Goldman Sachs Group Inc SEC Filings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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