Goldman Sachs Group Inc SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Class A shares of Robinhood Markets, CoreWeave and AppLovin. The notes have an aggregate face amount of $1,304,000, a scheduled maturity on November 30, 2032, and may be automatically called on monthly observation dates from November 2026 through October 2032 if each stock is at or above its initial price of $106.21 (Robinhood), $69.21 (CoreWeave) and $520.82 (AppLovin).

On each monthly coupon observation date from December 2025, investors receive a step-up coupon only if all three stocks close at or above 70% of their initial prices. The formula equates to $6.584 per $1,000 of face amount per qualifying month, or up to approximately 7.9% per year, reduced by prior coupons paid. If the notes are never called and conditions are met on some dates, investors receive coupons plus $1,000 at maturity; otherwise they may receive only principal.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and expose investors to their credit risk. The estimated value on the trade date is approximately $917 per $1,000 face amount, below the 100% issue price, reflecting underwriting discount of 4.125% and structuring costs. Liquidity is not assured, market value may be volatile, and investors have no rights in the underlying stocks.

GS Finance Corp. is offering leveraged buffered notes linked to the S&P 500® Index, due in 2028 and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and the amount repaid at maturity depends on index performance.

If the S&P 500 ends above its initial level, investors receive a positive return equal to a 200% upside participation rate, capped by a maximum settlement amount of at least $1,210 per $1,000 face amount. If the index falls but stays at or above 85% of its initial level (a 15% buffer), investors receive full principal back.

If the index finishes below the 85% buffer level, principal is reduced 1% for every 1% decline below that level, and investors could lose a substantial portion of their investment. The notes are subject to the credit risk of both the issuer and guarantor, may trade below the issue price, are not listed on an exchange, and have uncertain U.S. tax treatment characterized as a pre-paid derivative contract.

GS Finance Corp. is offering S&P 500® Index-linked notes due in 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and your return depends entirely on the S&P 500® performance between the expected trade date of December 12, 2025 and the expected determination date of June 12, 2031.

At maturity, for each $1,000 face amount you receive cash based on index performance. If the index rises, you gain 100% of the index return but your payout is capped at the maximum settlement amount of $1,460. If the index is flat or down, you receive the greater of the formula-based amount or the minimum settlement amount of $900, so you can lose up to 10% of principal. The estimated initial value is between $885 and $935 per $1,000, reflecting fees and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,194,000 of Medium-Term Notes, Series F linked to the S&P 500® Futures Excess Return Index. The notes may be automatically called on November 20, 2026 if the underlier is at or above the initial level (534.87), paying 113.75% of face value, or $1,137.50 per $1,000 on November 30, 2026.

If not called, at maturity on November 28, 2031 you receive: $1,000 plus 200% of any positive underlier return; $1,000 if the final level is between 85% and 100% of the initial level; or a reduced amount if the final level is below 85%, with losses matching the decline beyond the 15% buffer. The notes pay no interest, can lose a substantial portion of principal, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering unsecured structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay a fixed quarterly coupon of $23.875 per $1,000 face amount (2.3875% per quarter, up to 9.55% per year) only if, on the observation date, the index is at least 80% of its initial level; otherwise no coupon is paid.

The notes can be automatically called on quarterly dates from November 2027 through August 2035 if the index is at or above its initial level, returning the $1,000 face amount plus the due coupon. If not called, they mature in November 2035, paying $1,000 per $1,000 face amount plus any final coupon. The underlier uses up to 500% leverage, a 40% volatility target, rules-based signals, and a fixed 6% per annum daily decrement, all of which can magnify losses and cause the index to lag the S&P 500® Futures Excess Return Index and the S&P 500® Index. The estimated value on the trade date is expected to be between $885 and $925 per $1,000 face amount, below the original issue price.

GS Finance Corp. is offering $2,152,000 of callable notes linked to the 10-year U.S. Treasury constant maturity rate, guaranteed by The Goldman Sachs Group, Inc. The notes pay monthly interest through November 24, 2030, but only for days in each interest period when the 10-year CMT rate is at or below 4.70%, multiplied by a 6.60% interest factor using a 30/360 day-count.

The issuer may redeem the notes at 100% of face amount plus accrued interest on any monthly interest payment date on or after November 24, 2026, which can shorten the investment. The estimated value at pricing is about $974.4 per $1,000 face amount, below the issue price, reflecting fees, hedging costs and funding spreads. Key risks include the credit risk of GS Finance Corp. and its guarantor, the possibility of receiving little or no interest, limited secondary market liquidity, sensitivity to rate movements and reference-rate volatility, and uncertain but expected variable-rate debt tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Tesla-linked autocallable contingent coupon equity notes due December 8, 2027. Each note has a $1,000 face amount and pays monthly coupons only if Tesla’s share price on the observation date is at least 70% of the initial level; otherwise the coupon for that month is zero. The coupon formula targets $18.334 per observation date on a catch-up basis when conditions are met.

The notes are automatically called at par plus the due coupon if Tesla closes at or above its initial level on any call observation date from June 1, 2026 through November 1, 2027. If not called, at maturity investors receive full principal back if Tesla is at least 60% of the initial level, but take a one-for-one loss below that, potentially losing their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, may trade below issue price, are not listed, and carry complex tax treatment and market risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering zero-coupon structured notes linked to Celestica, Qualcomm and Intel. The notes pay no interest and may be automatically called on the call observation date if each stock closes at or above 50% of its initial price, in which case investors receive $1,286 per $1,000 face amount.

If not called, the maturity payment depends on the lesser performing stock. If all three finish above their initial prices, investors get 2x that stock’s gain. If any stock finishes at or below its initial price but all remain at or above 50% of initial, investors receive only the $1,000 face amount. If any stock closes below 50% of its initial price, principal is reduced one-for-one with that stock’s loss and can fall to zero.

The preliminary estimated value is $925–$955 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, and the notes may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, equity-linked notes tied to Celestica, QUALCOMM and Intel. The notes pay no interest and are scheduled to mature in late 2028, unless automatically called in late 2026.

The notes are automatically redeemed for $1,467.5 per $1,000 face amount if, on the call observation date, each stock closes at or above 65% of its initial price. If not called, the maturity payment depends on the worst-performing stock: if all finish above their initial prices, investors receive five times the lesser-performing stock’s return; if any finish at or below their initial price but all stay at or above 50%, investors receive only their $1,000 principal. If any stock finishes below 50% of its initial price, repayment falls in line with the worst stock’s loss, and investors can lose up to their entire investment.

The estimated value on the trade date is expected to be $925–$955 per $1,000 face amount, reflecting fees, hedging costs and issuer credit spreads.