Goldman Sachs Group Inc SEC Filings

Goldman Sachs (GS) is offering GS Finance Corp. autocallable notes linked to the Goldman Sachs Momentum Builder Focus ER Index, due in 2032 and guaranteed by The Goldman Sachs Group, Inc. The notes can be automatically called each year if the index closes at or above rising call levels, with preset premiums. If not called, at maturity you receive $1,000 plus 100% upside participation in any positive index return; if the index is flat or lower, you receive the $1,000 face amount, subject to issuer and guarantor credit risk.

Key terms include annual call levels of 101% to 106% of the initial index level with corresponding call premiums of 10.35%, 20.70%, 31.05%, 41.40%, 51.75% and 62.10%. The estimated value on the trade date is $850 to $880 per $1,000, below the original issue price. The underlying index applies a 0.65% per annum deduction and may allocate heavily to cash positions due to 5% volatility control and momentum risk controls, which can mute performance. The notes pay no interest, and market value can be affected by rates, index volatility and the credit profile of the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., announced preliminary terms for auto-callable contingent coupon notes linked to the State Street SPDR S&P Bank ETF (KBE) and the VanEck Semiconductor ETF (SMH). The notes offer a $7.667 monthly coupon per $1,000 (0.7667%) if the closing level of each ETF is at least 75% of its initial level on the relevant observation date.

The notes may be automatically called on monthly observation dates commencing in May 2026 if each ETF is at least 95% of its initial level, returning face amount plus the then‑due coupon. If not called, they mature on the expected August 21, 2028 determination/maturity cycle, with downside tied to the lesser‑performing ETF and a 20% buffer. If any ETF is below 75% at maturity, principal is reduced based on that ETF’s decline and no final coupon is paid. The estimated value on the trade date is expected between $900 and $930 per $1,000, and all payments are subject to the issuer and guarantor’s credit risk.

Goldman Sachs (GS), via GS Finance Corp., filed a preliminary 424B2 for Autocallable Index‑Linked Notes due 2030 guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Russell 2000 and EURO STOXX 50 and do not bear interest. The notes may be automatically called monthly if the closing level of each index is at or above its initial level on a call observation date, paying $1,000 plus the applicable call premium.

If not called, payment at maturity depends on the lesser performing index. A trigger buffer level is set at 75% of the initial level for each index. If both final index levels are at or above their initial levels, holders receive $1,000 plus the maturity date premium amount of 52.752%. If any index finishes below its initial level but at or above its trigger buffer, holders receive $1,000. If any index finishes below its trigger buffer, repayment is reduced by the lesser performing index return, and investors could lose their entire investment.

Key dates include trade date November 12, 2025, original issue date November 17, 2025, determination date November 12, 2030, and stated maturity date November 19, 2030. Call premiums step up from 5.2752% on the first call payment date to 51.8728% near maturity. The notes will not be listed, and valuation is subject to issuer and guarantor credit risk.

The Goldman Sachs Group, Inc. filed a preliminary pricing supplement for Fixed Rate Notes due 2035 under its Medium‑Term Notes, Series N program. The notes pay a fixed 4.55% per annum, with interest paid each year on November 13, commencing November 13, 2026, until the stated maturity on November 13, 2035.

The notes are issued in $1,000 denominations (and integral multiples thereof), will not be listed on any exchange, and are issued in book‑entry form through DTC. The issuer cannot redeem the notes prior to maturity. The calculation agent is Goldman Sachs & Co. LLC, and interest uses the 30/360 (ISDA) day count with a following unadjusted business day convention. Both full and covenant defeasance are available.

Goldman Sachs & Co. LLC acts as underwriter and may make a market after the initial sale; this constitutes a FINRA Rule 5121 conflict of interest. The supplement includes FATCA tax treatment and standard EEA/UK/Hong Kong/Singapore/Japan/Switzerland selling restrictions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) pricing supplement for Buffer Autocallable GEARS linked to the S&P 500 Index. The notes may be automatically called if the index on the call observation date is at or above the autocall barrier (100% of the initial level), paying the face amount plus an 8% call return per $10 note.

If not called, at maturity investors receive upside at 1.20–1.40x the index return when the index finishes above its initial level; full return of face amount if the index is between the initial level and the 90% downside threshold; and losses beyond a 10% buffer if the index finishes below the threshold. The notes pay no coupons and carry the credit risk of GS Finance Corp. and its guarantor.

Key economics include an issue price 100% of face amount, underwriting discount 2.50%, and net proceeds 97.50%. The estimated value is $9.35–$9.65 per $10 face amount. Expected dates: trade Nov 13, 2025, issue Nov 17, 2025, call observation Nov 20, 2026, maturity Nov 15, 2028. Minimum purchase is $1,000.

Goldman Sachs Group (GS) plans a primary debt offering of fixed rate notes due November 18, 2028 under its Medium‑Term Notes, Series N program. The notes carry a 3.85% per annum coupon, with interest paid on May 18 and November 18 of each year, beginning May 18, 2026. The notes are denominated in $1,000 increments and will be issued on November 18, 2025 following a November 14, 2025 trade date.

The notes will not be listed on any exchange, use the 30/360 (ISDA) day count, and follow a following unadjusted business day convention. No issuer redemption feature applies before maturity. Goldman Sachs & Co. LLC is the calculation agent and underwriter, and the offering will be conducted in compliance with FINRA Rule 5121 due to an affiliate conflict of interest.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no‑interest structured notes linked to an equally weighted basket of eight large‑cap stocks. Each stock starts at a 12.5% weight and the initial basket level is 100. The notes may be automatically called if the basket on the call observation date is at or above the initial level, paying at least $1,164 per $1,000 on the expected call payment date.

If not called, holders receive at maturity: (i) $1,000 plus 150% upside participation if the basket is above the initial level; (ii) $1,000 if declines are within a 15% buffer; or (iii) a reduced amount if losses exceed the buffer, using a buffer rate of approximately 117.65%. The notes do not bear interest and are subject to the credit risk of GS Finance Corp. and the guarantor.

Key dates are expected to be: trade November 24, 2025, issue November 28, 2025, call observation December 7, 2026, call payment December 10, 2026, determination November 24, 2027, and maturity November 30, 2027. The estimated value at pricing is $900–$930 per $1,000. Authorized denominations start at $10,000, with $1,000 multiples; selling concession up to 1.5%.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering preliminary Buffered S&P 500 Index-Linked Notes due on an expected December 1, 2027. The notes pay no interest and repay at maturity based on the S&P 500 Index level on the expected determination date of November 26, 2027.

Returns track the index: if the index return is positive or zero, you receive that return up to a maximum settlement amount of at least $1,140 per $1,000. If the index return is negative but not below -20%, you gain the absolute index move. If the index falls more than 20% (buffer to 80% of the initial level), losses equal the index return plus 20%, and you could receive significantly less than face value. The estimated value at pricing is expected between $925 and $965 per $1,000. The notes are unsecured obligations of GS Finance Corp. and subject to the credit risk of both the issuer and the guarantor.