Goldman Sachs Group Inc SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered notes linked to the State Street® Technology Select Sector SPDR® ETF (ticker XLK). The notes do not pay interest and are expected to run from an initial trade date in December 2025 to a stated maturity in December 2027.

At maturity, for each $1,000 note, investors receive cash based on ETF performance. If the ETF return is positive or zero, the payoff matches that return with an upside cap at a maximum settlement amount of $1,212.5 per $1,000. If the ETF has fallen but is still at or above 80% of its initial level, investors get the absolute return, turning moderate losses into gains.

If the ETF declines by more than 20%, losses are reduced by a 20% buffer, but investors still lose principal beyond that point. The issuer discloses an estimated initial value between $925 and $965 per $1,000 note, reflecting structuring costs and dealer margins. Repayment depends entirely 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 leveraged, buffered notes linked to the EURO STOXX 50® Index under its Medium-Term Notes, Series F program. For each $1,000 note, if the index rises, holders receive 200% of the index gain, capped at a maximum settlement amount of $1,538.

If the index ends down but no more than 10% below its initial level, investors receive their full $1,000 back. Below this 10% buffer, principal is exposed one-for-one to further declines, and investors can lose a substantial portion of their investment, as illustrated by detailed payoff tables and hypotheticals. The notes pay no interest, are unsecured obligations subject to the credit risk of both GS Finance Corp. and its parent guarantor, will not be listed on any exchange, and may have limited or no secondary market liquidity. The estimated value at pricing is lower than the 100% issue price, and the tax treatment is uncertain, with counsel viewing the notes as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged index-linked notes tied to the S&P 500 Futures Excess Return Index, maturing in 2031. Each note has a $1,000 face amount and pays a cash amount at maturity based on index performance from the trade date to the determination date.

If the final index level is above the initial level, the notes provide an amplified upside equal to the underlier return multiplied by at least a 116% upside participation rate. If the final index level is at or below the initial level, investors receive only the $1,000 face amount, so principal is protected at maturity but there is no upside if the index is flat or down. The notes do not pay periodic interest and may trade below face value before maturity.

The underlier tracks E‑mini S&P 500 futures, not the cash S&P 500 Index, and is affected by futures-specific factors such as implicit financing costs and negative roll yield, which can reduce returns even if the equity index is stable or rising. Key risks highlighted include the credit risk of GS Finance Corp. and its parent guarantor, potential illiquidity and price volatility in secondary trading, and an initial estimated value below the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes due June 28, 2029 that are linked to the Goldman Sachs Momentum Builder® Focus ER Index. For each $1,000 note, investors receive at maturity either the $1,000 face amount or, if the index ends above its initial level, $1,000 plus at least 305% of the index’s percentage gain.

The index is a rules-based strategy that reallocates daily among futures-based equity and bond indices, emerging markets, gold, and a money market position, subject to a 5% volatility control and a momentum risk control overlay. The index is calculated on an excess return basis over the federal funds rate and is reduced by a 0.65% per year deduction, and significant allocations to cash-like positions can materially dampen returns.

The notes pay no periodic interest and all payments depend on the credit of GS Finance Corp. and the guarantor. If the index return is zero or negative, holders only receive the face amount at maturity, and secondary market values may be lower. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of taxable income over their life even though cash is only received at maturity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term notes linked to the common stock of Salesforce, Inc. The notes have an aggregate face amount of $1,410,000 and a face amount of $1,000 per note.

Investors may receive a contingent quarterly coupon of $48.25 per $1,000 (4.825% quarterly, up to 19.30% per annum) if Salesforce’s stock closes at or above 80% of the initial level of $234.12 on each observation date. The notes are automatically called at $1,000 plus any due coupon if the stock closes at or above the initial level on a call observation date.

At maturity, if not called, principal is repaid in full only if the final stock level is at least 80% of the initial level; otherwise repayment is reduced one-for-one with the stock decline, and investors may lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below the original issue price, and have uncertain and complex U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term leveraged buffered notes linked to the Russell 2000 Index, maturing in January 2028. These notes do not pay interest; instead, the payoff at maturity depends on index performance between the trade date and the determination date.

If the index rises, holders receive 200% of the index gain, capped at a maximum cash payment of 127% of face amount. If the index is flat or down but not by more than the 10% buffer, investors receive their full principal. Losses begin if the index falls more than 10%, with dollar-for-dollar downside beyond that level, so a large decline in the index can cause a substantial loss of principal.

The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and its parent guarantor. The estimated value at pricing is disclosed as being below the original issue price, and liquidity may be limited because the notes will not be listed on an exchange and any market-making by affiliates is discretionary. The tax treatment is uncertain, though the issuer intends to treat the notes as prepaid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable S&P 500® Index-linked notes that pay no interest and are scheduled to mature in January 2031, unless redeemed earlier. The notes are tied to the S&P 500® Index from an expected trade date of December 29, 2025 to an expected determination date of December 30, 2030.

If the index ends above its initial level, investors receive their principal plus 1.5x the index’s percentage gain. If the final level is between 70% and 100% of the initial level, investors are repaid only their principal. Below 70%, principal is reduced one-for-one with the index loss, and investors could lose their entire investment.

Goldman may redeem the notes monthly from January 2027 through December 2030 at 100% of face amount plus a call premium that steps up over time, capped by the schedule provided. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, reflecting fees, hedging and funding costs, and the notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

Goldman Sachs Group Inc. (GS) executive reports equity gift and holdings

An Executive Vice President of Goldman Sachs Group Inc. filed a Form 4 reporting a transaction dated 11/25/2025. The reporting person disposed of 1,265 shares of common stock in a transaction coded "G," indicating a gift, at a stated price of $0 per share. After this transaction, the executive directly owns 52,158 shares of Goldman Sachs common stock.

The filing also shows indirect ownership: 12,132 shares held by the reporting person’s spouse and 38,165 shares held through a trust for immediate family members, for which the reporting person disclaims beneficial ownership. The form is filed by one reporting person and reflects no derivative securities transactions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing structured notes linked to an equally weighted basket of eight U.S.-listed stocks, with an initial basket level of 100. The notes may be automatically called on a call observation date expected in January 2027 if the basket level is at or above the initial level, in which case investors receive at least $1,166 per $1,000 face amount on the call payment date.

If not called, the notes mature on a stated maturity date expected in December 2027. At maturity, holders get: enhanced upside via a 125% participation rate on any positive basket return; full principal repayment if the basket is flat or down by up to 15%; and a buffered downside with losses increasing beyond that buffer, based on a buffer rate of approximately 117.65%. The issuer estimates the initial economic value at $900–$930 per $1,000, below the issue price, reflecting fees and structuring costs. Payments depend on basket performance and the credit of GS Finance Corp. and Goldman Sachs.