Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing $4,844,000 of Medium-Term Notes, Series F, in the form of auto-callable contingent coupon notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indices.

The notes pay a $11.042 contingent monthly coupon per $1,000 face amount (1.1042% monthly, potential up to approximately 13.25% per annum) only if each index is at or above 70% of its initial level on the observation date. They are automatically called at par plus coupon if on a call observation date all three indexes are at or above their initial levels.

If not called, at maturity investors receive $1,000 per note plus final coupon only if each index’s final level is at or above 70% of its initial level; otherwise repayment equals $1,000 plus $1,000 times the lesser performing underlier return, allowing for total loss of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may have limited secondary market liquidity, and involve uncertain U.S. tax treatment as income-bearing pre-paid derivative contracts, with potential withholding for non-U.S. holders and FATCA.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the S&P 500® Index, maturing in 2029. The notes pay no interest and are subject to an automatic call in 2027 if the index closing level is at or above the initial level, in which case holders receive $1,090 per $1,000 face amount.

If not called, the maturity payment depends on index performance. If the final index level exceeds the initial level, holders receive $1,000 plus 145% of the positive index return. If the final level is between 75% and 100% of the initial level, principal is returned. If it falls below 75%, repayment is reduced one-for-one with the index decline, and the entire investment can be lost. The notes are unsecured obligations subject to the credit risk of the issuer and guarantor, are not listed, may have limited liquidity, may trade below issue price, and have uncertain U.S. tax treatment, which the issuer intends to treat as a pre-paid derivative contract in respect of the index.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes due July 25, 2029, linked to three underliers: the Russell 2000 Index, the S&P 500 Index and the State Street Technology Select Sector SPDR ETF (XLK).

For each $1,000 face amount, investors may receive a $10.542 monthly coupon (1.0542%, up to ~12.65% per annum) on scheduled dates, but only if the closing level of each underlier is at or above 70% of its initial level. The notes are automatically called, returning $1,000 plus the applicable coupon, if on any call observation date from January 20, 2027 each underlier is at or above its initial level.

If the notes are not called, at maturity on July 25, 2029 investors receive $1,000 per note only if the final level of every underlier is at or above 50% of its initial level. If any underlier finishes below 50%, repayment is reduced one-for-one with the lesser performing underlier return, and investors can lose up to their entire investment. The notes carry the credit risk of GS Finance Corp. and Goldman Sachs; the estimated value on the trade date is less than the original issue price, there is no listing, no rights to dividends or index constituents, XLK concentration and tracking-error risks apply, and U.S. tax treatment is complex, including potential application of constructive ownership and FATCA rules.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is issuing unsecured notes linked to the common stock of Microsoft Corporation. The notes pay no interest and are expected to mature on July 20, 2028, unless automatically called on July 30, 2027.

The notes are automatically redeemed if Microsoft’s closing price on the call observation date is at or above the initial index stock price, paying at least $1,211 per $1,000 face amount. If not called and the final price is at or above the initial price, holders receive the greater of a $1,422 threshold settlement amount or full principal plus 100% of the stock’s positive return.

If Microsoft’s final price is between 85% and 100% of the initial price, the payoff is the $1,000 face amount. Below 85%, losses increase at a buffer rate of about 117.65% beyond a 15% decline, and the entire investment can be lost. The estimated initial value is between $900 and $930 per $1,000, below issue price due to underwriting discounts, offering expenses and other factors, and all payments are subject to the credit risk of GS Finance Corp and its parent.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering autocallable, income-bearing notes linked to the common stock of Oracle, Meta Platforms Class A and Alphabet Class A. The notes are expected to trade from July 17, 2026 and mature on January 21, 2028, unless automatically called.

Investors receive a monthly coupon of $16.667 per $1,000 (1.6667% monthly, up to approximately 20% per year) only when each stock’s closing price is at least 60% of its initial level on the relevant observation date. The notes are called early, returning face amount plus coupon, if all three stocks are at or above their initial prices on specified call observation dates.

Principal repayment is conditional. If, on the final observation date, all three stocks are below their initial prices and any stock is below 50% of its initial level, repayment is reduced in line with the worst-performing stock and can fall to zero. The estimated initial value is $925–$955 per $1,000 face amount, and all payments depend on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable fixed coupon index-linked notes due July 20, 2028 (expected). Each $1,000 note pays a fixed coupon of $7.375 monthly (0.7375% per month, up to 8.85% per year) starting in August 2026.

If not redeemed early, repayment at maturity depends on the Nasdaq-100 Index and S&P 500 Index. Investors receive $1,000 plus the final coupon only if the final level of each index is at least 80% of its initial level. If any index finishes below this trigger buffer, principal is reduced in proportion to the lesser performing index and can fall to zero. The issuer may redeem at 100% of face amount plus coupon on any monthly payment date from July 2027 through June 2028. The estimated initial economic value is $925–$955 per $1,000, below the 100% issue price, and values will be sensitive to index performance, interest rates and Goldman Sachs’ credit.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index-Linked Notes due January 27, 2028, linked to the Nasdaq-100, Russell 2000 and S&P 500 indices.

The notes pay a contingent monthly coupon of $8.75 per $1,000 face amount (0.875%, up to 10.50% per year) only when each index is at or above 70% of its initial level on the observation date, and may be automatically called quarterly if all are at or above their initial levels, returning $1,000 plus the due coupon.

If not called, maturity repayment per $1,000 is $1,000 when every index is at or above 70% of its initial level; otherwise it equals $1,000 plus $1,000 times the return of the worst-performing index, so investors face up to a 100% loss of principal, along with issuer and guarantor credit risk and complex tax treatment.

GS Finance Corp. is offering Buffered Equity-Linked Notes due 2027, linked to an American depositary share of Alibaba Group Holding Limited (BABA UN) and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. For each $1,000 face amount, investors receive at maturity the greater of $1,000 and $1,000 plus the underlier return, capped at a maximum cash settlement of $1,357, if the final underlier level exceeds the initial level. The notes pay no interest.

A 25% buffer applies: if the final underlier level is at or above 75% of the initial level, principal is repaid in full. If it falls below 75%, principal is reduced 1% for every 1% decline beyond the buffer (e.g., at 19% of the initial level, payout is 44% of face; at 0%, 25%), so a substantial loss of principal is possible. Key risks include the credit risk of GS Finance Corp. and its parent guarantor, the initial estimated value being less than the issue price, limited or no secondary market, foreign equity and currency exposure tied to Alibaba ADS, potential adverse U.S. and Chinese regulatory actions, lack of any shareholder rights in Alibaba, and uncertain U.S. federal income tax treatment of the notes, which are expected to be treated as pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured structured notes linked to a Class A subordinate voting share of Shopify Inc. The notes pay no interest and are expected to mature on October 21, 2027, with trade and issue dates in July 2026.

At maturity, for each $1,000 note investors receive cash based on Shopify’s price change. Upside participation is 100% up to a cap price of 158.65% of the initial share price, with a maximum settlement of $1,586.5. A 25% downside buffer protects principal if the share falls by up to 25%; below 75% of the initial price, losses increase with further declines, down to 25% of principal if the stock goes to zero.

The estimated value on the trade date is $925–$955 per $1,000, below the 100% issue price, reflecting fees and hedging costs. Repayment depends on the credit of GS Finance Corp. and its parent, the notes are not listed, their market value can be volatile, and complex anti-dilution, regulatory and U.S. tax considerations apply.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Underlier-Linked Notes due July 20, 2028, linked to the MSCI EAFE Index, the S&P 500 Index and the VanEck Gold Miners ETF. Each note has a $1,000 face amount.

The notes pay a contingent monthly coupon of $16.917 (1.6917% per month, up to about 20.30% per year) per $1,000, but only when the closing level of each underlier on the observation date is at or above 70% of its initial level. The notes are automatically called at $1,000 plus the coupon if, on any call observation date from January 19, 2027 through June 20, 2028, each underlier is at or above its initial level. If not called, and on the final determination date any underlier finishes below 70% of its initial level, principal is reduced one-for-one with the lesser performing underlier, and investors can lose up to 100% of principal.

Key risks include the credit risk of GS Finance Corp. and its guarantor, the estimated value being lower than the original issue price, limited or no secondary market liquidity, concentration in foreign equities and gold and silver mining companies via GDX, foreign currency exposure, and uncertain U.S. tax treatment, including possible application of constructive ownership rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes linked to an equally weighted basket of eight large-cap stocks. The notes pay no interest and are scheduled to mature in July 2028, with an automatic call feature in July 2027 if the basket is at or above its initial level of 100.

If called, holders receive at least $1,230 per $1,000 face amount. If not called, maturity payment depends on basket performance: above 100, investors get $1,000 plus 125% of the basket’s gain; between 85 and 100, they receive $1,000; below 85, principal is reduced using a buffer rate of about 117.65%, and investors can lose most or all of their investment. The initial estimated value is $900–$930 per $1,000, and the notes are unsecured obligations 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 $19,764,000 of Contingent Income Auto-Callable Securities linked to GE Vernova Inc. common stock, maturing July 13, 2029. The notes are principal-at-risk and do not provide any participation in stock price appreciation.

Investors may receive a contingent quarterly coupon of $40.00 per $1,000 per observation date, but only when GE Vernova’s share price is at or above the downside threshold of $545.785 (50% of the $1,091.57 initial share price). If the stock is at or above the initial share price on a call observation date, the notes are automatically redeemed at $1,000 plus the coupon then due. If at maturity the stock finishes below the downside threshold, repayment of principal is reduced one-for-one with the stock’s decline, potentially to zero. Payments depend on the credit of GS Finance Corp. and its guarantor; the estimated value is $962 per $1,000 security versus a 100% issue price, reflecting underwriting and structuring costs including a 2.25% underwriting discount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Callable Contingent Coupon Underlier-Linked Notes due July 16, 2027. The notes pay a $9.375 monthly coupon per $1,000 (0.9375% monthly, up to 11.25% per annum) only if on each observation date all three underliers — the Nasdaq-100 Technology Sector Index, S&P 500 Index and iShares Russell 2000 ETF — close at or above 80% of their initial levels.

If not previously redeemed at the issuer’s option on monthly coupon dates from August 2026 through June 2027 at $1,000 plus any coupon, the maturity payment per $1,000 depends on the worst-performing underlier. Investors receive full principal back if each final level is at least 80% of its initial level; otherwise principal is reduced using a 20% buffer and a 125% downside participation, which can result in 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 at pricing is lower than the issue price, investors may receive no coupons, the notes will not be listed, and complex tax and underlier-specific risks apply.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, linked to the VanEck Gold Miners ETF (GDX), with an aggregate face amount of $1,135,000. The notes pay no interest and all returns depend on the ETF’s performance.

The notes are automatically called if GDX’s closing level on July 23, 2027 is at or above the $75.53 initial level, paying $1,269 per $1,000 on July 28, 2027. If not called, at maturity on July 13, 2028 investors receive: upside at a 125% participation rate if GDX is above the initial level; full principal back if the final level is between 80% and 100% of the initial level; or a leveraged loss below the 80% buffer, potentially losing the entire investment.

The notes carry the credit risk of GS Finance Corp. and the guarantor, are not insured or listed, and may trade below issue price. Additional risks include the ETF’s concentration in gold and silver miners, tracking error versus its index after a 2025 index change, foreign market and currency exposure, and uncertain U.S. tax treatment, including potential application of constructive ownership rules.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged EURO STOXX 50 Index-linked notes due 2030 with a $1,000 face amount per note. The notes provide 172% upside participation in index gains between the trade date and the 2030 determination date.

If the final index level is at or above 80% of the initial level, holders receive at least the full face amount. Below that 20% trigger buffer, repayment falls one-for-one with the index, so investors can lose up to their entire principal. The notes do not pay interest and do not provide dividends or shareholder rights in the EURO STOXX 50 stocks.

The securities are unsecured obligations of GS Finance Corp. and subject to the credit risk of both the issuer and the guarantor. The original issue price includes a 2.75% underwriting discount, so the initial estimated value is lower than the issue price. The notes will not be listed, market-making is discretionary, and secondary prices may be volatile. Tax treatment is uncertain and will follow a pre-paid derivative contract approach unless authorities require a different characterization.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $500,000 of auto-callable, buffered notes linked to the EURO STOXX 50 Index and the iShares MSCI EAFE ETF.

The notes pay no interest. If on the July 19, 2027 call observation date both underliers are at or above their initial levels, all notes are automatically called and pay 112% of face value ($1,120 per $1,000) on July 22, 2027. If not called, at the July 13, 2029 maturity investors receive a cash amount based on the "lesser performing" underlier: 234% participation in its upside, full principal back as long as that underlier stays at or above 75% of its initial level, and losses that increase in proportion to further declines beyond a 25% buffer, down to as little as 25% of face.

Key risks include potential loss of a substantial portion of principal, no dividends or shareholder rights, limited or no secondary market, issuer and guarantor credit risk, exposure to foreign markets, ETF tracking and currency effects, and uncertain U.S. tax treatment, including possible application of constructive ownership and FATCA rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $23,123,000 of Contingent Income Callable Securities linked to the worst-performing of the S&P 500, Russell 2000 and Nasdaq-100 indices, maturing July 13, 2028.

Investors receive a fixed contingent quarterly coupon of $28.75 per $1,000 only if all three indices stay at or above their respective downside threshold levels (70.00% of initial values) on every index business day in the prior quarter. A single breach in any index for that period means no coupon.

The issuer may redeem the notes at 100% of principal plus any due coupon on quarterly coupon dates from October 15, 2026 through April 13, 2028, ending further payments. At maturity, if not redeemed, principal is repaid in full only if each index finishes at or above its threshold; otherwise, repayment equals $1,000 times the performance of the worst index and can be far below 70.00% of principal, down to zero.

Holders do not participate in any index upside and face full credit risk of GS Finance Corp. and its parent. The initial estimated value is about $980 per $1,000, below the issue price, and secondary market prices may be lower and influenced by many market factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, autocallable contingent coupon notes linked to three index stocks: CrowdStrike Holdings Class A, Oracle, and Celestica. The notes are expected to trade from a July 15, 2026 trade date to a stated maturity on July 20, 2028, unless automatically called earlier.

Holders may receive monthly contingent coupons of 2.3334% of face amount (up to about 28% per annum) only when the closing price of each stock on the relevant observation date is at least 50% of its initial price; otherwise the coupon for that month is zero. The notes are automatically called, returning face amount plus the due coupon, if on any call observation date all three stocks are at or above their initial prices. If not called, principal repayment at maturity depends on final stock prices: full face amount is returned unless on the determination date all three stocks are below their initial prices and at least one is below 50% of its initial price, in which case repayment is reduced in proportion to the worst performer and can fall to zero. Payments are also subject to the credit risk of GS Finance Corp. and its parent. The estimated initial economic value is between $925 and $955 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,716,000 of callable 10-year CMT rate-linked range accrual notes due July 15, 2031. The notes pay quarterly interest based on a 7.00% interest factor when the 10-year CMT rate is at or below a 5.00% reference rate barrier on scheduled U.S. government securities business days.

If the 10-year CMT rate exceeds the barrier on every reference date in an interest period, no interest is paid for that quarter. The notes are callable at 100% of face amount plus accrued interest on any quarterly interest payment date on or after July 15, 2027. Principal is repaid only at maturity or upon redemption and is subject to the credit risk of GS Finance Corp. and its guarantor. The original issue price is 100% of face amount, including a 2.50% underwriting discount, while the initial estimated value is about $946.1 per $1,000, reflecting structuring and distribution costs and dealer profit. Liquidity may be limited, market value can fluctuate with rates, volatility and credit spreads, and the issuer intends to treat the notes as variable rate debt instruments for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $30,505,000 of Contingent Income Auto-Callable Securities due July 13, 2028, linked to the worst-performing of the S&P 500® Index, Russell 2000® Index and Nasdaq-100 Index®. These unsecured, principal-at-risk notes are offered at 100% of principal.

Each $1,000 security may pay a $25.00 contingent quarterly coupon if on a coupon observation date the index closing value of each index is at or above its downside threshold level, set at 70% of its initial index value. If any index is below its threshold, no coupon is paid for that quarter. On any call observation date from October 12, 2026 to April 10, 2028, if each index is at or above its initial value, the notes are automatically called at $1,000 plus the coupon then due, and no further payments are made.

If the notes are not called, at maturity investors receive $1,000 plus the final coupon if each index is at or above its downside threshold. Otherwise, they receive $1,000 multiplied by the worst-performing index performance factor (final value ÷ initial value) and no coupon, which can result in a substantial or total loss of principal. Investors do not participate in any index upside. The model-based estimated value is approximately $982 per $1,000 note, below the issue price, and the notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and are not bank deposits or FDIC insured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term, equity index-linked notes tied to the EURO STOXX 50® Index, with an original offering price of $1,000 per security and a scheduled maturity on August 1, 2029.

The notes pay no interest and offer a single automatic call on July 30, 2027 if the index closing level is at or above the starting level, returning $1,000 plus a call premium of at least 14.50%. If not called, investors receive at maturity $1,000 plus 150% of any index gain, full return of $1,000 if the index is down by no more than 25%, and 1‑for‑1 losses below a threshold level set at 75% of the starting level, with the potential to lose up to 100% of principal. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed on any exchange, and have an estimated initial value between $890 and $920 per $1,000, below the $1,000 issue price, reflecting structuring and distribution costs including an underwriting discount of up to $25.75 (2.575%) per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable buffered notes linked to an equally weighted basket of six large-cap stocks, with an initial aggregate face amount of $1,725,000 and a 100% issue price in $1,000 denominations.

The basket starts at level 100 on July 10, 2026 and includes Arista Networks, Blackstone, Booking Holdings, Microsoft, NIKE (Class B) and ServiceNow, each at approximately 16.667% weight. The notes pay no interest and mature on July 13, 2029, but are automatically called if the basket level on July 12, 2027 or July 10, 2028 is at least 100, triggering redemption at 117% or 134% of face, respectively.

If not called, each $1,000 pays $1,510 at maturity if the final basket level is at or above 100; $1,000 if between 85 and 100; and a reduced amount down to a minimum 15% of face if the basket falls more than 15%. The underwriting discount is 1.2% of face (net proceeds 98.8%), and the estimated value is about $949 per $1,000, reflecting fees, structuring costs and issuer funding spreads. Investors bear the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., receive no dividends on the basket stocks, and may face limited liquidity and price volatility.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing non‑interest‑bearing structured notes linked to a weighted basket of the S&P 500® Futures Excess Return Index (60%), the Russell 2000® Index (30%) and the State Street® Health Care Select Sector SPDR® ETF (10%). The initial basket level is 100 and the initial aggregate face amount is $1,200,000, in denominations of $1,000.

The notes may be automatically called on July 12, 2027 if the basket level is at least 100, paying $1,137.5 per $1,000 on July 15, 2027. If not called, they mature on July 13, 2029. At maturity, per $1,000, investors receive: if the basket return is positive, $1,000 plus 100% of the basket gain; if the basket return is between 0% and -15%, $1,000; if below -15%, $1,000 reduced 1:1 beyond the 15% buffer, so a substantial loss of principal is possible.

The estimated value at pricing is about $974 per $1,000, below issue price, reflecting fees and hedging. Returns are affected by basket performance, volatility, interest rates and the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The structure also embeds risks from equity futures, ETF tracking and health care sector concentration.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing stock-linked notes referencing the common stock of Micron Technology, Inc. in an aggregate face amount of $1,474,000, in $1,000 denominations. The notes pay no periodic interest and are unsecured obligations of the issuer and guarantor.

The notes may be automatically called on quarterly call observation dates starting July 12, 2027 if Micron’s closing price is at least 70% of the $979.30 initial price. On a call, holders receive $1,000 plus a call premium of 43%–118.25%, depending on the call date. If never called, and on July 10, 2029 the stock is at or above 70% of the initial price, each $1,000 note pays a capped maximum settlement amount of $2,290.

If the final stock price is below the 70% trigger buffer level, maturity payment equals $1,000 plus $1,000 times the index stock return, exposing holders to full downside and potential loss of their entire investment. The estimated value on the trade date is about $996 per $1,000 face amount versus a 100% issue price, reflecting fees and hedging costs. The notes are not FDIC insured, may have limited secondary liquidity, provide no shareholder rights in Micron, and are subject to market disruption, anti-dilution adjustment and U.S. tax treatment as a pre-paid derivative contract.

GS Finance Corp. is offering $10,495,050 aggregate face amount of Trigger Autocallable Notes linked to the S&P 500® Index due 2028, guaranteed by The Goldman Sachs Group, Inc. The notes have a $10 denomination and a trade date of July 10, 2026, maturing July 13, 2028, unless called earlier.

Beginning after 12 months, the notes are observed quarterly; if the index closing level is at or above 100% of the initial level, the notes are automatically called and pay the face amount plus a fixed call return (9.00% per annum, e.g., $10.90 on the first call date up to $11.80 on the last). If never called, and on the determination date the index is at or above 75% of its initial level, investors receive $10 per note.

If the final index level is below the 75% downside threshold, repayment is reduced one-for-one with the index decline, and investors can lose their entire principal. The notes pay no coupons, do not participate in any index upside beyond the fixed call returns, and are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The original issue price is 100% of face, with an estimated value of about $9.75 per $10, an underwriting discount of 1.75%, netting 98.25% of face to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $10,059,000 of contingent income callable securities linked to the worst-performing of the S&P 500® Index, the Russell 2000® Index and the Nasdaq-100 Index®, maturing on July 13, 2028.

Investors may receive a $21.75 contingent quarterly coupon per $1,000 only if each index stays at or above its downside threshold level of 60.00% of its initial value on every index business day in the relevant observation period; otherwise the coupon for that quarter is $0.00. The issuer can redeem the notes at 100% of principal plus any due coupon on coupon dates from October 15, 2026 through April 13, 2028.

At maturity, if all final index values are at or above their downside thresholds, investors receive the $1,000 principal per note plus any final coupon; if any index is below its threshold, repayment equals $1,000 times the worst-performing index performance factor, which can result in a loss of most or all principal. The securities are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the estimated value is approximately $979 per $1,000 note, less than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable notes linked to the Class C common stock of Dell Technologies Inc., the common stock of Marvell Technology, Inc. and the Class A common stock of Meta Platforms, Inc. The notes have a stated maturity of July 13, 2029 and an initial aggregate face amount of $407,000, in $1,000 denominations.

Monthly coupons are conditional. For each $1,000, investors may receive $20.25 (2.025% per month, up to 24.3% per year) on a memory basis whenever on a coupon observation date the closing price of each stock is at least 50% of its initial price (the coupon trigger price). The notes are automatically called, starting July 2027, if on a call observation date each stock is at or above its initial price (Dell $434.97, Marvell $235.81, Meta $669.21), returning $1,000 plus the due coupon.

If not called, principal repayment at maturity depends on a trigger event. If on the determination date at least one stock is at or above its initial price, investors receive $1,000 per note, plus the final coupon if each stock is at or above 50% of its initial price. If all three stocks finish below their initial prices and any finishes below 50% of its initial price, repayment is reduced in proportion to the worst-performing stock, potentially to less than 50% of face and with no coupon. Payments are subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is approximately $939 per $1,000, reflecting fees and structuring costs, and secondary market liquidity is not assured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is issuing auto-callable notes linked to the common stock of NVIDIA, Oracle and SoFi Technologies. Investors receive conditional monthly coupons of 1.75% of face value (up to 21% per year) only when each stock closes at or above 50% of its initial price on an observation date.

The notes can be automatically called starting in 2027 if all three stocks are at or above their initial prices, returning face value plus accrued coupons. If not called, principal repayment at maturity in July 2029 depends on a trigger event tied to the worst-performing stock. If on the final observation date all three stocks are below their initial prices and any is below 50% of its initial price, repayment is reduced in proportion to that stock and investors can lose most or all of their capital.

All payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group. The estimated economic value is $925–$955 per $1,000 face, below the issue price, and the notes will not be listed, so secondary-market prices may be volatile and discounted.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing an aggregate $5,141,000 of basket-linked notes due July 13, 2028. The notes pay no interest, are unsecured, and are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.; they are not bank deposits and are not FDIC insured.

The notes reference an equally weighted basket of nine common stocks, including Alphabet, Amazon, Amphenol, Arista Networks, Broadcom, Coherent, Meta Platforms, Microsoft and NVIDIA, with an initial basket level of 100. On the July 23, 2027 call observation date, if the basket closes at or above 100, the notes are automatically redeemed for $1,205.5 (120.55% of face) per $1,000, capping the return.

If not called, at maturity investors receive for each $1,000 the sum of $1,000 plus 125% of any positive basket return; if the basket is flat to down as far as the 80% buffer level, $1,000 is repaid. Below the 80% buffer, losses increase at the 125% buffer rate, so large basket declines can lead to substantial or total principal loss. The estimated value on the trade date is approximately $940 per $1,000 face amount, below the 100% issue price, reflecting underwriting discount, selling concession and structuring and hedging costs; secondary-market values may be lower.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering $732,000 of auto-callable notes linked to the common stock of International Business Machines Corporation. The notes pay no interest and mature on July 13, 2029, unless automatically redeemed starting in July 2027 when IBM closes at least 75% of the $287.56 initial index stock price.

If called, investors receive $1,000 plus a call premium between 15% and 41.25% of face value, depending on the call date. If not called and IBM on July 10, 2029 is at least 75% of the initial price, holders receive the maximum settlement amount of $1,450 per $1,000 face amount.

If IBM falls more than 25% and finishes below the 75% trigger buffer, repayment equals $1,000 plus $1,000 times the index stock return, creating full downside exposure and possible total loss. The estimated value at pricing is approximately $966 per $1,000, below the 100% issue price, reflecting underwriting discount and dealer economics. All payments are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $4,687,000 of Medium-Term Notes, Series F, linked to the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index. Each note has a $1,000 face amount.

The notes pay a contingent quarterly coupon of $25.375 per $1,000 (2.5375% quarterly, up to 10.15% per year) only if on each observation date all three underliers are at or above 75% of their initial levels. Otherwise, the coupon for that quarter is zero, and investors may receive no coupons over the life of the notes.

The notes are automatically called if on any call observation date all underliers are at or above their initial levels, in which case investors receive $1,000 per note plus the due coupon. If not called, and on the determination date any underlier finishes below its 75% trigger buffer, repayment of principal is reduced one-for-one with the “lesser performing” underlier, down to a total loss; an example shows an 81.000% loss if that index ends at 19.000% of its initial level.

Investors take on the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is lower than the 100% issue price, secondary market liquidity is uncertain, and U.S. tax treatment is complex, with the notes intended to be treated as income-bearing pre-paid derivative contracts.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering $2,000,000 aggregate face amount of Medium-Term Notes, Series F linked to the State Street Technology Select Sector SPDR ETF (XLK). The notes are issued at 100% of face amount with no underwriting discount.

Each $1,000 note may pay a contingent quarterly coupon of $33.625 (3.3625%, up to 13.45% per year) when XLK’s closing level on the observation date is at least 75% of the $185.78 initial underlier level. The notes are automatically called at par plus any due coupon if XLK is at or above the initial level on specified call observation dates from July 2027 through April 2030. If not called, principal repayment on July 15, 2030 depends on XLK’s level on July 10, 2030: full principal is returned if the final level is at least 65% of the initial level; if it is lower, repayment equals $1,000 plus $1,000 times the underlier return, so investors can lose up to 100% of principal. The estimated value at pricing is less than the issue price, the notes are unsecured obligations subject to the credit risk of both the issuer and guarantor, and they may have limited or no secondary market liquidity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $11,299,000 of Medium‑Term Notes, Series F linked to the Nasdaq‑100, Russell 2000 and S&P 500 indices. The notes pay a contingent monthly coupon of $9.792 per $1,000 (0.9792% monthly, up to approximately 11.75% per annum) only if on each observation date all three indices are at or above 70% of their initial levels.

The notes are subject to an automatic call on scheduled dates starting in January 2027 if all indices are at or above their initial levels; in that case investors receive $1,000 per note plus the due coupon, ending the investment early. If the notes are not called, at maturity investors receive full principal only if every index is at or above 60% of its initial level. Otherwise, repayment is reduced one‑for‑one with the worst‑performing index, and investors can lose up to 100% of principal.

The notes are unsecured obligations exposed to the credit risk of GS Finance Corp. and the guarantor. Coupons can be zero for the entire term, market value can be volatile and illiquid, tax treatment is uncertain, and the notes do not provide any ownership, dividend or voting rights in the underlying indices.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering $1,636,000 aggregate face amount of EURO STOXX 50® Index-linked notes under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and an original issue price of 100% of face, with a 1% underwriting discount and 99% net proceeds to the issuer.

At maturity in July 2031, the cash payment per note depends on index performance. If the final index level exceeds the initial level, the payoff is enhanced by a 178% upside participation rate. If the index is flat or down by up to the 20% buffer amount (buffer level 80% of the initial level), investors receive full principal. Below the buffer level, principal is reduced 1-for-1 with index losses beyond 20%; for example, at 60% of the initial level, the cash settlement would be 80% of face. The notes do not bear interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor.

The notes are not bank deposits, are not insured by any governmental agency, will not be listed on an exchange, and any secondary market making by Goldman Sachs & Co. LLC is discretionary. Estimated value at pricing is below the issue price due to fees and structuring costs, market value may be volatile, and investors face additional risks from exposure to foreign equity markets and from uncertain U.S. tax treatment, including potential FATCA and section 871(m) considerations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the VanEck Gold Miners ETF. Each $1,000 note can pay quarterly coupons only if the ETF closes at or above 80% of its initial level on the relevant observation date. The coupon formula adds at least $45 per qualifying observation, minus coupons already paid, so missed coupons are not made up and some investors may receive no income.

The notes can be automatically called starting in November 2026 if the ETF is at or above its initial level, returning $1,000 per note plus any due coupon, which caps upside at par even if the ETF rises sharply. If not called and the final ETF level is at or above 80% of the initial level, investors receive $1,000 at maturity; below that buffer, principal is reduced with a 125% downside participation, and losses can reach 100% of invested amount. Holders take on the credit risk of GS Finance Corp. and Goldman Sachs, lack any rights in the ETF, may face limited liquidity and secondary-market prices below the issue price, and are subject to complex U.S. tax treatment, including potential constructive ownership and FATCA considerations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $7,608,000 of S&P 500® Index-linked Medium-Term Notes, Series F. The notes have an automatic call feature: if on July 12, 2027 the index closes at or above the initial level of 7,575.39, each $1,000 note is redeemed on July 15, 2027 for $1,080, capping the one-year return at 8%. The notes pay no periodic interest.

If not called, at maturity on July 15, 2031 you receive $1,000 per note if the index is at or below its initial level, and $1,000 plus 100% of any index gain if the index is higher. Principal is exposed to the credit risk of GS Finance Corp. and its guarantor, market value may be volatile, the notes will not be listed, and the original issue price of 100% exceeds the model-based estimated value. For U.S. tax purposes the notes are treated as contingent payment debt instruments with a comparable yield of 5.06% and a projected maturity payment of $1,288.40 per $1,000, causing annual ordinary income inclusions even though cash is generally paid only at call or maturity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500®-linked auto-callable buffered notes with an aggregate face amount of $5,265,000. The notes have no periodic interest and expose holders to Goldman Sachs’ credit risk.

The notes may be automatically called on July 22, 2027, paying $1,092.50 per $1,000 if the S&P 500® closing level on the July 19, 2027 call observation date is at or above the initial level of 7,575.39. If not called, at July 13, 2028 maturity investors receive upside at a 200% participation rate when the index is above its initial level, full principal repayment between an 85% buffer level and the initial level, and lose principal one-for-one below the 15% buffer, down to 15% of face amount in extreme declines. The estimated value at pricing is lower than the issue price, secondary market liquidity is uncertain, and tax treatment as a pre-paid derivative is described as uncertain.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable notes linked to the common stock of NVIDIA, an ADS of Taiwan Semiconductor Manufacturing Company, and Lumentum common stock.

The notes have a stated maturity on July 13, 2029 and an aggregate face amount of $480,000 (in $1,000 denominations, subject to increase). Investors may receive a “memory” coupon of $19.875 per $1,000 (1.9875% monthly, up to 23.85% per annum) on each monthly observation date if every stock closes at or above 50% of its initial price.

The notes are automatically called from July 2027 through June 2029 if each stock is at or above its initial price, returning principal plus the due coupon. If the notes are not called, principal repayment depends on final prices. If on the determination date all three stocks are below their initial prices and any is below 50% of its initial price, repayment is reduced in proportion to the worst-performing stock, and investors can lose most or all principal and receive no coupon.

The initial prices are $210.96 for NVIDIA, $434.11 for the TSM ADS, and $802.01 for Lumentum. Payments are unsecured obligations subject to the credit risk of GS Finance Corp and the guarantor. The estimated value is about $935 per $1,000 face, versus a 100% issue price, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,485,000 of auto-callable contingent income notes linked to the common stock of Freeport-McMoRan Inc. Investors may receive quarterly coupons of $37.375 per $1,000 when the stock closes at or above 65% of its initial $61.52 level.

The notes can be called early at par plus coupon if the stock is at or above its initial level on specified observation dates. Principal is buffered only down to 65% of the initial level; below that, losses follow a leverage formula and can reach 100%. Upside is capped at return of principal, the estimated value at pricing is less than the issue price, payments depend on issuer and guarantor credit, secondary liquidity may be limited, and tax consequences are uncertain.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering $4,799,000 of Medium-Term Notes, Series F, in the form of auto-callable notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indexes. The notes pay a contingent monthly coupon of $11.042 per $1,000 face amount (1.1042% monthly, up to approximately 13.25% per annum) when each index closes at or above 70% of its initial level on the relevant observation date.

The notes may be automatically called, returning $1,000 per $1,000 face amount plus any due coupon, if on a call observation date each index is at or above its initial level. If not called, at maturity in July 2029 investors receive full principal only if each index is at or above 70% of its initial level; otherwise repayment is reduced according to the return of the worst-performing index, potentially to zero, so the entire investment can be lost. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are sold at 100% of face amount with a 0.4% underwriting discount (99.6% net proceeds), are not bank deposits or FDIC insured, and will not be listed on any securities exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $3,409,000 of auto-callable market-linked notes due July 15, 2031, linked to the lowest-performing of Amazon, NVIDIA, Alphabet Class A and Broadcom common stocks. Each note has a $1,000 face amount.

The notes pay monthly variable coupons: if the lowest-performing stock on a calculation day is at least 80% of its starting price, holders receive the higher coupon of $8.542 per note (about 10.25% per year); otherwise they receive $0.209 (about 0.25% per year). From July 2027 through June 2031, if that lowest-performing stock is at or above its starting price on a call date, the notes are automatically redeemed at face value plus the higher coupon.

If never called, investors receive $1,000 per note at maturity on July 15, 2031 plus a final coupon, regardless of stock performance, but with no upside participation or dividends. All payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated initial value is about $945 per $1,000 note, below the offering price, and secondary-market values may be lower; the notes are not listed and are intended to be held to maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $442,000 of autocallable contingent coupon notes linked to the common stock of Broadcom Inc., Strategy Inc (formerly MicroStrategy Incorporated) and Palantir Technologies Inc. Initial stock prices are $399.97, $94.64 and $126.79, respectively. The notes pay contingent coupons of $22.417 per $1,000 (2.2417% monthly, up to approximately 26.9% per annum) on monthly observation dates if each stock closes at or above 50% of its initial price; otherwise the coupon for that month is $0. From July 2027 through June 2029, the notes are automatically called if on a call observation date each stock is at or above its initial price, returning face amount plus the applicable coupon.

If not called, the notes mature on July 13, 2029. Investors receive full principal back if either at least one stock is at or above its initial price, or all three are at or above 50% of initial. If all three finish below their initial prices and at least one is below 50%, repayment is reduced in proportion to the worst-performing stock, down to a total loss of principal, and no final coupon is paid when any stock is below 50%. The original issue price is 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer. The estimated value is only about $968 per $1,000 at pricing, and payments depend on the credit of GS Finance Corp. and its parent; the notes are unsecured, unsubordinated and not FDIC insured, and secondary market liquidity is uncertain.

GS Finance Corp. is offering S&P 500® Index-linked buffered notes with an aggregate face amount of $2,658,000, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are issued under the Medium-Term Notes, Series F program, pay no interest and are scheduled to mature on January 13, 2028, based on index performance from the July 10, 2026 trade date through the January 10, 2028 determination date.

For each $1,000 face amount, investors receive: if the final S&P 500 level is above the initial level, $1,000 plus the index return, capped at a maximum settlement amount of $1,195; if the final level is between 85% and 100% of the initial level, $1,000; if below 85%, losses equal 1% of principal for each 1% decline beyond the 15% buffer, with examples showing payoffs as low as 15% of face amount. The underwriting discount is 0.6% of face (net proceeds 99.4%), the estimated value is less than the original issue price, secondary market liquidity is uncertain, holders have only unsecured credit exposure to GS Finance Corp. and the guarantor, no rights in S&P 500 stocks, and U.S. tax treatment is described as a pre-paid derivative contract but remains uncertain.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing Medium‑Term Notes, Series F linked to the common stock of Broadcom Inc. The notes have an aggregate face amount of $3,816,000, a trade date of July 10, 2026 and a stated maturity of July 13, 2028, unless automatically called.

Each $1,000 note can pay a contingent coupon that accrues at $37.5 per $1,000 for each coupon observation date on which Broadcom’s closing level is at least 55% of the initial underlier level of $399.97. No coupon is paid for periods when the stock is below this coupon trigger level, so total coupons may be zero.

At maturity, if the notes have not been called and the final underlier level is at least the 55% trigger buffer level, investors receive the full $1,000 per note (plus any final coupon); otherwise repayment is $1,000 + ($1,000 × underlier return), exposing investors to up to a 100% loss of principal. The notes are subject to the credit risk of GS Finance Corp. and its guarantor, and their estimated value on the trade date is less than the 100% original issue price because of underwriting discounts of 1.85% of face amount, offering expenses and dealer compensation.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $5,757,000 aggregate face amount of contingent coupon auto-callable buffered notes linked to GE Vernova Inc. common stock. Each $1,000 note pays a quarterly contingent coupon only if the underlier closes at or above 50% of its initial level on the relevant observation date; otherwise the coupon is $0, with the coupon amount based on $51.75 per observation date, cumulative.

The notes may be automatically called on specified dates if the underlier closes at or above its initial level, in which case investors receive $1,000 per note plus any due coupon. If not called, at maturity investors receive full principal only if the final underlier level is at least 50% of the initial level; below that, repayment equals the final underlier level percentage of face amount and can fall to $0. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., potential lack of liquidity, an initial estimated value below the issue price, no shareholder rights in GE Vernova, and uncertain U.S. tax treatment.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $321,000 of structured notes linked to the common stock of Advanced Micro Devices, Alphabet Class C and NVIDIA. Each $1,000 note can pay a contingent monthly coupon of $9.292 (0.9292%, up to approximately 11.15% per annum) when every underlier’s closing level is at least 75% of its initial level; otherwise the coupon is zero. The notes are automatically called at $1,000 per $1,000 face amount plus any due coupon if, on a call observation date, each underlier is at or above its initial level. If never called, investors receive $1,000 at maturity on July 15, 2031, plus a final coupon only if the trigger condition is met, with no participation in equity upside.

The issuer’s estimated value is $949 per $1,000, below the issue price, reflecting a 3.625% underwriting discount, selling concessions, hedging and structuring costs, including a $14.75 ‘additional amount’ amortizing to October 9, 2026. The notes are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may pay no coupons over their life, are not listed, and may have limited or illiquid secondary trading at prices below face value. U.S. federal income tax treatment is uncertain; the issuer intends to treat the notes as variable rate debt instruments, while also outlining possible contingent payment debt treatment.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering $918,000 aggregate face amount of medium-term notes linked to Eli Lilly and Company common stock. The notes pay a contingent monthly coupon of $12.292 per $1,000 (1.2292% monthly, up to about 14.75% per year) when Eli Lilly’s share price on the relevant observation date is at or above 67% of the initial level of $1,188.58. The notes may be automatically called beginning in January 2027 if the stock closes at or above the initial level, in which case holders receive $1,000 per $1,000 face amount plus any due coupon.

If the notes are not called, investors receive at maturity on August 13, 2027 $1,000 per $1,000 face amount only when the final stock level is at or above the 67% trigger buffer level. Below that level, repayment is reduced in proportion to the stock’s decline and investors can lose their entire investment. Upside is capped at return of principal plus coupons, with no participation in stock gains above par. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The original issue price is 100% of face amount, including a 0.65% underwriting discount, so the initial estimated value is lower than the price paid.

GS Finance Corp. is offering $3,934,000 of S&P 500® Index-linked Medium-Term Notes, Series F, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes mature on July 28, 2027, based on a determination date of July 23, 2027, and are issued at 100% of face amount.

The notes pay no interest. At maturity, for each $1,000 note, if the S&P 500® final level is at or above the buffer level of 90% of the initial level of 7,575.39, holders receive the maximum settlement amount of $1,088 (108.800% of face amount). If the final level is below the buffer, the payoff is $1,000 + ($1,000 × buffer rate × (underlier return + 10%)), with a buffer rate of approximately 111.11%, so investors lose about 1.1111% of principal for every 1% the index falls below the buffer and can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They are not listed on any exchange, may have limited or no secondary liquidity, and their estimated value on the trade date is less than the original issue price due to underwriting discounts, expenses and hedging-related amounts. Market value before maturity can be affected by S&P 500® levels and volatility, interest rates, time to maturity and changes in the perceived creditworthiness of the issuer and guarantor. U.S. federal tax treatment is uncertain; under the issuer-required approach, the notes are treated as pre-paid derivative contracts with capital gain or loss on sale, exchange or maturity.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500 Futures Excess Return Index-linked notes with an aggregate face amount of $4,285,000 under its Medium-Term Notes, Series F program.

The notes are tied to the S&P 500 Futures Excess Return Index, which tracks E-mini S&P 500 futures rather than the S&P 500 Index itself, so returns differ from holding the index or its stocks and are reduced by financing costs and potential negative roll yield. The payoff at maturity depends on index performance from July 10, 2026 to July 10, 2031: investors receive 197% of any positive index return; full principal back if the index decline is within the 20% buffer; and 1-for-1 principal losses beyond the 20% buffer, illustrated by a 40% payout of face amount if the index ends at 20% of its initial level and 20% if it falls to zero.

The notes bear no interest, are unsecured obligations maturing on July 15, 2031, and expose holders to the credit risk of GS Finance Corp. and its parent, potential illiquidity, market value sensitivity to rates, volatility and credit spreads, and uncertain U.S. tax treatment characterized as a prepaid derivative contract.