The Goldman Sachs Group, Inc. files regulatory documents that cover operating results, material events, capital structure and corporate governance. Its 8-K filings document earnings releases, Regulation FD disclosures, debt and subordinated debt issuances under shelf registration statements, and changes involving directors or executive officers.
The filing record also identifies Goldman Sachs’ NYSE-listed common stock, preferred depositary shares, capital securities and medium-term notes issued by GS Finance Corp. Proxy materials disclose annual meeting matters, board governance, executive compensation and shareholder voting items, while registration-related exhibits document securities offerings and related terms.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due August 16, 2029 under its Medium-Term Notes, Series F program. The notes reference the Dow Jones Industrial Average® and the S&P 500® Index.
Investors receive a monthly contingent coupon of $5.834 per $1,000 (0.5834% monthly, up to about 7.00% per year) only if on each observation date both indices are at or above 55% of their initial level. At maturity, if not previously redeemed, principal repayment depends solely on the lesser performing index. If its final level is at least 55% of its initial level, investors receive 100% of face value; otherwise, repayment equals $1,000 plus $1,000 times that index’s return, exposing investors to full downside and potential total loss of principal.
The issuer may redeem the notes at par (plus any due coupon) on any coupon payment date from February 2027 through July 2029, which can shorten the investment term. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor and are not FDIC-insured or exchange-listed.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Digital S&P 500® Index-Linked Notes due February 16, 2028 under its Medium-Term Notes, Series F program. The notes are linked to the S&P 500 Index and are issued in $1,000 face amounts, in book-entry form.
At maturity, for each $1,000 note, investors receive cash equal to: if the final S&P 500 level is at or above the trigger buffer level of 80% of the initial level, a maximum settlement amount of $1,130; if it is below 80%, $1,000 plus $1,000 times the index return, exposing investors to 1:1 downside below the initial level and up to a 100% loss of principal. The notes pay no interest and have capped upside even if the index more than doubles.
The notes are subject to the credit risk of both GS Finance Corp. and the guarantor, will not be listed on any exchange, and may have limited or no secondary market liquidity. Tax treatment is uncertain; investors are required to treat the notes as a pre-paid derivative contract for U.S. federal income tax purposes, based on counsel’s opinion.
GS Finance Corp. describes an index used for structured notes, the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The rules-based index adjusts daily exposure to the S&P 500® Futures Excess Return Index using volatility targets, calendar-based signals and price patterns, with a maximum exposure of 500% and a maximum daily change in leverage of 100%. A 6.0% per annum daily decrement is deducted from the index level.
The index launched on December 27, 2024, with back-tested history available since January 4, 2000. Reported annualized returns are 10.2% since January 4, 2021, 2.4% over 5 years, 3.8% over 3 years and 18.2% over 1 year. Monthly returns show large gains and losses, highlighting high volatility. Investments in notes linked to this index are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., leverage and volatility-targeting risks, the impact of the daily decrement, potential negative roll yields, complex signal-based allocation and the possibility of losing the entire principal.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2031 tied to the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. Investors receive a contingent monthly coupon of $10.125 per $1,000 (1.0125% monthly, up to 12.15% per year) only if on each coupon observation date the closing level of each index is at least 70% of its initial level.
The notes are automatically called if on any call observation date all three indices are at or above their initial levels, in which case investors receive $1,000 per note plus the coupon then due. If the notes are not called, repayment at maturity depends solely on the lesser performing index. If that index is at or above 70% of its initial level, investors receive full principal; if it is below 70%, principal is reduced one-for-one with that index’s total return, and investors may lose up to 100% of principal.
The notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing will be less than the original issue price, secondary market liquidity is uncertain, the notes will not be listed, coupons may never be paid, and the U.S. tax treatment is uncertain, with the issuer intending to treat them as income-bearing pre-paid derivative contracts.
GS Finance Corp. plans to issue unsecured notes guaranteed by The Goldman Sachs Group, Inc., with payments exposed to the credit risk of both entities. The notes are linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER (SPAR4V6), a rules-based index using S&P 500 futures.
The index targets 40% volatility with daily rebalancing, can employ up to 500% leverage with a maximum 100% daily change in leverage, and applies a 6% per annum decrement that reduces returns even when uninvested. It uses calendar and price-pattern signals (mean reversion, FOMC, and turn-of-the-month signals) to adjust futures exposure.
Backtested data from 2005–2026 show SPAR4V6 had an annualized return of 8.9%, volatility of 19.1% and Sharpe ratio of 0.46, versus the S&P 500 Index at 11.4%, 42.4% and 0.27, respectively. Auto-callable note examples show high coupons (up to 18.00%) but backtests indicate meaningful frequencies and magnitudes of principal loss. Extensive risk factors highlight leverage, decrement drag, model and signal risk, index underperformance versus total-return equities, futures roll and liquidity risks, and the possibility of losing the entire investment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due August 10, 2028 linked to the common stock of NVIDIA Corporation. The notes pay a monthly contingent coupon of $10.167 per $1,000 face amount, accruing only if on each observation date NVIDIA’s stock closes at or above a coupon trigger level of 60% of the initial level.
The notes are automatically called if on any call observation date (from February 8, 2027 to July 6, 2028) the stock closes at or above the initial level; investors then receive $1,000 per note plus the due coupon, ending the investment early. If not called, maturity payment depends on the final NVIDIA level: investors receive $1,000 per note if the final level is at or above a trigger buffer level of 60%. Below that level, principal is reduced 1-for-1 with the underlier return, so a very low final level can result in a total loss of principal.
The original issue price is 100% of face amount, including a 1.85% underwriting discount, for net proceeds of 98.15% to the issuer. Investors face the credit risk of GS Finance Corp. and the guarantor, potential illiquidity, model-based secondary pricing below issue price, and uncertain U.S. tax treatment, with counsel viewing the notes as income-bearing pre-paid derivative contracts.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033. Payment depends on index performance, with no periodic interest and repayment in cash only.
The notes may be automatically called annually if the index closes at or above rising call levels from 101% to 106% of the initial index level, paying face value plus a fixed call premium from 20% to 120%. If never called, at maturity investors receive face value plus upside based on 100% participation in any positive index return, or face value only if the index is flat or down.
The underlying index is a rules-based, daily rebalanced, volatility- and momentum-controlled strategy with a 5% volatility control and a 0.65% per annum deduction that can allocate a very large portion to cash-like positions. The issuer’s estimated value is $850–$890 per $1,000, below the issue price, and the notes are subject to the credit risk of GS Finance Corp. and the guarantor. For U.S. tax purposes, they are treated as contingent payment debt instruments, generally requiring accrual of ordinary income over the term.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing leveraged S&P 500 Futures Excess Return Index-linked notes due August 12, 2030. The notes are linked to the S&P 500 Futures Excess Return Index, which tracks E-mini S&P 500 futures, not the S&P 500 Index itself.
At maturity, for each $1,000 note, investors receive a cash amount based on index performance: if the final level is at or above the initial level, the payoff is $1,000 plus 179.15% of the index gain. If the index is down but no more than the 40% trigger buffer (final level between 60% and 100% of initial), investors receive $1,000 plus 50% of the absolute index loss as a positive return.
If the final level falls below 60% of the initial level, principal is exposed 1-for-1 to the full index loss and investors can lose up to their entire investment. The notes pay no interest, are unsecured senior debt of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. Market value can be affected by interest rates, index volatility, futures roll effects, liquidity and dealer pricing; there is no exchange listing and any secondary market making by Goldman Sachs & Co. LLC is discretionary.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500®-linked Medium-Term Notes, Series F, with an aggregate face amount of $948,000. These notes do not bear interest and pay a cash amount at maturity on January 3, 2028 based on the S&P 500® Index level on the December 29, 2027 determination date.
For each $1,000 note, if the final index level is above the initial level of 7,600.50, the payoff is $1,000 plus 125% of the index gain, capped at a maximum settlement amount of $1,202.50. If the final level is at or above the 90% buffer level but not higher than the initial level, investors receive the $1,000 face amount. If the index falls below the buffer, principal is reduced 1% for every 1% decline below the buffer, so investors could lose a substantial portion of principal. The original issue price is 100% of face, with a 0.6% underwriting discount and 99.4% net proceeds to the issuer. Key risks include loss of principal, no interest, capped upside, limited liquidity, market and credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and uncertain U.S. tax treatment.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Russell 2000 Index-linked notes with an aggregate face amount of $583,000 under its Medium-Term Notes, Series F program. The notes pay no interest and return at maturity depends on the index performance from August 3, 2026 to December 29, 2027.
For each $1,000 note, if the final Russell 2000 level exceeds the initial level, holders receive $1,000 plus 125% of the index gain, capped at a maximum settlement amount of $1,277.50. If the index falls but remains at or above the 90% buffer level, principal is returned. If it closes below the buffer level, principal is reduced 1-for-1 with index losses beyond the 10% buffer, potentially down to 10% of face amount in extreme scenarios.
The original issue price is 100% of face amount, with a 0.6% underwriting discount and 99.4% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, may trade at values below issue price, and have uncertain U.S. federal tax treatment characterized as a pre-paid derivative contract in the issuer’s view.