Goldman Sachs Group Inc SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked notes with an aggregate face amount of $4,110,000 tied to the Nasdaq-100, Russell 2000 and S&P 500 indexes. The notes pay a contingent monthly coupon of $9.75 per $1,000 face amount (0.975% per month, up to 11.70% per year) only if each index closes at or above 70% of its initial level on the relevant observation date.

The notes are subject to an automatic call: if on any call observation date each index is at or above its initial level, investors receive $1,000 per $1,000 note plus the coupon, and the notes terminate early. At maturity, if not called, investors receive $1,000 per $1,000 note if every index is at or above 70% of its initial level; otherwise repayment is reduced in line with the worst-performing index, and investors could lose their entire principal. The product carries the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., features limited liquidity, complex tax treatment and sensitivity to equity market levels, volatility, rates and the issuer’s credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes maturing on or about February 2, 2029 whose return is linked to the common stock of NVIDIA, Exxon Mobil and Amazon.com. The notes may be automatically called starting in January 2027 if on any monthly call observation date the closing price of each stock is at or above its initial price; in that case investors receive the $1,000 face amount per note plus the applicable coupon.

While outstanding, the notes pay a conditional coupon of $10 per $1,000 (1% monthly, up to 12% per year) only if on the related observation date every stock closes at or above 54% of its initial price. At maturity, if the notes have not been called and at least one stock finishes below its initial price, principal repayment depends on the “lesser performing” stock. If all three finish below their initial prices and any is below 54% of its initial price, repayment is reduced one-for-one with that stock’s loss and investors can lose most or all of their principal. The preliminary estimated value is disclosed as $925–$955 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index, maturing in January 2029. The notes pay no interest and repayment depends entirely on index performance between January 22, 2026 and the January 23, 2029 determination date.

If the S&P 500® final level is above its initial level, investors receive enhanced upside at a 150% participation rate, but the payoff per $1,000 is capped at a maximum settlement amount of $1,340. If the index is flat or down by up to the 10% buffer (index at or above 90% of the initial level), investors receive back the $1,000 face amount.

If the index falls more than 10%, investors lose principal on a 1-for-1 basis beyond the buffer, potentially resulting in a substantial loss. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below face value, and will not be listed on any exchange.

The Goldman Sachs Group, Inc. is offering $4,270,000 of unsecured callable notes due January 23, 2032. The notes do not pay periodic interest. Instead, investors receive $1,000 principal plus a fixed premium at redemption or maturity.

Goldman Sachs may redeem the notes in whole (not in part) on specified annual call payment dates from January 23, 2027 through January 23, 2031. For each $1,000 note, the call amount equals $1,000 plus a call premium of 5% in 2027, rising in 5% steps to 25% in 2031. If the notes are held to the stated maturity date of January 23, 2032, the cash payment per $1,000 note will be $1,000 plus a 30% maturity date premium, corresponding to a 4.47% yield to maturity based on annual compounding and the Actual/365 (Fixed) day count convention.

The original issue price is 100% of principal, with a 1.1% underwriting discount and 98.9% of principal as net proceeds to the issuer. The notes are not insured by the FDIC, will not be listed on any exchange, and are subject to the credit risk of Goldman Sachs, market value volatility, potential illiquidity, original issue discount tax rules and FATCA. Sales are restricted in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland under local regulations.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes whose payoff depends on an equally weighted basket of five tech‑related stocks: Advanced Micro Devices, Cloudflare, Shopify, Robinhood Markets and Vertiv Holdings.

The notes pay no interest and may be automatically called beginning in February 2027 if the basket level is at or above the initial basket level of 100 on scheduled call observation dates. If called, holders receive $1,000 plus a call premium per $1,000, with call premiums rising from 13.25% on the first call date up to 62.9375% on the final call date in November 2030.

If not called, the notes mature in February 2031. At maturity, investors participate 100% in basket gains above the initial level and are protected against losses down to a 50% basket decline. If the basket falls more than 50% from its initial level, repayment is reduced one‑for‑one with the basket loss, and investors can lose most or all of their principal. The estimated value at pricing is expected between $850 and $890 per $1,000 face amount, reflecting fees and issuer funding economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering digital equity-linked notes maturing in 2027 tied to the common stock of Constellation Energy Corporation (ticker "CEG UW"). Each note has a $1,000 face amount and does not pay interest.

At maturity, investors receive a cash amount based on CEG’s stock performance from an initial underlier level of $294.37 on January 21, 2026 to a determination date on February 4, 2027. If the final underlier level is at or above 80% of the initial level (the trigger buffer level), investors receive a capped payoff equal to the maximum settlement amount of $1,284.60 per $1,000 note. If the final level falls below the trigger buffer, the payoff is $1,000 plus $1,000 times the underlier return, so losses match the full decline from the initial level 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., and are subject to their credit risk. The underlier has a limited trading history, the secondary market for the notes may be illiquid, and the tax treatment is uncertain, with counsel viewing them as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering long-dated callable fixed-to-floating rate notes maturing on the expected date of January 30, 2033. Investors receive quarterly interest at a fixed 8.00% per annum from January 30, 2026 to January 30, 2027.

From January 30, 2027 to maturity, the notes switch to a floating rate tied to the 10-year Constant Maturity Treasury (CMT). Each quarter’s rate equals 8 times 5.25% minus the 10-year CMT, with a maximum of 16.00% and a minimum of 0.00%. If the base rate is 5.25% or higher on an interest determination date, that quarter pays no interest.

The issuer may redeem the notes at 100% of face amount plus accrued interest on any quarterly interest payment date on or after January 30, 2027, which may shorten the investment. The estimated value at pricing is stated as $900.00–$945.00 per $1,000 face amount, reflecting structuring and distribution costs. Payments depend on the credit of GS Finance Corp. and its parent guarantor.

Goldman Sachs’ GS Finance Corp. is offering auto-callable contingent interest notes linked to two stocks: Class A common stock of EchoStar Corporation and common shares of STMicroelectronics N.V. The notes are expected to trade from an initial date in early 2026 to a stated maturity in February 2029, unless automatically called earlier.

Investors can receive a monthly coupon of $14.584 per $1,000 face amount (about 1.4584% per month, or up to roughly 17.5% per year) only when the closing price of each stock on the observation date is at least 60% of its initial price. If either stock closes below this level, no coupon is paid for that month.

At maturity, if not called, principal repayment depends on the worse-performing stock. If each stock is at least 60% of its initial price, investors receive full principal plus the final coupon. If any stock falls below 60% but stays at or above 50%, only principal is returned with no final coupon. If any stock ends below 50% of its initial price, repayment is reduced one-for-one with the loss on the worst stock, and investors can lose more than half, up to all, of their principal and receive no coupon.

The notes are unsecured obligations of GS Finance Corp. and fully guaranteed by The Goldman Sachs Group, Inc., exposing holders to their credit risk. The estimated value on the trade date is expected to be between $890 and $920 per $1,000 face amount, reflecting structuring costs and dealer compensation, so the economic value at inception is below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable notes linked to the common stock of The Boeing Company, The Mosaic Company and Snowflake Inc.

The notes pay a quarterly coupon of at least $41.25 per $1,000 (about 16.5% per year) only if, on each observation date, the closing price of every stock is at or above 60% of its initial price. The notes can be automatically called from April 2026 through October 2026 if each stock is at or above its initial price, in which case investors receive the face amount plus that quarter’s coupon.

If the notes are not called, principal repayment in February 2027 depends on a “trigger event.” If all three stocks are below their initial prices on the final observation date and any stock is below 60% of its initial price, repayment is reduced in line with the worst-performing stock and investors can lose most or all of their principal and receive no coupon. The estimated initial value is $900–$930 per $1,000, below the issue price, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group.