-one with the stock loss, with the repayment potentially falling to 0% of face amount and no coupon. The notes are unsecured obligations exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated initial value is $925–$955 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Digital Equity-Linked Notes due 2028 linked to the common stock of International Business Machines Corporation. Each note has a $1,000 face amount, no periodic interest, and pays a cash amount at maturity based on IBM’s stock performance.
If the final IBM share price on the January 18, 2028 determination date is at or above the trigger buffer level of 70% of the $219.05 initial level, investors receive a capped payoff of $1,350 per $1,000 note. If the final level is below the trigger, repayment is reduced one-for-one with IBM’s decline from the initial level, and investors can lose up to their entire principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and the estimated value at pricing will be below the issue price, with limited or no secondary market liquidity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $7,630,000 of market-linked notes tied to the S&P 500® Index, maturing in 2033. For each $1,000 note, investors receive at maturity the higher of $1,000 or a positive index return multiplied by a 100% participation rate, capped by a maximum settlement amount of $1,760, which represents a 76.00% maximum return. If the final index level is equal to or below the initial level of 7,572.40, investors receive only the $1,000 face amount.
The notes pay no periodic interest, do not provide dividends on S&P 500 stocks, and are subject to the unsecured credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is approximately $950 per $1,000 face amount, below the issue price of 100.00%, reflecting underwriting discounts of 3.50% and structuring costs. The notes will not be listed, may have limited or no secondary market, and are treated as contingent payment debt instruments for U.S. tax purposes, with a comparable yield of 5.27% per annum and a projected maturity payment of $1,447.29 per $1,000 for tax accrual calculations.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk Auto-Callable Trigger PLUS notes linked to the EURO STOXX 50® Index, maturing August 5, 2031. Each security has a $1,000 stated principal amount and no periodic interest.
The notes may be automatically called on August 6, 2027 if the index is at or above its initial level, paying at least $1,177.50 per $1,000 and then terminating. If not called, maturity payment depends on the index on July 31, 2031: 150.00% leveraged upside on gains; full principal return if the index is at or below the initial level but at or above 80.00% of that level; or a 1‑for‑1 loss with the index if it finishes below the downside threshold, potentially resulting in a zero payment.
The estimated value is expected between $895 and $955 per $1,000, below the 100% issue price, reflecting underwriting discounts of 3.25% and structuring and distribution costs. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., market and volatility risk in the EURO STOXX 50® Index, limited liquidity, and uncertain tax treatment.
GS Finance Corp. is offering principal-at-risk medium-term notes linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc., maturing July 20, 2028. Each security has a $1,000 face amount and pays no interest or dividends.
At maturity, if the index rises, investors receive $1,000 plus 100% of the index gain, capped at a minimum 16.00% maximum return (at least $1,160). If the index falls up to the 20% buffer, investors earn a positive “contingent absolute return” equal to the magnitude of the decline, up to 20%. Below the 80% threshold level, losses are leveraged: investors lose 1.25% of principal per 1% additional decline, potentially losing the entire investment. The estimated initial value is $925–$955 per $1,000, below the $1,000 offering price, and all payments depend on the credit of GS Finance Corp. and its guarantor. Liquidity may be limited and tax treatment is complex and uncertain.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Market-Linked Notes tied to the S&P 500® Index, expected to price on or about July 31, 2026, with an expected original issue date of August 5, 2026 and maturity on August 4, 2032.
The notes pay no interest and return at least the $1,000 principal per note at maturity if held to maturity. If the final index value exceeds the initial index value, investors receive principal plus a supplemental payment equal to 100% leverage on the index gain, capped at a maximum payment of $1,591.50 per note (159.15% of principal). If the index is flat or lower, investors receive only principal, with no participation in negative index performance.
The notes will not be listed on any exchange. The estimated value is disclosed as $895 to $955 per $1,000 note, below the 100% issue price, reflecting underwriting discounts, selling concessions and structuring fees. All payments are subject to the credit risk of GS Finance Corp. and the guarantor, and U.S. holders are subject to special tax rules for contingent payment debt instruments.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity-Linked Notes due August 27, 2027 linked to the common stock of Amazon.com, Inc. For each note with a $1,000 face amount, investors may receive a contingent monthly coupon of $7.625 (0.7625% per month, up to 9.15% per annum) on each coupon payment date if the Amazon share price on the related observation date is at or above the coupon trigger level set at 62% of the initial underlier level.
The notes are subject to an automatic call feature: beginning with the January 25, 2027 observation, if Amazon’s closing level is at or above the initial level on any call observation date, the notes are redeemed early at $1,000 per note plus any due coupon, with no further payments. At maturity, if not called, investors receive $1,000 per note if the final Amazon level is at or above the trigger buffer level (also 62% of the initial level). If the final level is below this buffer, repayment is $1,000 × (1 + underlier return), exposing holders to losses in line with Amazon’s decline and potentially a 100% loss of principal, with no upside above par. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, and the estimated value at pricing is lower than the original issue price.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital S&P 500 Index-Linked Notes due 2027 under its Medium-Term Notes, Series F program. These unsecured notes pay no interest and the cash payment at maturity depends on the performance of the S&P 500 Index from the trade date to the determination date.
For each $1,000 face amount, if the final S&P 500 level is at or above the initial level, investors receive a capped payment of $1,067.50. If the index declines but remains at or above 75% of the initial level (a 25% buffer), the return is positive and equals the absolute value of the index return. If the index falls below the buffer level, investors lose 1% of principal for each 1% decline beyond the buffer, with hypothetical outcomes ranging from 125% of face at the buffer level to 25% of face if the index falls to zero.
The notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below face value, and are not listed on any exchange. They are intended to be treated as contingent payment debt instruments for U.S. federal income tax purposes, which generally requires current taxation on deemed interest based on a comparable yield, even though no cash is paid until maturity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to the S&P 500 Index, State Street Financial Select Sector SPDR ETF and State Street Energy Select Sector SPDR ETF. The notes pay no interest and mature on a stated maturity date expected to be July 29, 2031, unless automatically called earlier.
The notes feature an automatic call on an observation date expected to be October 26, 2026, paying $1,065 per $1,000 face amount if each underlier is at least 90% of its initial level. If not called, the maturity payment depends on the lesser performing underlier, with 100% upside participation, a 70% buffer level and a buffer rate of about 142.86%. If any underlier finishes below 70% of its initial level, investors lose about 1.4286% of principal for every 1% decline below 70%, up to a total loss of principal.
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 expected to be $885–$925 per $1,000 face amount, below the issue price, reflecting underwriting discounts, structuring fees and hedging costs.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to an equally weighted basket of Meta Platforms, Microsoft, Oracle and Tesla stock. The basket has an initial level of 100, with each stock carrying a 25% weight and initial weighted value of 25.
The notes mature on a stated date expected to be July 31, 2031, but may be automatically called monthly from July 2027 to June 2031 if the basket’s closing level is at least the initial basket level. Upon an automatic call, investors receive the $1,000 face amount per note plus the applicable coupon.
On each monthly coupon observation date from August 2026, if the basket is at least 80% of its initial level, investors receive a coupon of $10.375 per $1,000 (1.0375% monthly, up to 12.45% per year); otherwise, the coupon is zero. At maturity, if not called, principal repayment depends on the basket return and a 15% buffer: full principal is repaid if the basket is at least 85% of its initial level; below that, losses increase linearly, and investors can lose a substantial portion of principal and receive no final coupon.
The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and guarantor. The estimated value on the trade date is expected between $885 and $925 per $1,000 face amount, reflecting structuring costs and dealer compensation, and secondary market values may be lower. The notes will not be listed, may have limited liquidity, pay no dividends on the basket stocks, and include complex provisions for market disruption events and anti-dilution adjustments.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due July 27, 2029, tied to the common stock of lululemon athletica inc. The notes are part of the Medium-Term Notes, Series F program and will be issued in book-entry form.
Each $1,000 note can pay a contingent quarterly coupon. On each coupon observation date, if the LULU share price is at or above 50% of the initial level (the coupon trigger level), the coupon equals $35.625 multiplied by the number of elapsed observation dates minus prior coupons; otherwise the coupon is $0. The same 50% level is the trigger buffer level for principal.
The notes are subject to an automatic call: if on any call observation date the underlier is at or above its initial level, investors receive $1,000 per note plus the coupon then due, and the notes terminate early. If not called and at maturity the final underlier level is at or above the 50% trigger buffer, investors receive $1,000 plus any final coupon. If the final level is below 50%, repayment equals $1,000 plus $1,000 times the underlier return, exposing investors to losses up to 100% of principal and no participation in any upside above par.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. Market value may be affected by LULU’s price and volatility, interest rates, and the issuer’s and guarantor’s creditworthiness. Tax treatment is uncertain; counsel views the notes as income-bearing prepaid derivative contracts for U.S. federal income tax purposes.
The Goldman Sachs Group, Inc. is offering Callable Fixed Rate Notes due 2046 under its Medium-Term Notes, Series N program. The notes pay a fixed interest rate of 6.075% per annum from the original issue date, expected to be July 31, 2026, to the stated maturity date, expected to be July 16, 2046. Interest is expected to be paid annually on the last calendar day of July, with the first payment on July 31, 2027.
Goldman Sachs may, at its option, redeem the notes in whole but not in part on specified quarterly redemption dates on or after July 31, 2029, at 100% of principal plus accrued and unpaid interest to but excluding the redemption date. The notes are issued only in book-entry form through DTC, have no sinking fund, and holders cannot require early repayment. They are unsecured senior debt obligations of The Goldman Sachs Group, Inc., subject to U.S. federal income taxation of interest and generally to FATCA withholding rules.
The notes will be distributed by Goldman Sachs & Co. LLC and InspereX LLC, with flexible pricing for certain accounts and potential market-making after issuance. The securities are not bank deposits, are not insured by government agencies, and are subject to selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index-Linked Notes due 2028 tied to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The notes are part of Goldman’s Medium-Term Notes, Series F program.
Investors may receive a contingent monthly coupon of at least $8.292 per $1,000 (0.8292% monthly, up to ~9.95% p.a.) only if on each observation date every index is at or above 65% of its initial level. The notes are autocallable quarterly if each index 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 and on the determination date any index finishes below 65% of its initial level, repayment of principal is reduced one-for-one with the lesser performing index; investors can lose their entire investment and do not benefit from index gains above par. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and their estimated value at pricing is less than the 100% issue price.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes due August 1, 2030 linked to the Nasdaq‑100 Index, the S&P 500 Index and the VanEck Gold Miners ETF.
The notes pay a contingent monthly coupon of $10.625 per $1,000 face amount (1.0625% monthly, up to 12.75% per year) only when each underlier is at or above its coupon trigger level of 75% of its initial level on the relevant observation date. The notes are automatically called at par plus the due coupon if on any call observation date each underlier is at or above its initial level.
If not called, at maturity investors receive par if each final underlier level is at or above its buffer level of 60% of its initial level; otherwise principal is reduced 1:1 with the lesser performing underlier beyond a 40% buffer, potentially down to 40% of face. Investors face the credit risk of GS Finance Corp. and the guarantor, may receive no coupons, and the issuer discloses that the notes’ estimated value on the trade date is less than the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, income-bearing structured notes linked to the VanEck Semiconductor ETF (SMH). The notes pay contingent monthly coupons of $9.542 per $1,000 (0.9542% monthly, up to about 11.45% per year) only when the ETF is at or above 80% of its initial level on an observation date.
The notes can be automatically called on monthly observation dates from July 2027 through June 2031 if the ETF is at or above 95% of its initial level, returning the $1,000 face amount plus the due coupon. At maturity in July 2031, if not called, investors receive $1,000 per note plus any final coupon if the ETF is at or above 80% of its initial level; below that buffer, principal loss is one-for-one beyond a 20% decline, potentially down to 20% of face. The estimated initial value is $885–$925 per $1,000, highlighting embedded costs. Payments depend on GS Finance Corp. and Goldman Sachs credit and carry complex tax and market risks, including the possibility of receiving no coupons and substantial loss of principal.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk “Jump Securities” maturing on August 6, 2031, linked to a weighted basket of five equity indices: EURO STOXX 50® (40%), TOPIX (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The initial basket value is 100.
Each $1,000 security pays at maturity based on basket performance from the pricing date to the July 31, 2031 valuation date. If the final basket value is at least 125% of the initial basket value, holders receive $1,000 plus at least 175% of the basket gain. If the final basket value is between 100% and 125% of the initial value, holders receive $1,000 plus a fixed $250 upside payment (25%). If the final basket value is below the initial value, repayment is $1,000 multiplied by the basket performance factor, producing a 1:1 loss with no principal protection and potential total loss.
The original issue price is 100% of principal, with a 3.50% underwriting discount and estimated value of $875–$935 per $1,000. The notes bear no interest, do not provide dividends on underlying stocks, are unsecured senior obligations of GS Finance Corp., and are subject to the credit risk of both the issuer and guarantor, as well as market, liquidity, tax and foreign-market risks described in detail.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon ETF-Linked Notes tied to the iShares Semiconductor ETF. Each note has a $1,000 face amount, an expected trade date of July 17, 2026, and an expected maturity on July 22, 2030, subject to early automatic call.
Investors may receive a quarterly coupon of at least $78.875 per $1,000 (at least 7.8875% quarterly) only when the ETF is at or above 75% of its initial level on the relevant observation date; otherwise the coupon is zero. Notes are automatically called if, on specified call observation dates from January 2027 through April 2030, the ETF is at or above its initial level, in which case holders receive face amount plus that period’s coupon.
If not called, principal repayment at maturity depends on the final ETF level. At or above 75% of the initial level, investors receive full principal plus any final coupon; between 65% and 75%, principal is returned but no coupon is paid; below 65%, repayment is reduced one-for-one with the ETF loss and investors can lose most or all of their investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated initial value is $900–$930 per $1,000, below issue price, and secondary market liquidity is not assured.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Trigger Autocallable Contingent Yield Notes linked to Albemarle Corporation common stock. The notes have a $10 face amount and pay a contingent coupon of $0.615 per quarter (up to 24.60% per annum) only when Albemarle’s closing price on the relevant observation date is at or above a coupon barrier set at 60% of the initial price of $124.74.
Starting in October 2026, the notes are automatically called if Albemarle closes at or above the initial price on an observation date, returning $10 plus the coupon then due, with no further payments. If not called, and on the January 18, 2028 determination date Albemarle is at or above the downside threshold (also 60% of the initial price), investors receive $10 plus the final coupon. If the final price is below the downside threshold, repayment is reduced one-for-one with the stock’s loss from the initial price, and all principal can be lost and no final coupon is paid.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is $9.00–$9.30 per $10, below the 100% issue price, reflecting structuring costs and dealer compensation, including a 1.50% underwriting discount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk Contingent Income Auto-Callable Securities linked to the worst-performing of the S&P 500 Index, Russell 2000 Index and Nasdaq‑100 Index, maturing on or about July 27, 2028.
Investors may receive a contingent quarterly coupon of at least $26 per $1,000 only when the closing value of each index on a coupon observation date is at or above its downside threshold, set at 70% of its initial index value. The notes are automatically called if, on any call observation date from October 26, 2026, each index is at or above its initial value, returning $1,000 per $1,000 principal plus the coupon then due, with no further payments.
If not called, at maturity investors receive $1,000 plus the final coupon only if each index is at or above its downside threshold. Otherwise, repayment is reduced 1-to‑1 based on the worst-performing index, and can be less than 70% of principal or zero. The estimated value is $925 to $985 per $1,000, below the 100% issue price, reflecting fees, structuring costs and dealer compensation. Payments depend on the credit of both GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due July 27, 2028, linked to the common stock of Snowflake Inc. The notes have a $1,000 face amount and pay a contingent monthly coupon of $17.625 (1.7625% per month, up to 21.15% per year) only when Snowflake’s closing level on the observation date is at or above 50% of the initial level.
The notes are automatically called at par plus the applicable coupon if, on any call observation date starting July 23, 2027, Snowflake’s closing level is at or above the initial level. If not called, at maturity investors receive $1,000 per note only if the final level is at or above the 50% trigger buffer; otherwise the payoff is $1,000 plus $1,000 times the underlier return, which can result in a complete loss of principal. There is no upside above par, the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and they may have limited or no secondary market liquidity.
The Goldman Sachs Group, Inc. is offering callable fixed-rate senior notes under its Medium-Term Notes, Series N program. The notes bear interest at 6.10% per annum from the expected original issue date of July 31, 2026 to the expected stated maturity date of July 31, 2041.
Interest is payable annually on each interest payment date, expected to be the last calendar day of July, with the first payment expected on July 31, 2027. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on each redemption date, expected to be the last calendar day of January, April, July and October on or after July 31, 2028, at 100% of the outstanding principal amount plus accrued and unpaid interest to but excluding the redemption date. The notes have no sinking fund, and holders cannot require early repayment.
The notes are issued in book-entry form through DTC as a master global note and are unsecured obligations of The Goldman Sachs Group, Inc., not bank deposits and not insured by the FDIC or any governmental agency. Interest is taxable to U.S. holders as ordinary income, and dispositions generally give rise to capital gain or loss. FATCA withholding generally applies because the notes are obligations issued on or after July 1, 2014. Distribution is through Goldman Sachs & Co. LLC and InspereX LLC, which intend, but are not obligated, to make a market; there is no established trading market and no assurance of liquidity.
The Goldman Sachs Group, Inc. is offering callable fixed-rate senior notes due July 31, 2028 under its Medium-Term Notes, Series N program. The notes pay interest at 4.70% per annum from the expected original issue date of July 31, 2026 to but excluding the stated maturity date, using a 30/360 day-count convention.
Interest is expected to be paid annually on the last calendar day of July, with the first payment on July 31, 2027. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on the last calendar day of January, April, July and October on or after January 31, 2027 at 100% of principal plus accrued interest upon at least five business days’ notice. The notes are issued only in book-entry form through a master global note at DTC, have no sinking fund, and are a new issue with no established trading market; market-making by the underwriters is discretionary. They are not bank deposits, are not insured by the FDIC or any government agency, and are subject to U.S. tax rules under which interest is ordinary income, capital gains or losses may arise on disposition, and FATCA withholding generally applies.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due July 20, 2029, tied to the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index. The notes pay a contingent monthly coupon of at least $10.875 per $1,000 (1.0875% monthly, up to 13.05% per annum) only if on each observation date every index closes at or above 80% of its initial level.
The notes are automatically called on specified quarterly dates if all indices are at or above their initial levels, returning $1,000 per note plus the due coupon. At maturity, if not called, investors receive $1,000 per note only if every index is at or above its 80% buffer level; otherwise repayment is reduced using a 20% buffer and a 125% downside participation based on the lesser-performing index, and the entire principal can be lost. The notes are unsecured obligations subject to the credit risk of the issuer and guarantor, estimated initial value is less than the issue price, there is no exchange listing, secondary market liquidity may be limited and the U.S. tax treatment is uncertain.
The Goldman Sachs Group, Inc. is offering U.S. dollar fixed-rate senior notes due July 29, 2033 under its Medium-Term Notes, Series N program. The notes bear a fixed interest rate of 5.05% per annum, with interest paid on January 31 and July 31 each year, beginning January 31, 2027 and ending at maturity.
The notes trade on July 29, 2026, are issued on July 31, 2026, and are available in minimum denominations of $1,000 and integral multiples thereof. They are not redeemable by Goldman Sachs before maturity, will not be listed on any securities exchange, and are not bank deposits or FDIC insured.
Goldman Sachs & Co. LLC will act as underwriter and calculation agent, initially offering the notes at 100% of principal amount, with potential reduced pricing for certain fee-based advisory accounts. The notes are issued only in book-entry form through DTC, use the 30/360 (ISDA) day count convention, and, for U.S. holders, interest is taxable as ordinary income, with the notes generally subject to FATCA withholding rules.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured structured notes whose return depends on an equally weighted basket of six stocks: Alphabet, AppLovin, Fastenal, Micron, Microsoft and NVIDIA. The notes pay no interest and do not pass through stock dividends.
The basket starts at a level of 100. On scheduled observation dates beginning in August 2027, if the basket is at or above this level, the notes are automatically called and pay back $1,000 per note plus a fixed call premium (from 19.75% on the first call date up to 54.3125% on later dates).
If not called, the notes mature in August 2029. At maturity, if the basket is at or above its initial level, investors receive $1,592.5 per $1,000 note (a 59.25% gain). If the basket is below its start but at or above 75%, principal is returned. Below 75%, principal is reduced one-for-one with the basket loss, and the entire investment can be lost. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and their modeled value at pricing is expected to be $925–$965 per $1,000 face amount.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2038 that bear interest at 5.75% per annum from the expected original issue date of July 30, 2026 to the expected stated maturity date of July 30, 2038. Interest is expected to be paid annually on July 30, with the first payment on July 30, 2027, calculated using a 30/360 day-count convention.
The notes may be redeemed at Goldman Sachs’ option, in whole but not in part, on January 30, April 30, July 30 and October 30 on or after July 30, 2028, at 100% of the outstanding principal amount plus accrued and unpaid interest to but excluding the redemption date. There is no sinking fund and holders cannot require early repayment. The notes are issued as a DTC book-entry global master note, are not bank deposits, and are not insured by the FDIC or any government agency. U.S. holders generally recognize ordinary interest income on payments and capital gain or loss on disposition, and the notes are subject to FATCA withholding rules. Distribution is subject to selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, and Goldman Sachs & Co. LLC, an affiliate of the issuer, will have a conflict of interest under FINRA Rule 5121.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index under its Medium-Term Notes, Series F program. The notes are scheduled to price on July 22, 2026, and mature on July 27, 2028.
For each $1,000 note, investors receive at maturity: the face amount plus 200% of any positive S&P 500 return, capped at a maximum settlement amount of $1,230, or full principal back if the index decline does not exceed the 10% buffer (buffer level 90% of the initial index level). If the index falls more than 10%, principal is reduced 1% for each percentage point below the buffer level, and investors can lose a substantial portion of principal.
The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, and will not be listed on an exchange. The estimated value at pricing will be lower than the 100% issue price due to fees and structuring costs, and secondary market liquidity and pricing are uncertain.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable medium-term notes linked to the common stock of Oracle, Tesla and Palantir. The notes are scheduled to mature on July 31, 2031, unless automatically called starting in July 2027.
On each monthly observation date, if the closing price of each stock is at least 75% of its initial price, investors receive a coupon of $5.417 per $1,000 face amount (0.5417% monthly, about 6.5% per year). If any stock is below 75%, the coupon is $0.834 (0.0834% monthly, about 1% per year.
If on a call observation date each stock is at least 75% of its initial level, the notes are automatically redeemed for $1,000 per $1,000 face amount plus the then-due coupon. If never called, investors are scheduled to receive $1,000 at maturity plus the final coupon, subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group. The expected estimated value at pricing is $885–$925 per $1,000, below the 100% issue price, and the notes are complex, thinly traded instruments with extensive market disruption and anti-dilution provisions.
The Goldman Sachs Group, Inc. plans to issue fixed rate senior notes due July 31, 2029 under its Medium-Term Notes, Series N program. The notes have an interest rate expected to be 4.65% per annum, paid semi-annually on January 31 and July 31, beginning January 31, 2027, in denominations of $1,000.
The notes are offered at 100% of the principal amount, will not be listed on any securities exchange, and are not redeemable by the issuer before maturity. Interest is calculated using a 30/360 (ISDA) day count convention, the notes permit full and covenant defeasance, and interest is taxable as ordinary income for U.S. holders, with FATCA withholding generally applicable to these obligations. Goldman Sachs & Co. LLC will act as underwriter and market-maker, with the offering conducted in compliance with FINRA Rule 5121 due to affiliate status.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes that pay no interest and are scheduled to mature on July 24, 2031, unless automatically called starting on July 27, 2027. The notes reference the common stock of SLB N.V., Class A common stock of Snap Inc., and common stock of Snowflake Inc.
The notes are automatically redeemed if on a call observation date the closing price of each stock is at or above its applicable call level, paying for each $1,000 face amount $1,000 plus a call premium between 36% and 177%. If the notes are never called and on the determination date each stock is at least 50% of its initial price, investors receive $2,800 per $1,000 face amount. If any stock finishes below 50% of its initial price, repayment equals $1,000 plus the return of the worst-performing stock times $1,000, which can result in receiving less than 50% of face amount and up to a total loss.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is expected between $885 and $925 per $1,000 face amount, below the 100% issue price, reflecting underwriting discounts, structuring costs and Goldman Sachs’ pricing models.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2032 as part of its Medium-Term Notes, Series N. The notes are expected to be issued on July 30, 2026 and to mature on July 30, 2032. They pay a fixed interest rate of 5.25% per annum, with interest accruing from the original issue date and paid annually on each July 30, beginning on July 30, 2027.
Goldman Sachs may, at its option, redeem the notes in whole but not in part on any quarterly redemption date starting July 30, 2027, at 100% of the outstanding principal amount plus accrued and unpaid interest. There is no sinking fund and investors cannot require early repayment. The notes are issued in book-entry form through DTC, are not bank deposits, and are not insured by the FDIC or any government agency. Interest is taxable as ordinary income, and FATCA withholding generally applies to these obligations. Distribution is through Goldman Sachs & Co. LLC and InspereX LLC, which may make a market but are not obligated to do so, and sales are subject to investor and marketing restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.
The Goldman Sachs Group, Inc. is offering callable fixed rate senior notes due 2030 under its Medium-Term Notes, Series N program. The notes are expected to be issued on July 31, 2026 and to mature on July 31, 2030. They pay fixed interest of 5.05% per year, with interest accruing from the issue date and paid annually on the last calendar day of July, starting July 31, 2027.
Goldman Sachs may, at its option, redeem all (but not part) of the notes on the last calendar day of January, April, July and October on or after July 31, 2028 at 100% of principal plus accrued and unpaid interest, after at least five business days’ notice; if redeemed, interest stops accruing on the redemption date. The notes are issued only in book-entry form through DTC, have no sinking fund, and investors cannot require early repayment.
The notes are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any other government agency. They may be subject to FATCA withholding and are distributed through underwriters including Goldman Sachs & Co. LLC and InspereX LLC, with selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering autocallable contingent coupon notes linked to Amazon.com common stock under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and is scheduled to mature on August 27, 2027, unless automatically called.
The notes pay a contingent coupon of $9.542 per $1,000 (0.9542% monthly, with the potential for up to approximately 11.45% per annum) for any observation date when Amazon’s closing level is at or above 62% of the initial level. The same 62% “trigger buffer level” applies at maturity: if the final level is at or above it, investors receive $1,000 plus any final coupon.
If the notes are never called and the final Amazon level is below 62% of the initial level, repayment is reduced dollar-for-dollar with the stock decline, so holders can lose up to 100% of principal. The notes can be automatically called on scheduled dates if Amazon is at or above the initial level, returning $1,000 plus that period’s coupon but ending future coupons.
Key risks include full downside exposure below the buffer, the possibility of receiving no coupons, limited or no secondary-market liquidity, issuer and guarantor credit risk, an initial estimated value below the original issue price, and uncertain, complex U.S. federal income tax treatment.
The Goldman Sachs Group, Inc. plans to issue senior unsecured Callable Fixed Rate Notes due 2041 under its Medium-Term Notes, Series N program. The notes are expected to bear fixed interest of 5.90% per annum from an expected original issue date of July 31, 2026 to a stated maturity expected on July 16, 2041, with interest paid annually on the last calendar day of July, beginning July 31, 2027, using a 30/360 day-count.
Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on the last calendar day of January, April, July and October on or after January 31, 2029, with at least five business days’ prior notice. The notes are issued only in book-entry form through DTC, have no sinking fund, cannot be put back to the issuer, and are not bank deposits or FDIC insured. Distribution is through Goldman Sachs & Co. LLC and InspereX LLC with variable pricing for certain accounts, and the notes are subject to U.S. tax rules (including FATCA) and extensive selling and marketing restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.
The Goldman Sachs Group, Inc. is offering U.S. dollar fixed rate notes due July 31, 2031 under its Medium-Term Notes, Series N program. The notes pay 4.90% per annum, with interest on January 31 and July 31 of each year from January 31, 2027, calculated on a 30/360 (ISDA) basis. They are issued in $1,000 denominations, in book-entry form through DTC, and will not be listed on any securities exchange. The notes are issued under a senior debt indenture and are not redeemable by Goldman Sachs before maturity.
Goldman Sachs & Co. LLC acts as calculation agent and underwriter, purchasing the aggregate principal amount from Goldman Sachs and reselling to investors, including fee-based advisory accounts that may receive price concessions. Interest is taxable to U.S. holders as ordinary income, and FATCA withholding rules apply. Sales are restricted in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland, and the affiliated underwriter’s participation creates a “conflict of interest” addressed under FINRA Rule 5121.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon ETF-linked notes due July 19, 2029. Each $1,000 note can pay a $31.5 quarterly coupon (3.15%, up to 12.60% per year) when all three underliers – VanEck Gold Miners ETF, State Street SPDR S&P 500 ETF Trust and State Street Energy Select Sector SPDR ETF – close at or above 50% of their initial levels on the observation date.
If the notes are not called and the worst-performing underlier finishes at or above its 50% trigger buffer level, investors receive $1,000 plus any final coupon; otherwise principal is reduced one-for-one with the lesser-performing underlier’s loss, down to a total loss of investment. GS may redeem the notes at par plus any coupon on any coupon payment date from January 2027 through April 2029. Coupons are contingent and not linked to underlier performance over time, and investors face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.; the notes’ estimated value at pricing will be lower than their 100% issue price.
The Goldman Sachs Group, Inc. is offering senior unsecured callable fixed rate notes due 2036 under its Medium-Term Notes, Series N program. The notes are expected to bear interest at 5.60% per annum from the expected original issue date of July 31, 2026 to the expected stated maturity date of July 16, 2036.
Interest is expected to be paid annually on the last calendar day of July, with the first payment on July 31, 2027. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at 100% of principal plus accrued interest on the last calendar day of January, April, July and October on or after January 31, 2028. The notes are issued in book-entry form through DTC, are subject to FATCA withholding rules, and are not bank deposits or FDIC insured.