Goldman Sachs Group Inc SEC Filings

GS Finance Corp. is offering EURO STOXX 50® Index-linked medium-term notes due December 27, 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes provide leveraged exposure to the index with an upside participation rate of at least 102%. At maturity, for each $1,000 face amount, investors receive $1,000 plus $1,000 × upside participation rate × index return if the final index level is above the initial level, or $1,000 if the index is flat or lower, so principal is repaid at maturity but there is no downside market gain.

The notes do not pay periodic interest and are unsecured obligations subject to the credit risk of both the issuer and guarantor. They are linked to a Eurozone blue-chip equity index, involve risks from foreign securities markets, and may trade below face value before maturity. The pricing supplement highlights that the estimated value on the trade date is less than the original issue price, secondary market liquidity is not assured, and U.S. investors face contingent payment debt instrument tax treatment requiring accrual of income before any cash is received.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index under its Medium-Term Notes, Series F program. These unsecured notes are scheduled to mature in 2031 and pay no interest.

At maturity, holders receive cash based on index performance from trade date to determination date. If the index rises, the notes provide at least 151% participation in the positive return. If the index falls but stays above 70% of its initial level, investors receive full principal back; below that buffer, principal is reduced 1-for-1 with further losses, so a substantial loss of invested amount is possible. The underlier tracks E-mini S&P 500 futures, not the cash S&P 500 Index, and is affected by factors like financing costs, negative roll yield, market disruptions and the credit risk of both the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Futures Excess Return Index-linked notes due 2030 as part of its Medium-Term Notes, Series F program. These notes are principal protected at maturity: for each $1,000 note, if the final index level is at or below the initial level, you receive $1,000.

If the final index level is higher, the maturity payment increases by the upside participation rate (at least 100%) times the index return, giving leveraged exposure to gains in the S&P 500 Futures Excess Return Index. The notes pay no periodic interest, are unsecured obligations of GS Finance Corp., and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The underlier tracks E-mini S&P 500 futures, not the S&P 500 Index itself, so returns are affected by futures pricing, financing costs and roll yields, which can cause the index to lag or even decline despite a stable or rising equity market. The document highlights credit risk of the issuer and guarantor, potential secondary market discounts, sensitivity to interest rates and volatility, and complex U.S. federal income tax treatment as contingent payment debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to Amazon, Alphabet Class C, Apple and NVIDIA stock. The notes pay a fixed monthly coupon of at least $8.209 per $1,000 face amount (at least 0.8209% monthly, or the potential for up to at least approximately 9.85% per annum) until they are called or mature, expected on December 29, 2028.

The notes may be automatically redeemed starting in December 2026 if on any call observation date each stock closes at or above its initial price, returning principal plus the coupon. At maturity, if not called, principal repayment depends on the worst-performing stock. Full principal is repaid if each stock is at least 80% of its initial price; below that buffer, losses match the decline of the worst stock beyond 20%, and investors can lose a substantial portion of principal. The estimated initial value is $890–$920 per $1,000, reflecting fees and hedging costs.

GS Finance Corp. is offering medium-term, principal-at-risk notes linked to the iShares Bitcoin Trust ETF (IBIT), guaranteed by The Goldman Sachs Group, Inc. Each security has a $1,000 face amount, no interest payments and is designed to be held to maturity on January 4, 2029.

At maturity, holders receive $1,000 plus 200% of any ETF price increase, capped at a maximum return of at least 84%, so the maximum payment is at least $1,840 per note. There is a 25% downside buffer: if the ETF falls by up to 25%, investors still receive $1,000. If it falls by more than 25%, principal is reduced 1‑for‑1 beyond the buffer and investors can lose up to 75% of principal.

The ETF tracks the price of bitcoin, so the notes expose investors to cryptocurrency volatility, regulatory changes, custody and market-manipulation risks, in addition to the credit risk of GS Finance Corp. and Goldman Sachs. The estimated initial value is $925–$955 per $1,000, below the original offering price, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes maturing in December 2029 as part of its Medium-Term Notes, Series F program.

At maturity, for each $1,000 note you receive either the face amount if the S&P 500® has stayed the same or fallen, or a leveraged equity-style payoff equal to $1,000 plus $1,000 × the index return if the index has risen, subject to a maximum settlement amount of at least $1,225 (122.5% of face value in the examples).

The notes pay no periodic interest, are unsecured obligations subject to the credit risk of both GS Finance Corp. and its parent guarantor, and will not be listed on an exchange, so secondary market prices may be volatile and below face value. For U.S. tax purposes they are treated as contingent payment debt instruments, generally requiring holders to accrue taxable income over the term based on a comparable yield even though no cash is received until maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due September 27, 2029 as part of its Medium-Term Notes, Series F program. These notes pay a cash amount at maturity based on the performance of the S&P 500® Index (SPX) from the trade date on December 23, 2025 to a determination date on September 24, 2029.

For each $1,000 note, if the final index level is above the initial level, the payoff equals $1,000 plus the index return, but is capped at a maximum settlement amount of $1,222.50. If the index is flat or down, investors receive only the $1,000 face amount, so there is principal repayment at maturity but no upside if the index falls. The notes do not pay any interest and are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

The notes may trade at prices below face value before maturity, and the initial issue price is expected to exceed the model-based estimated value. For U.S. tax purposes, they are treated as contingent payment debt instruments, requiring annual income inclusion based on a comparable yield, with gain at maturity taxed as ordinary interest income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes pay no interest and may be automatically called quarterly from May 2027 if the index closes at or above 101% of its initial level, in which case holders receive $1,000 plus a fixed call return (starting at 11.625% and rising over time).

If not called, at maturity in December 2030 investors receive $1,000 per note if the index is below 101% of its initial level, or a capped maximum settlement of $1,387.50 per $1,000 face amount (a 38.75% gain) if the index is at or above 101%. The index is a volatility- and momentum-controlled basket of equity, fixed income, commodity and cash exposures, calculated on an excess‑return basis and reduced by a 0.65% annual deduction, and the estimated initial value of the notes is $885–$925 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering principal-at-risk Contingent Income Auto-Callable Securities linked to NVIDIA common stock. The notes may mature in December 2028 or be called earlier if NVIDIA’s closing price on a call observation date is at or above the initial share price, paying back the $1,000 principal per note plus any contingent quarterly coupon then due. On each coupon observation date, investors receive a coupon only if NVIDIA closes at or above a downside threshold set at 50.00% of the initial share price; the coupon is based on at least $27.75 per quarter per $1,000, adjusted for any unpaid coupons. If the final share price is below the downside threshold and the notes were not called, repayment is $1,000 × (final/initial), so investors can lose most or all of their principal. The estimated value is $905–$965 per note versus a 100% issue price, reflecting underwriting and structuring costs.