Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $5,082,500 of Trigger Autocallable Contingent Yield Notes due 2031, linked to the lesser of the Russell 2000 Index and the Nasdaq-100 Index. The notes are issued in $10 denominations and form part of the Medium-Term Notes, Series F program.

The notes pay a contingent coupon of $0.235 per $10 (up to 9.40% per annum) only if on each quarterly observation date both indexes are at or above 70% of their initial levels. From January 2027, the notes are automatically called if both indexes are at or above their initial levels, returning $10 plus the coupon. If not called, and on the July 2031 determination date either index is below 60% of its initial level, investors receive $10 plus the lesser-performing index return times $10 and can lose their entire principal. All payments depend on the creditworthiness of GS Finance Corp. and its parent, and the initial estimated value is about $9.86 per $10, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital S&P 500 Index-Linked Notes due 2027. For each $1,000 note, if the S&P 500 Index final level is at or above 85% of its initial level, investors receive a fixed maximum settlement amount of at least $1,077.50. If the final index level is below the 85% buffer level, principal is reduced by approximately 1.1765% for every 1% decline below the buffer, and investors can lose their entire investment. The notes pay no interest, are unsecured obligations subject to the credit risk of the issuer and guarantor, and are part of GS Finance Corp.'s Medium-Term Notes, Series F program.

The original issue price is 100% of face amount, including a 1% underwriting discount, with net proceeds of 99% of face amount to GS Finance Corp. The estimated value at pricing, based on GS&Co. models, is lower than the issue price. The notes are not listed on any securities exchange, and secondary market liquidity and pricing are uncertain. U.S. federal income tax treatment is uncertain; counsel views the notes as pre-paid derivative contracts linked to the S&P 500 Index.

GS Finance Corp. is offering Buffered Digital S&P 500® Index-Linked Notes due August 4, 2027, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount, pays no interest, and is linked to the S&P 500® Index level from the July 17, 2026 trade date to the July 30, 2027 determination date.

If the final index level is at or above the buffer level of 90% of the initial level, holders receive a fixed maximum settlement amount of 109.050% of face value (at least $1,090.50 per $1,000 note), capping upside. If the final level is below the buffer, principal is reduced by approximately 1.1111% of face amount for every 1% the index falls below 90%, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, and their estimated value at pricing will be lower than the 100% issue price due to underwriting discount, hedging and issuance costs. Tax treatment is uncertain; the issuer and its counsel intend to treat the notes as pre-paid derivative contracts on the S&P 500® Index.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked buffer notes with an aggregate face amount of $4,340,000. For each $1,000 note maturing on July 28, 2027, investors receive a cash amount based on the S&P 500® Index level on a July 23, 2027 determination date.

If the final index level is at or above the 85% buffer level of the initial level of 7,575.39, payment is capped at the maximum settlement amount of $1,075 per note. Below the buffer, the payoff declines using a buffer rate of about 117.65%, so holders lose roughly 1.1765% of principal for each 1% the index falls beneath the buffer, potentially down to a full loss of principal. The notes pay no interest and do not provide dividends or voting rights.

Key risks include the credit risk of GS Finance Corp. and its parent guarantor, the fact that the notes’ estimated value is less than the original issue price of 100% of face amount, limited or uncertain secondary market liquidity, sensitivity to equity volatility and interest rates, and uncertain U.S. tax treatment, including potential FATCA and section 871(m) considerations.

GS Finance Corp. is offering $1,000,000 aggregate face amount of Autocallable Buffered iShares Semiconductor ETF‑Linked Notes due July 13, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes are unsecured obligations, pay no interest, and are not FDIC insured.

The return is linked to the iShares Semiconductor ETF (SOXX). If on the July 22, 2027 call observation date the ETF closes at or above the initial level of $581.70, the notes are automatically redeemed for $1,420.8 per $1,000 face amount. If not called, the July 10, 2028 final ETF level determines the cash settlement: 100% upside participation if the ETF is above the initial level; full principal repayment for declines up to 20%; and losses at 1.25× any decline beyond 20%, potentially to zero.

The original issue price is 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer. The estimated value at pricing is approximately $975 per $1,000, below the issue price, reflecting structuring costs and dealer compensation. Secondary market values will depend on the ETF level, volatility, interest rates, and the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $950,000 of medium-term structured notes linked to the Invesco S&P 500 Equal Weight ETF (RSP). The notes pay no interest and return cash at maturity based on the ETF's level on a 2027 determination date.

For each $1,000 face amount, investors receive 200% of any positive ETF return, capped at a maximum payment of $1,114. Principal is returned in full only if the ETF finishes at or above 90% of its initial $214.30 level; below this 10% trigger buffer, losses match the ETF's decline and can reach 100% of principal. The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and its parent, are not listed, and their estimated value at pricing is lower than the 100% issue price because of dealer compensation and structuring costs. U.S. tax treatment is uncertain and may be affected by constructive ownership and FATCA rules.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $8,740,000 of S&P 500® Index-linked Medium-Term Notes, Series F. Each $1,000 note pays a cash amount at maturity based on index performance from the July 10, 2026 trade date to the July 12, 2027 determination date.

Investors receive 200% of the S&P 500® Index gain, but returns are capped at a maximum settlement of $1,123 per $1,000 (112.300% of face). If the final index level is between 90% and 100% of the initial level, principal is repaid. Below the 90% buffer level, principal declines 1% for every 1% index loss, with hypothetical examples showing cash settlement values as low as 10% of face.

The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, and are not FDIC insured. Market value before maturity can be significantly below face, and the dealer’s estimated value at pricing is less than the 100% issue price. U.S. federal income tax treatment is uncertain; counsel views the notes as a pre-paid derivative contract, but the Internal Revenue Service could assert a different treatment.

GS Finance Corp. is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2027, linked to the common stock of NVIDIA Corporation (NVDA) and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and is part of the Medium‑Term Notes, Series F program.

The notes pay a contingent monthly coupon of $9.584 per $1,000 when NVDA’s closing level on a coupon observation date is at least 75% of the initial level. They are automatically called if NVDA is at or above its initial level on specified call observation dates, returning $1,000 plus the coupon then due. At maturity, if not called, investors receive $1,000 per note when the final NVDA level is at or above the 75% buffer level; below that, principal is reduced using the disclosed buffer formula, with examples showing a payoff of 25.000% of face if NVDA ends at 0%. Investors may lose a substantial portion of principal, may receive no coupons, face credit risk of GS Finance Corp. and its guarantor, limited or no secondary market liquidity, no shareholder rightsuncertain U.S. tax treatment. The notes are not listed on any exchange and are not bank deposits or FDIC‑insured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, whose payments depend on the worst performer among the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. The notes have a face amount of $1,000 and an aggregate face amount of $4,020,000.

Investors may receive a contingent coupon of $10 per $1,000 (1% monthly, up to 12.00% per annum) on each monthly payment date only if every index is at or above 70% of its initial level. At maturity, if the notes have not been redeemed and the worst index is at or above 70% of its initial level, investors receive $1,000 per note; otherwise principal is reduced one-for-one with the lesser performing underlier return, down to zero, so the entire investment can be lost.

The issuer can redeem the notes at par on any coupon payment date from January 2027 to May 2028. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, feature no listing or shareholder rights, and their estimated value at pricing is less than the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS), unsecured notes linked to a weighted basket of U.S. equity indices: 70.00% S&P 500 Index and 30.00% Russell 2000 Index. The notes are expected to price on or about July 24, 2026 and mature on July 27, 2028.

Each $1,000 note pays at maturity: if the basket is above its initial level of 100, investors receive principal plus 200% of the basket’s percentage gain, capped at a maximum payment of at least $1,210.00 (121.00% of principal). If the basket is flat or down by up to the 10.00% buffer, investors receive $1,000. If it falls by more than 10.00%, repayment is reduced 1% for each 1% decline beyond the buffer, with a minimum payment of $100.00 (10.00% of principal).

The notes pay no interest and provide no dividends from the underlying stocks, are not listed on any exchange, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is expected between $910 and $970 per $1,000 note, below the 100% issue price, reflecting underwriting discount, structuring costs and issuer economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., issues auto-callable, principal-at-risk notes linked to the S&P 500® Futures 40% VT Adaptive Response 4% Decrement Index.

The notes pay no interest, are issued in $1,000 denominations with aggregate face amount of $900,000, and mature on July 17, 2031 unless automatically called starting July 2027 when the index closes at or above the initial level of 890.14. On a call, holders receive $1,000 plus a call premium that begins at 18.2004% of face and increases on later call dates.

If not called, the maturity payment per $1,000 is capped at $1,910.02. Full principal is repaid if the final index level is at least 50% of the initial level; below that threshold repayment falls in proportion to the decline, creating potential total loss. The underlier employs up to 500% leverage and a 4% annual decrement, which can magnify losses and cause performance to lag an index without these features. The initial estimated value is about $918 per $1,000, below the issue price, and secondary prices depend on market factors and the credit of the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured auto-callable notes linked to an equally weighted basket of six stocks: Alphabet, Broadcom, Coherent, Eaton, RTX and Vistra. The notes pay no interest and have an initial basket level of 100, with maturity expected on July 20, 2028 and an automatic call observation date expected on July 30, 2027.

If on the call observation date the basket level is at or above 100, the notes are automatically redeemed for at least $1,211.5 per $1,000 face amount. If not called, at maturity investors receive $1,000 plus 150% of any positive basket return; $1,000 if the basket decline is up to 20%; and below that loss is amplified by a 125% buffer rate, allowing for a complete loss of principal. The estimated value on the trade date is $900–$930 per $1,000, below the issue price, and holders face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., no dividends or shareholder rights in the basket stocks, and potentially limited secondary market liquidity.

GS Finance Corp. is offering autocallable S&P 500® Index-Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., as part of its Medium-Term Notes, Series F program. The notes are unsecured obligations of the issuer and guarantor.

The notes pay no interest. If on the July 30, 2027 call observation date the S&P 500 closing level is at or above the initial level, the notes are automatically redeemed on August 4, 2027 for $1,100 per $1,000 face amount. If not called, the July 17, 2028 payoff depends on index performance: gains above the initial level receive at least 191% upside participation; between 90% and 100% of the initial level investors receive full principal; below 90%, losses accelerate using a buffer rate of about 111.11%, and principal can be lost in full. The issue price is 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds, and the estimated value at pricing is lower than the issue price. Market value is sensitive to index levels, volatility, interest rates and the credit of both GS Finance Corp. and The Goldman Sachs Group, Inc. U.S. tax treatment is uncertain; the notes are intended to be treated as pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $250,000 aggregate face amount of Callable 10-Year CMT Rate-Linked Range Accrual Notes due July 14, 2036. Notes are issued at 100% of face value in $1,000 denominations, with a 1% underwriting discount and 99% net proceeds. The estimated value on the trade date is approximately $924.7 per $1,000 face amount.

Quarterly interest from October 14, 2026 is variable. For each interest period, the annualized interest rate equals 10.30% multiplied by the fraction of scheduled U.S. government securities business days when the 10-year CMT rate is at or below 5.00%, using a 30/360 (ISDA) day count. If the 10-year CMT exceeds 5.00% on every reference date in a period, no interest is paid for that quarter.

The issuer may redeem all notes at par plus accrued interest on any quarterly interest payment date on or after July 14, 2027, at its option, which can shorten the investment term. Payments are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and the notes are not listed, so secondary market liquidity may be limited.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Equity-Linked Notes due 2027 linked to the Class A common stock of Palantir Technologies Inc. The notes are unsecured senior obligations under Goldman’s Medium-Term Notes, Series F program and do not pay interest.

At maturity in October 2027, each $1,000 note pays cash based on Palantir’s performance from trade date to determination date. If the stock is at or above the initial level, payment equals $1,000 plus the underlier return, but is capped at the maximum settlement amount of $1,581.50 (158.150% of face). If the final level is between 75% and 100% of the initial level, investors receive full principal back. Below the 75% buffer level, principal declines 1% for each 1% drop beyond the 25% buffer, down to 25% of face in an extreme scenario. Key risks include loss of principal, no dividends or shareholder rights, issuer and guarantor credit risk, limited or uncertain secondary market liquidity, an initial estimated value below the issue price, and uncertain U.S. tax treatment as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing auto-callable, equity-linked notes tied to an equally weighted basket of 7 large-cap stocks. The notes pay no interest and have a stated maturity date expected to be August 3, 2028.

The basket has an initial level of 100 and each stock weight of approximately 14.29%. If on the August 13, 2027 call observation date the basket is at or above 100, the notes are automatically redeemed for at least $1,219 per $1,000 face amount. If not called, positive basket returns are multiplied by a 125% upside participation rate; declines up to the 20% buffer level (80% of initial) return $1,000, while losses beyond 20% reduce principal at a 125% buffer rate and can erase the entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is expected between $900 and $930 per $1,000 face amount, below the original issue price, and the securities will not be listed, so liquidity may be limited.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., offers Autocallable Contingent Coupon Underlier‑Linked Notes due 2031. The notes reference three underliers: the Nasdaq‑100 Technology Sector Index, the Russell 2000® Index, and the VanEck Semiconductor ETF. For each $1,000 face amount, investors are scheduled to receive a contingent monthly coupon of $17.084 (1.7084% per month, up to approximately 20.5% per annum) only if, on the related observation date, the closing level of each underlier is at or above 60% of its initial level.

The notes are subject to an automatic call: beginning January 2027, if on any call observation date each underlier is at or above its initial level, the notes are redeemed early at $1,000 per note plus the applicable coupon. If not called, at maturity in July 2031 investors receive $1,000 per note only if the final level of every underlier is at or above its 60% trigger buffer level; otherwise, principal is reduced one‑for‑one with the return of the worst‑performing underlier, potentially to zero, so investors may lose their entire investment. Coupons may be zero for the entire term. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited or no secondary market liquidity, and their estimated value at pricing is less than the original issue price. U.S. federal tax treatment is uncertain; the issuer intends to treat the notes as income‑bearing pre‑paid derivative contracts, with coupons taxed as ordinary income and possible application of constructive ownership and FATCA rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering callable contingent coupon notes linked to the Class A common stock of Workday, Inc. The notes are expected to trade from July 2026 and mature on July 19, 2029, unless automatically called.

Holders receive monthly coupons of $15.834 per $1,000 note (1.5834% per month, up to approximately 19% per year) only when Workday’s closing price on the observation date is at least 60% of the initial index stock price. From October 2026, if the stock closes at or above the initial price on any call observation date, the notes are automatically redeemed at par plus the applicable coupon.

If not called, principal repayment depends on the final stock price. At maturity, investors receive full principal if Workday is at least 50% of the initial price, plus a final coupon only when it is at least 60%. Below 50%, repayment falls one-for-one with the stock, potentially to zero, and no coupon is paid.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. The estimated economic value at pricing is expected between $925 and $955 per $1,000 face amount, below the 100% issue price, and secondary-market liquidity is not assured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, auto-callable notes linked to an equally weighted basket of five stocks: Advanced Micro Devices, Applied Materials, Intel, Robinhood Markets Class A, and ServiceNow, each with a 20% basket weight and initial weighted value of 20. The initial basket level is 100, expected to be set on July 28, 2026, with maturity expected on July 31, 2031.

The notes pay no interest. They are automatically called on scheduled observation dates starting July 28, 2027 if the basket is at least 90% of the initial basket level, paying $1,000 plus a call premium per $1,000 face amount; call premiums step from 17% on the first call date up to 80.75% near maturity. If not called, at maturity investors receive: (i) $1,000 plus 100% of any positive basket return if the final basket level is at or above 100; (ii) $1,000 if the final basket level is between the 50% trigger buffer level and 100; or (iii) $1,000 plus the basket return if the final basket level is below 50%, exposing investors to losses that can reach the full principal.

The estimated value at pricing is expected to be between $850 and $890 per $1,000 face amount, reflecting fees and dealer economics. The notes are characterized for U.S. tax purposes as a pre-paid derivative contract on the basket stocks and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., as well as market, volatility, liquidity, and structural risks described in the risk factor section.

The Goldman Sachs Group, Inc. is offering debt securities in the form of Callable Fixed Rate Notes due July 11, 2031 under its Medium-Term Notes, Series N program. The notes pay interest at 5.05% per annum from the expected original issue date of July 31, 2026 until maturity, with interest paid annually on July 31 and on the maturity date, beginning July 31, 2027.

Goldman Sachs may, at its option, redeem all (but not part) of the notes on the last calendar day of each 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 are issued only in book-entry form through DTC, have no sinking fund, and holders are not entitled to require early repayment. They are not bank deposits and are not insured by the FDIC or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

Interest is expected to be taxable to U.S. holders as ordinary income, and the notes are generally subject to FATCA withholding rules. Distribution is through Goldman Sachs & Co. LLC and InspereX LLC, with pricing concessions and significant selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland. Goldman Sachs may terminate the offering entirely if it determines there has been a significant adverse movement in its credit spread before the trade date.

GS Finance Corp. is issuing $7,935,000 of Trigger Autocallable GEARS, unsecured notes guaranteed by The Goldman Sachs Group, Inc., linked to an equally weighted basket of 29 large-cap stocks. Each $10 note has an initial basket level of 100 and pays no coupons.

The notes auto-call if on July 16, 2027 the basket is at or above 100% of its initial level, paying 131.5% of face value ($13.15 per $10) on July 21, 2027, with no further upside. If not called, at maturity on July 12, 2029 investors receive leveraged upside of 1.30x any positive basket return, principal only if the final level is between 75% and 100%, and one-for-one losses below the 75% downside threshold, up to total loss of principal.

The minimum purchase is $1,000. Any payment depends on the creditworthiness of GS Finance Corp. and its guarantor, and the securities are not FDIC-insured. The estimated economic value is about $9.38 per $10 note at pricing, below the 100% issue price due to structuring and distribution costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Buffered Equity-Linked Notes due October 21, 2027, linked to the common stock of Microsoft Corporation. The notes do not bear interest and repay a cash amount based on Microsoft’s price on an October 18, 2027 determination date.

If the final underlier level exceeds the initial level, holders receive $1,000 plus the stock return, capped at a maximum settlement amount of $1,261 per $1,000 face. If the final level is between 75% and 100% of the initial level, investors receive full principal. Below the 75% buffer level, principal is reduced 1% for each 1% decline of the stock below that level, with hypothetical examples showing values down to 25% of face if the stock falls to zero.

The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market and will not be listed, and provide no shareholder rights or dividends on Microsoft shares. The estimated initial value is lower than the issue price, and U.S. tax treatment is uncertain; counsel views the notes as a pre-paid derivative contract, but the Internal Revenue Service could apply a different characterization.

GS Finance Corp. is offering $2,994,000 of Buffered S&P 500® Index-Linked Notes due July 12, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes are unsecured, do not bear interest, and repay an amount at maturity based on S&P 500 performance from an initial level of 7,482.71 set on July 8, 2026 to a determination date on July 9, 2029.

For each $1,000 note, holders receive $1,000 plus 82.1% of any positive index return; if the index is flat or down by up to 25%, principal is returned. Below a 25% decline, losses match further index declines, so a substantial portion of principal can be lost. Payments depend on the credit of GS Finance Corp. and its guarantor. The original issue price is 100% of face, with a 0.85% underwriting discount and 99.15% net proceeds, while the estimated value is approximately $992 per $1,000, and secondary market liquidity and U.S. tax treatment are described as uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $12,000,000 of Contingent Income Auto-Callable Securities linked to the worst-performing of the S&P 500, Russell 2000 and Nasdaq-100 indexes, with principal at risk and no participation in index appreciation.

Investors receive a $27.50 contingent quarterly coupon per $1,000 only when each index is at or above its downside threshold level, set at 75.00% of initial value; otherwise the coupon is zero. The notes may auto-call quarterly if all indexes are at or above initial levels, returning principal plus the coupon then due. If not called and any index finishes below its threshold on the January 9, 2029 valuation date, repayment is reduced 1-to-1 with the decline of the worst index and can fall to zero. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., have an estimated value of about $979 per $1,000 issue price, may have limited secondary liquidity, and involve complex, uncertain U.S. tax treatment, including potential 871(m) and FATCA considerations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER with total face amount of $1,322,000. The notes pay conditional monthly coupons and expose holders to both index and issuer credit risk.

On each monthly observation date from August 2026 to July 2032, if the index is at least 70% of the initial level of 514.10, investors accrue a coupon of $13.959 per $1,000 (1.3959% monthly, up to about 16.75% per year) minus coupons already paid; otherwise no coupon is paid for that period. Starting July 2027, the notes are automatically called if the index is at or above the initial level on a call observation date, returning face amount plus the applicable coupon.

If not called, at maturity on July 14, 2032, investors receive full principal back per $1,000 provided the final index level is at least 60% of the initial level; below that trigger buffer level, repayment is reduced in proportion to the index decline and can be zero. The underlying index employs up to 500% leverage, a 40% volatility target, and a 6.0% per annum daily decrement, which together can magnify losses and create performance drag. The estimated value is approximately $954 per $1,000 face amount, below the 100% issue price, reflecting fees and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index‑Linked Notes due 2029. Each $1,000 note is linked to the Dow Jones Industrial Average, Nasdaq‑100 Technology Sector Index and Russell 2000 Index. The notes are priced at 100% of face amount.

Investors can receive contingent monthly coupons of $10.209 per $1,000 (1.0209% monthly, about 12.25% per year) when each index closes at or above 80% of its initial level on the observation date. Starting January 15, 2027, the notes are automatically called if all indices are at or above their initial levels, returning $1,000 per note plus any due coupon.

If not called and held to July 19, 2029, investors receive $1,000 per note if every final index level is at or above 80% of its initial level. Otherwise, principal is reduced based on the lesser performing underlier; for example, a worst index finish at 40% of its initial level pays 60% of face, a 40% loss before coupons. There is no upside above par, coupons can be zero for all periods, secondary‑market values may be below issue price, and payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, amid complex tax, sector and foreign‑market risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged callable notes linked to the Dow Jones Industrial Average® that pay no interest and return at least the face amount at maturity, subject to issuer and guarantor credit.

If not called early, investors receive at maturity either the face amount or, when the index is higher on the determination date than on the trade date, the face amount plus at least 105% of the index gain. GS may redeem the notes quarterly from July 2027 through April 2031 for face amount plus a fixed call premium that steps up from 10% to 47.5%.

The original issue price is 100% of face amount, with a 2.5% underwriting discount and 97.5% of face amount to the issuer. The estimated value at pricing is expected between $885 and $915 per $1,000, reflecting fees and hedging costs. The notes are unsecured, not FDIC insured, not exchange-listed, and treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over their life.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, equity-linked notes tied to an equally weighted basket of 9 U.S.-listed stocks, each initially weighted at approximately 11.111%, so the basket’s initial level is 100. The notes pay no interest and do not provide dividends.

The notes may be automatically called on the August 13, 2027 call observation date if the basket level is at or above 100, paying at least $1,212.1 per $1,000 on August 18, 2027. If not called, at the August 3, 2028 maturity holders receive: $1,000 plus 125% of any positive basket return; $1,000 if the basket has fallen by up to 20%; or a reduced amount reflecting 125% of the decline beyond the 20% buffer, potentially down to zero.

Risks include exposure to basket declines beyond the buffer, the possibility of full principal loss in severe scenarios, and the unsecured credit of GS Finance Corp. and its parent. The estimated initial value is $900–$930 per $1,000 face amount, below the issue price, and secondary-market liquidity and pricing are uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Buffered Equity-Linked Notes due October 21, 2027, linked to the common stock of Salesforce, Inc.

For each $1,000 face amount, investors receive at maturity: if Salesforce's final stock level exceeds the initial level, $1,000 plus the stock return, capped at a maximum settlement amount of $1,390.50. If the final level is between 75% and 100% of the initial level, repayment is $1,000. If it is below 75%, principal is reduced 1% for every 1% decline below that buffer level; for example, a 19% final level would return 44% of face. The notes pay no interest, are not listed, and expose holders both to Salesforce stock performance and to the credit risk of GS Finance Corp. and its guarantor. An initial estimated value below the issue price, limited liquidity, and uncertain U.S. tax treatment are highlighted as key risks.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering $250,000 aggregate face amount of S&P 500® Index-linked buffered notes under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount, no interest, and matures on July 13, 2028, with the final S&P 500® level observed on July 10, 2028.

At maturity, if the S&P 500® final level is above the initial level of 7,543.64, holders receive principal plus index return, capped at a maximum settlement amount of $1,217 per $1,000 note (121.7% of face). If the index finishes between 90% and 100% of its initial level, principal is returned. Below the 90% buffer level, principal is reduced 1% for each 1% decline beyond that threshold, and a substantial loss of investment is possible. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not FDIC insured, are not listed on any exchange, may trade at prices below issue, and have uncertain and complex U.S. tax treatment, including treatment as a pre-paid derivative contract and potential FATCA implications.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due in 2033 under its Medium-Term Notes, Series N program. The notes pay interest at 5.25% per annum from the original issue date, expected to be July 31, 2026, to the stated maturity date, expected to be July 11, 2033.

Interest is expected to be paid annually on July 31 and on the maturity date, with the first payment on July 31, 2027. The issuer may, at its option, redeem all (but not part) of the notes on the last calendar day of January, April, July and October on or after January 31, 2028 at 100% of principal plus accrued interest to, but excluding, the redemption date.

The notes are senior unsecured obligations issued in book-entry form through DTC, have no sinking fund, and cannot be put back to the issuer before maturity. U.S. holders generally recognize ordinary income on interest and capital gain or loss on disposition. The notes are subject to FATCA withholding rules and are offered only to non-retail investors in certain jurisdictions with detailed selling restrictions.

GS Finance Corp. is offering autocallable equity-linked notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., with returns linked to the common stock of NVIDIA Corporation.

The notes pay no interest. They are automatically called if, on July 27, 2027, Nvidia’s closing level is at or above the initial level; in that case holders receive $1,232.50 per $1,000 of face amount on July 30, 2027, capping return. If not called, at maturity on July 25, 2028, holders participate 125% in upside and receive full principal back if the final level is between 80% and 100% of the initial level. Below the 80% buffer, principal is reduced one-for-one with further declines, with hypothetical payoffs as low as 20% of face value.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed on any exchange, and may have limited liquidity. The estimated value at pricing is lower than the issue price, and the U.S. tax treatment is described as a pre-paid derivative contract but remains uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose return depends on an equally weighted basket of six stocks: Alphabet, Broadcom, Coherent, Eaton, RTX and Vistra. The initial basket level is 100, with each stock at approximately 16.667%.

The notes pay no interest and mature on an expected stated maturity date of August 3, 2028, unless automatically called on an expected call observation date of August 13, 2027. If on that call observation date the basket level is at least the initial level, the notes are redeemed early for at least $1,210 per $1,000 face amount.

If not called, at maturity each $1,000 pays: $1,000 plus 150% of any positive basket return; $1,000 if the basket is down up to 20%; or a reduced amount if the basket is down more than 20%, with losses magnified by a 125% buffer rate, up to full principal loss. The estimated value at pricing is $900–$930 per $1,000, below the issue price, and investors bear the unsecured credit risk of GS Finance Corp. and its parent.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $5,240,000 of S&P 500®-linked Medium-Term Notes, Series F, maturing January 13, 2028. The notes are tied to the S&P 500® Index level from the July 9, 2026 trade date and use an initial underlier level of 7,543.64.

The notes pay no interest. At maturity, each $1,000 note pays $1,000 plus 150% of any positive index return, capped at a maximum cash payment of $1,207.50 per $1,000 (120.75% of face). A 10% buffer absorbs the first 10% of index declines; below the 90% buffer level losses increase at about 111.11% of further declines, and you could lose your entire investment. The unsecured notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not bank deposits or FDIC insured, have an estimated value below the 100% issue price due to fees and structuring costs, and will not be listed, so secondary-market pricing and liquidity are uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable income notes with an aggregate face amount of $3,379,000, linked to the S&P 500® Index, the Russell 2000® Index and the State Street® Consumer Staples Select Sector SPDR® ETF. The notes pay a conditional monthly coupon of $9.167 per $1,000 face amount (0.9167% monthly, or approximately 11% per annum) when, on each observation date, all three underliers are at or above 70% of their initial levels; otherwise no coupon is paid.

The notes may be automatically called on monthly observation dates from October 2026 through June 2029 if each underlier is at or above its initial level, in which case holders receive $1,000 per $1,000 face amount plus the applicable coupon. If not called, they mature on July 12, 2029. At maturity, if every underlier is at or above 70% of its initial level, holders receive full principal plus the final coupon. If any underlier finishes below 70% of its initial level, repayment is reduced in line with the lesser performing underlier’s return, and holders can lose up to their entire investment and receive no coupon.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. The original issue price is 100% of face amount, with a 0.7% underwriting discount and 99.3% net proceeds to the issuer. The estimated value on the trade date is stated as not less than face amount, but secondary market values may be lower and liquidity is not assured.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable EURO STOXX 50 Index‑linked notes due 2028 under its medium‑term note program. Payment depends entirely on index performance and the credit of the issuer and guarantor.

The notes pay no interest and are automatically called in August 2027 if the EURO STOXX 50 closing level is at or above the initial level, in which case holders receive at least $1,136.50 per $1,000 face amount. If not called, at maturity investors participate 150% in index gains and are protected against losses only down to a buffer level set at 85% of the initial level.

If the final index level is below the buffer, principal is reduced using a buffer rate of about 117.65%, and investors can lose all of their investment. Additional risks include the estimated value being lower than the issue price, limited or no secondary market, exposure to foreign equity markets and complex, uncertain U.S. tax treatment including FATCA and section 871(m) considerations.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing index-linked Medium-Term Notes, Series F, with an aggregate face amount of $1,129,000. The notes are linked to the MSCI EAFE Index and the EURO STOXX 50® Index and do not bear interest.

At maturity in July 2031, for each $1,000 note you receive: (i) $1,000 plus 237% of the lesser-performing index return if both final index levels exceed their initial levels; (ii) $1,000 if any index is at or below its initial level but both are at or above 70% of their initial levels (the trigger buffer); or (iii) $1,000 plus $1,000 times the lesser-performing index return if any index finishes below its 70% trigger, which can result in losing your entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They will not be listed on an exchange, their estimated value at pricing is lower than the 100% issue price, and secondary market prices may be significantly below face. The product embeds risks from foreign equity markets, currency effects in the MSCI EAFE Index, and uncertain U.S. tax treatment.

GS Finance Corp. is offering $1,693,000 of Callable S&P 500® Index-Linked Notes due July 14, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return at least the $1,000 face amount at maturity, subject to issuer and guarantor credit risk.

At maturity, if the S&P 500 Index rises above the initial level of 7,543.64, investors receive $1,000 plus 100% of the index gain; if the index is flat or lower, they receive $1,000. Goldman may redeem the notes quarterly from July 2027 through April 2031 at $1,000 plus a call premium ranging from 9% to 42.75% per $1,000, capping upside if called. The initial issue price is 100% of face amount, including a 2.5% underwriting discount, while the estimated value is about $964 per $1,000. The notes are unsecured, not listed on an exchange, may have limited liquidity, and are treated as contingent payment debt instruments for U.S. tax purposes, with a comparable yield of 5.00% used to accrue taxable income over their term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing non-interest-bearing notes linked to an equally weighted basket of five large-cap technology stocks: Advanced Micro Devices, Broadcom, Intel, Salesforce and ServiceNow. The basket has an initial level of 100, a trigger buffer level at 50% of that level, and an upside participation rate of 100%. The trade date is July 9, 2026 and the notes mature on July 16, 2031, unless automatically called.

Starting July 9, 2027, the notes are automatically redeemed if the basket closes at or above its initial level on a call observation date, paying $1,000 plus a call premium ranging from 16.5% to 78.375% of face. If not called, holders receive at maturity: full face amount plus upside if the basket is flat or higher; full face amount if it is down but not more than 50%; or a loss proportional to the negative basket return if it falls below the trigger buffer. The initial aggregate face amount is $813,000, sold at 100% of face with a 4.125% underwriting discount and 95.875% net proceeds to the issuer. The estimated value is approximately $901 per $1,000 face amount. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and pay no interest or dividends.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due July 2031, linked to the Russell 2000 Index and the S&P 500 Index in $1,000 denominations.

The notes pay a quarterly contingent coupon of $25 per $1,000 (2.5% per quarter, up to 10.00% per year) only if, on each coupon observation date, both indices are at or above 70% of their initial levels; otherwise the coupon is zero.

On each call observation date from January 2027, if both indices are at or above their initial levels, the notes are automatically redeemed at $1,000 per note plus the coupon then due, with no further payments.

If the notes are not called, at maturity investors receive $1,000 per note only if both final index levels are at or above the 70% trigger buffer; if either index finishes below 70%, principal is reduced in line with the worse index’s return, potentially to zero, with no upside above par.

The documentation highlights that the estimated economic value is lower than the issue price due to underwriting and structuring costs, secondary market prices may be volatile and discounted, payments depend on the unsecured credit of GS Finance Corp. and its parent, investors have no rights in any index constituents, and U.S. tax treatment as an income-bearing pre-paid derivative contract is uncertain, including possible withholding for non-U.S. holders and FATCA implications.

GS Finance Corp. is issuing $15,356,220 of Trigger Autocallable Contingent Yield Notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the least performing of the Russell 2000® Index and the S&P 500® Index.

Investors may receive a quarterly contingent coupon of $0.20075 per $10 face amount (up to 8.03% per annum) only when the closing level of each index on the observation date is at or above its coupon barrier, set at 70% of its initial level. Starting in January 2027, the notes are automatically called if both indices are at or above their initial levels, returning $10 per $10 of face amount plus the coupon then due.

If not called, and on the July 2029 determination date both indices are at or above 70% of their initial levels, investors receive principal plus the final coupon. If any index finishes below its 70% downside threshold, principal is reduced one-for-one with the lesser-performing index return, and the final coupon is forfeited; a total loss of investment is possible. The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and the guarantor. The issue price is 100% of face amount, including a 2.00% underwriting discount, for 98.00% net proceeds; the initial estimated value is approximately $9.81 per $10 face amount.

The Goldman Sachs Group, Inc. offers callable fixed-rate senior notes due July 21, 2031 under its Medium-Term Notes, Series N program. The notes pay a fixed coupon of 5.125% per annum from the original issue date, expected to be July 21, 2026, with semi-annual interest payments on January 21 and July 21; the first payment is expected on January 21, 2027.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at 100% of principal plus accrued interest on any quarterly redemption date (January 21, April 21, July 21 or October 21) on or after July 21, 2028, with at least five business days’ notice. The notes are issued only in book-entry form through DTC and are not bank deposits, FDIC insured, or bank-guaranteed.

Interest is taxable as ordinary income for U.S. holders, and the notes are subject to FATCA withholding rules. Distribution is through Goldman Sachs & Co. LLC, which has a FINRA Rule 5121 conflict of interest. The notes are restricted from retail investors in the EEA and UK and are subject to offering and transfer limitations in Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $44,126,770 of Trigger Callable Contingent Yield Notes due July 2029 linked to the least performing of the S&P 500 Index, the Russell 2000 Index and the Nasdaq‑100 Index. The notes pay a quarterly contingent coupon of $0.325 per $10 face amount (up to 13% per annum) only if, on every trading day in the prior observation period, each index stays at or above its coupon barrier of 70% of its initial level; otherwise that quarter’s coupon is zero.

From October 2026 through April 2029, GS Finance Corp. may redeem the notes on any coupon payment date at 100% of face value plus any due coupon. At maturity, if not redeemed and each index is at or above its downside threshold of 60% of its initial level, investors receive full principal plus any final coupon. If any index finishes below its downside threshold, repayment is reduced in proportion to the decline of the lesser performing index, down to a possible total loss. All payments depend on the credit of GS Finance Corp. and the guarantor, and holders do not participate in index upside beyond contingent coupons.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the MSCI EAFE Index. These unsecured senior notes are part of the Medium-Term Notes, Series F program and are cash-settled at maturity.

For each $1,000 note, if the final underlier level is above the initial level, investors receive $1,000 plus 150% of the index gain, capped at a maximum settlement amount of $1,219. If the final level is at or above the 90% buffer level, investors receive full principal. Below the buffer level, principal is reduced 1% for each 1% decline, with hypothetical outcomes as low as 10.000% of face if the index falls to zero.

The notes pay no interest and provide no rights in the underlier stocks. Key risks include the credit risk of GS Finance Corp. and its parent guarantor, the estimated value being less than the original issue price, limited or no secondary market, foreign equity and currency exposure, and uncertain U.S. tax treatment, including potential implications under section 871(m) and FATCA.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest and are expected to mature on July 22, 2032, in $1,000 denominations.

The index uses E-mini S&P 500 futures with a 40% volatility target, up to 500% leverage and a 6% per annum daily decrement, so it can be more volatile than the underlying and will systematically lag an identical index without the decrement. The notes are automatically called if, on quarterly observation dates from January 2027, the index is at least 105% of its initial level, paying $1,000 plus a call premium (from 18.625% up to 214.1875%). If never called and the final index level is at least 105%, holders receive the capped maximum of $3,235 per $1,000. If the final level is between 60% and 105% of the initial level, principal is returned; below 60%, repayment falls one‑for‑one with the index, up to total loss.

The estimated value at pricing is expected to be between $885 and $925 per $1,000, less than the issue price, reflecting fees, structuring costs and model assumptions. Key risks include leverage magnifying losses, the constant decrement dragging returns even when the index is uninvested, complex rules based on signals that may not work, limited live history, futures and roll-yield effects, tax uncertainty, and full exposure to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp. is offering S&P 500®-linked Medium-Term Notes, Series F, at $1,000 per security, guaranteed by The Goldman Sachs Group, Inc. The notes mature on November 26, 2027 and pay no periodic interest or dividends.

At maturity, investors receive: the face amount plus 100% of any S&P 500® gain, capped at a maximum return of at least 11.40% (at least $1,114 per $1,000); the face amount if the index has fallen by 15% or less; or reduced principal with 1‑to‑1 downside beyond the 15% buffer, with losses up to 85% of face amount.

All payments are subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the pricing date is $925–$955 per $1,000, below the issue price, reflecting structuring and distribution costs, including an underwriting discount of up to 2.325% (about $23.25 per $1,000). The notes are not listed on an exchange and are designed to be held to maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering underlier-linked notes with a stated maturity date expected to be July 27, 2028. The notes pay no interest and return at maturity between a minimum of $950 and a maximum of $1,420 per $1,000 face amount, based on the lesser performance of the EURO STOXX 50 Index and the iShares MSCI EAFE ETF from a trade date expected to be July 24, 2026 to a determination date expected to be July 24, 2028.

If both underliers finish above their initial levels, holders participate 100% in the gain of the weaker underlier, capped at 142% of its initial level. If any underlier ends at or below its initial level, repayment equals the greater of $950 or $1,000 plus the lesser underlier’s percentage return, so a decline in the weaker market reduces principal.

The estimated value at pricing is $925–$955 per $1,000, below the issue price, reflecting dealer compensation and structuring costs; early secondary-market prices are expected to track this model value plus a temporary premium that amortizes to zero. All payments are unsecured and subject to the credit of GS Finance Corp. and the guarantee of The Goldman Sachs Group.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the iShares Semiconductor ETF (SOXX). The notes pay no interest and are expected to mature on July 27, 2028, unless automatically called on the expected call observation date of July 30, 2027.

If on the call observation date the ETF is at or above its initial level, the notes are automatically redeemed for at least $1,300 per $1,000 face amount, capping further upside. If not called, at maturity investors receive 1.25× any positive ETF return, full principal back if the ETF is down up to 20%, and losses if it falls more than 20%, with losses increasing one-for-one beyond that buffer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor. The estimated value at pricing is $925–$955 per $1,000, below the 100% issue price, reflecting fees and hedging costs, including a 1.75% underwriting discount and net proceeds of 98.25% of face amount.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index under its Medium-Term Notes, Series F program. The notes can be automatically called annually from July 2027 through July 2032 if the index is at or above its initial level, paying back principal plus a fixed call premium for each year held. If the notes are not called, investors receive at maturity in July 2033 either principal plus 100% participation in any positive index return, or principal only if the index is flat or down. The index employs daily rebalancing, a 5% volatility control and a momentum risk control overlay, and is reduced by an annual 0.65% deduction and the effect of a federal funds rate excess-return structure, which can significantly limit upside. The issuer’s estimated value on the trade date is $850–$880 per $1,000 face amount, below the issue price, and the notes pay no periodic interest and carry the credit risk of both the issuer and the guarantor.