Goldman Sachs Group Inc SEC Filings

GS Finance Corp. is offering callable notes linked to the U.S. 10-year Constant Maturity Treasury (CMT) rate, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay variable monthly interest based on how often, within each interest period, the 10-year CMT rate is equal to or below 4.70%, multiplied by an interest factor of 7.00% and calculated using a 30/360 (ISDA) day count convention. If the 10-year CMT rate is above 4.70% on every reference date in a period, no interest is paid for that month.

The notes are scheduled to mature in January 2031, but GS Finance Corp. can redeem them at par plus accrued interest on any monthly interest payment date on or after January 27, 2027, which can shorten the investment term. Payments depend on the credit of both GS Finance Corp. and Goldman Sachs as guarantor. The estimated value at pricing is expected to be between $933.5 and $973.5 per $1,000 face amount, below the original issue price, and secondary market liquidity and pricing may be limited.

GS Finance Corp. is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033 and guaranteed by The Goldman Sachs Group, Inc. Payment depends entirely on index performance and the credit of the issuer and guarantor.

The notes can be automatically called on the January 22, 2027 call observation date if the index is at or above its initial level, in which case investors receive $1,165 for each $1,000 face amount on January 29, 2027. If not called, at the January 31, 2033 maturity investors receive, per $1,000, either $1,000 plus 300% of any positive index return or $1,000 if the index is flat or lower.

The index uses daily rebalancing, volatility and momentum controls, and applies a 0.65% per annum deduction, with the potential for large allocations to low-yield cash-like positions. The notes pay no periodic interest, may trade below face value, and the issuer’s estimated value is $850–$890 per $1,000, below the original issue price. For U.S. tax purposes they are treated as contingent payment debt instruments, requiring accrual of ordinary income over the term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured structured notes linked to Micron, Palantir and Tesla common stock. The notes are expected to trade from a January 23, 2026 trade date to a January 26, 2029 maturity, with automatic call features starting in January 2027.

Investors may receive contingent monthly coupons of $16.125 per $1,000 (1.6125% monthly, potential up to 19.35% per year) only when each stock closes at or above 50% of its initial price on an observation date. If each stock is at or above its initial price on a call observation date, the notes are automatically redeemed at face value plus the applicable coupon.

If the notes are not called, principal repayment depends on a trigger condition and the worst-performing stock. A trigger event occurs if each stock finishes below its initial price; if any stock then finishes below 50% of its initial price, repayment is reduced one-for-one with that loss and investors can lose their entire principal. The estimated value at pricing is expected between $925 and $955 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stock of Best Buy Co., Inc. The notes pay a quarterly coupon of $38.625 per $1,000 face amount (3.8625%) only if Best Buy’s stock on each observation date is at least 65% of the initial price of $67.48. The notes can be automatically called starting in April 2026 through October 2026 if the stock closes at or above the initial price, in which case investors receive the $1,000 face amount plus the due coupon.

If the notes are not called, principal repayment at maturity in January 2027 depends on Best Buy’s stock return. Investors receive full principal back (plus any final coupon) if the final price is at least 65% of the initial price. If it is below 65%, repayment is reduced one-for-one with the stock loss, and investors can lose up to their entire investment and receive no coupon. The estimated value on the trade date is $920–$950 per $1,000, reflecting fees, hedging costs and issuer credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Russell 2000 Index, the S&P 500 Index and the State Street Utilities Select Sector SPDR ETF. The notes pay a monthly coupon of $7.917 per $1,000 (0.7917%), but only if on each observation date all three underliers are at least 70% of their initial levels; otherwise no coupon is paid.

The notes can be automatically called starting in April 2026 if on any call observation date each underlier is at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon. If the notes are not called, principal repayment at maturity depends on the worst-performing underlier. As long as each underlier is at least 65% of its initial level, investors receive full principal; below that level, losses match the decline of the worst underlier and investors can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be $885–$925 per $1,000, reflecting fees, hedging and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is issuing auto-callable notes linked to the shares of Palo Alto Networks, Credo Technology Group and Vertiv Holdings. Each $1,000 note can pay a quarterly coupon of $86.25 (8.625%) if, on the observation date, all three stocks are at or above 50% of their initial prices. The notes may be automatically called starting in April 2026 through October 2026 if all three stocks are at or above their initial prices; in that case investors receive $1,000 per note plus the applicable coupon and no further payments.

If the notes are not called, the January 2027 maturity payment depends on the worst-performing stock. As long as each stock’s final price is at least 50% of its initial level, investors receive $1,000 plus the final coupon. If any stock finishes below 50%, repayment is reduced in line with that stock’s loss, and investors can lose up to their entire principal and receive no coupon. The aggregate initial face amount is $1,545,000, issued at 100% of face with an underwriting discount of 1.25% and an estimated value of about $943 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Ovintiv Inc. The notes have a face amount of $1,000 each, a scheduled maturity in January 2027, and pay a contingent quarterly coupon of $38.25 per $1,000 (3.825%) when Ovintiv’s stock is at or above 65% of the initial price of $39.52 on the relevant observation date.

The notes can be automatically called starting in April 2026 if Ovintiv’s stock is at or above the initial price, returning the face amount plus the applicable coupon. If held to maturity and not called, investors receive the full face amount plus any final coupon if the final stock price is at least 65% of the initial price; otherwise principal is reduced one-for-one with Ovintiv’s decline, with the potential for a total loss and no coupon. The estimated initial value is between $920 and $950 per $1,000 note, 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 market-linked, auto-callable notes tied to the common stock of Intel Corporation, maturing on January 18, 2029, at an original offering price of $1,000 per security.

The notes pay a contingent coupon of $41.25 per $1,000 (16.50% per annum) on quarterly dates only if Intel’s stock closes at or above 60% of the starting price of $44.06 on the relevant calculation day. Beginning with the April 2026 calculation day, the notes are automatically called if Intel’s stock is at or above 90% of the starting price, returning face amount plus the final contingent coupon.

If the notes are not called and Intel’s final price is below 60% of the starting price, the maturity payment is $1,000 multiplied by the stock performance, so holders lose more than 40% and up to all principal. The estimated value at pricing is about $958 per $1,000, reflecting structuring and distribution costs, including a 2.325% underwriting discount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked medium-term notes with an aggregate face amount of $5,135,000. The notes pay a contingent monthly coupon of $8.709 per $1,000 (0.8709% monthly, up to approximately 10.45% per annum) only when the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index each close at or above 70% of their initial level on the relevant observation date.

At maturity on January 15, 2030, if the notes have not been redeemed and every index finishes at or above its 70% trigger buffer level, investors receive $1,000 per note plus any final coupon. If any index is below its trigger buffer level, the repayment is reduced in line with the lesser performing index return, and investors can lose up to their entire principal.

The issuer may redeem the notes at par (plus any due coupon) at its option on any coupon payment date from April 2026 through December 2029. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., have no equity ownership or dividend rights in the underlying indices, and do not benefit from index gains above return of principal.