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 guaranteed by The Goldman Sachs Group, Inc., provides an index supplement for structured notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. These medium‑term notes are unsecured obligations whose payments depend both on Goldman Sachs’ credit and on the index’s performance.
The index dynamically allocates among futures-based equity, bond, commodity and money market exposures, with a 5% volatility control and a momentum overlay. Returns are calculated on an excess‑return basis over the federal funds rate and reduced by a 0.65% per annum deduction, and the methodology can shift a very large portion of exposure into cash-like positions, which can significantly dampen upside.
The filing highlights key risks, including credit risk of the issuer and guarantor, potential for no interest or coupons, limited liquidity, complex index mechanics, substantial allocations to hypothetical cash positions, conflicts of interest from Goldman Sachs’ trading and hedging, and adverse U.S. tax treatment under contingent payment debt instrument rules.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked notes whose payout at maturity depends on index performance from the December 19, 2025 trade date to the December 20, 2027 determination date. Each note has a $1,000 face amount, a 200% upside participation rate, and a maximum settlement amount of $1,200, so gains are capped once the S&P 500 rises 10% or more above its initial level.
The notes provide a 10% downside buffer: if the index finishes between 90% and 100% of its initial level, investors receive back their $1,000. If the index falls below 90% of its initial level, principal is reduced one-for-one with further declines, and investors can lose a substantial portion of their investment.
The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and may trade below the issue price because the estimated value at pricing is lower than 100% of face. Liquidity is not assured, and the U.S. tax treatment is described as uncertain, with the notes intended to be treated as prepaid derivative contracts.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Class A shares of Strategy Inc, Palantir Technologies Inc. and Circle Internet Group, Inc. The notes mature on December 27, 2028, with monthly observation dates starting in January 2026 and potential automatic call dates from June 2026 through November 2028.
For each $1,000 face amount, investors may receive monthly coupons of $22.917 (2.2917% per month, up to about 27.5% per year) only when the closing price of each stock on an observation date is at least 50% of its initial price. If all three stocks are at or above their initial prices on a call observation date, the notes are automatically redeemed at par plus the accrued coupon.
If the notes are not called, principal repayment at maturity depends on whether all three stocks finish below their initial prices and whether any finishes below 50% of its initial level. In that adverse case, repayment is reduced in proportion to the worst-performing stock and can fall to zero. Payments are also subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is about $955 per $1,000 face amount, reflecting fees and structuring costs.
The Goldman Sachs Group, Inc. is offering $2,354,000 of fixed-rate senior notes paying 4.25% per annum, maturing on December 23, 2032. Interest is paid twice a year on June 23 and December 23, starting June 23, 2026, using a 30/360 (ISDA) day count convention. The notes are issued in $1,000 denominations, priced at 100% of principal, with an underwriting discount of 1.347%, resulting in net proceeds to Goldman Sachs of 98.653% of the principal amount.
The notes will not be listed on any securities exchange and will be issued only in book-entry form through DTC, with Goldman Sachs & Co. LLC acting as underwriter, calculation agent and an affiliate of the issuer. The notes are part of Goldman Sachs’ Medium-Term Notes, Series N program, are subject to U.S. federal income taxation as ordinary interest for U.S. holders, and may be subject to FATCA withholding. The offering includes detailed selling and distribution restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.
The Goldman Sachs Group, Inc. is issuing $2,746,000 of fixed rate notes under its Medium-Term Notes, Series N program. The notes pay a fixed interest rate of 4.05% per annum, with interest paid semiannually on June 23 and December 23 of each year, starting June 23, 2026, until the stated maturity date on December 23, 2030.
The notes are denominated in U.S. dollars, issued in minimum denominations of $1,000 and integral multiples thereof, and will not be listed on any securities exchange. The original issue price is 100% of principal, with an underwriting discount of 0.8% and net proceeds to Goldman Sachs of 99.2% of the principal amount, before estimated offering expenses of $15,000. The notes are senior debt obligations, settled through DTC in global form, and are subject to standard U.S. federal income tax rules for interest and capital gains.
The Goldman Sachs Group, Inc. is offering $12,591,000 of callable fixed rate notes due December 23, 2030. The notes pay interest at 4.50% per year from December 23, 2025, with semiannual payments on June 23 and December 23, starting June 23, 2026.
Goldman Sachs may redeem the notes, in whole but not in part, on March 23, June 23, September 23 and December 23 on or after December 23, 2026 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 0.415%, resulting in gross proceeds of $12,538,747.35 before expenses. The notes are unsecured debt obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any other government agency.
The Goldman Sachs Group, Inc. is issuing $3,780,000 of senior fixed-rate notes under its Medium-Term Notes, Series N program. The notes bear interest at 3.80% per annum from the original issue date of December 23, 2025 to the stated maturity date of December 22, 2028.
Interest is paid semiannually on June 23 and December 23 of each year, starting June 23, 2026, and calculated using a 30/360 (ISDA) day-count convention. The notes are issued in $1,000 denominations in book-entry form through DTC, will not be listed on any securities exchange, and are not bank deposits or insured by any governmental agency.
The original issue price is 100% of principal, with an underwriting discount of 0.4%, resulting in net proceeds to Goldman Sachs of 99.6% of the principal amount. Goldman Sachs & Co. LLC acts as underwriter and calculation agent, may engage in market-making in the notes, and the offering is subject to various U.S. tax rules and international selling restrictions.
GS Finance Corp. may issue medium‑term notes whose payments are linked to the BlackRock® Dynamic Factor Index. This index combines a basket of five U.S. equity factor ETFs, three U.S. Treasury bond ETFs and a cash component, then measures how that mix performs relative to a notional rate equal to SOFR plus 0.26161% plus an additional 0.65% per year, accrued daily.
The index dynamically reallocates between equities, bonds and cash to target 5% volatility, which has often led to sizable cash weightings; historically the cash constituent has reached as high as 85.5%. From January 1, 2020 to December 1, 2025, the index showed annualized performance of -1.80% with 4.95% volatility, compared with the iShares Core S&P 500 ETF at 15.27% annualized and 21.10% volatility, and the iShares 7‑10 Year Treasury Bond ETF at 0.01% annualized and 7.66% volatility. Limited performance history exists since the index switched from 3‑month USD LIBOR to SOFR on December 28, 2021, and the supplement highlights extensive ETF‑specific and fixed‑income‑related risks.
The Goldman Sachs Group, Inc. is offering $3,000,000 of callable fixed rate notes due December 22, 2028. The notes pay interest at a fixed rate of 4.05% per annum from the original issue date of December 22, 2025 to but excluding maturity, with semiannual payments on June 22 and December 22 each year. The first interest payment will be made on June 22, 2026.
Goldman Sachs may redeem the notes, in whole but not in part, at its option on each March 22, June 22, September 22 and December 22 on or after December 22, 2026 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 0.45% (or $13,500 in total) and estimated proceeds before expenses of $2,986,500. The notes are unsecured obligations of Goldman Sachs, are not bank deposits, and are not insured by any governmental agency. U.S. holders generally recognize ordinary income on interest and capital gain or loss on disposition, and the notes are generally subject to FATCA withholding rules.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes whose payments depend on the stock performance of Advanced Micro Devices, Affirm Holdings Class A, and Tesla.
The notes are expected to trade from an original issue date of December 31, 2025, with monthly observation dates from January 2026 through December 2030 and a stated maturity date of January 7, 2031, unless automatically called between December 2026 and November 2030. If on any call observation date the closing price of each stock is at or above its initial price, the notes are automatically redeemed at face amount plus a coupon.
On each monthly coupon date, investors receive a maximum coupon of $7.084 (0.7084% monthly, up to about 8.5% per year) per $1,000 face amount if every stock closes at or above 70% of its initial price, or a minimum coupon of $0.209 (0.0209% monthly, up to about 0.25% per year) otherwise. At maturity, holders receive face amount plus the final coupon. The estimated value at pricing is expected between $885 and $925 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.