Goldman Sachs Group Inc SEC Filings

GS Finance Corp. filed a preliminary prospectus supplement for auto-callable, buffered basket-linked notes, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and reference an equally weighted basket of eight large-cap stocks, each initially set at 12.5% of the basket and an initial basket level of 100.

The notes are automatically called if, on the call observation date (expected October 30, 2026), the basket is at or above its initial level, paying $1,162 per $1,000 on the call payment date (expected November 4, 2026). If not called, at maturity (expected October 21, 2027) investors receive: (i) $1,000 plus 125% of any positive basket return; (ii) $1,000 if the basket return is between 0% and -15%; or (iii) a reduced amount if the basket falls more than 15%, using a buffer rate of approximately 117.65% applied to losses beyond the 15% buffer.

The estimated value at pricing is expected between $900 and $930 per $1,000 face amount. Authorized denominations are $10,000 and integral multiples of $1,000. Declines in one stock may offset gains in others, and payments are subject to the credit risk of the issuer and guarantor.

Goldman Sachs (via GS Finance Corp.) filed a preliminary 424(b)(2) pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the least performing of the S&P 500 Index and the Russell 2000 Index. The notes pay a contingent quarterly coupon only if each index closes at or above its coupon barrier on the observation date. The indicative coupon ranges between $0.275 and $0.29125 per $10 per quarter (about 11.00%–11.65% per annum). The coupon barrier and downside threshold for each index are set at 75% of its initial level.

Automatic call may begin in April 2026 if each index is at or above its initial level on any quarterly observation date; if called, holders receive the face amount plus the contingent coupon and the notes terminate. If not called, at maturity on October 26, 2028 investors receive the face amount plus the final coupon if each index is at or above its downside threshold; otherwise, repayment is reduced one-for-one with the decline of the lesser performing index, and investors could lose all principal. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. Estimated value at pricing is expected between $9.80 and $9.99 per $10 face. Original issue price is 100% with a stated underwriting discount of 0%, and net proceeds to the issuer of 100%.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) for unsecured, no‑interest notes linked to an equally weighted basket of 7 large‑cap stocks. The notes may be automatically called if, on the call observation date (expected to be October 30, 2026), the basket’s closing level is at or above the initial basket level of 100, paying $1,148.5 per $1,000 on the call payment date (expected to be November 4, 2026).

If not called, at maturity (expected October 21, 2027) holders receive: (i) if the final basket level is at or above 100, the greater of the basket upside with 100% participation or the threshold settlement amount of $1,297 per $1,000; (ii) if the basket is below 100 but at or above the 80% buffer, $1,000; (iii) if below 80%, a loss at a 125% downside rate beyond the 20% buffer. The estimated value on the trade date (expected October 20, 2025) is $900–$930 per $1,000, reflecting fees and dealer economics.

The basket includes CEG, MRVL, META, MSFT, NVDA, VRT, and VST, each initially ~14.286% weight. Payments are subject to the credit risk of the issuer and guarantor.

Goldman Sachs (GS) plans a primary offering of fixed rate notes. The preliminary supplement outlines 4.25% Fixed Rate Notes due October 31, 2032, issued in $1,000 denominations under its Medium-Term Notes, Series N program. Interest is paid on the last calendar day of April and October, beginning April 30, 2026, and calculated on a 30/360 (ISDA) basis. The notes will not be listed on any securities exchange, and there is no issuer redemption feature before maturity.

The trade date is expected to be October 29, 2025, with the original issue date on October 31, 2025. Goldman Sachs & Co. LLC will act as calculation agent and underwriter, and the offering will comply with FINRA Rule 5121 due to an affiliate conflict of interest. Settlement will occur through DTC in book-entry form. The supplement notes full and covenant defeasance options and includes standard U.S. federal income tax treatment where interest is taxable as ordinary income. Pricing, underwriting discount, and aggregate principal amount will be set on the trade date.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. (NYSE: GS), filed a preliminary 424(b)(2) pricing supplement for market-linked, auto-callable notes tied to the lowest of the S&P 500 Index, Russell 2000 Index, and Nasdaq-100 Technology Sector Index. The securities offer a quarterly contingent coupon of at least $22.50 per $1,000 face amount (at least 9.00% per annum) if the lowest underlier on a calculation day is at or above its 70% coupon threshold.

The notes may be automatically called at par plus the final coupon if, on any quarterly call date from May 2026 through August 2028, the lowest underlier is at or above its starting level. If not called, at maturity on November 8, 2028 you receive $1,000 only if the lowest underlier is at or above its 70% downside threshold; otherwise you lose more than 30%, up to all principal.

The original offering price is $1,000 per security, the underwriting discount is up to $23.25, and the proceeds to issuer are $976.75 per security. The estimated value at pricing is expected between $925 and $955 per $1,000. Payments are subject to the credit risk of GS Finance Corp. and the guarantor. The securities are not listed and pay no dividends or index appreciation.

Goldman Sachs (GS) plans to issue fixed rate notes due 2030. The notes pay interest at 4.00% per annum from the original issue date to the stated maturity date, with semiannual payments on the last calendar day of April and October, starting April 30, 2026 and ending at maturity on October 31, 2030. Denominations are $1,000 and multiples thereof, and the notes will not be listed on any exchange.

Key mechanics include the 30/360 (ISDA) day count convention, a “following, unadjusted” business day convention, and no issuer redemption before maturity. The issuer may elect full or covenant defeasance. Settlement is through DTC in book-entry form, with Goldman Sachs & Co. LLC as calculation agent.

Goldman Sachs & Co. LLC will underwrite the offering and may make a market after the initial sale. Because the underwriter is an affiliate, the deal is subject to FINRA Rule 5121 conflict-of-interest provisions. Distribution is limited in certain jurisdictions, including the EEA, UK, Hong Kong, Singapore, Japan, and Switzerland, under applicable offering restrictions.

GS Finance Corp. filed a Rule 424(b)(2) product supplement describing how it may offer and sell Medium‑Term Notes, Series F, linked to equity indices, ETFs, individual stocks/ADRs, or combinations. The notes repay principal at maturity (subject to issuer and guarantor credit risk) and may provide a positive return based on the referenced market measures.

The notes may not pay coupons unless specified in an applicable pricing supplement, will not be listed on an exchange, and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Goldman Sachs & Co. LLC is the initial calculation agent. Key risks include credit risk of the issuer and guarantor, complex payoff features, model‑based estimated value below the original offering price, limited or no secondary market, no dividend participation, and potential conflicts from hedging and trading activities.

Tax treatment is complex and will be detailed in the supplemental tax discussion and applicable pricing supplements. Specific terms, including the market measures, dates, and any coupon features, will be set in the related pricing supplement, which controls in case of inconsistencies.

Goldman Sachs (GS), via GS Finance Corp., is offering preliminary Autocallable Contingent Coupon Equity‑Linked Notes due 2028 linked to Advanced Micro Devices, Inc. (AMD). The notes pay a $14.334 monthly coupon per $1,000 face amount (1.4334% monthly, potential up to approximately 17.20% per annum) on any observation date when AMD’s closing level is at or above the coupon trigger level.

The notes feature a quarterly automatic call if AMD’s closing level is at or above the initial underlier level, returning $1,000 per note plus the coupon then due. If not called, payment at maturity depends on AMD’s performance. If the final underlier level is at or above the trigger buffer level, investors receive $1,000 per note (plus any final coupon). If it is below the trigger buffer, investors receive $1,000 + ($1,000 × underlier return), and could lose their entire investment.

Key terms include: Initial underlier level $233.08 (AMD closing level on October 17, 2025), coupon trigger level 50% of initial, and trigger buffer level 50% of initial. Dates: Trade October 20, 2025; Original issue October 27, 2025; Determination October 17, 2028; Stated maturity October 24, 2028. The notes are guaranteed by The Goldman Sachs Group, Inc., are unsecured, will not be listed, and carry risks including credit risk, potential no coupons, limited liquidity, and an initial estimated value below the issue price.

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. The notes do not pay interest and return depends on index performance from the trade date to the determination date.

Holders receive enhanced upside at a 170.25% participation rate if the final underlier level exceeds the initial level. Principal is protected at maturity down to a 20% decline (buffer level 80% of the initial level). If the final level falls more than the buffer, repayment is reduced 1% per 1% drop below the buffer. Key dates: trade date October 30, 2025, original issue date November 4, 2025, and maturity November 4, 2030.

Risks include issuer and guarantor credit risk, potential loss of principal beyond the buffer, no dividends, and the underlier’s futures‑based methodology, which may be adversely affected by financing costs and negative roll yields. The estimated value at pricing is expected to be less than the issue price. The offering involves FINRA Rule 5121 conflicts of interest, will not be listed, and GS&Co. may make a market but is not obligated to do so.