GOLDMAN SACHS GROUP INC SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital Equity-Linked Notes linked to the common stock of Broadcom Inc.. The notes pay no interest and repay an amount at maturity based on the underlier performance versus a buffer level set at 85% of the initial underlier level (a buffer amount of 15%). If the final underlier level is greater than or equal to the buffer level, holders receive a capped maximum settlement amount (expected between $1,271.30 and $1,318.30 per $1,000 face). If the final underlier level is below the buffer level, holders lose approximately 1.1765% of face for each 1% decline below the buffer; investors could lose their entire investment. Terms (trade date, determination date, stated maturity date) and pricing will be set on the trade date and are subject to adjustment.

GS Finance Corp. is offering autocallable, MSCI EAFE index-linked notes due May 23, 2031, guaranteed by The Goldman Sachs Group, Inc.. The notes pay no interest, may be automatically called on the call observation date, and provide for upside participation of 185% if the final underlier level is above the initial level. If automatically called, each $1,000 face amount would pay $1,120 on the call payment date. If not called, maturity payments depend on the MSCI EAFE final level relative to an 80% trigger buffer; holders may lose up to their entire investment if the final level is below the trigger buffer. Key dates include trade date May 20, 2026 and original issue date May 26, 2026. The notes are subject to issuer and guarantor credit risk and limited secondary-market liquidity.

The securities are Contingent Income Auto-Callable Securities issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. They reference the worst-performing of the S&P 500, Russell 2000 and Nasdaq-100. Pricing is expected on May 22, 2026 with an original issue date of May 28, 2026 and a stated maturity date of May 25, 2028.

Holders may receive a contingent quarterly coupon of $25.00 per $1,000 principal only if each index is at or above a downside threshold level equal to 70.00% of its initial index value on coupon observation dates. The notes are automatically called if, on any call observation date, each index is at or above its initial index value, producing a principal repayment plus the then-due coupon. If not called, maturity payment is either $1,000 (if all indices are at/above their thresholds) or $1,000 multiplied by the worst performing index performance factor; payments may be less than $700 and could be zero.

GS Finance Corp. is offering autocallable VanEck Semiconductor ETF‑linked notes due 2028, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and an automatic call feature: if the underlier closes at or above the initial level on the call observation date, the call payment will be $1,293 per $1,000. The return at maturity (if not called) depends on the VanEck Semiconductor ETF (SMH) performance versus the initial level of $578.34, with a 100% upside participation, an 80% buffer level and a buffer rate of 125%. Trade date is May 15, 2026, original issue date May 20, 2026, and stated maturity is May 18, 2028. The notes pay no interest and are subject to issuer and guarantor credit risk.

GS Finance Corp. priced leveraged basket-linked notes due May 15, 2030, guaranteed by The Goldman Sachs Group, Inc. These non-interest-bearing notes reference a weighted basket of five international indices with an upside participation rate of 172.5%. The initial basket level is 100; final payoff depends solely on the basket return measured from the trade date May 13, 2026 to the determination date May 13, 2030. For each $1,000 face amount, holders receive $1,000 plus a leveraged positive participation if the final basket level exceeds 100, or $1,000 multiplied by the basket return if the final level is equal or lower. The aggregate original face amount is $2,060,000, original issue price 100%, estimated model value approximately $951 per $1,000, underwriting discount 3.2% and net proceeds to issuer 96.8%. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are cash-settled at maturity.

GS Finance Corp. is offering Autocallable Contingent Coupon Index-Linked Notes due May 17, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes reference the Russell 2000, S&P 500 and Nasdaq-100 indices and may be automatically called on observation end dates beginning in August 2026.

Quarterly coupons of $30.875 per $1,000 (3.0875% quarterly; 12.35% annualized) are paid only if each index is at least 70% of its initial level on every trading day during the quarterly observation period. At maturity (if not called), payment is based on the lesser performing index: full principal if that index is >= 60% of its initial level, otherwise a prorated cash settlement based on the index return (loss may exceed 40% of principal). The trade date is May 13, 2026 and original issue date is May 18, 2026. The aggregate face amount on issue is $3,905,000. The estimated value at pricing was approximately $999 per $1,000 face amount; issue price is 100% with an underwriting discount of 0.8%.

GS Finance Corp. is offering autocallable Nasdaq-100 Index®-linked notes due 2031, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and will be automatically called on the call payment date if the closing level of the Nasdaq-100 Index on the call observation date is greater than or equal to the initial level. If called, holders receive $1,150 per $1,000 on the call payment date. If not called, the cash payment at maturity depends on the final underlier level: upside participation is 138%; a 80% trigger buffer protects principal only down to that level; below the trigger buffer the cash settlement equals $1,000 × (1 + underlier return), which can result in a total loss of principal.

The notes pay no interest, are cash-settled, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. Pricing terms (including the initial underlier level and issue price) will be set on the trade date.

GS Finance Corp. proposes notes linked to a single Ferrari N.V. share with The Goldman Sachs Group, Inc. as guarantor. The notes do not bear interest and have an expected trade date of May 26, 2026, an expected determination date of May 29, 2029, and an expected stated maturity of June 1, 2029.

At maturity each $1,000 face amount pays $1,269 if the final index stock price is greater than or equal to the initial index stock price; otherwise it pays $1,000. The estimated value on the trade date is expected to be between $925 and $965. Payments depend on issuer and guarantor credit.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering structured notes maturing on May 20, 2031. Each note’s monthly coupon depends on four reference stocks — Alphabet Class C, NVIDIA, Amazon and Bank of America — with an initial index stock price specified for each. Notes are automatically called if, on any call observation date commencing May 2027, the closing price of each index stock is at or above its initial price; called notes pay principal plus that period’s coupon. Coupons are either a maximum of $7.084 per $1,000 face amount (≈8.5% annualized) if every index stock meets its coupon trigger (80% of initial), or a minimum of $0.209 per $1,000 face amount (≈0.25% annualized). The estimated value at issuance was approximately $948 per $1,000 face amount; original issue price is 100% with a 3.75% underwriting discount.

This prospectus supplement highlights credit exposure to GS Finance Corp. and Goldman Sachs, the calculation agent’s broad discretion over pricing and adjustments, limited anti-dilution protection, potential thin secondary market and hedging/conflicts by Goldman Sachs that may affect index-stock prices. Purchase suitability, market-value sensitivity and tax characterization are described in the supplement.