Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering callable contingent coupon notes due July 2029 linked to three ETFs: VanEck Gold Miners (GDX), State Street SPDR S&P 500 (SPY) and State Street Energy Select Sector SPDR (XLE).

The notes pay a quarterly contingent coupon of $28.375 per $1,000 (2.8375%, up to 11.35% per year) only if on each observation date all three ETFs are at or above 50% of their initial levels; otherwise the coupon for that quarter is zero.

If not previously redeemed, principal repayment at maturity depends on the worst-performing ETF. Investors receive full $1,000 per note only if every final level is at or above its 50% trigger buffer. If any is below that level, repayment is reduced one-for-one with the worst underlier’s loss, exposing investors to up to a 100% loss of principal. Goldman may redeem the notes at par plus any coupon on any coupon payment date from January 2027 through April 2029. The notes are unsecured obligations, not listed, and their market value and tax treatment involve the additional risks described, including credit risk of both the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the common stock of NVIDIA, Meta Platforms, Alphabet and Broadcom. The notes are expected to trade from a July 28, 2026 trade date and mature on July 31, 2031, unless redeemed earlier.

Investors receive a contingent monthly coupon of $8.8 per $1,000 face amount (0.88%) only if on each observation date all four stocks close at or above 75% of their initial prices; otherwise no coupon is paid for that month. Beginning with the July 2027 coupon date and quarterly thereafter through April 2031, the issuer may redeem the notes at 100% of face amount plus any due coupon. If not redeemed, each $1,000 note repays $1,000 at maturity plus any final coupon, subject to the credit risk of GS Finance Corp. and the guarantor. The estimated economic value at pricing is $885–$925 per $1,000, below the 100% issue price, reflecting fees and structuring costs.

The Goldman Sachs Group, Inc. is offering callable fixed rate senior notes 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, 2029. They pay interest at 5.00% per annum, with payments due annually on the last calendar day of July, beginning on the expected first interest payment date of 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 July 31, 2027 at 100% of the outstanding principal amount plus accrued and unpaid interest. The notes have no sinking fund and investors cannot require early repayment. They are issued in book-entry form through DTC, are subject to U.S. federal income tax rules for debt securities (including FATCA withholding), and will be distributed by Goldman Sachs & Co. LLC and InspereX LLC, with market-making expected but not assured and with selling restrictions in several non-U.S. jurisdictions.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering leveraged S&P 500 Index-linked notes due 2027. For each $1,000 note, holders receive at maturity $1,000 plus 300% of the S&P 500 return if the index rises, capped at a maximum settlement amount of $1,145. If the final index level is at or below its initial level, repayment equals $1,000 times the index return, so losses mirror any decline and can reach 100% of invested principal. The notes pay no interest and are settled only in cash.

Key dates include a trade date of July 28, 2026, a determination date of September 27, 2027, and maturity on September 30, 2027. Disclosed risks include full principal at risk, the credit risk of the issuer and guarantor, limited upside due to the cap, lack of listing and uncertain secondary-market liquidity, model-based pricing in which the original issue price exceeds the estimated value, and uncertain U.S. federal income tax treatment, including potential FATCA implications.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to Eli Lilly and Company common stock, expected to price on or about July 24, 2026 and mature July 27, 2029, unless automatically called earlier.

Investors can receive a contingent quarterly coupon of at least $27.50 per $1,000 per observation if Eli Lilly’s share price is at or above a downside threshold set at 60.00% of the initial share price; missed coupons may be paid later if conditions are met. If on any call observation date the share price is at or above the initial level, the notes are called at $1,000 plus the due coupon and no further payments are made.

If not called, and the final share price is at or above the downside threshold, holders receive $1,000 per note plus the final coupon; if it is below, repayment equals $1,000 multiplied by the share performance factor, potentially zero. The notes do not participate in stock upside, are unsecured obligations subject to Goldman Sachs credit risk, may have limited liquidity, and involve complex and uncertain U.S. tax treatment for both U.S. and non-U.S. investors.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2031 under its Medium-Term Notes, Series N program. The notes pay interest at 5.30% per annum from the original issue date, expected to be July 31, 2026, to the stated maturity date, expected to be July 31, 2031.

Interest is payable annually on the last calendar day of July, with the first payment expected on July 31, 2027, using a 30/360 day-count convention. The notes are callable at the issuer’s option, in whole but not in part, on the last calendar day of January, April, July and October on or after July 31, 2027, at 100% of principal plus accrued interest, with at least five business days’ notice and no sinking fund or holder put right.

The notes are issued only in book-entry form through DTC via a master global note. U.S. holders are taxed on interest as ordinary income, with capital gain or loss generally recognized on disposition, and the notes are subject to FATCA withholding rules. Distribution is subject to selling and retail-investor restrictions in the EEA, United Kingdom and several other non-U.S. jurisdictions, and Goldman Sachs & Co. LLC and InspereX LLC may make a market in the notes but are not obligated to do so.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due July 31, 2031 as part of its Medium-Term Notes, Series N program. The notes pay 5.225% per annum from the expected original issue date of July 31, 2026 to, but excluding, the stated maturity date, with interest paid annually on July 31; the first payment is 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 principal plus accrued interest. The notes are issued as a master global note through DTC and are subject to U.S. federal income taxation rules, including ordinary income treatment for interest and potential capital gain or loss on disposition, and to FATCA withholding. Distribution is through underwriters including Goldman Sachs & Co. LLC and InspereX LLC, with selling restrictions for retail investors in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital S&P 500^® Index-Linked Notes due January 21, 2028. Each $1,000 note pays no interest and returns a cash amount at maturity based on the S&P 500 Index.

If the final index level, defined as the arithmetic average of five January 2028 observation dates, is at or above 90% of its initial level (the buffer level), holders receive the maximum settlement amount of $1,148.50, or 114.850% of face value. If the final level is below 90%, principal is reduced using a buffer rate of about 111.11%, so investors lose roughly 1.1111% of face amount for every 1% decline beyond the 10% buffer, down to a possible total loss.

The notes are unsecured senior obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are not bank deposits or FDIC-insured. They will not be listed on an exchange, their market value may be below the issue price, and buyers face issuer and guarantor credit risk as well as complex U.S. tax treatment.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due July 16, 2029 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at 4.825% per annum from the original issue date, expected to be July 31, 2026, to but excluding maturity, with payments on the last calendar day of July each year, beginning July 31, 2027.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on quarterly redemption dates (the last calendar day of January, April, July and October) on or after July 31, 2027 at 100% of principal plus accrued interest. The notes are issued in book-entry form through DTC, are not bank deposits, and are not insured by the FDIC. U.S. holders generally recognize ordinary interest income and capital gain or loss on disposition, and the notes are generally subject to FATCA withholding rules. The offering is subject to selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, and involves a conflict of interest as Goldman Sachs & Co. LLC, an underwriter, is an affiliate of the issuer.

GS Finance Corp., fully 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, maturing on January 21, 2028. Repayment is in cash only and depends on the index’s performance from the July 16, 2026 trade date to five averaging dates in January 2028.

For each $1,000 note, investors receive 200% of the positive index return, capped at a maximum settlement amount of $1,197.50. If the final index level is at or above 90% of its initial level (a 10% buffer), principal is returned. Below the 90% buffer level, losses accelerate at about 1.1111% of principal for every 1% further decline, and principal can be completely lost. The notes pay no interest, are unsecured obligations subject to the credit risk of both GS Finance Corp. and the guarantor, may trade at prices below issue, and involve complex, uncertain U.S. tax treatment as pre-paid derivative contracts, with potential FATCA and section 871(m) implications.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index-Linked Notes due 2028 under its Medium-Term Notes, Series F program. The notes are linked to the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index.

Each $1,000 note can pay a contingent monthly coupon of $11.125 (1.1125% monthly, up to 13.35% per annum) if on the observation date the closing level of each index is at least 70% of its initial level. The notes are automatically called if on any call observation date all underliers are at or above their initial levels, returning $1,000 per note plus the due coupon. If not called, and on the January 18, 2028 determination date every underlier is at or above 70% of its initial level, investors receive $1,000 plus any final coupon; otherwise the maturity payment equals $1,000 plus $1,000 times the return of the lesser performing index, exposing investors to up to 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 the guarantor, will not be listed, and market-making by Goldman Sachs & Co. LLC is discretionary. The estimated economic value at pricing will be less than the issue price, and secondary prices will reflect dealer spreads and changing market factors. Tax treatment is uncertain; the issuer intends to treat the notes as income-bearing prepaid derivative contracts, with coupons generally taxed as ordinary income and FATCA and other withholding regimes potentially applying.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured structured notes called Trigger Autocallable GEARS linked to the Invesco KBW Bank ETF (KBWB). The notes are issued in $10 denominations, with a minimum investment of $1,000, and may be automatically called early.

The notes are automatically redeemed on the August 2, 2027 call observation date if the ETF closes at or above 100.00% of its initial price, paying $11.55 per $10 face amount based on a 15.50% call return. If not called, and on the July 24, 2029 determination date the ETF is above its initial price, investors receive $10 plus the ETF return multiplied by an upside gearing set between 1.30 and 1.50. If the ETF is between 75.00% and 100.00% of its initial level, principal is repaid at $10.

If the ETF finishes below the 75.00% downside threshold, repayment falls one-for-one with the ETF’s loss, and investors can lose their entire investment. The notes pay no coupons and forgo ETF dividends. The estimated value is $8.90–$9.20 per $10, versus a 100% issue price, reflecting a 2.50% underwriting discount and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., plans to issue Performance Leveraged Upside Securities (PLUS) linked to an equally weighted basket of 10 U.S. and international stocks. The notes pay no interest, are unsecured and are not principal protected.

The initial basket value is 100. At maturity in August 2027, each $1,000 PLUS pays $1,000 plus 150% of any basket gain, capped at a maximum payment of at least $1,449.00 per PLUS (144.90% of principal). If the final basket value is at or below 100, the payoff equals $1,000 multiplied by the basket performance factor, so investors lose 1% of principal for each 1% basket decline, potentially down to zero. The notes will not be listed and do not provide dividends on the underlying stocks.

The estimated value at pricing is expected between $900 and $960 per $1,000, below the issue price because of underwriting, hedging and structuring costs, including a 1.50% underwriting discount and a $15.00 per PLUS selling concession, of which $5.00 is a structuring fee. Outcomes depend on basket performance and on the credit of GS Finance Corp. and its parent, and are subject to detailed market, tax and regulatory risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Class A common stock of Meta Platforms, Inc., Amazon.com, Inc. common stock, Alphabet Inc. Class C capital stock, and NVIDIA Corporation common stock. Each note has a $1,000 face amount and is expected to trade from a July 22, 2026 trade date to a July 27, 2033 stated maturity, unless automatically called earlier.

On each monthly observation date, you receive a $6.25 coupon per $1,000 (0.625% monthly, up to 7.5% per annum) only if the closing price of each index stock is at least 60% of its initial price; otherwise the coupon is zero. Starting in July 2027, if on a quarterly call observation date the closing price of each stock is at least its initial price, the notes are automatically redeemed at $1,000 plus that month’s coupon.

If the notes are not called, at maturity you receive $1,000 per note plus any final coupon, with no downside payment linked to stock declines, but full exposure to the credit risk of the issuer and guarantor. The estimated economic value at pricing is between $885 and $925 per $1,000, below the 100% issue price, reflecting fees and dealer margins, and the notes will not be listed, so secondary liquidity and pricing may be limited.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes tied to the Russell 2000®, S&P 500®, and Nasdaq-100 Index®, maturing on the expected stated maturity date of January 22, 2029.

The notes pay a contingent coupon of $31.875 per $1,000 face amount (3.1875% quarterly, up to 12.75% per annum) only if on every trading day in the quarterly observation period each index stays at or above 70% of its initial level; otherwise the coupon is $0 for that period. Starting in October 2026, the notes are automatically called if on any call observation date each index is at or above its initial level, in which case holders receive $1,000 per note plus any due coupon.

If not called, at maturity investors receive any final coupon plus principal protection only if the final level of each index is at least 60% of its initial level. If any index finishes below this trigger buffer level (a decline worse than -40%), repayment of principal is reduced one-for-one with the lesser performing index return, down to a possible total loss, and no final coupon is paid. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value is expected to be between $925 and $955 per $1,000 face amount, less than the 100% issue price, reflecting structuring and distribution costs and Goldman Sachs & Co. LLC’s pricing models. The issuer expects to treat the notes as income-bearing pre-paid derivative contracts for U.S. federal income tax purposes, with coupons taxed as ordinary income and gain or loss at disposition treated as capital, though the tax outcome could change with future IRS or legislative actions.

GS Finance Corp. is offering leveraged buffered notes linked to the S&P 500® Index, due January 3, 2028 and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Each $1,000 note pays no interest and provides 125% participation in positive index returns, capped at a maximum settlement amount of $1,202.50.

If the index falls by up to the 10% buffer, investors receive the $1,000 face amount; below the 90% buffer level, they lose 1% of principal for each additional 1% decline and can lose a substantial portion of their investment. The notes are unsecured obligations subject to the credit risk of both the issuer and guarantor, will not be listed, and may trade at values below the issue price, which initially exceeds the model-based estimated value. U.S. tax treatment is uncertain; counsel views the notes as pre-paid derivative contracts, and non-U.S. investors face section 871(m) and FATCA considerations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the Nasdaq-100 Futures Excess Return™ Index, a futures-based index tied to E-mini Nasdaq-100 contracts rather than the Nasdaq-100 Index® itself. The notes pay no interest and are scheduled to mature on August 5, 2032, after a trade date expected on July 31, 2026.

At maturity, for each $1,000 note, investors receive: leveraged upside of at least a 191% participation rate if the index rises; full principal repayment if the index return is between 0% and -40%; and a one-for-one loss with the index if it falls by more than 40%, exposing investors to a potential total loss of principal. The estimated value at pricing is expected to be $885–$935 per $1,000, below issue price, reflecting fees and hedging costs. Payments depend on the credit of GS Finance Corp. and its guarantor, and performance may be affected by futures-specific risks such as negative roll yield, limited index history, and potential market disruptions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due July 26, 2029. Each note has a $1,000 face amount and an original issue price of 100% of face, with a 2% underwriting discount and 98% net proceeds to the issuer.

The notes reference the common stock of Broadcom Inc. and the Class A common stock of Coinbase Global, Inc. Monthly coupons are contingent: for each $1,000 of outstanding face, a coupon calculated using $23.667 per coupon observation date is paid only if the closing level of each underlier on that date is at least 60% of its initial level. Otherwise no coupon is paid for that period.

The notes are automatically called if, on any call observation date from October 21, 2026 through June 21, 2029, each underlier closes at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon. If not called, repayment at maturity depends solely on the lesser performing underlier. If its final level is at or above 60% of its initial level, investors receive full principal; if it is below 60%, principal is reduced in proportion to that underlier’s negative return, and investors could lose their entire investment. Payments are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and the U.S. federal income tax treatment is described as uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered S&P 500 Index-linked notes due February 3, 2028 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and provides 125% participation in S&P 500 gains, subject to a maximum upside settlement amount of at least $1,190 per $1,000.

If the index ends between 90% and 100% of its initial level, holders receive the absolute value of the index loss as a positive return; below 90%, principal declines 1% for each 1% drop beyond the 10% buffer, with examples showing losses up to 90% of face. The notes pay no interest, may be worth less than the issue price in secondary trading, and expose investors to the credit risk of GS Finance Corp. and its parent. Tax treatment is uncertain and the notes are expected to be treated as pre-paid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes that pay no interest and are tied to an equally weighted basket of 11 large-cap stocks with an initial basket level of 100. Each note has a $1,000 face amount and may be automatically called on the call observation date in 2027 if the basket level is at least the initial level, in which case holders receive a fixed $1,220 per $1,000.

If not called, the maturity payment in 2029 depends on basket performance. For positive returns, investors receive $1,000 plus 200% of the basket gain. For returns between 0% and -30%, they receive $1,000 plus the absolute basket return, so a modest decline still produces a gain. Below the 70% trigger buffer level, losses are one-for-one with the basket, and investors can lose up to their entire principal. The estimated value at pricing is expected between $890 and $920 per $1,000, below the issue price, and investors bear the unsecured credit risk of GS Finance Corp. and its guarantor, with no dividends or shareholder rights in the underlying stocks.

Goldman Sachs & Co. LLC is offering securities linked to the S&P 500® Futures 40% VT Adaptive Response Index (USD) ER, a rules-based index that adjusts its exposure daily to the S&P 500® Futures Excess Return Index.

The index applies calendar-based and price-pattern signals, subject to a maximum exposure of 500% and a maximum daily change in leverage of 100%, and is rebalanced daily. It measures the performance of the nearest maturing quarterly E-mini S&P 500 futures contract in USD and launched on December 27, 2024, with back-tested history to January 4, 2000.

For the period ended June 30, 2026, the index shows a 1-year annualized return of 32.34% with annualized volatility of 40.71%, and an annualized return of 17.68% since January 4, 2021, with volatility of 42.05%. On June 30, 2026, index exposure to the S&P 500® Futures Excess Return Index was 308.37%. Performance before December 27, 2024 is based on hypothetical data from the index sponsor and is not an indication of future results. The securities are not bank deposits, are not insured by the FDIC or any governmental agency, and are not obligations of, or guaranteed by, a bank; neither the SEC nor any other regulator has approved or disapproved them.

GS Finance Corp. and Goldman Sachs & Co. LLC describe the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER (SPAR4V6), which provides rules-based, volatility‑adjusted exposure to the S&P 500® Futures Excess Return Index. Exposure is subject to a maximum of 500%, with a maximum daily change in leverage of 100%, and the index applies a fixed 6.0% per‑annum daily decrement. It is calculated in USD, rebalanced daily and references the nearest‑maturity E‑mini S&P 500 futures contract.

For the 1‑year period ended June 30, 2026, the index shows an annualized return of 24.55% and annualized volatility of 40.69%; since January 4, 2021, annualized return is 10.73% with volatility of 42.06%. Exposure to the S&P 500 Futures Excess Return Index on June 30, 2026 was 308.37%. Much of the performance record prior to the December 27, 2024 launch date is based on hypothetical back‑tested data, which is not an indication of future performance. Securities linked to this index have not been approved or disapproved by the SEC or any other regulator, are not bank deposits, and are not insured by the FDIC or any governmental agency.

Goldman Sachs, through GS Finance Corp., describes the S&P 500® Futures 40% VT Adaptive Response 4% Decrement Index (USD) ER, a rules-based index used for securities linked to the S&P 500® Futures Excess Return Index. The index adjusts its exposure daily, with a maximum exposure of 500%, a maximum daily change in leverage of 100%, and a 4.0% per annum daily decrement.

For the period ended June 30, 2026, the index shows a 1-year annualized return of 27.10% and annualized volatility of 40.70%, and a since-January 4, 2021 annualized return of 13.00%, based on historical and hypothetical data from the index sponsor. Index exposure to the S&P 500® Futures Excess Return Index was 308.37% on June 30, 2026. The materials state that historical and hypothetical performance do not indicate future results and highlight investment risks of securities linked to this index.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., offers S&P 500 Index-linked notes due February 5, 2031. For each $1,000 note, investors receive at maturity either principal plus index-linked upside or only principal, depending on S&P 500 performance.

If the S&P 500 final level exceeds its initial level, the payoff equals $1,000 + ($1,000 × underlier return), capped at a maximum settlement amount of at least $1,502 per note. If the final level is equal to or below the initial level, investors receive $1,000. The notes pay no periodic interest and are unsecured obligations exposed to the credit risk of both the issuer and guarantor.

Key risks include an initial estimated value below the original issue price due to underwriting discounts, structuring fees and other costs, potential illiquidity and price discounts in any secondary market, and capped upside even if the index rises sharply. For U.S. tax purposes the notes are treated as contingent payment debt instruments, requiring annual income accrual based on a comparable yield, with any gain at sale or maturity taxed as ordinary interest income. Non-U.S. holders face potential FATCA and other withholding considerations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered equity-linked notes due 2027 whose payoff depends on the performance of Oracle Corporation common stock.

The notes are issued at 100% of face amount and pay no interest. At maturity, for each $1,000 note, holders receive cash based on Oracle’s price change from the trade date, with participation in the underlier return up to a maximum settlement amount of $1,669.50. If the final Oracle level is at or above 75% of its initial level, investors receive at least the $1,000 face amount.

If the final level falls below this 75% buffer level, principal is reduced in proportion to the decline beyond the 25% buffer, as illustrated by hypothetical outcomes where large drops can leave holders with only 44.000% or even 25.000% of face amount. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor and involve structural, market, liquidity and tax risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged, callable notes linked to the S&P 500® Futures Excess Return Index, maturing on July 28, 2033. The notes pay no interest and return the $1,000 face amount at maturity if held and not redeemed.

If the index gain from the July 23, 2026 trade date to the determination date is positive, holders receive 4 times that percentage gain in cash on top of principal; if flat or negative, only principal is repaid. The issuer may redeem the notes monthly from July 28, 2027 through June 28, 2033 at 100% of face value plus a preset call premium rising from 11.0004% to 76.0861%. The index tracks E-mini S&P 500 futures rather than the S&P 500® itself, so returns reflect futures financing costs and potential negative roll yield. The estimated value is between $885 and $925 per $1,000 face amount, and all payments are subject to the credit risk of GS Finance Corp. and the guarantor, with no exchange listing and uncertain secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the iShares® Expanded Tech-Software Sector ETF (IGV). The notes do not bear interest and are unsecured obligations of the issuer with a guarantee from the parent.

The notes can be automatically called on July 28, 2027 if the ETF level is at or above the initial level, paying $1,153.5 per $1,000 on August 2, 2027. If not called, they mature on July 31, 2031. At maturity, investors get $1,000 plus 103% of any positive ETF return, full principal back if the ETF decline is up to 15%, and a buffered loss if the decline exceeds 15%, so capital can be significantly reduced beyond this buffer. The estimated value at pricing is $885–$925 per $1,000, below the $1,000 issue price, and returns depend on both ETF performance and the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing structured notes linked to an equally weighted basket of 11 large-cap technology and industrial stocks. The notes are issued at 100% of face value in $1,000 denominations.

The basket has an initial level of 100. On the expected August 9, 2027 call observation date, if the basket level is at or above 100, the notes are automatically redeemed on the expected August 12, 2027 call payment date for $1,170 per $1,000 face amount.

If not called, payoff at the expected August 3, 2029 maturity depends on basket performance: positive basket returns receive 200% upside participation; returns between 0% and −30% generate a positive return equal to the absolute loss; below the 70% trigger buffer level investors participate one-for-one in further declines and can lose most or all principal. The estimated initial value is disclosed as $890–$920 per $1,000 face amount, and payments are subject to the credit risk of GS Finance Corp. and its parent guarantor.

GS Finance Corp. is offering leveraged buffered Russell 2000 Index-linked notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes provide 125% upside participation in the Russell 2000 Index from the August 3, 2026 trade date to the December 29, 2027 determination date, capped by a maximum cash settlement of $1,277.50 per $1,000 face amount.

If the index closes at or above 90% of its initial level, investors receive at least the $1,000 face amount at maturity on January 3, 2028. Below this 10% buffer, principal declines one-for-one with index losses, down to a minimum payment of 10% of face amount if the index falls to zero, and the notes pay no interest.

Key risks include that the estimated value on the trade date will be lower than the issue price, limited liquidity and market-making at the dealer’s discretion, sensitivity to interest rates and Russell 2000 volatility, full exposure to the credit risk of GS Finance Corp. and the guarantor, and uncertain U.S. federal income tax treatment, including potential FATCA and section 871(m) implications.

The Goldman Sachs Group, Inc. is offering $10,000,000,000 of senior fixed/floating rate notes, consisting of $3,500,000,000 5.240% notes due 2032, $3,500,000,000 5.655% notes due 2037 and $3,000,000,000 6.215% notes due 2057.

Each series pays a fixed rate semi-annually from July 21, 2026 to one year before maturity, then a quarterly floating rate of Compounded SOFR plus 1.170% (2032 notes), plus 1.450% (2037 notes) or plus 1.820% (2057 notes) until maturity. The notes are issued at 100% of principal; underwriting discounts are 0.350%, 0.450% and 0.875% respectively, producing proceeds before expenses to Goldman Sachs of $3,487,750,000, $3,484,250,000 and $2,973,750,000.

Goldman Sachs may redeem each series prior to maturity at the greater of par or a make-whole price before the first par call date, and at par on specified call dates and thereafter, plus accrued interest. The notes are unsecured senior debt, not bank deposits and not insured by any governmental agency.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the Nasdaq-100 Futures Excess Return™ Index, with a stated maturity expected on August 5, 2031. The notes are zero-coupon and pay no interest.

At maturity, each $1,000 note pays: $1,000 plus at least 188% of any positive index return; $1,000 if the index return is between 0% and -40%; or $1,000 plus the full negative index return if the index falls more than 40%, so investors can lose up to 100% of principal. The product tracks E-mini Nasdaq-100 futures, not the cash Nasdaq-100 Index, and is exposed to futures-specific risks such as negative roll yield and limited live index history. Credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. applies, and the issuer’s estimated initial value is only $885–$935 per $1,000, below the 100% issue price, reflecting underwriting discounts, structuring fees and other costs that may also depress secondary-market prices. U.S. tax treatment is uncertain; the notes are intended to be treated as a pre-paid derivative contract, but future IRS or legislative action could change this.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to the worst performer of the S&P 500, Russell 2000 and Nasdaq‑100 indexes, expected to mature on July 20, 2028. Each $1,000 denomination can pay a contingent quarterly coupon of at least $23.00 when, on the observation date, every index is at or above 65.00% of its initial level; otherwise the coupon for that quarter is zero.

The notes may be automatically called on quarterly dates starting in October 2026 if all indexes are at or above their initial levels, in which case investors receive $1,000 plus the coupon then due and no further payments. If the notes are not called and on the valuation date any index finishes below 65% of its initial level, the maturity payment equals $1,000 times the worst-performing index’s performance factor, potentially falling to $0, and no final coupon is paid. Investors do not participate in any index upside, are exposed to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, and the estimated value per $1,000 is $925–$985 versus a 100% issue price, reflecting selling concessions, hedging and other costs.

The Goldman Sachs Group, Inc. plans to issue U.S. dollar fixed rate notes due July 31, 2041 under its Medium‑Term Notes, Series N program. The notes pay 5.50% per annum, with interest paid annually on July 31, beginning July 31, 2027, and are issued in $1,000 denominations.

The initial public offering price is 100% of principal amount, with lower prices possible for certain fee-based advisory accounts that reduce underwriting discounts. The notes will not be listed on any securities exchange, are issued only in book‑entry form through DTC, and use a 30/360 (ISDA) day count convention. They are not redeemable at the issuer’s option before maturity and permit both full and covenant defeasance under the senior debt indenture.

Goldman Sachs & Co. LLC acts as calculation agent and underwriter, creating a FINRA Rule 5121 conflict of interest. For U.S. holders, interest is taxable as ordinary income, and the notes are generally subject to FATCA withholding rules. Offers to retail investors in the EEA and sales in several other jurisdictions are restricted.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing unsecured notes whose return is linked to a Class A subordinate voting share of Shopify Inc.. The notes are expected to price on July 20, 2026, issue on July 23, 2026, and mature on July 25, 2029, unless automatically called earlier.

Holders receive a conditional quarterly coupon of $49.375 per $1,000 face amount (4.9375% quarterly, potential up to 19.75% per year) whenever Shopify’s closing price on a coupon observation date is at least 50% of the initial index stock price; otherwise the coupon is zero. Starting in January 2027 through April 2029, the notes are automatically called if on a call observation date the stock closes at or above the initial price, paying $1,000 per $1,000 face amount plus the coupon then due.

If the notes are not called, principal repayment depends on the final stock price on the July 20, 2029 determination date. If the final price is at least 50% of the initial price, investors receive $1,000 plus any final coupon. If it is below 50%, repayment equals $1,000 plus the index stock return times $1,000, so losses increase one-for-one with the stock and up to the entire principal can be lost, with no coupon. The estimated economic value at pricing is expected to be $925–$955 per $1,000, below the $1,000 issue price, and investors take the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., with limited liquidity and no shareholder rights in Shopify.

The Goldman Sachs Group, Inc. plans to issue Medium‑Term Notes, Series N, due July 31, 2036. These fixed rate notes are expected to bear interest at 5.25% per annum, to be finalized on the July 29, 2026 trade date. Interest is paid annually on July 31, starting in 2027, using the 30/360 (ISDA) day‑count convention. Notes are issued in fully registered, book‑entry form through DTC in minimum denominations of $1,000 and integral multiples thereof.

The notes will not be listed on any securities exchange and are not bank deposits or FDIC‑insured. There is no issuer call option before maturity, but full and covenant defeasance are available under the senior debt indenture. Goldman Sachs & Co. LLC acts as underwriter and calculation agent, creating a conflict of interest addressed under FINRA Rule 5121. Certain fee‑based advisory accounts may purchase at prices below par, which reduces the underwriting discount on those sales.

For U.S. investors, interest is taxable as ordinary income and dispositions generally give rise to capital gain or loss; the notes are subject to FATCA withholding rules. Offers and sales are restricted in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, where distribution is limited mainly to institutional or professional investors under local securities regulations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable, zero-coupon notes linked to the common stock of Microsoft Corporation. The notes pay no interest and return depends entirely on Microsoft’s share performance and Goldman Sachs’ credit.

Your notes are automatically called on the July 29, 2027 call observation date if Microsoft’s closing price is at or above the initial index stock price, paying $1,150 per $1,000 on August 3, 2027. If not called, at the August 2, 2029 stated maturity the payoff is: 1.275× the stock’s positive or flat return; the absolute value of negative returns down to a 35% drop; and full 1:1 downside once the stock falls more than 35%, so you can lose your entire investment.

The trigger buffer price is 65% of the initial index stock price, and the upside participation rate is 127.5%. The estimated economic value on the trade date is $925–$955 per $1,000 of face amount, below the 100% issue price due to fees, hedging costs and dealer margin. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured auto-callable notes linked to the Class A common stock of CrowdStrike Holdings, Inc., the common stock of Microsoft Corporation and the common stock of Snowflake Inc. The notes are expected to trade date on July 20, 2026, be issued on July 23, 2026, and mature on July 25, 2029, unless automatically called.

On monthly observation dates from August 2026, investors receive a contingent coupon only if each stock’s closing price is at least 60% of its initial price; the coupon accrues at $18.959 per $1,000 (1.8959% monthly, up to approximately 22.75% per annum) using a cumulative formula. From July 2027 to June 2029, the notes are automatically called if on any call observation date every stock closes at or above its initial price, returning face amount plus the then-accrued coupon.

If not called, principal repayment depends on a trigger test at maturity. If at least one stock finishes at or above its initial price, investors receive the full $1,000 per note plus the final coupon if each stock is at or above 60% of its initial price. If all three finish below their initial prices and any is below 60%, repayment is reduced one-for-one with the worst-performing stock’s percentage decline, and investors can lose their entire investment and receive no coupon. The estimated value on the trade date is $925–$955 per $1,000 face amount, reflecting structuring costs, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor, with no FDIC insurance and limited liquidity.

GS Finance Corp. is offering Trigger Autocallable Contingent Yield Notes linked to the EURO STOXX 50 Index and the Nasdaq-100 Index, guaranteed by The Goldman Sachs Group, Inc. The notes are unsecured obligations and not bank deposits or FDIC insured.

The notes pay a contingent quarterly coupon of $0.25 per $10 face amount (up to 10.00% per annum) only when each index closes at or above its coupon barrier, set at 70.00% of its initial level. From January 2027, if both indices are at or above their initial levels on an observation date, the notes are automatically called and repay face amount plus that coupon.

If not called, and on the July 14, 2031 determination date either index finishes below its 70% downside threshold, investors receive $10 plus the lesser-performing index return times $10, potentially losing all principal and any final coupon, paid on the July 17, 2031 stated maturity date. The estimated economic value is $9.55–$9.85 per $10 versus a $10 issue price, with a 2.25% underwriting discount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due July 26, 2029, linked to the common stock of Intel Corporation.

The notes pay a conditional quarterly coupon of $79.375 per $1,000 face amount (7.9375% quarterly, with the potential for up to 31.75% per annum) on each coupon payment date only if Intel’s closing level on the related coupon observation date is at or above the coupon trigger level, set at 50% of the initial underlier level. If the notes are not called, at maturity investors receive $1,000 per note only if the final Intel level is at or above the trigger buffer level, also 50% of the initial level; otherwise repayment of principal is reduced one-for-one with Intel’s decline, and the investment can be completely lost.

The notes are automatically called, returning $1,000 per note plus the applicable coupon, if Intel closes at or above its initial level on any call observation date. The original issue price is 100% of face amount, including a 2% underwriting discount, with 98% of face amount as net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, a highly leveraged index targeting 40% volatility with exposure of up to 500% and a fixed 6% per annum daily decrement.

The notes pay a conditional monthly coupon of $14.167 per $1,000 (1.4167%, up to ~17% annually) for months when the index closes at or above 70% of its initial level; missed coupons are not made up. Starting in July 2027, the notes are automatically called if the index is at or above its initial level, returning principal plus the then‑due coupon.

If the notes are not called, principal repayment in July 2032 depends on final index performance. A 60% trigger buffer applies: at or above this level, principal is repaid; below it, losses match the index decline and can reach 100% of invested principal. Payments rely on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated economic value is $885–$925 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500 Index-linked Medium-Term Notes, Series F, due February 5, 2032. For each $1,000 note, investors receive at maturity either $1,000 or, if the final S&P 500 level on the February 2, 2032 determination date exceeds the initial level set on the July 31, 2026 trade date, $1,000 plus $1,000 × the index return, capped at a maximum settlement amount of at least $1,560.

The notes pay no periodic interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. Secondary market values may be below face amount and there is no exchange listing. U.S. investors are subject to contingent payment debt instrument rules, requiring annual income accruals based on a comparable yield and ordinary income treatment on gain.

GS Finance Corp. is offering leveraged callable notes linked to the S&P 500 Futures Excess Return Index, guaranteed by The Goldman Sachs Group, Inc. The notes have $1,000 denominations, pay no interest and are expected to mature on August 5, 2031, unless redeemed earlier.

If held to maturity and not called, payoff depends on index performance from the expected July 31, 2026 trade date to the July 31, 2031 determination date. If the final index level is at or above the initial level, investors receive principal plus 2.31 times the index return. If the final level is between 60% and 100% of the initial level, investors receive principal plus the absolute index return, turning moderate index losses into gains. Below 60% of the initial level, investors are fully exposed to downside and can lose their entire investment.

The issuer may redeem the notes monthly at 100% of face amount plus a fixed call premium that steps up from 20.0004% to 98.3353%, capping upside if called. The estimated initial value is $885–$935 per $1,000, below issue price, reflecting fees and dealer margins. Payments are subject to the credit risk of GS Finance Corp. and its parent, and tax treatment is uncertain, with the notes intended to be treated as pre-paid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index maturing in August 2028. Each note has a $1,000 face amount and pays no interest.

At maturity, if the S&P 500 final level is at or above its initial level, holders receive $1,000 plus 125% of the index gain, capped at a maximum settlement of at least $1,210 per $1,000. If the index is down but not below 90% of the initial level, holders earn the absolute value of the index loss as a positive return. Below the 90% buffer level, principal is reduced 1% for each additional 1% index decline, with examples showing payouts as low as 10% of face value if the index falls to zero.

The notes expose holders to the credit risk of the issuer and guarantor, may trade below the issue price with limited liquidity, and have uncertain U.S. tax treatment as pre-paid derivative contracts, including potential application of FATCA and section 871(m) rules.

GS Finance Corp. is offering autocallable index-linked notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are part of its Medium-Term Notes, Series F program and are linked to the Russell 2000 Index and the S&P 500 Index.

The notes may be automatically called on August 9, 2027 if each underlier closes at or above its initial level, paying on August 12, 2027 at least $1,116 per $1,000 of face amount, capping return at that level. The notes pay no periodic interest.

If not called, the August 3, 2029 maturity payoff depends on the lesser performing underlier. When both final levels exceed initial levels, investors receive $1,000 plus 125% of the lesser performing underlier return. Principal is protected only down to the 80% buffer level; below that, losses increase 1:1 with further declines.

A hypothetical worst underlier level at 20% of its initial level produces a 40% return of face amount, implying a 60% loss for investors buying at par. Key risks include the credit risk of GS Finance Corp. and its parent guarantor, an estimated value on the trade date below the issue price due to fees and margins, limited or no secondary market, and uncertain U.S. tax treatment as a pre-paid derivative contract, with FATCA and section 871(m) considerations for non-U.S. holders.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-protected, no-coupon notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033. The notes may be automatically called on annual dates from 2027–2032 if the index closes at least 102% of its initial level.

On a call, holders receive $1,000 plus a fixed call return of 12%–72%, depending on the call year. If never called, maturity payment per $1,000 is $1,840 if the final index level is at least 102% of initial, or $1,000 if it is lower, so downside index moves do not reduce principal but upside is capped and there are no interest payments.

The index reallocates daily among equity, fixed income, commodity and cash exposures using a 5% volatility control, a momentum risk control mechanism and an annual deduction of 0.65%, all calculated on an excess-return basis over the federal funds rate; large allocations to cash can materially dampen index performance. The estimated economic value at pricing is $885–$935 per $1,000 note, and investors face the unsecured credit risk of GS Finance Corp. and its guarantor, as well as complex tax treatment as contingent payment debt instruments.

GS Finance Corp. is offering autocallable EURO STOXX 50 Index-linked notes due August 3, 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The notes pay no interest and may be automatically called on August 12, 2027, if the EURO STOXX 50 closing level on the August 9, 2027 call observation date is at or above the initial level. In that case, holders receive at least $1,196 per $1,000 face amount and no further payments. If not called, the maturity payment depends on index performance, with a 150% upside participation rate above the initial level. Principal is protected only down to a trigger buffer level of 80% of the initial level; below that, repayment declines one-for-one with the index and investors can lose their entire investment. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., will not be listed, and their initial estimated value and secondary prices are expected to be below the original issue price due to underwriting discounts, structuring fees and dealer margins.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Trigger Autocallable Contingent Yield Notes linked to the S&P 500, Russell 2000 and Nasdaq‑100. The notes pay a quarterly contingent coupon of $0.2375–$0.2625 per $10 (up to 9.50%–10.50% annually) only if each index closes at or above its 70% coupon barrier on the observation date.

Beginning October 2026 the notes are automatically called at par plus coupon if all three indices are at or above their initial levels. If not called and on the July 30, 2029 determination date each index is at or above 70% of its initial level, investors receive $10 plus the final coupon; if any index is below 70%, repayment falls to $10 plus its negative return, risking a substantial or total loss of principal and no final coupon. The minimum purchase is $1,000. The original issue price is 100% of face amount, including a 2% underwriting discount; the estimated value is $9.55–$9.85 per $10, and secondary-market values may be lower. All payments depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp. is offering autocallable index-linked notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., under its Medium-Term Notes, Series F program. The notes are unsecured obligations linked to the Russell 2000 Index and the S&P 500 Index and do not pay interest.

If on August 9, 2027 the closing level of each index is at or above its initial level, the notes are automatically redeemed on August 12, 2027 for at least $1,153 per $1,000 face amount. If not called, at maturity investors receive: leveraged upside with a 125% participation in the lesser-performing index if both finish above initial; return of principal if the worst index finishes between its initial level and an 80% buffer level; or a loss of principal if any index ends below 80%, down to as little as 20% of face amount in the provided example.

Investors are exposed to the credit risk of GS Finance Corp. and the guarantor, potential illiquidity, an initial estimated value below the issue price, capped return if called, no dividend rights on the underlying stocks, and uncertain U.S. tax treatment, which counsel views as a pre-paid derivative contract.

GS Finance Corp. is offering autocallable EURO STOXX 50 Index-linked notes due 2029 under its Medium-Term Notes, Series F program, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The structure provides a 150% upside participation rate and an automatic call that pays at least $1,160 per $1,000 of face amount if, on the August 2027 call observation date, the index closes at or above its initial level.

If not called, at maturity in August 2029 investors receive leveraged upside when the index finishes above its initial level, return of principal when it is between 80% and 100% of that level, and a one-for-one loss when it falls below the 80% trigger buffer, which can result in a complete loss of principal. The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, may be valued below the original issue price because their estimated value is lower, and may have limited or no secondary market liquidity.