The Goldman Sachs Group, Inc. files regulatory documents that cover operating results, material events, capital structure and corporate governance. Its 8-K filings document earnings releases, Regulation FD disclosures, debt and subordinated debt issuances under shelf registration statements, and changes involving directors or executive officers.
The filing record also identifies Goldman Sachs’ NYSE-listed common stock, preferred depositary shares, capital securities and medium-term notes issued by GS Finance Corp. Proxy materials disclose annual meeting matters, board governance, executive compensation and shareholder voting items, while registration-related exhibits document securities offerings and related terms.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes with an aggregate face amount of $504,000. The notes pay no interest and return at least the face amount at the stated maturity date of November 27, 2028, subject to the issuer’s and guarantor’s credit risk.
The payoff depends on the Goldman Sachs Momentum Builder ® Focus ER Index. If the final index level exceeds the initial level of 109.44, investors receive $1,000 plus $1,000 × the 267.5% upside participation rate × index return; otherwise they receive $1,000 per note. The index is a daily rebalanced, multi-asset strategy that targets 5% volatility and is calculated on an excess return basis over the federal funds rate, with an additional 0.65% per annum deduction that can materially reduce performance, especially when the index allocates heavily to cash-like positions.
The original issue price is 100% of face amount, with a 3.18% underwriting discount and 96.82% net proceeds to the issuer. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, with a comparable yield of 4.12% per annum and a projected maturity payment of $1,132.31 per $1,000 note used to compute taxable income over the term.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,305,000 of callable buffered notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are scheduled to mature on November 26, 2030, unless redeemed early at 100% of face amount plus a call premium on specified monthly call payment dates.
At maturity, if not called, each $1,000 note pays based on index performance from the November 21, 2025 trade date to the November 12, 2030 determination date. Returns are 1.53x the positive index return when the final level is at or above the initial 539.99 level; if the final level is between 80% and 100% of the initial level, investors receive the absolute value of the index return. Below 80% of the initial level, principal is reduced beyond a 20% buffer and losses can reach 80% of face amount.
The estimated value is approximately $926 per $1,000 face amount, below the 100% original issue price. The underwriting discount is 4.125% of face amount, with net proceeds of 95.875% to the issuer. Payments depend on the credit of GS Finance Corp. and the guarantor, and the notes will not be listed on any exchange.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering an autocallable structured note linked to Arm Holdings ADS, Vistra Corp. and Dow Inc. stock. The note has an aggregate face amount of $667,000 and matures on November 29, 2028, unless automatically called starting in November 2026 if each stock is at or above its initial price.
Investors may receive a conditional monthly coupon of $12.084 per $1,000 face amount (about 14.5% per year) only when all three stocks are at or above 60% of their initial prices. Principal repayment depends on a trigger and buffer structure based on the worst-performing stock, and investors can lose a substantial portion of principal if a trigger occurs and that stock finishes below 80% of its initial price. The estimated value at pricing is about $914 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and Goldman Sachs.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged callable notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are expected to mature on January 2, 2031, unless redeemed early.
The issuer may redeem the notes monthly from January 2027 to December 2030 at 100% of face amount plus a call premium that starts at least at 10.0008% and reaches at least 49.1706%. If not redeemed, each $1,000 note pays $1,000 plus 1.9 times any positive index return; if the index return is zero or negative, investors receive $1,000.
The estimated value at pricing is expected between $850 and $890 per $1,000 face amount, reflecting fees and hedging costs. Payments depend on the performance of E-mini S&P 500 futures, the credit of GS Finance Corp. and Goldman Sachs, and complex tax rules for contingent payment debt instruments.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,475,000 of index-linked notes due November 26, 2027 tied to the S&P 500 Index and the Russell 2000 Index. The notes pay no interest. At maturity, investors receive $1,000 per note if either index finishes below its initial level, or a capped amount of $1,128.50 per $1,000 if both indices are at or above their initial levels, regardless of how far they rise. The initial index levels are 6,602.99 for the S&P 500 and 2,369.587 for the Russell 2000, measured on the November 21, 2025 trade date. The estimated value is about $986 per $1,000 at pricing, reflecting fees and hedging costs, and market value can fluctuate with index performance, interest rates and the credit of GS Finance Corp. The underwriting discount is 0.5%, so net proceeds to the issuer are 99.5% of face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay quarterly contingent coupons of at least $27.25 per $1,000 (2.725% per quarter, up to at least 10.9% per year) whenever the index is at or above 60% of its initial level on an observation date; otherwise no coupon is paid.
The notes can be automatically called starting in December 2026 if the index is at or above its initial level, returning the $1,000 face amount plus the due coupon. If not called, principal protection depends on the final index level: investors are fully repaid at maturity so long as the index is at or above 50% of its initial level, but lose one-for-one below that, up to a 100% loss of principal.
The underlier uses up to 500% leverage, volatility targeting and calendar-based signals, and is reduced by a 6.0% per annum daily decrement, which drags performance and can worsen losses. The estimated value on the trade date is expected between $850 and $890 per $1,000 face amount, and all 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 $399,000 of index-linked notes tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes can be automatically called after roughly one year if the index is at or above its initial level, paying $1,080 per $1,000 face amount (an 8% call payout). If not called, at maturity investors receive at least the $1,000 face amount, with upside of 300% of any positive index return; if the index is flat or lower, only principal is repaid. The issuer’s estimated value is $904 per $1,000, below the issue price, reflecting fees and structuring costs. The index uses daily rebalancing, volatility and momentum controls, and a 0.65% annual deduction, and can be heavily allocated to cash-like positions, which can limit performance. The notes pay no periodic interest and 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 equity-linked notes maturing on November 29, 2030 with an aggregate face amount of $2,037,000 on the original issue date. The notes pay no interest and are tied to the Class A shares of Alphabet and Meta Platforms and the common stock of NVIDIA.
The notes may be automatically called on November 22, 2027 if each stock’s closing price is at least 90% of its initial price ($299.66 for Alphabet, $594.25 for Meta, $178.88 for NVIDIA). In that case, holders receive $1,200 per $1,000 face amount on the call payment date.
If not called, the maturity payment depends on the lesser performing stock. If each final price on November 21, 2030 is above its initial price, investors receive $1,000 plus 125% of the lesser stock’s gain. If any final price is at or below its initial level, investors receive only the $1,000 principal. The estimated value at pricing is about $928 per $1,000, reflecting a 4% underwriting discount and structuring costs, and investors are exposed to the credit risk of both GS Finance Corp. and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk contingent income callable securities linked to the iShares Bitcoin Trust ETF (IBIT), expected to mature on November 30, 2028.
Investors may receive a contingent quarterly coupon of at least $70.25 per $1,000 in principal, but only if the ETF’s closing price stays at or above a downside threshold of 65% of the initial ETF price on every ETF business day in the observation period; otherwise the coupon for that quarter is zero. Goldman Sachs can redeem the notes at 100% of principal plus any due coupon on each coupon payment date from March 2, 2026 through August 30, 2028.
At maturity, if the ETF is at or above the downside threshold, investors receive full principal back (plus any final coupon if conditions are met). If it is below the threshold, repayment is reduced 1-to-1 with the ETF’s decline, potentially to zero. Investors do not participate in any upside of the ETF. The estimated value is disclosed as $890 to $950 per $1,000 security, reflecting fees and hedging costs.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Futures Excess Return Index-linked notes that pay no interest and return cash at maturity based on index performance. For each $1,000 note, if the index return is zero or positive, holders receive the greater of a threshold settlement amount of at least $1,485 or $1,000 plus the index gain. If the index return is negative but not below -30%, investors receive $1,000 plus the absolute index loss as a positive return. If the index return is below -30% (the index falls more than 30% and below 70% of its initial level), repayment is reduced one-for-one with the index loss, and investors can lose their entire principal.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, below the issue price, reflecting fees and dealer margins. Because the underlier is based on E-mini S&P 500 futures rather than the S&P 500® Index itself, returns are affected by futures pricing, financing costs, volatility and negative roll yields, which can cause the index, and therefore the notes, to underperform the equity index. The U.S. tax treatment is uncertain, and investors are required to treat the notes as pre-paid derivative contracts unless the law changes.