Goldman Sachs Group Inc SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable, buffered notes linked to the State Street® SPDR® S&P® Bank ETF. The notes pay no interest and are scheduled to mature on the expected stated maturity date in February 2028, unless automatically called on the expected call observation date in February 2027.

If, on the call observation date, the ETF’s closing level is at or above its initial level, the notes are automatically redeemed and pay at least $1,132 per $1,000 face amount on the call payment date, capping any further upside. If not called, at maturity investors receive 125% of any positive ETF return, full return of face amount for ETF declines up to 10%, and a loss of principal if the ETF has fallen by more than 10%, with losses increasing one-for-one beyond that buffer.

The estimated value at pricing is expected between $925 and $955 per $1,000, below the 100% issue price, reflecting structuring costs and dealer compensation. Payments depend on the credit of GS Finance Corp. and its parent, and investors do not receive dividends or any shareholder rights in the ETF or its underlying stocks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering leveraged notes linked to the Nasdaq-100 Futures Excess Return™ Index, a futures-based index tied to E-mini Nasdaq-100 contracts rather than the Nasdaq-100 stock index itself. The notes pay no interest and are expected to run from an original issue date around January 30, 2026 to a stated maturity date around January 30, 2031.

At maturity, for each $1,000 face amount, holders get: (i) $1,000 plus 2.065 times any positive index return if the index rises; (ii) $1,000 if the index return is between 0% and -20%; or (iii) $1,000 plus the full negative index return if the index falls by more than 20%, which can result in a total loss of principal. The estimated value on the trade date is expected between $885 and $925 per $1,000, below the issue price, reflecting fees, hedging and funding costs.

Payments depend entirely on the index level on the determination date and on the credit of GS Finance Corp. and its guarantor. The filing highlights risks from the index’s limited history, futures-specific effects such as financing costs and negative roll yield, market volatility, illiquidity in any secondary market, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is issuing market-linked, auto-callable notes tied to the lowest performing of Amazon, NVIDIA, Alphabet Class A and Broadcom. Each note has a $1,000 face amount and matures on January 31, 2031, with principal repayment at maturity if not called, subject to issuer and guarantor credit risk.

Investors receive monthly variable coupons: a higher amount of at least $7.083 per note (about 8.5% per year) when the lowest performing stock is at or above 80% of its starting price, or $0.209 (about 0.25% per year) otherwise. From January 2027 through December 2030, if on any call date the lowest performing stock is at or above its starting price, the notes are automatically called at par plus that month’s higher coupon.

The estimated value on the pricing date is expected between $885 and $915 per $1,000, below the original offering price, reflecting structuring costs and dealer compensation. Underwriting discounts are up to 3.325% of face amount, and the notes are intended to be held to maturity with no exchange listing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger autocallable contingent yield notes linked to Advanced Micro Devices, Inc. stock. The notes pay a quarterly contingent coupon between $0.35625 and $0.375 per $10 face amount (up to about 14.25%–15.00% per year) only if AMD’s closing price on the observation date is at or above a coupon barrier set at 50% of the initial stock price.

Starting April 23, 2026, the notes are automatically called if AMD closes at or above the initial price on an observation date, returning $10 per note plus that quarter’s coupon. If not called, and on the January 24, 2028 determination date AMD is at or above the 50% downside threshold, investors receive $10 plus the final coupon. If AMD finishes below the threshold, repayment is reduced one-for-one with the stock’s loss, and investors can lose their entire principal with no final coupon. The estimated value at pricing is $9.40–$9.70 per $10, and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable underlier-linked notes due July 19, 2027 tied to the Russell 2000® Index and the iShares® MSCI EAFE ETF. The notes pay no interest and can be automatically called semi-annually if each underlier is at or above its initial level, returning principal plus a call premium of 5.85% on the first call date or 11.7% on the second. If held to maturity and not called, investors receive a capped payment with a maturity date premium of 17.55% if both underliers finish at or above their initial levels. A 20% buffer applies, but if the lesser-performing underlier falls more than 20%, principal is reduced with 125% downside exposure and investors could lose their entire investment. Repayment also depends on the credit of GS Finance Corp. and its parent guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger autocallable contingent yield notes linked to the worst performer of the S&P 500® Index and the Russell 2000® Index. The notes have a $10 face amount, pay a quarterly contingent coupon of $0.27 per $10 (up to 10.80% per annum) only if each index is at or above a coupon barrier set at 75% of its initial level.

Starting in July 2026, the notes are automatically called if both indices are at or above their initial levels on any quarterly observation date, paying back face amount plus the due coupon. If not called, and on the January 16, 2029 determination date both indices are at or above their downside thresholds (also 75% of initial levels), investors receive face amount plus the final coupon. If either index finishes below its downside threshold, repayment is reduced one-for-one with the decline of the lesser performing index, and investors can lose their entire principal.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., with a minimum purchase of $1,000. The estimated value at pricing is expected between $9.75 and $9.99 per $10, below the 100% issue price, and secondary market values may be volatile and influenced by many factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing on January 25, 2029. The notes can be automatically called starting with observation dates from July 20, 2026 if each index is at or above its initial level, returning the $1,000 face amount plus any due coupon.

The notes pay a contingent monthly coupon of $8.75 per $1,000 (0.875% monthly, up to 10.5% per year) only if on each observation date every index is at or above 70% of its initial level. If any index closes below that coupon trigger, no coupon is paid for that month.

If the notes are not called, principal repayment at maturity depends solely on the worst-performing index. If the final level of each index is at or above 70% of its initial level, holders receive $1,000 per note; otherwise the payoff equals $1,000 plus $1,000 times the lesser-performing index return, which can result in a total loss of principal. The offering highlights that the estimated value at pricing will be less than the issue price and that investors bear the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Dual Directional Trigger Jump Securities linked to the EURO STOXX 50® Index, maturing in February 2031. These principal-at-risk notes pay no interest and repay cash at maturity based on index performance on a single valuation date.

If the index is flat or higher, investors receive $1,000 plus the greater of the index percent change or an upside payment of at least $451.00 per $1,000 (at least 45.10%). For declines down to a 75.00% downside threshold, the notes provide a 1:1 positive “absolute return” on the index’s loss, up to a 25.00% gain. Below the threshold, repayment drops 1.00% for each 1.00% further index loss, potentially to zero. The estimated value is $895 to $955 per security, the notes will not be listed, and investors face the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

The Goldman Sachs Group, Inc. reported its earnings for the fourth quarter and full year ended December 31, 2025, and filed this information in a press release attached as Exhibit 99.1. The company also prepared an investor presentation, attached as Exhibit 99.2, to explain its financial results and outlook.

On January 15, 2026 at 9:30 a.m. Eastern Time, Goldman Sachs scheduled a conference call to discuss these results and related matters, giving investors a structured opportunity to hear management’s commentary and ask questions.