Goldman Sachs Group Inc. 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable Medium-Term Notes, Series F, linked to the Goldman Sachs Momentum Builder® Focus ER Index with an aggregate face amount of $850,000. The notes have a stated maturity on July 11, 2031, but will be automatically called on specified annual dates if the index closing level is at or above the initial level of 113.61, paying $1,000 plus a call premium per $1,000 face amount (ranging from 9.20% to 36.80% depending on the call year).

If not called, at maturity investors receive, per $1,000, either $1,000 plus 100% of any positive index return or $1,000 if the final index level is at or below the initial level, providing principal repayment at maturity subject to issuer and guarantor credit risk. The initial issue price is 100% of face amount, with a 0.8% underwriting discount and 99.2% net proceeds to the issuer, while the estimated value on the trade date is $933 per $1,000, reflecting embedded costs and dealer margin.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes with an initial aggregate face amount of $1,000,000, tied to an equally weighted basket of Arthur J. Gallagher & Co. and Chubb Limited common shares.

The notes pay no interest and mature on July 20, 2027. At maturity, investors receive $1,000 plus the basket return: losses match the basket’s percentage decline, while gains are leveraged at 300% but capped at a maximum settlement amount of $1,267.5 per $1,000, corresponding to a basket level of about 108.917% of the initial basket level. The initial basket level is 100, based on stock prices of $256.61 for Arthur J. Gallagher & Co. and $355.09 for Chubb on the trade date.

The original issue price is 100% of face amount, with a 1.25% underwriting discount (including up to 0.45% structuring fee), yielding net proceeds of 98.75% of face. The estimated value at pricing is approximately $985 per $1,000. Investors bear full downside exposure to the basket and are subject to the unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., as well as complex anti-dilution and market disruption adjustment provisions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent interest notes linked to an American depositary share of Taiwan Semiconductor Manufacturing Company Limited (TSM ADS, representing five common shares).

The notes are expected to trade from a July 22, 2026 trade date to a July 26, 2029 stated maturity, unless automatically called from January 2027 through June 2029 when the TSM ADS closing price on a call observation date is at or above the initial index stock price. When called, holders receive the $1,000 face amount plus the applicable coupon.

Each month, a coupon of $10.834 per $1,000 face amount (1.0834% monthly, up to about 13% per year) accrues only if the ADS closes on the observation date at or above 44% of the initial index stock price; otherwise the coupon for that month is zero. At maturity, if not called, holders receive $1,000 plus the final coupon if the final ADS price is at least 44% of the initial price; if it is lower, principal is reduced one-for-one with the index stock return and investors can lose most or all of their investment and receive no coupon.

The notes carry the unsecured credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is expected between $925 and $955 per $1,000 face amount, below the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500-linked buffered notes under its Medium-Term Notes, Series F program with an aggregate face amount of $1,588,000. Each note has a $1,000 face amount, no interest, and matures on July 13, 2028, with the underlier measured on July 10, 2028.

Repayment depends on S&P 500 performance from an initial level of 7,482.71. If the final level is at or above the initial level, the payoff equals $1,000 plus the index return, capped at a maximum upside settlement amount of $1,227.50 per $1,000. If the index falls but stays at or above 90% of the initial level, investors receive the absolute index return, up to a 10% gain.

If the index closes below the 90% buffer level, principal is exposed 1-for-1 to losses beyond that buffer via a 100% buffer rate, and investors can lose most of their capital, as illustrated by a 22% final level producing only 32% of face value. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, have limited secondary market liquidity, and involve uncertain U.S. tax treatment as prepaid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, principal-protected Medium-Term Notes, Series F, linked to the Goldman Sachs Momentum Builder® Focus ER Index. The aggregate face amount is $1,406,000, with an original issue price of 100% and net proceeds of 98.625% of face amount after a 1.375% underwriting discount.

The notes may be automatically called annually if the index closes at or above 101% of the initial index level, paying for each $1,000 face amount $1,000 plus a call premium that steps up from 11.15% in 2027 to 44.60% in 2030. If not called, at maturity in 2031 investors receive: (i) $1,000 plus 100% of any positive index return, or (ii) $1,000 if the index is flat or down, providing full principal repayment subject to issuer and guarantor credit.

The initial index level is 113.61, the estimated value on the trade date is $927 per $1,000 (with a $73 “additional amount” amortizing to zero by October 7, 2026), and the index embeds a 0.65% p.a. deduction and excess-return-over-federal-funds structure with volatility and momentum risk controls. The notes pay no periodic interest and are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income based on a comparable yield of 5.0317%.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $8,000,000 of autocallable contingent coupon notes linked to the MSCI Emerging Markets Index. The notes pay a quarterly contingent coupon of $27 per $1,000 face amount (2.7% per quarter, up to 10.8% per year) only if on the relevant observation date the index is at least 70% of the initial level of 1,677.54. The notes may be automatically called on the January 8, 2027 or April 8, 2027 observation dates if the index is at or above its initial level; in that case investors receive $1,000 per note plus the applicable coupon.

If not called, at the July 13, 2027 maturity investors are protected against index declines up to a 20% buffer. If the final index level is at least 80% of the initial level, they receive $1,000 plus any final coupon; if between 70% and 80%, they receive between 90% and 99.99% of face plus the final coupon; if below 70%, principal is reduced on a leveraged basis and no coupon is paid. The estimated value on the trade date is about $990 per $1,000, below the 100% issue price, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing index-linked Medium-Term Notes, Series F, with an aggregate face amount of $2,181,000. Each note has a $1,000 face amount and matures on July 11, 2031, with payment based on the Goldman Sachs Momentum Builder® Focus ER Index.

If the index’s final level on the July 8, 2031 determination date exceeds the initial level of 113.61, investors receive $1,000 + ($1,000 × 757.5% × index return), creating very high leveraged upside. If the final level is equal to or below the initial level, investors receive only the $1,000 face amount, with no downside participation but full exposure to issuer and guarantor credit risk. The notes pay no periodic interest and are not bank deposits or FDIC insured.

The index is a complex, daily rebalanced “excess return” strategy with a 5% volatility control, a momentum risk control overlay, substantial potential allocations to cash-like positions, and an annual 0.65% deduction. The underwriting discount is 3.875% of face, so net proceeds to the issuer are 96.125% of face. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, with a comparable yield of 5.0317% per annum and a projected maturity payment of $1,286.27 per $1,000, which drives required annual income inclusions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,000,000 of Medium-Term Notes, Series F, that pay contingent monthly coupons and may be automatically called. The notes are linked to the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index.

For each $1,000 face amount, investors receive a coupon of $6.042 (0.6042% monthly, up to about 7.25% per year) on any observation date when the closing level of each index is at least 60% of its initial level. If any index is below this coupon trigger level, no coupon is paid for that period.

The notes are automatically called if, on any call observation date starting in October 2026, all three indices are at or above their initial levels; investors then receive $1,000 plus the due coupon. If not called, at maturity in July 2029 investors get $1,000 back only if each index is at or above 60% of its initial level; otherwise the payoff is reduced in line with the worst-performing index, with losses down to 60% of principal. Investors face credit risk of GS Finance Corp. and the guarantor and have no upside participation beyond return of principal and coupons.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $500,000 aggregate face amount of index-linked Medium-Term Notes, Series F, tied to the Goldman Sachs Momentum Builder Focus ER Index. The notes can be automatically called annually if the index closes at or above rising call levels, paying $1,000 plus a call premium of 11%–66% per $1,000 face amount depending on the call year.

If never called, at the July 13 2033 maturity holders receive, per $1,000, either $1,000 plus 100% of any positive index return or $1,000 if the index is flat or negative, so principal is repaid but there is no downside participation below par. The notes pay no periodic interest. The index uses daily rebalancing, a 5% volatility control, momentum risk control and a 0.65% per annum fee, and is calculated on an excess-return basis over the federal funds rate, so high cash allocations and fee drag can materially limit index gains.

The original issue price is 100% of face, with a 3.75% underwriting discount and 96.25% net proceeds to the issuer. Goldman estimates the note value on the trade date at $900 per $1,000, reflecting structuring and distribution costs, plus an additional amount of $62.5 per $1,000 that amortizes to zero by October 7 2026. For U.S. tax purposes, the notes are treated as contingent payment debt instruments with a comparable yield of 5.23% per annum, causing investors to accrue taxable ordinary income over time even though cash is only received if called or at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes with a $550,000 aggregate face amount that pay no periodic interest and return depends on the Goldman Sachs Momentum Builder® Focus ER Index from July 8, 2026 to July 8, 2031. For each $1,000 face amount held to July 11, 2031, investors receive either a capped maximum of $1,592 if the final index level is at or above the initial level of 113.61, or exactly $1,000 if the index is lower, providing principal repayment at maturity but no upside beyond the cap.

The index is a rules-based, volatility- and momentum-controlled strategy invested in futures-based equity, fixed income, commodity indices and a money market position, calculated on an excess return over the federal funds rate basis and reduced by a 0.65% per annum deduction. A large portion of exposure may be in non-interest-bearing cash, which, together with the excess-return and fee structure, can materially reduce index performance.

The original issue price is 100% of face amount, with a 1.375% underwriting discount and 98.625% net proceeds to the issuer. The estimated value at pricing is approximately $930 per $1,000, reflecting structuring and distribution costs. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and the notes are treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering medium-term structured notes with an aggregate face amount of $2,500,000 linked to Amazon.com, Meta Platforms Class A, and Microsoft common stock. The notes have an automatic call; if on the call observation date each underlier is at or above its initial level, they are redeemed early and investors receive $1,607.50 per $1,000 face amount on the call payment date.

If not called, payment at maturity depends solely on the lesser performing underlier. Investors participate at a 200% upside rate when all underliers finish above their initial levels. Principal is protected only down to a 60% trigger buffer level for each underlier; if any final level falls below its trigger buffer, repayment is reduced in line with that underlier’s negative return, and investors can lose their entire investment. The notes pay no interest, are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below issue price due to fees and market factors, and have uncertain and complex U.S. federal tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing Medium-Term Notes, Series F with an aggregate face amount of $640,000 linked to Amazon.com, Inc., Microsoft Corporation and NVIDIA Corporation. Each note has a $1,000 face amount and pays a contingent monthly coupon of $7.50 (0.75% monthly, up to 9.00% per annum) only if, on the related observation date, the closing level of each underlier is at or above 80% of its initial level. The notes are subject to an automatic call starting on coupon observation dates from July 8, 2027 through June 9, 2031 if each underlier is at or above its initial level; in that case, investors receive $1,000 per note plus the coupon then due. If not called, payment at maturity on July 11, 2031 is $1,000 per note plus any final coupon, with no upside participation in underlier performance. Initial underlier levels are $243.62 (Amazon), $383.34 (Microsoft) and $204.12 (NVIDIA). The estimated value is $952 per $1,000 face amount, below the original issue price, reflecting underwriting and structuring costs and an additional amount of $11.75 that amortizes to zero by October 7, 2026. Key risks include the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., the possibility of receiving no coupons, limited return to face amount even if underliers rise, potential illiquidity and uncertain, complex U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering up to $5,400,000 of unsecured structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay conditional monthly coupons and return of principal based on the index’s level, and expose investors to the issuer’s and guarantor’s credit risk.

The notes mature on July 11, 2031, but can be automatically called on monthly observation dates from July 2027 through June 2031 if the index closes at or above the initial level of 503.58. When called, holders receive $1,000 per note plus the accrued coupon. Coupons accrue at $11.667 per $1,000 (1.1667% monthly, up to about 14% per year) on each observation date where the index is at least 62.5% of its initial level; no coupon is paid for months below that threshold.

If the notes are not called, principal at maturity depends on the final index level. A 50% downside buffer applies: if the final level is at least 50% of the initial level, investors receive full face amount (plus any final coupon); below that, the payoff is fully exposed to index losses and investors can lose their entire investment. The underlier embeds up to 500% leverage and a daily 6% per annum decrement, which magnify losses and drag on performance. The estimated value on the trade date is approximately $945 per $1,000 face, below the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500-linked notes with a buffered downside and capped upside under its Medium-Term Notes, Series F program. The notes have a face amount of $1,000 per note, an aggregate face amount of $545,000, and mature on July 11, 2031, with no interim interest payments.

At maturity, if the S&P 500 final level exceeds the initial level of 7,482.71, the payoff increases one-for-one with the index up to a maximum settlement amount of $1,573 per $1,000 note. If the index falls but stays at or above the 80% buffer level, holders receive full principal. Below the buffer, principal is reduced in line with index losses beyond the 20% buffer, and investors could lose a substantial portion of their investment.

Key risks include issuer and guarantor credit risk, limited liquidity, market value sensitivity to many factors, a capped upside, no dividends or shareholder rights in S&P 500 stocks, and uncertain U.S. tax treatment as a pre-paid derivative contract.

GS Finance Corp. is offering callable S&P 500® index-linked notes, guaranteed by The Goldman Sachs Group, Inc., that pay no interest and are scheduled to mature on July 28, 2031, unless redeemed earlier. The notes are issued at 100% of face amount, with a 2.5% underwriting discount and 97.5% net proceeds to the issuer.

Goldman may redeem the notes quarterly from July 2027 through April 2031 at 100% of face amount plus a call premium (for example, at least 9.3% on July 28, 2027, rising to at least 44.175% by April 28, 2031). If not redeemed, investors receive at maturity either (i) $1,000 plus 100% of the positive S&P 500 index return, or (ii) $1,000 if the index return is zero or negative, providing principal repayment but no guaranteed return. The estimated value on the trade date is expected to be between $885 and $915 per $1,000 face amount, reflecting structural costs and issuer credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the common stock of Blackstone Inc. These notes pay no interest and have a face amount of $500,000 in aggregate, issued in $1,000 denominations, maturing on July 11, 2034 unless automatically called starting in September 2031.

The initial Blackstone stock price is $123.42. The issuer will automatically redeem the notes in whole if, on a call observation date, Blackstone’s closing price is at or above the applicable call level, paying $1,000 plus a call premium per $1,000. If not called, at maturity investors receive: $2,360 per $1,000 if the final stock price is at least 90% of the initial price; $1,000 if it is between 60% and 90%; or a loss matching the full downside below 60%, up to losing the entire principal.

The structure caps upside through a maximum settlement amount of $2,360 per $1,000 and exposes holders to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is approximately $935 per $1,000 face amount, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing leveraged buffered notes linked to the MSCI Emerging Markets Index, maturing on November 22, 2027. The notes pay no interest and repay an amount at maturity based on index performance from the July 17, 2026 trade date to the determination date.

For each $1,000 note, if the final index level is above the initial level, investors receive $1,000 plus 200% of the index gain, capped at a maximum settlement amount of $1,295.90. If the index falls but stays at or above 85% of its initial level (a 15% buffer), investors receive back the $1,000 face amount.

If the final level is below 85% of the initial level, principal is reduced 1-for-1 with index losses beyond the 15% buffer, so investors can lose a substantial portion of principal, down to 15% of face in the extreme example. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and are not listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing zero-coupon notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest, may be automatically called quarterly from July 2027 onward if the index is at least 90% of its initial level, and then return principal plus a fixed call premium.

If not called, the notes mature on an expected stated maturity date of July 22, 2032. At maturity, for each $1,000 face amount, holders receive the face amount if the final index level is at least 60% of the initial level, up to a maximum of $2,380.024. If the index falls more than 40%, repayment is reduced one-for-one with the index decline, down to zero.

The underlier uses up to 500% leverage, targets 40% volatility, and applies a daily 6.0% per annum decrement, which systematically drags performance versus a similar index without this feature. The issuer’s estimated value is between $885 and $925 per $1,000 face amount, below the original issue price, and the notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering MSCI EAFE Index-linked structured notes under its Medium-Term Notes, Series F program with an aggregate face amount of $3,768,000.

Each $1,000 note pays no interest and returns cash at maturity on July 13, 2028 based on the MSCI EAFE Index level from the July 8, 2026 trade date to the determination date. If the final index level is above the initial level of 3,090.86, investors earn 150% of the index return, capped at a maximum settlement of $1,287 per note. If the index falls up to the 15% buffer (down to 85% of the initial level), investors receive full principal; below the buffer, principal is reduced 1% for each additional 1% decline, and a substantial loss of principal is possible.

The notes do not provide dividends or shareholder rights in the underlier and are subject to the credit risk of both GS Finance Corp. and its parent. They are unlisted, may have limited liquidity, and their estimated value at pricing is lower than the 100% original issue price (with a 0.5% underwriting discount and 99.5% net proceeds), with additional risks from foreign markets, currency movements, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due July 20, 2033, linked to Broadcom Inc., Palantir Technologies Inc. Class A, and Tesla, Inc. common stock.

The notes pay a contingent monthly coupon of $14.167 per $1,000 face amount (1.4167% monthly, up to about 17% per annum) only if on each observation date all three underliers are at or above 80% of their initial levels. Starting in July 2027, the notes are automatically called if all underliers are at or above their initial levels, returning $1,000 per note plus the coupon then due.

If the notes are not called, investors receive $1,000 per note at maturity plus any final coupon; total return is then limited to coupons received. The issuer’s estimated value is $885 to $925 per $1,000, below the 100% issue price, and market value may be further reduced by fees, spreads and secondary-market discounts. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor and will be treated as contingent payment debt instruments for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the State Street Technology Select Sector SPDR ETF (ticker XLK). The notes pay a quarterly coupon of at least $33.625 per $1,000 (3.3625% quarterly, with potential up to 13.45% per annum) only if XLK’s closing level on the observation date is at or above 75% of the initial level.

The notes may be automatically called on quarterly call observation dates starting in July 2027 if XLK is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon, and the investment ends early. If the notes are not called, principal repayment at maturity in July 2030 depends on XLK’s final level: if it is at or above 65% of the initial level, investors receive $1,000 per note; if below 65%, repayment is $1,000 plus $1,000 × underlier return, exposing investors to losses up to a 100% loss of principal.

Investors do not participate in any upside above par if XLK rises and have no rights in the ETF shares. The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited secondary market liquidity, and their estimated value at pricing will be less than the 100% issue price due to dealer discounts, hedging and structuring costs.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the Goldman Sachs Momentum Builder® Focus ER Index with an aggregate face amount of $1,650,000. The notes have an original issue price of 100% of face amount, with a 0.8% underwriting discount and 99.2% net proceeds to the issuer.

The notes may be automatically called annually if the index closing level is at or above 101% of the initial index level of 113.61, paying per $1,000 face amount $1,000 plus a call premium (from 11.90% on the first call date up to 47.60% on the fourth). If not called, at maturity on July 11, 2031 investors receive for each $1,000 either $1,000 plus 100% of any positive index return, or $1,000 if the index has not risen, providing principal repayment but no downside participation in index losses.

The issuer’s estimated value is $933 per $1,000 on the trade date July 8, 2026, implying an additional amount of $67 that amortizes to zero by October 7, 2026. The underlying index uses daily rebalancing, a 5% volatility control, a momentum risk control overlay and deductions including a 0.65% per annum fee, and is calculated on an excess return basis over the federal funds rate.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Russell 2000, S&P 500 and Nasdaq‑100 indices. The notes mature on an expected stated maturity date of July 19, 2029, but may be automatically called on quarterly observation end dates starting in October 2026 if each index is at or above its initial level; in that case holders receive the $1,000 face amount per note plus any due coupon.

The notes pay a contingent quarterly coupon of $31.25 per $1,000 (3.125% quarterly, up to 12.5% per annum) only if on every trading day in the prior quarterly observation period each index stays at or above 70% of its initial level; a single day below that threshold cancels that period’s coupon. If not called, principal repayment at maturity depends on the worst‑performing index. If the final level of each index is at least 60% of its initial level, investors receive $1,000 per note (plus any final coupon). If any index ends below 60% of its initial level, repayment is reduced one‑for‑one with the decline of the worst index, and investors can lose most or all of their principal and will not receive a final coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp and the guarantor. The estimated economic value at pricing is expected between $925 and $965 per $1,000, below the 100% issue price.

GS Finance Corp. is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, maturing on an expected July 29, 2031. For each $1,000 face amount, investors may receive a fixed monthly coupon of $12.50 (1.25% monthly, up to 15% per year) only when the index is at or above 60% of its initial level on the monthly observation date; otherwise no coupon is paid.

The notes are automatically called at par plus the coupon if, on any quarterly call observation date from July 2027 through April 2031, the index is at least equal to its initial level. At maturity, if not called, principal is protected only down to a 40% barrier: if the final index level is at least 40% of the initial level, investors receive full principal; below that, repayment falls one-for-one with index loss and can reach zero.

The underlier is a highly complex, leveraged futures-based index targeting 40% volatility, with exposure up to 500% of the S&P 500® Futures Excess Return Index and a daily 6.0% per annum decrement drag. The issuer highlights significant leverage, model and decrement risks, and discloses an estimated initial value of $885–$935 per $1,000 face amount, below issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the iShares Semiconductor ETF. The notes pay no interest and are expected to be issued on July 15, 2026, maturing on July 13, 2028, unless automatically called on July 22, 2027.

If on the call observation date the ETF’s closing level is at or above the initial level of $581.70, each $1,000 note is redeemed early for a fixed $1,420.8. If not called, at maturity investors receive: full upside at a 100% participation rate if the ETF is above the initial level; full principal back if the ETF has fallen by up to 20%; or a leveraged loss of 1.25% of principal for each 1% decline beyond 20%, potentially to zero.

The structure includes a buffer level at 80% of the initial level and a buffer rate of 125%. The estimated value on the trade date is expected between $900 and $930 per $1,000 face amount, below issue price, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered basket-linked notes that pay no interest and return cash at maturity based on a weighted equity index basket. The basket starts at a level of 100 and is composed of the S&P 500 Index (40%), MSCI EAFE Index (25%), S&P MidCap 400 Index (14%), Russell 2000 Index (11%) and MSCI Emerging Markets Index (10%).

At maturity, for each $1,000 face amount, holders receive: 1.5 times any positive basket return, capped at a maximum settlement amount of $1,445; full principal back if the basket is down by up to 5%; and if the basket declines more than 5%, principal is reduced linearly so that losses beyond the 5% buffer are borne in full. A cap level of approximately 129.667% of the initial basket level limits upside, while a 5% buffer offers only partial downside protection. Estimated initial value is $925–$965 per $1,000, below issue price, and payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Trigger Autocallable GEARS linked to General Motors common stock. Each security has a $10 face amount and offers 1.50x leveraged upside if the final stock price on the determination date exceeds the initial price, provided the notes have not been called.

The notes can be automatically called on the July 22, 2027 call observation date if GM’s closing price is at or above an autocall barrier of 100.00% of the initial price, paying $10 plus a call return expected between 21.00% and 23.60%. If held to July 19, 2029 maturity and not called, investors receive full principal back if GM’s final price is at or above a downside threshold of 75.00% of the initial price. Below that threshold, repayment falls one-for-one with GM’s decline, and investors can lose their entire investment.

The estimated value on the trade date is expected between $8.90 and $9.20 per $10, below the 100.00% issue price, reflecting dealer compensation and structuring costs. The underwriting discount is 2.50% of face, leaving 97.50% of face as net proceeds to the issuer. Minimum initial purchase is $1,000. The notes pay no coupons, have limited liquidity, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes due July 27, 2033 linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes may be automatically called annually if the index closes at or above rising call levels, paying for each $1,000 face amount $1,000 plus a call premium from 15% in 2027 up to 90% in 2032. If never called, at maturity investors receive $1,000 plus 100% of any positive index return; if the index is flat or down, they receive only $1,000, with no upside beyond principal in that case.

The index is a rules-based multi-asset strategy with daily rebalancing, a 5% volatility control and a momentum risk control overlay, and is reduced by a 0.65% per annum deduction plus an excess-return structure over the federal funds rate, which can materially dampen performance and often leaves large allocations in cash-like positions. The issuer’s estimated value on the trade date is $850–$880 per $1,000, below the issue price, reflecting fees and hedging costs. The notes pay no interest, are subject to the credit risk of GS Finance Corp. and the guarantor, may have limited liquidity, and are expected to be treated as contingent payment debt instruments for U.S. tax purposes, causing annual ordinary income inclusions even without cash payments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable underlier-linked notes due 2029 tied to the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF. The notes pay no interest and are part of the issuer’s Medium-Term Notes, Series F program.

The notes are automatically called on July 22, 2027 if on the July 19, 2027 call observation date each underlier is at or above its initial level; in that case, investors receive $1,120 per $1,000 face amount and the investment ends early. If not called, the maturity is July 13, 2029, and repayment depends on the lesser performing underlier.

At maturity, if both final levels exceed their initial levels, investors receive $1,000 plus 234% of the lesser underlier’s gain. If the lesser underlier finishes between its 75% buffer level and initial level, investors receive $1,000. Below the 75% buffer, principal is reduced based on the lesser underlier’s loss with a 25% buffer, and investors may lose a substantial portion of principal, down to 25% of face in extreme scenarios. The notes carry the credit risk of GS Finance Corp. and the guarantor, and the estimated value at pricing is disclosed as lower than the 100% issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable notes linked to the Goldman Sachs Momentum Builder ^® Focus ER Index maturing in 2034. The notes pay no interest and may be automatically called annually if the index closes at or above rising call levels, with fixed call premiums from 11% to 77%.

If never called, investors receive at maturity the greater of the $1,000 face amount or an equity-style payoff: $1,000 plus 100% upside participation in any positive index return. The index is a rules-based, daily rebalancing strategy with a 5% volatility control, a momentum risk control overlay, and an annual 0.65% deduction that can keep large portions in cash-like exposures.

Goldman Sachs’ estimated value on the trade date is $850–$880 per $1,000, below the issue price, reflecting fees, hedging and structuring costs. Investors bear full credit risk of GS Finance Corp. and the guarantor and face complex tax treatment under contingent payment debt instrument rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable contingent coupon underlier-linked notes due July 24, 2031 as part of its Medium-Term Notes, Series F program. The notes are linked to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index, and the VanEck Semiconductor ETF. Investors receive a monthly coupon of $17.084 per $1,000 (1.7084% monthly, up to approximately 20.50% per year) only if on each observation date all three underliers are at or above 60% of their initial levels, which also serves as the trigger buffer. The notes are automatically called at par plus the due coupon if on any call observation date, starting in January 2027, all underliers are at or above their initial levels. If the notes are not called and on the determination date any underlier is below its trigger buffer, repayment of principal is reduced one-for-one with the lesser performing underlier return, potentially to zero, so investors can lose their entire investment. Payments depend on the credit of GS Finance Corp. and its parent, and the estimated value on the trade date will be less than the 100% issue price.

GS Finance Corp. is offering callable 10-Year CMT rate-linked range accrual notes, with an aggregate face amount of $112,000, guaranteed by The Goldman Sachs Group, Inc. The notes pay monthly interest from August 10, 2026 to July 10, 2029 based on how often the 10-year CMT rate is at or below 4.80% during each interest period, multiplied by a fixed interest factor of 6.00%. If the 10-year CMT rate is above 4.80% on every reference date in a period, no interest is paid for that month. The notes are callable at the issuer’s option at 100% of face amount plus accrued interest on any monthly interest payment date on or after July 10, 2027. At maturity, if not redeemed earlier, investors receive the $1,000 principal per note plus any accrued unpaid interest. The original issue price is 100% of face amount, with an underwriting discount of 1.25% and net proceeds of 98.75%; the estimated value at pricing is approximately $962.5 per $1,000. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not insured or bank deposits, and may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable buffered notes linked to the iShares Semiconductor ETF (SOXX). The notes pay no interest and are scheduled to mature on July 27, 2028, unless automatically called on July 23, 2027.

If on the call observation date the ETF level is at or above the initial level, each $1,000 note is redeemed early for at least $1,300 on July 28, 2027, capping returns. If not called, maturity payment depends on ETF performance: gains are multiplied by a 125% upside participation rate, there is a 20% downside buffer, and losses beyond that buffer reduce principal.

The estimated initial value is $925–$955 per $1,000 note, below the issue price, reflecting structuring costs and dealer margin. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., as well as ETF, market, liquidity and complex U.S. tax risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest and are scheduled to mature on July 22, 2032, unless automatically called starting in January 2027.

The notes are automatically redeemed in full if, on any monthly call observation date, the index closes at or above 95% of its initial level. In that case, holders receive $1,000 plus a call premium (from 12.75% up to 150.875% of $1,000, depending on call date). If never called, maturity payment depends on the final index level: at or above 95% of initial yields the capped maximum of $2,530 per $1,000; between 60% and 95% returns principal; below 60% exposes investors to full downside, potentially losing the entire investment.

The underlier targets 40% volatility using up to 500% leverage and applies a continuous 6.0% per annum decrement, which systematically drags performance and ensures it lags an identical index without the decrement. The estimated value at pricing is expected between $885 and $925 per $1,000 face amount, reflecting structuring costs and dealer margins, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the common stock of Advanced Micro Devices, Amazon.com, Alphabet Class C, Intel and NVIDIA. The notes are scheduled to trade on a July 15, 2026 trade date and mature on July 19, 2029, unless automatically called.

Holders receive a fixed coupon of $8.5 per $1,000 (0.85% monthly, up to 10.2% per year) on any coupon payment date only if on the related observation date the closing price of each stock is at least 70% of its initial price; otherwise the coupon is zero. If on any call observation date from January 2027 to June 2029 each stock closes at or above its initial price, the notes are automatically redeemed at par plus that month’s coupon. If never called, investors receive the $1,000 principal per note at maturity plus the final coupon, if earned, but no upside participation in the stocks. The estimated value on the trade date is expected to be $925–$955 per $1,000, below the 100% issue price, and payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable contingent coupon notes linked equally to the common stock of Intel, Amazon, Advanced Micro Devices and Tesla. Each note has a $1,000 face amount and is expected to be issued on July 31, 2026, maturing on July 31, 2031 unless automatically called between July 2027 and June 2031.

On each monthly observation date, investors receive a coupon only if the closing price of each stock is at least 75% of its initial price; otherwise the coupon for that month is zero. The coupon accrues using at least $7.709 per $1,000 (at least 0.7709% monthly, or up to at least approximately 9.25% per annum), net of any prior coupons paid. The notes are automatically called if, on any call observation date, the closing price of each stock is at least 95% of its initial price, in which case investors receive $1,000 plus the then‑due coupon.

If the notes are not called, investors receive $1,000 per note at maturity plus the final coupon, if conditions are met. The notes carry full credit risk of GS Finance Corp. and the guarantor and are unsecured obligations. The estimated value at pricing is expected to be $885–$935 per $1,000, below the 100% issue price, reflecting fees, hedging costs and model assumptions.

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, part of its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and matures on July 28, 2033, unless automatically called.

The notes pay no interest. If not called, holders receive the greater of $1,000 or $1,000 plus 100% of the index’s positive return; if the index is flat or down, repayment is limited to principal, subject to issuer and guarantor credit risk. The notes may be automatically called annually if the index meets rising call levels, paying $1,000 plus call premiums from 12% to 72% of face value. The index uses daily rebalancing, a 5% volatility control and a momentum risk control feature, and is reduced by a 0.65% per annum fee. The issuer’s estimated value on the trade date is $850 to $880 per $1,000, below the original issue price, and the notes are treated as contingent payment debt instruments for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable contingent coupon notes linked to the Nasdaq‑100, Russell 2000 and S&P 500 indexes, maturing in 2029. These notes pay a monthly contingent coupon of $11.042 per $1,000 face amount (1.1042% monthly, up to approximately 13.25% per annum) only when each index is at or above 70% of its initial level on the relevant observation date.

The notes are automatically called if, on any call observation date from October 2026 through June 2029, each index is at or above its initial level; investors then receive $1,000 per note plus the due coupon. If the notes are not called, principal repayment at maturity depends solely on the lesser performing index. If that index is at or above 70% of its initial level, investors receive $1,000 per note; otherwise repayment equals $1,000 multiplied by the lesser performing index return, exposing investors to loss of up to 100% of principal.

The product carries the credit risk of both GS Finance Corp. and its guarantor, features an issue price above its model‑based estimated value, and may have limited or no secondary market liquidity. Tax treatment is uncertain and is expected to follow prepaid derivative contract treatment under current opinions.

GS Finance Corp. is offering Autocallable S&P 500® Futures Excess Return Index‑Linked Notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The notes have a $1,000 face amount per note and an automatic call feature: if the underlier closes at or above the initial level on the call observation date, holders receive $1,123 per $1,000 on the call payment date. If not called, maturity payoff depends on the final underlier level: upside participation is 150%; a 75% buffer level and a 25% buffer amount apply; downside exposure below the buffer can produce substantial losses (examples show as low as 25% of face payable). Trade date is July 30, 2026, original issue date August 4, 2026, and stated maturity August 2, 2029. The underlier is the S&P 500® Futures Excess Return Index (futures-based), and payments are cash-settled. The pricing supplement warns of model-based estimated values below issue price, credit risk of issuer and guarantor, negative roll/contango effects on the futures-based underlier, possible illiquidity, and uncertain U.S. federal income tax treatment.

GS Finance Corp. is offering $ Callable Contingent Coupon Index-Linked Notes due 2028, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and pays a contingent monthly coupon of $10.834 (1.0834% monthly, the potential for up to approximately 13.00% per annum) only if the closing level of each underlier on the related observation date is at or above its coupon trigger level. The underliers are the Nasdaq-100, Russell 2000, and S&P 500. For cash settlement at maturity, if not redeemed, repayment per $1,000 is $1,000 when the final level of each underlier is at or above the trigger buffer (70% of initial); otherwise the cash payment equals $1,000 × the lesser performing underlier return, so investors could lose their entire investment. The issuer may redeem the notes on each coupon payment date beginning in October 2026.

GS Finance Corp. offers leveraged callable S&P 500® Futures Excess Return Index-linked notes due July 22, 2031 with an upside participation rate of 230% and a trigger buffer level of 60%. The notes pay no interest, may be redeemed at issuer option on scheduled monthly call payment dates at specified call premiums, and settle in cash at maturity based on the S&P 500® Futures Excess Return Index performance measured from the trade date expected to be July 17, 2026 to the determination date expected to be July 17, 2031. The estimated value on the trade date is stated as $885 to $935 per $1,000 face amount.

GS Finance Corp. is offering principal-protected, non-interest-bearing structured notes linked to an equally weighted basket of 5 stocks (AMD, AVGO, INTC, NVDA, TSM), with The Goldman Sachs Group, Inc. as guarantor. Initial basket level is 100; the notes mature on July 26, 2029 (determination date expected July 23, 2029) and settle in cash per $1,000 face amount. If the final basket level exceeds the initial level, holders receive $1,000 + $1,000 × 200% × basket return subject to a cap at the maximum settlement amount of $2,385. If the final level is between 75% and 100% of the initial level, holders receive $1,000. If the final level is below 75%, holders receive $1,000 × (1 + basket return) and may lose up to their entire investment. The estimated value on the trade date is between $900 and $930 per $1,000 face amount. The calculation agent is Goldman Sachs & Co. LLC; GS&Co. has discretionary authority over pricing adjustments, market-disruption determinations and anti-dilution adjustments.

GS Finance Corp. is offering Autocallable Contingent Coupon VanEck Gold Miners ETF‑Linked Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and will pay a contingent monthly coupon of $10.625 per $1,000 (1.0625% monthly; up to 12.75% per annum) when the underlier closes at or above the coupon trigger level of 80% of the initial underlier level on the related coupon observation date. The notes are subject to an automatic call if the underlier closes at or above the initial underlier level on any call observation date, in which case holders receive $1,000 plus any coupon then due. At maturity (determination date July 15, 2031, stated maturity July 18, 2031), if not called, cash settlement depends on the final underlier level versus the buffer level of 75%; a final underlier below the buffer produces a downside payoff formula using a 25% buffer and a 100% buffer rate. The underlier is the VanEck Gold Miners ETF (ticker GDX); GS&Co. is the calculation agent. The trade date is July 15, 2026 and original issue date is July 20, 2026. The pricing supplement discloses material risks including credit risk of the issuer/guarantor, limited upside (cap at par), potential loss of a substantial portion of principal and uncertain tax treatment.

GS Finance Corp. is offering buffered S&P 500® index-linked notes due July 12, 2029 (expected). For each $1,000 face amount, the maturity payment is linked to the S&P 500 performance measured from an initial level of 7,482.71 set on July 8, 2026 to the determination date (expected July 9, 2029). Positive index returns are multiplied by a participation rate of 82.1%. The notes provide a buffer equal to 25% (buffer level = 75% of the initial level): if the final index level declines by up to 25% you receive the $1,000 face amount; if it declines by more than 25% your principal is reduced proportionally beyond the buffer. Notes pay no interest, are unsecured obligations of GS Finance Corp. and are guaranteed by The Goldman Sachs Group, Inc.; holders bear issuer and guarantor credit risk. The estimated value on the trade date is between $925 and $955 per $1,000 face amount.

GS Finance Corp. offers $435,000 aggregate face amount of medium-term structured notes guaranteed by The Goldman Sachs Group, Inc., contingent monthly coupon notes with an automatic call feature.

The notes trade on July 7, 2026, issue on July 14, 2026 and have a stated maturity of July 16, 2029. Each $1,000 face amount pays a contingent monthly coupon of $5.417 if all three underliers meet an 80% coupon trigger on the observation date; otherwise the coupon is $0. If all underliers are at or above their initial levels on a call observation date, the notes will be automatically called for $1,000 plus any then-due coupon.

GS Finance Corp. priced $750,000 of principal-linked notes due August 12, 2027, guaranteed by The Goldman Sachs Group, Inc. Each $1,000 note pays no interest and returns at maturity either: a capped upside if Micron Technology, Inc. (the underlier) rises; the $1,000 face amount if the final level is within 40% of the initial level; or a proportional loss if the final level is below the 40% trigger buffer (you lose 1% of face per 1% decline below the initial level). The notes feature a 300% upside participation rate and a $1,785 maximum settlement amount. Key dates: trade July 7, 2026, original issue July 10, 2026, determination August 9, 2027, maturity August 12, 2027.

GS Finance Corp. is offering autocallable EURO STOXX 50® Index-Linked Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes have an upside participation rate of 125%, a trigger buffer level of 75%, and an automatic call feature that, if met on the call observation date, pays $1,192.50 per $1,000 on the call payment date. The notes pay no interest, may be cash-settled at maturity depending on the final index level, and expose investors to the credit risk of GS Finance Corp. and its guarantor.

Trade date is July 15, 2026, original issue date July 20, 2026, determination date July 15, 2031, and stated maturity date July 18, 2031. The issue price is 100% of face amount with an underwriting discount of 2.5%.

GS Finance Corp. offers $400,000 of medium-term notes (guaranteed by The Goldman Sachs Group, Inc.) linked to the State Street® Industrial Select Sector SPDR® ETF (ticker XLI). The notes pay no interest, may be automatically called on two annual observation dates with call premiums of 9.6% (July 2027) and 19.2% (July 2028), and mature on July 12, 2029 if not called. Payment at maturity depends on the underlier's final level versus the initial level of $182.38: if the final level is ≥ initial, the cash payoff is capped at a 28.80% maturity premium; if the final level is ≥ 70% of initial but < initial, principal ($1,000) is returned; if the final level is < 70% (the trigger buffer), the payoff equals $1,000 × the underlier return and investors could lose their entire investment. The original issue price is 100% of face; underwriting discount is 2.25%, net proceeds 97.75%.

GS Finance Corp. is offering leveraged equity-linked notes due July 20, 2029, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and pays no interest; final cash at maturity depends on the performance of the common stock of AeroVironment, Inc. (Bloomberg: AVAV UW) measured from the trade date July 17, 2026 to the determination date July 17, 2029. The notes provide 200% upside participation subject to a $3,100 maximum settlement, and protect principal only if the final underlier level is >= 60% of the initial level; below that buffer investors lose pro rata and may lose their entire investment. Original issue price is 100% of face amount; underwriting discount is 2.5% and net proceeds to issuer are 97.5%.