Goldman Sachs Group Inc SEC Filings

Goldman Sachs (GS) launched a preliminary 424(b)(2) pricing supplement for Callable Fixed Rate Notes due 2045. The notes pay 5.25% per annum from the expected original issue date of October 31, 2025 to the expected stated maturity of October 31, 2045, with interest paid annually on the last calendar day of October. The first interest payment is expected on October 31, 2026.

Goldman Sachs may redeem the notes at 100% of principal plus accrued and unpaid interest, in whole but not in part, on each redemption date (the last calendar day of January, April, July and October) on or after October 31, 2028, with at least five business days’ prior notice. Interest uses the 30/360 (ISDA) day-count convention. The notes will be issued in DTC book-entry form under the Medium‑Term Notes, Series N program, with Goldman Sachs & Co. LLC and InspereX LLC as underwriters. Sales to certain accounts may occur below par per the supplemental plan of distribution, and EEA/UK retail investor restrictions apply.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary prospectus supplement for auto-callable, income-bearing notes linked to the Class A shares of Robinhood Markets, Palantir Technologies, and the common stock of Tesla. The notes are expected to mature on October 27, 2028, unless automatically called starting in October 2026 through July 2028.

The coupon is contingent each quarter: if each stock closes at or above 60% of its initial price on an observation date, holders accrue $60.625 per $1,000 (6.0625% quarterly, up to 24.25% per year), less prior coupons paid. If any stock is below that 60% level, no coupon is paid for that period. The notes are called if, on a call observation date, each stock is at or above its initial price, returning face amount plus the then-due coupon on the next payment date.

At maturity, if not called and at least one stock finishes at or above its initial price (no “trigger event”), holders receive face amount, plus the final coupon if each stock is at or above 60% of its initial price. If all three finish below their initial prices (a trigger event), repayment is based on the worst performer’s return, capped at face amount and potentially well below it if that stock is under 60%. The estimated value is expected to be $925–$965 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering NVIDIA-linked, no-coupon notes under Rule 424(b)(2). The notes may be automatically called on October 19, 2026 if NVDA’s closing price is at or above the initial price of $183.16, paying $1,200 per $1,000 on October 22, 2026. If not called, they mature on October 14, 2027 with return based on NVDA’s performance.

At maturity: if NVDA is at or above the initial price, the payoff equals $1,000 plus 135% of the index return. If NVDA is below the initial price but down by no more than 30% (i.e., at or above 70%), the payoff reflects the absolute decline (e.g., -10% stock return pays +10%). Below the 70% trigger, losses match the stock’s decline and can result in losing most or all principal.

The notes’ estimated value at pricing is $951 per $1,000. Aggregate face amount is $948,000; the original issue price is 100% with a 2.25% underwriting discount and 97.75% net proceeds. The notes do not pay interest and are subject to the credit risk of the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,644,000 of contingent quarterly coupon notes linked to the S&P 500 Index and Russell 2000 Index. The notes pay $21.875 per $1,000 each quarter (2.1875%, up to 8.75% per year) if both indices are at or above their 70% coupon trigger levels on the observation date; otherwise no coupon is paid.

At maturity on October 16, 2031, if not earlier redeemed, investors receive $1,000 per note if both final index levels are at or above their 70% trigger buffer levels. If either index finishes below its buffer, repayment is reduced by the lesser performing index return, and investors could lose their entire investment. The company may redeem the notes at par on any coupon date from April 2026 through July 2031, plus any due coupon.

Initial index levels are 6,552.51 for the S&P 500 and 2,394.595 for the Russell 2000. The issue price is 100% of face amount, and dealers may receive a structuring fee up to 0.6%. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Digital notes linked to the Energy Select Sector SPDR Fund (XLE). The notes pay no interest and mature on October 21, 2026. For each $1,000 face amount, if the final ETF level on October 16, 2026 is greater than or equal to the initial level of $85.22, holders receive a capped amount of $1,186. If the final level is below $85.22, repayment declines one-for-one with the ETF return, and investors could lose their entire principal.

The initial estimated value is approximately $962 per $1,000 face amount. Aggregate face amount is $885,000 on the original issue date. The original issue price is 100% of face amount, the underwriting discount is 2%, and net proceeds to the issuer are 98% of face amount. The notes are unsecured obligations of GS Finance Corp. and are not listed on any exchange.

Goldman Sachs (GS) reported its earnings for the third quarter ended September 30, 2025, and provided related materials.

The press release is attached as Exhibit 99.1 and the investor presentation as Exhibit 99.2. A conference call to discuss results, outlook and related matters was scheduled for October 14, 2025 at 9:30 a.m. ET. Exhibit 99.1 is deemed “filed,” while Exhibit 99.2 is being furnished.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity-Linked Notes due 2028 linked to Constellation Energy (CEG). The notes pay a contingent quarterly coupon of $35.625 per $1,000 (3.5625% quarterly, up to 14.25% per annum) on any coupon payment date when CEG’s closing level on the related observation date is at least 60% of the initial level.

The notes are automatically called if CEG’s closing level is at least the initial level on any call observation date, returning $1,000 per note plus the coupon then due. If not called, at maturity on October 25, 2028 (determination date: October 20, 2028), holders receive: $1,000 if the final level is at least the 60% trigger buffer; otherwise, $1,000 + ($1,000 × underlier return), which can result in a total loss of principal. Key dates: trade date October 20, 2025, original issue date October 23, 2025. The notes are part of the MTN Series F program and are subject to the credit risk of the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to Tesla, Meta Platforms (Class A) and Amazon. The notes pay a monthly coupon of $15.834 per $1,000 (1.5834% monthly, potential up to approximately 19% per annum) if on each observation date the closing price of each stock is at least 60% of its initial price.

The notes may be automatically called if, on any call observation date from January 2026 through September 2029, the closing price of each stock is at least its initial price; if called, holders receive $1,000 per note plus the applicable coupon. If not called, at maturity (expected October 22, 2029) investors receive $1,000 if a trigger event has not occurred; if a trigger event has occurred and any final stock price is below 60% of its initial price, repayment is reduced by the lesser performing stock’s return, which can result in a substantial loss of principal.

The estimated value at pricing is expected between $905 and $945 per $1,000 face amount. The notes are unsecured obligations and are not FDIC insured.

GS Finance Corp. is offering auto-callable Market Linked Securities, guaranteed by The Goldman Sachs Group, Inc., linked to the lowest performing of the S&P 500, Russell 2000 and Nasdaq-100 Technology Sector Index. The notes target a contingent quarterly coupon of at least $22.875 per $1,000 (9.15% per annum) if the lowest index on the calculation day is at or above its 70% coupon threshold.

The notes may be automatically called on quarterly dates from April 2026 through July 2028 if the lowest index is at or above its starting level, paying face value plus the final coupon. If not called, at maturity on November 2, 2028 investors receive $1,000 per note only if the lowest index is at or above its 70% downside threshold; otherwise, repayment falls in line with the index decline, risking loss of more than 30% and possibly all principal. No dividends or upside participation.

Original offering price is $1,000 per note; underwriting discount up to $23.25 and proceeds to issuer $976.75 per note. 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. No exchange listing.