Goldman Sachs Group Inc SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes maturing in December 2030 whose return depends on an equally weighted basket of five tech stocks: Advanced Micro Devices, AppLovin, Astera Labs, Intel and Western Digital. The notes pay no interest and can be automatically called starting in December 2026 if the basket is at or above its initial level, in which case investors receive $1,000 per note plus a call premium that steps up from 16% to 76% over time. If the notes are not called, investors get full principal back at maturity so long as the basket has not fallen more than 50%; below that trigger, losses match the basket’s decline and principal can be largely or fully lost. Upside participation at maturity is 100% of any basket gain, and the estimated value on the trade date is expected to be $850–$890 per $1,000 face amount, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering notes linked to the stocks of Advanced Micro Devices and NVIDIA. The notes pay no interest and may be automatically called on a call observation date if both stocks are at or above their initial prices, in which case investors receive $1,366 per $1,000 face amount. If not called, the maturity payment depends on the lesser performing stock: gains are leveraged 1.5x when both stocks finish above their initial prices, moderate losses down to a 50% decline are mirrored as positive returns, and declines beyond 50% in either stock lead to losses of principal that can reach 100%. The structure includes a 50% trigger buffer level and detailed anti‑dilution and market disruption provisions. The estimated value at pricing is expected to be $890–$920 per $1,000 face amount, below the original issue price, and investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the stocks of Advanced Micro Devices and NVIDIA. The notes pay no interest and have a face amount of $1,000 per note, with an estimated initial value between $925 and $955 per $1,000. If on the call observation date in December 2026 both stocks are at or above their initial prices, the notes are automatically redeemed for a fixed $1,371 per $1,000 face amount.

If not called, the December 2028 maturity payout depends on the lesser performing stock. If both final prices are above their initial levels, investors receive 1.5 times the lesser stock’s gain. If any stock finishes at or below its initial price but at or above 50% of its initial level, investors receive the absolute value of the lesser stock’s return. If any stock closes below 50% of its initial price, principal is reduced one-for-one with the lesser stock’s loss, and investors could lose most or all of their investment. 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 issuing auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes mature on December 10, 2031 but can be automatically called monthly starting in June 2026 if the index closes at or above the initial level of 499.22.

Each $1,000 note may earn a conditional monthly coupon of $12.084 (1.2084%, the potential for up to approximately 14.5% per annum) whenever the index is at least 70% of its initial level on an observation date; no coupon is paid when it is lower. If the notes are not called, principal repayment depends on the final index level: full face amount is returned when it is at or above 50% of the initial level, but losses mirror index declines below that threshold and can reach 100% of invested principal.

The index uses up to 500% leverage, targets 40% volatility and applies a daily decrement equal to 6.0% per annum, all based on E-mini S&P 500® futures rather than the cash S&P 500® Index. The estimated value is about $951 per $1,000 face amount at pricing, versus a 100% issue price, reflecting fees and hedging costs. Investors face unsecured credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are not bank deposits or FDIC-insured.

GS Finance Corp, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100 Index®‑linked notes due December 13, 2029. These unsecured Medium-Term Notes, Series F, pay no interest and provide a cash payment at maturity based on the index’s performance from the December 10, 2025 trade date to the December 10, 2029 determination date.

For each $1,000 note, if the final index level is greater than the initial level, holders receive $1,000 plus the index return, capped at a maximum settlement amount of $1,307.50. If the final level is equal to or less than the initial level, holders receive only the $1,000 face amount. The materials emphasize credit risk of the issuer and guarantor, limited secondary market liquidity, capped upside, no dividend or shareholder rights in the underlier stocks, and complex U.S. tax treatment as contingent payment debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes that pay no interest and return at maturity depends on the worst performer among the common stock of The Boeing Company, the Class A common stock of Okta, Inc. and the common stock of Capital One Financial Corporation.

For each $1,000 face amount, if on the December 4, 2028 determination date the final price of every stock is at least 60% of its initial price ($201.87 for Boeing, $85.90 for Okta and $229.71 for Capital One), holders receive a maximum settlement amount of $1,690 at maturity on December 7, 2028.

If any stock finishes below 60% of its initial price, the payoff is reduced one-for-one with the return of the worst stock, and investors can lose their entire investment. The initial aggregate face amount is $621,000, sold at 100% of face with a 1% underwriting discount and 99% net proceeds to the issuer, and the estimated value on the trade date is approximately $993 per $1,000.

GS Finance Corp. is issuing non-interest-bearing, auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, with $300,000 total face amount. The notes mature on December 9, 2027 unless automatically called on December 4, 2026.

If on the call observation date the index is at or above its initial level of 497.00, investors receive $1,088 per $1,000 face amount on the call payment date. If not called and the final index level is at or above the initial level, the maturity payment is capped at $1,176 per $1,000; if it is below, investors receive only the $1,000 face amount.

The underlier is a leveraged S&P 500® futures strategy targeting 40% volatility, with exposure up to 500% and a 6.0% annual decrement deducted daily, which can magnify losses and drag returns. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is $981 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,551,000 of structured notes maturing on December 9, 2030. The notes are linked to the Russell 2000 Index, the S&P 500 Index, the State Street Utilities Select Sector SPDR ETF and the iShares 20+ Year Treasury Bond ETF and may be redeemed by the issuer at 100% of face amount plus any due coupon on quarterly dates from March 2026 through September 2030.

The notes pay no fixed interest. A "memory" coupon of $9.75 per $1,000 face amount (0.975% monthly, up to 11.7% per annum) is paid on monthly payment dates only if, on the related observation date, the closing level of every underlier is at least 85% of its initial level; missed coupons can be made up when this condition is later satisfied. If the notes are not redeemed, principal repayment at maturity depends on the worst-performing underlier: investors receive $1,000 plus any final coupon if each underlier is at least 85% of its initial level, $1,000 with no coupon if each is at least 60% but any is below 85%, and otherwise $1,000 plus the lesser performing underlier return times $1,000, which can result in a large loss of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not FDIC insured, and do not provide any rights in the underlying indices or ETFs. The estimated value at pricing is approximately $974 per $1,000 face amount, below the issue price, with an additional selling-related amount of $26 per $1,000 that amortizes to zero by March 3, 2026. The document highlights risks including possible loss of the entire investment, the chance of receiving no coupons, complex market disruption and adjustment provisions, ETF- and sector-specific risks, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable structured notes linked to the Russell 2000® Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes are expected to trade from a December 12, 2025 trade date to a stated maturity on June 17, 2031, unless automatically called starting in June 2026 if each underlier is at or above its initial level.

Investors may receive a contingent monthly coupon of $12.625 per $1,000 (1.2625% monthly, up to 15.15% per year) only when all three underliers are at or above 75% of their initial levels on the observation date; otherwise the coupon is zero. If the notes are not called, principal repayment at maturity depends solely on the worst-performing underlier. If each final level is at or above 60% of its initial level, investors receive full principal plus any final coupon; below 60%, repayment is reduced one-for-one with the lesser performing underlier and can result in a total loss of principal.

The estimated value on the trade date is expected to be between $885 and $925 per $1,000 face amount, below the issue price, reflecting fees and dealer economics. Payments depend on the credit of GS Finance Corp. and its guarantor, and investors do not receive any dividends on the ETF or index constituents.