Goldman Sachs Group Inc SEC Filings

GS Finance Corp. filed a preliminary pricing supplement for Leveraged EURO STOXX 50 Index‑Linked Notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes offer principal repayment at maturity and upside exposure to the EURO STOXX 50: for each $1,000 note, holders receive $1,000 + ($1,000 × the upside participation rate × index return) if the final index level exceeds the initial level; otherwise, $1,000. The notes do not bear interest.

Key terms: Upside participation rate at least 106%; trade date November 26, 2025; original issue date December 2, 2025; determination date November 26, 2029; maturity November 29, 2029. The notes are subject to the credit risk of the issuer and guarantor and will not be listed; any market‑making may be discontinued at any time. The estimated value at pricing will be less than the original issue price, and secondary prices may include dealer spreads. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income over the term based on a comparable yield.

GS Finance Corp. filed a preliminary 424(b)(2) pricing supplement for two separate offerings of buffered index-linked notes, each tied to a single index: the S&P 500 or the Russell 2000. The notes pay no interest and return at maturity depends on index performance from the expected trade date on November 21, 2025 to the determination date on November 21, 2030, with the stated maturity expected on November 26, 2030.

Both notes feature a 100% participation rate, a 15% buffer (losses begin below 85% of the initial level), and a cap via a maximum settlement amount. For the S&P 500 note, the cap level is at least 149% of the initial level with a maximum settlement amount of at least $1,490 per $1,000 face amount. For the Russell 2000 note, the cap level is at least 162.15% with a maximum settlement amount of at least $1,621.5. The estimated value range is $885–$935 per $1,000 face amount. Repayment is subject to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor).

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., plans leveraged S&P 500 Futures Excess Return Index-linked notes due December 2, 2030. The notes do not pay interest and repay at maturity based on index performance from the trade date to the determination date.

If the final index level exceeds the initial level, holders receive a positive return equal to the upside participation rate (at least 193%) times the index return. If the final level is at or above the 70% trigger buffer level, investors receive the $1,000 face amount. If the final level falls below the trigger buffer level, repayment decreases one-for-one with the index decline, and investors could lose their entire investment.

Key dates include trade date November 26, 2025, original issue date December 2, 2025, determination date November 26, 2030, and maturity December 2, 2030. The underlier tracks E-mini S&P 500 futures, not the S&P 500 Index, and may be affected by financing costs and roll yields. The notes are not listed; market making may be limited and prices may differ from estimated value. Credit risk of the issuer and guarantor applies.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,938,000 aggregate face amount of Callable S&P 500 Futures Excess Return Index-Linked Notes due 2030 under a Rule 424(b)(2) prospectus supplement. The notes are issued at 100% of face amount, carry a 4.125% underwriting discount, and provide 95.875% net proceeds to the issuer. The estimated value is approximately $935 per $1,000 at pricing.

The notes do not bear interest and may be redeemed by the company on specified monthly call payment dates at 100% of face amount plus $1,000 times the applicable call premium amount. If not redeemed, repayment at maturity on October 31, 2030 depends on the S&P 500 Futures Excess Return Index from the trade date to the determination date. Upside is 1.7x the index return if the final level exceeds the initial level of 564.91. A 20% buffer applies: between 80% and 100% of the initial level, holders receive $1,000; below 80%, principal is reduced on a linear basis.

Denominations are $1,000. Key dates include trade date October 28, 2025 and determination date October 17, 2030. The index tracks E-mini S&P 500 futures, not the S&P 500 Index, and carries risks such as negative roll yield and issuer/guarantor credit risk.

Goldman Sachs (GS) plans to offer Callable Contingent Coupon Index‑Linked Notes due November 19, 2030, issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The notes reference the Russell 2000 Index and S&P 500 Index.

Holders receive a contingent quarterly coupon of at least $15 per $1,000 face amount (1.5% quarterly; potential up to at least 6.00% per annum) if on each observation date both underliers close at or above 55% of their initial levels (the coupon trigger). The issuer may redeem the notes at its option, in whole, on any coupon payment date from May 2026 through August 2030, paying $1,000 per note plus any due coupon.

If not redeemed, maturity payment depends on the lesser performing index. If each final level is at or above the 55% trigger buffer, payment is $1,000; otherwise, it equals $1,000 plus $1,000 times the lesser performing underlier return, which can reduce principal up to a total loss. Key risks include contingent coupons (which may be zero), issuer and guarantor credit risk, estimated value below issue price, no exchange listing, and tax uncertainty.

GS Finance Corp. filed a 424(b)(2) pricing supplement for callable contingent income notes linked to the iShares Bitcoin Trust ETF. The notes mature on October 31, 2030 and may be redeemed at 100% of face value plus any due coupon on any payment date from April 2026 through July 2030.

Holders receive a $34.125 quarterly coupon per $1,000 face amount (3.4125% per quarter; up to 13.65% per year) only if the ETF’s closing level on the observation date is at or above 60% of the initial level. The initial ETF level is $64.49. At maturity, if the ETF return is ≥ -40%, investors receive $1,000 plus the final coupon; otherwise payment equals $1,000 plus $1,000 times the ETF return, with no final coupon, which can result in a substantial loss.

The estimated value is approximately $881 per $1,000 face amount. Original issue price is 100% of face, with a 4.3% underwriting discount and 95.7% net proceeds. Aggregate face amount on the original issue date is $260,000, with potential for additional sales.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,496,000 of Callable Buffered notes linked to the S&P 500 Futures Excess Return Index under a Rule 424(b)(2) prospectus. The notes pay no interest and mature on October 31, 2030, unless redeemed earlier at $1,000 plus a call premium on specified monthly call dates.

Returns at maturity depend on index performance from the October 28, 2025 trade date to the October 17, 2030 determination date. If the final index level is at or above the initial level of 564.91, the payoff equals $1,000 plus 1.6x the index return. If the final level is below the initial but at or above 80%, the payoff adds the absolute index return. Below 80%, losses apply after a 20% buffer, and you could lose a substantial portion of principal.

The estimated value is approximately $935 per $1,000 face amount. The original issue price is 100% of face, with a 4.125% underwriting discount and 95.875% net proceeds to the issuer. The notes are not FDIC insured and will not be listed.

GS Finance Corp. priced 0% coupon, auto-callable notes linked to the Goldman Sachs Momentum Builder Focus ER Index, with an aggregate face amount of $25,676,000 at 100% of face. The underwriting discount is 4.375%, resulting in net proceeds of 95.625%.

The notes may be automatically called if the index closes at or above 101% of the initial level of 110.44 on annual observation dates, paying $1,000 plus a fixed call return that steps up from 7.25% (2026) to 43.5% (2031). If not called, the notes mature on October 29, 2032, paying $1,000 plus 100% of any positive index return, or $1,000 if the index return is zero or negative.

The index uses daily rebalancing with a 5% volatility control and a momentum risk control overlay; returns are calculated on an excess-return basis and reduced by a 0.65% per annum deduction. The estimated value is approximately $899 per $1,000 face amount, reflecting fees and model assumptions. 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 two separate series of leveraged buffered index-linked notes tied to either the S&P 500 Index or the Russell 2000 Index. The notes pay no interest and return at maturity depends on index performance from the expected trade date of November 21, 2025 to the determination date, expected May 22, 2028, with maturity expected May 25, 2028.

Each note offers a 200% participation rate in upside to a cap and a 10% buffer against declines (buffer level 90% of the initial level). For each $1,000 face amount, the maximum settlement amount is at least $1,204 for the S&P 500 note (cap level at least 110.2% of the initial level) and at least $1,265 for the Russell 2000 note (cap level at least 113.25%). If the final level is between the initial and the buffer level, repayment of $1,000 applies; below the buffer, losses equal the index return plus the 10% buffer amount. The preliminary estimated value is $925–$965 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.