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 S&P 500® Futures Excess Return Index-linked notes with an aggregate face amount of $561,000 under its Medium-Term Notes, Series F program. These notes pay no interest and return depends entirely on index performance from the trade date to the determination date.
At maturity, for each $1,000 note, if the final index level is above the initial level of 554.39, investors receive $1,000 plus $1,000 times the 120% upside participation rate times the index return. If the index falls but stays at or above the buffer level of 80% of the initial level, investors receive the full face amount. If it closes below the buffer level, repayment is reduced dollar-for-dollar with the index loss beyond the 20% buffer, and a substantial loss of principal is possible.
The original issue price is 100% of face amount, with a 0.8% underwriting discount and 99.2% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are not listed, do not provide any rights in the S&P 500® futures or stocks, and their market value can be affected by interest rates, volatility, and credit spreads.
The Goldman Sachs Group, Inc. is offering $8,781,000 of Callable Fixed Rate Notes due December 15, 2045 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 5.35% per annum from December 16, 2025, with interest paid each December 16, starting December 16, 2026, using a 30/360 (ISDA) day count convention.
The notes are issued in $1,000 denominations at 100% of principal, with an underwriting discount of 2.7%, providing approximately $8,543,913 of proceeds before expenses. Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on March 16, June 16, September 16 and December 16 of each year starting December 16, 2028, upon at least five business days’ notice.
The notes are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, are not insured by the FDIC or any government agency, and are not listed on any securities exchange. They are subject to U.S. federal income taxation as ordinary interest income, possible capital gain or loss on disposition, and generally to FATCA withholding rules.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $20,099,000 of auto-callable notes linked to the iShares Bitcoin Trust ETF (IBIT), maturing January 4, 2028. The notes can be automatically called on December 23, 2026 if the ETF’s closing price is at or above the initial price of $49.71, paying $1,300.50 per $1,000 and ending the investment.
If not called, investors get at maturity: 150.00% of any positive ETF return; or, for declines down to the 75.00% downside threshold of $37.2825, a positive return equal to the absolute decline; below that threshold, losses match the ETF drop and repayment can be far below principal, including zero. The notes pay no interest, are unsecured and unsubordinated, are not listed on an exchange, and carry both bitcoin-related volatility risk and the credit risk of GS Finance Corp. and its guarantor. The estimated value at pricing is approximately $963 per $1,000 face amount.
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 2031. The notes do not pay periodic interest and repay at least the $1,000 face amount at maturity, subject to issuer and guarantor credit.
The notes are automatically called on scheduled semi-annual dates if the index is at or above its initial level, paying $1,000 plus a call premium (from 9.00% on the first call date up to 49.50% on the last). If not called and the final index level is at or above the initial level, investors receive $1,000 plus a 54% maturity premium, capping total upside. If the final level is below the initial level, investors only receive the face amount.
The index is a rules-based, volatility- and momentum-controlled strategy that reallocates daily among equity, bond, commodity and cash exposures, and is reduced by the federal funds rate and an additional 0.65% per year. The estimated value of the notes on the trade date is $885 to $925 per $1,000, below the original issue price. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income over their term.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering medium-term notes whose payments depend on the stock performance of Oracle, Broadcom, NVIDIA, Netflix and Intel. The notes pay a monthly coupon of $7.084 per $1,000 face amount (0.7084% monthly, up to about 8.5% per year) if the closing price of each stock on a coupon observation date is at least 75% of its initial price; otherwise, you receive only $0.209 (0.0209% monthly, about 0.25% per year).
The notes can be automatically called starting in December 2026 through November 2030 if each stock is at least 90% of its initial price on a call observation date, returning $1,000 per note plus the due coupon. If not called, they are scheduled to mature on January 7, 2031, paying $1,000 per note plus the final coupon. The estimated value on the trade date is expected to be between $885 and $935 per $1,000, below the issue price, and investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, as well as limited liquidity and complex anti-dilution and market disruption provisions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2028 tied to the common stock of Bristol-Myers Squibb Company (BMY). These notes pay a contingent quarterly coupon of $28.75 per $1,000 face amount when, on the relevant observation date, the BMY share price is at or above 70% of its initial level; otherwise the coupon is zero.
The notes may be automatically called on specified dates if BMY is at or above its initial level, in which case investors receive their $1,000 principal back plus any due coupon, ending the investment early. If the notes are not called and BMY’s final level on the determination date is at least 70% of the initial level, investors receive full principal back; below that level, repayment is reduced one-for-one with BMY’s decline, and investors can lose up to 100% of principal.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor. The estimated value at pricing will be lower than the issue price due to fees and costs, the notes will not be listed on any exchange, and any secondary market trading will be limited and at prices that may be well below face value.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes pay a monthly coupon of $13 per $1,000 (1.3% monthly, up to 15.6% per year) only if each underlier is at least 75% of its initial level on the observation date. Beginning in June 2026, the notes are automatically called if all underliers are at or above their initial levels, returning face amount plus the coupon. At maturity in July 2031, if not called, investors receive full principal if every underlier is at least 60% of its initial level, principal only if the worst underlier is between 60% and 75%, and a loss proportional to the worst underlier below 60%, which can mean losing the entire investment. The estimated initial value is $885–$925 per $1,000 face amount, below the issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk Contingent Income Auto-Callable Securities linked to the common stock of Micron Technology, Inc. The notes have $1,000 denominations, are expected to be issued on December 31, 2025, and mature on December 29, 2028, unless automatically called.
Investors may receive a contingent quarterly coupon of at least $45.00 per $1,000 per observation period, but only when Micron’s closing price is at or above a downside threshold set at 50.00% of the initial share price. If Micron closes at or above the initial share price on any call observation date starting March 26, 2026, the notes are automatically called for $1,000 plus the coupon then due.
At maturity, if the notes have not been called and Micron’s final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon; if it is below the threshold, repayment is reduced in line with the stock’s decline and can fall to zero. The estimated value is $905 to $965 per $1,000 note, the underwriting discount is 2.25%, and Morgan Stanley Wealth Management earns a $22.50 selling concession per note. The securities are unsecured obligations subject to the credit risk of both the issuer and guarantor and will not be listed on an exchange.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes whose return depends on the weaker of the State Street® SPDR® S&P® Metals & Mining ETF (XME) and the Global X Copper Miners ETF (COPX).
The notes pay no interest and mature in about 24 months. At maturity, if both ETFs are at or above their initial levels (set as the lowest closing level during a roughly six‑week observation period after December 16, 2025), investors receive upside one‑for‑one with the lesser performer, capped at a maximum settlement amount of $1,500 per $1,000 face amount. If either ETF is below its initial level but both are at or above 90% of it, investors receive only the $1,000 face amount.
If the weaker ETF finishes below 90% of its initial level, principal is reduced, losing about 1.1111% of face amount for every 1% drop below the 90% buffer; a severe decline can result in a total loss. The indicative estimated value is $925–$955 per $1,000, below the issue price, and the notes carry full issuer and guarantor credit risk, plus concentrated sector, foreign market, currency and tax risks.
Goldman Sachs’ GS Finance Corp. is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes are expected to trade from an original issue date in January 2026 and mature in January 2031, unless automatically called starting in December 2026.
Investors may receive a contingent monthly coupon of $11.167 per $1,000 (1.1167% per month, up to approximately 13.4% per year) if on an observation date the index is at least 60% of its initial level; otherwise no coupon is paid. If the index is at or above its initial level on a call observation date, the notes are redeemed early at face value plus the applicable coupon.
At maturity, if not called, principal repayment depends on index performance. A final level at or above 60% of the initial level returns full principal (plus any final coupon); below 60%, investors lose in proportion to the index decline and can lose their entire investment. The index itself uses up to 500% leverage, complex rule-based signals, and a daily 6.0% per annum decrement, all of which can magnify losses. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, below the issue price.