Goldman Sachs Group Inc SEC Filings

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) priced auto-callable, no-coupon notes linked to the S&P 500 Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The aggregate face amount is $3,526,000 at 100% issue price, with a 4.3% underwriting discount and 95.7% net proceeds.

The notes may be automatically called on observation dates starting in July 2026 if the index closes at or above 95% of the 437.43 initial level, paying $1,000 plus the applicable call premium. If not called, at maturity on October 18, 2030, payment depends on index performance: at or above 95% of initial level pays the maximum $1,900 per $1,000; declines of up to 40% return face amount; declines beyond 40% reduce principal and can lead to a total loss.

The underlier employs up to 500% leverage, caps daily leverage changes at 100%, and applies a 6% per annum daily decrement, which drags performance. The estimated value is approximately $916 per $1,000 at pricing; early secondary prices include an additional amount that amortizes to zero by January 9, 2026.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the S&P 500 Index, the Russell 2000 Index and the Nasdaq‑100 Index under a 424B2 prospectus. The notes mature on the stated maturity date, expected to be October 15, 2029, unless automatically called on monthly observation dates commencing in April 2026 and ending in September 2029.

Holders receive a $10 coupon per $1,000 (1% monthly, up to 12% per annum) on any payment date if, on the related observation date, the closing level of each index is at least 75% of its initial level (SPX 6,552.51; RTY 2,394.595; NDX 24,221.75, each set on October 10, 2025). The notes are automatically called if, on a call observation date, each index is at or above its initial level; payment equals face amount plus the applicable coupon.

If not called, at maturity investors receive: face amount plus coupon if each index is at least 75% of its initial level; face amount (no coupon) if each is at least 65% but any is below 75%; or a loss equal to the lesser performing index return if any index is below 65% of its initial level. The estimated value is expected to be $906–$946 per $1,000 face amount; payments are subject to the credit risk of the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) pricing supplement for Buffered PLUS linked to the EURO STOXX 50 Index, maturing on May 3, 2028. These unsecured, principal-at-risk notes offer 200% leveraged upside on index gains, subject to a cap of at least $1,280 per $1,000 note, and include a 15.00% buffer against moderate declines.

If the index is unchanged or down by up to 15%, investors receive $1,000 at maturity. If the index falls beyond the buffer, losses are 1%-for-1% past 15%, with a minimum payment of $150 per note. The notes pay no interest, will not be listed, and all payments are subject to the credit risk of the issuer and guarantor.

Key terms include: expected pricing on October 31, 2025, valuation on April 28, 2028, and original issue date on November 5, 2025. The issue price is 100%, the underwriting discount is 3%, and net proceeds are 97% per note. The estimated value is disclosed as $905–$965 per $1,000 note.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) prospectus for non‑interest‑bearing, autocallable notes linked to an equally weighted basket of seven stocks (Constellation Energy, Marvell, Meta, Microsoft, NVIDIA, Vertiv, Vistra). The notes may be automatically called on the call observation date if the basket closes at or above the initial level, paying at least $1,167.3 per $1,000 face amount.

If not called, the maturity payoff depends on basket performance: upside pays $1,000 plus 125% of the basket’s positive return; between 0% and -20% the payoff is $1,000; below -20% losses apply at a 125% buffer rate. The issuer discloses an estimated value of $900–$930 per $1,000 at pricing and highlights credit risk of GS Finance Corp. and the guarantor. Key dates are expected to be set around October 2025 (trade/issue), with observation in October 2026 and maturity in October 2027.

Goldman Sachs (GS) priced $7,461,000 of Contingent Income Callable Securities linked to the S&P 500 Index (SPX), issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The notes pay a contingent quarterly coupon of $16.875 per $1,000 only if the index on each observation date is at or above the downside threshold level of 5,051.3325 (75.00% of the initial index value of 6,735.11).

Early redemption: the issuer may redeem at 100% of principal plus any due coupon on any coupon payment date from April 14, 2026 through July 12, 2035. If not redeemed, the notes mature on October 12, 2035. At maturity, holders receive $1,000 plus the final coupon if the final index value is at or above the threshold; otherwise, repayment equals $1,000 multiplied by the index performance factor (final/initial), with no coupon—investors do not participate in index upside.

Other key terms: estimated value approximately $962 per $1,000; underwriting discount 0.75%; net proceeds 99.25% ($7,405,042.50) to the issuer. The securities are unsecured, principal-at-risk, and will not be listed.

GS Finance Corp. filed a preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the Russell 2000 and S&P 500, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The notes pay a quarterly contingent coupon only if each index closes at or above its coupon barrier of 70% of its initial level. From April 2026, the notes are automatically called if each index is at or above its initial level on an observation date, returning face amount plus the coupon then due. If not called, and on the determination date each index is at or above its downside threshold of 60%, investors receive face amount (plus any final coupon). If any index is below its downside threshold at maturity, repayment is reduced one‑for‑one with the lesser performing index and investors could lose their entire investment.

Indicative terms include a contingent coupon between $0.1625 and $0.175 per $10 per quarter (up to 6.50%–7.00% per annum), an estimated value of $9.50–$9.80 per $10, original issue price 100%, underwriting discount 2.25%, and net proceeds 97.75%. Key dates: trade October 21, 2025, issue October 24, 2025, maturity October 24, 2030. Payments are subject to the credit of GS Finance Corp. and Goldman Sachs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) pricing supplement for Autocallable Buffered Notes linked to the Russell 2000 Futures Excess Return Index. The notes pay no interest and may be automatically called on the call observation date (expected October 19, 2026) if the index is at or above the initial level, paying $1,115 per $1,000 on the expected call payment date (October 22, 2026).

If not called, the notes mature on the expected stated maturity date (October 20, 2028). At maturity, holders receive: (1) face amount plus 125% of any positive index return; (2) face amount if the index decline is up to 30%; or (3) a reduced amount if the decline exceeds 30%, reflecting losses beyond the buffer. Payments depend solely on the index level on the observation or determination dates.

The index tracks E-mini Russell 2000 futures, not the cash Russell 2000 Index, and may be affected by financing costs and roll yields. Estimated value on the trade date is expected to be $925–$955 per $1,000. The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., and are treated as a pre-paid derivative contract for U.S. tax purposes, per counsel’s opinion.

GS Finance Corp. filed a preliminary pricing supplement for Callable Contingent Coupon Index‑Linked Notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Nasdaq‑100, Russell 2000 and S&P 500, and may be redeemed by the company on coupon payment dates in January, April, July and October, beginning April 2026.

The notes pay a contingent monthly coupon of $8.042 per $1,000 (0.8042% monthly, potential up to approximately 9.65% per annum) if each index closes at or above 65% of its initial level on the observation date; otherwise, the coupon is zero. At maturity, if not redeemed, investors receive $1,000 per note if each index is at or above its 55% trigger buffer. If any index is below 55%, the payoff is $1,000 plus $1,000 times the lesser performing index return, which can result in a substantial loss, including the entire principal.

Key risks include issuer and guarantor credit risk, the possibility of receiving no coupons, sensitivity to market volatility and interest rates, lack of listing, and an estimated initial value below the issue price. Coupons are expected to be taxed as ordinary income under the described approach.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering preliminary autocallable notes linked to Palantir Class A, Tesla, and Target. The notes mature on an expected stated maturity of November 4, 2030, but may be automatically called on semi-annual observation dates (April/October) from October 2026 to April 2030 if each stock is at least 86.5% of its initial price.

Coupons are observed monthly. If each stock is at least 80% of its initial price on an observation date, holders receive $5 per $1,000 face amount (0.5% monthly, up to 6% per annum); otherwise they receive $0.834 per $1,000 (0.0834% monthly, up to ~1% per annum). At maturity, holders receive $1,000 plus the final coupon. The expected trade date is October 27, 2025 and the original issue date is October 29, 2025.

The estimated value at pricing is expected between $850 and $890 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and the guarantor. The notes will not be listed, and secondary market liquidity may be limited.