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, guaranteed by The Goldman Sachs Group, Inc., is offering $3,300,000 of equity-linked notes tied to an equally weighted basket of 8 large-cap stocks. The notes pay no interest and mature on January 26, 2028, but will be automatically called on February 3, 2027 if the basket level is at or above its initial level 100, in which case holders receive $1,165 per $1,000 on February 8, 2027.
If not called, maturity payments depend on the basket return. For gains, investors receive $1,000 plus 125% of the basket's positive performance. For flat to moderate losses down to a 15% decline (basket at or above 85), principal is returned. Below that buffer, losses accelerate, with payoff calculated using a buffer rate of about 117.65%, so substantial declines can lead to large principal losses, up to 100% of invested amount.
The initial issue price is 100% of face amount with a 1.5% underwriting discount, and the estimated value at pricing is about $950 per $1,000. Investors face the credit risk of GS Finance Corp and The Goldman Sachs Group, Inc., give up dividends on the underlying stocks, and are exposed to market volatility, limited liquidity, and complex anti-dilution and market disruption adjustment provisions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033. The notes pay no interest and return at least the $1,000 face amount at maturity if not called, with 100% participation in any index gains above the initial level.
The notes are automatically called on annual dates if the index closes at or above preset call levels, with call premiums starting at at least 10.50% of face amount in 2027 and rising over time. Goldman estimates the value of each note on the trade date at $880 to $925 per $1,000, below the original issue price, reflecting fees and hedging costs.
The underlying index is a complex, rules-based strategy that reallocates daily across equity, fixed income, commodity and cash exposures, applies a 5% volatility control and a momentum risk control, and deducts 0.65% per year. A large portion of the index may sit in low-yielding cash positions, and investors face issuer and guarantor credit risk, limited liquidity, capped call payouts and taxation under contingent payment debt instrument rules.
Goldman Sachs provides an overview of the S&P 500® Futures Volatility Plus Daily Risk Control Index, which offers leveraged exposure of 100% to 200% to the S&P 500® Futures Excess Return Index. This index tracks E-mini S&P 500 futures and targets a realized volatility level equal to the futures index’s volatility plus 10%, though a two-day calculation lag means it may not match that target exactly.
The filing highlights hypothetical and historical performance through January 2, 2026. For example, the index shows a 1-year annualized return of 13.48% with annualized volatility of 28.57%, and a 3-year annualized return of 25.00% with 24.84% volatility. Longer-period figures of 15.67% annualized return and 26.80% volatility rely partly on hypothetical data before the April 25, 2022 launch.
Extensive risk disclosures stress that past or hypothetical performance does not predict future results. Investors in securities linked to this index face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., leveraged exposure risk, potential underperformance versus the S&P 500® Index, futures-specific risks such as negative roll yield, and the fact that these securities are unsecured, not bank deposits, and not insured by any government agency.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of Sandisk Corporation. The notes pay contingent monthly coupons of $20.834 per $1,000 face amount (2.0834% per month, up to about 25% per year) only when Sandisk’s share price on an observation date is at least 50% of the initial price of $473.83.
The notes can be automatically called beginning in July 2026 if Sandisk’s closing price on a call observation date is at or above the initial price, in which case investors receive $1,000 per note plus the applicable coupon. If the notes are not called and Sandisk’s final price is at least 50% of the initial price, investors receive $1,000 plus the final coupon. If the final price is between 40% and 50% of the initial price, investors receive only $1,000 with no coupon. Below 40%, principal is exposed one-for-one to Sandisk’s decline, and investors can lose most or all of their investment.
The notes are unsecured obligations of GS Finance Corp. and expose investors to the credit risk of both the issuer and the guarantor. The estimated value at pricing is expected to be between $880 and $900 per $1,000 face amount, reflecting structuring costs and dealer compensation.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2029 tied to the Nasdaq‑100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. The notes can pay a monthly contingent coupon of $9.167 per $1,000 (0.9167% monthly, or up to approximately 11.00% per year) if on each coupon observation date all three indices are at or above 70% of their initial levels.
The notes may be automatically called starting July 30, 2026 if on a call observation date each index is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon. If the notes are not called and on the final observation date any index is below 70% of its initial level, repayment of principal is reduced one‑for‑one with the worst index’s loss, and investors can lose their entire investment. The document highlights valuation risks, limited liquidity, credit risk of GS Finance Corp. and its guarantor, and uncertainty in U.S. tax treatment.
Goldman Sachs offers notes linked to the BlackRock Dynamic Factor Index, which tracks a shifting mix of up to five equity ETFs, up to three Treasury bond ETFs, and a cash constituent. The index measures how this basket performs after subtracting the sum of the return on SOFR plus 0.26161% and a 0.65% per annum fee, so the underlying assets must outperform that combined rate for the index to rise.
The strategy targets annualized volatility of no more than 5%, frequently shifting exposure into cash. As of January 2, 2026, the index held 23.89% in cash and had historically allocated up to 85.5% to cash, which can limit upside compared with full equity exposure. From January 1, 2021, its annualized performance was -2.77%, versus 14.77% for a benchmark S&P 500 ETF and -1.84% for a 7–10 year Treasury ETF, with lower volatility of 4.91% but a maximum drawdown of -19.10%.
The filing highlights multiple risks, including the volatility cap, heavy potential cash allocation, factor-model uncertainty, concentration in U.S. equities and Treasuries, reliance on third-party data, and the limited performance history after the index’s December 28, 2021 switch from 3‑month USD LIBOR to SOFR plus 0.26161%.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index and maturing in 2028. The notes provide 200% upside participation in the index, but any gain is capped at a maximum cash settlement of $1,222.50 per $1,000 face amount. A 15% buffer means investors receive full principal at maturity as long as the index does not fall more than 15% from its initial level. If the index declines beyond this buffer, principal is reduced on a 1-for-1 basis below the buffer level and investors can lose a substantial portion of their investment.
The notes pay no interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value determined by the dealer’s pricing models at pricing will be lower than the original issue price, and secondary market prices may be further reduced by dealer spreads, commissions and market factors such as interest rates, volatility and credit spreads.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,174,000 of equity-linked notes whose payoff depends on the common stock of Constellation Energy Corporation. Each $1,000 note pays no interest and matures on February 9, 2027. If, on the February 4, 2027 determination date, the Constellation share price is at or above 70% of the initial level of $294.37, investors receive a capped maximum settlement amount of $1,217.50 per note. If the final level is below the 70% trigger buffer, principal is reduced 1% for each 1% decline from the initial level, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., are not listed on any exchange, and involve additional risks including limited underlier trading history and uncertain tax treatment.
Goldman Sachs provides an overview of the Dow Jones Industrial Average Futures Excess Return Index, which tracks the nearest maturing quarterly E-mini Dow futures contract traded on the Chicago Mercantile Exchange. The index is calculated by S&P Dow Jones Indices, has a base value of 100 as of June 14, 2002, and is quoted in U.S. dollars under the Bloomberg ticker DJIAFP.
The supplement highlights historical performance through January 2, 2026. The index shows an annualized return of 10.40% over 1 year, 9.44% over 3 years, and 7.84% over 5 years, with corresponding annualized volatility between roughly 13% and 17%. Over the same periods, the S&P 500 Index and the Dow Jones Industrial Average delivered higher annualized returns than this futures excess return index. The document stresses that past performance does not indicate future results and lists multiple risks, including credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., negative roll yields in futures, lack of dividends and shareholder rights, and the fact that the securities are not bank deposits or FDIC insured.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term notes linked to the EURO STOXX 50 Index and the iShares MSCI EAFE ETF. For each $1,000 note, if both underliers finish above their initial levels on the determination date, investors receive $1,000 plus 160.75% of the lesser performer’s gain. If any underlier is at or below its initial level but both stay at or above 70% of their initial levels, investors simply receive the $1,000 face amount. If any underlier falls below 70% of its initial level, repayment is reduced one-for-one with the lesser performer’s loss, and investors can lose their entire principal.
The notes pay no interest and all payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. The structure adds risks from foreign equity markets, ETF tracking differences, currency movements and complex, uncertain U.S. tax treatment, including potential application of constructive ownership rules.