Goldman Sachs Group Inc SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary prospectus supplement for monthly coupon, auto-callable notes linked to the common stock of Micron Technology (MU), Intel (INTC) and Advanced Micro Devices (AMD). The notes pay a fixed coupon of $10.417 per $1,000 each month (1.0417% monthly, up to approximately 12.5% per annum), starting after issuance.

The notes may be automatically called on monthly observation dates (commencing in May 2026) if the closing price of each index stock is at or above its initial price; if called, investors receive the $1,000 face amount plus the coupon then due. If not called, at maturity on the expected date of November 24, 2028, investors receive the final coupon and: (i) $1,000 if no trigger event has occurred; or, if a trigger event has occurred, (ii) $1,000 if the final price of each stock is at least 60% of its initial price, else (iii) $1,000 + $1,000 × (lesser performing index stock return), which can be substantially below face amount and down to zero. The estimated value at pricing is expected to be $925–$955 per $1,000.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) for auto‑callable monthly coupon notes linked to the Class A common stock of Strategy Inc (formerly MicroStrategy), Coinbase Global, Inc., and Super Micro Computer, Inc.

The notes pay a monthly coupon based on stock performance: $8.042 per $1,000 (0.8042% monthly, potential up to approximately 9.65% per annum) if the closing price of each index stock is at least 70% of its initial price on the observation date, or $0.209 per $1,000 (0.0209% monthly, potential up to approximately 0.25% per annum) otherwise. They are subject to automatic call if, on any observation date from November 2026 through October 2030, the closing price of each index stock is at least its initial price; if called, investors receive face amount plus the applicable coupon on the next payment date.

Observation dates are expected monthly on the 21st from December 2025 to November 2030. At maturity, expected November 29, 2030, investors receive $1,000 per $1,000 face amount plus the final coupon. The estimated value at pricing is expected to be $850–$890 per $1,000. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

Goldman Sachs Group (GS) plans a new debt offering: Callable Fixed Rate Notes due 2037. The notes pay a fixed coupon of 5.125% per annum from the original issue date (expected November 28, 2025) to the stated maturity date (expected November 27, 2037).

Interest is paid semiannually on May 28 and November 28, starting May 28, 2026, using a 30/360 (ISDA) day count convention. Goldman Sachs may redeem the notes, in whole but not in part, on each February 28, May 28, August 28 and November 28 on or after November 28, 2027, at 100% of principal plus accrued and unpaid interest to (but excluding) the redemption date, with at least five business days’ notice.

The notes will be offered via Goldman Sachs & Co. LLC and InspereX LLC under a distribution agreement, with potential market-making after initial sale. Settlement is expected in DTC book-entry form, and the notes are not bank deposits or FDIC insured. FATCA withholding generally applies to obligations issued on or after July 1, 2014.

GS Finance Corp. plans to issue no‑coupon notes linked to the VanEck BDC Income ETF (BIZD), guaranteed by The Goldman Sachs Group, Inc. The notes pay at maturity based on BIZD’s performance from the initial level (set on the trade date, expected November 18, 2025) to the final level on the determination date (expected November 18, 2030), with maturity expected on November 21, 2030.

If the ETF return is positive or zero, you receive the maximum upside settlement amount of $1,287.5 per $1,000. If the ETF is down but by no more than 50%, you receive the absolute percentage decline as a positive return. If the ETF falls by more than 50%, your payoff declines one‑for‑one with the ETF, and you could lose a substantial portion or all of your investment.

The filing highlights credit risk of GS Finance Corp. and the guarantor, no dividends or interest, a 50% trigger buffer level, and an estimated value of $850–$890 per $1,000 at pricing. The notes will not be listed, and any market making by Goldman Sachs & Co. LLC may be discontinued at any time.

Goldman Sachs (GS), via GS Finance Corp., is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the common stock of UnitedHealth Group (UNH). They may be automatically called on quarterly observation dates if UNH’s closing level is greater than or equal to the initial level, returning $1,000 per note plus any coupon then due.

Coupons are contingent, paying on a quarterly schedule only if UNH’s closing level on the observation date is at or above the coupon trigger level of 60% of the initial level. If not called, at maturity on November 30, 2028, investors receive $1,000 per note if the final level is at or above the trigger buffer level of 60%; otherwise, repayment falls one‑for‑one with UNH’s decline, which can result in losing the entire investment. Key dates include trade date November 25, 2025; original issue date November 28, 2025; and determination date November 27, 2028.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, a highly leveraged, rules-based futures index with a daily 6% per annum decrement.

The notes target quarterly contingent coupons of 2% (up to 8% per year) when the index is at least 55% of its initial level, and can be automatically called beginning in August 2026 if the index is at least 84% of its initial level, returning principal plus the applicable coupon. If the notes are not called and the index finishes below 55% of its initial level at maturity in November 2030, investors lose principal in line with the index decline and can lose their entire investment. The estimated value on the trade date is expected to be $885–$925 per $1,000 face amount, reflecting structuring costs, leverage and the complex index design.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes linked to the iShares Bitcoin Trust ETF (IBIT) with an aggregate face amount of $437,000 on the original issue date. The notes pay a contingent monthly coupon of $11.875 per $1,000 (1.1875% monthly, up to 14.25% per year) only when the ETF’s closing level on the observation date is at least 60% of the initial level of $58.88; otherwise no coupon is paid.

The notes are callable at the issuer’s option at 100% of face amount plus any due coupon on monthly payment dates from May 2026 through October 2030. If not redeemed, at maturity in November 2030 holders receive $1,000 per note plus the final coupon if the ETF’s final level is at least 60% of the initial level; if it is lower, repayment is reduced one-for-one with the ETF loss and can fall to zero.

The estimated value at pricing is approximately $896 per $1,000 face amount. Payments depend on the credit of GS Finance Corp. and Goldman Sachs and expose holders to the significant volatility, regulatory and operational risks associated with bitcoin through the ETF.

Goldman Sachs Group (GS) plans a primary offering of Medium-Term Notes, Series N, as Callable Fixed Rate Notes due 2045. The notes pay 5.50% per annum from the original issue date (expected November 28, 2025) to the stated maturity date (expected November 28, 2045), with semiannual interest on May 28 and November 28, first payable on May 28, 2026.

The notes are callable at the issuer’s option, in whole but not in part, on each February 28, May 28, August 28 and November 28 on or after November 28, 2027, at 100% of principal plus accrued interest, with at least five business days’ notice. Interest accrues using the 30/360 (ISDA) day-count convention. There is no sinking fund, and holders do not have put rights.

Distribution is through Goldman Sachs & Co. LLC and InspereX LLC, with market-making expected but not assured. The notes are unsecured senior debt, not bank deposits, and not FDIC insured. Certain EEA/UK retail and other jurisdictional offering restrictions apply; FATCA withholding rules generally apply.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) for market‑linked, no‑coupon notes tied to an equally weighted basket of 8 large‑cap stocks. The notes can be automatically called if the basket’s closing level on the call observation date is at least the initial basket level of 100, paying ≥ $1,170.5 per $1,000 on the expected call payment date. If not called, the notes mature in 2027 with outcomes based on the basket return.

At maturity, investors receive: (i) $1,000 plus 125% of positive basket return; (ii) $1,000 if the basket is down up to 15%; or (iii) a loss beyond the 15% buffer using a ~117.65% buffer rate. The estimated value on trade date is expected between $900 and $930 per $1,000 face amount. The basket equally weights Constellation Energy, Eaton, Equinix, Freeport‑McMoRan, NextEra Energy, Quanta Services, Vertiv, and Vistra. Key dates are expected to be: trade on Nov 14, 2025, issue on Nov 19, 2025, call observation on Nov 27, 2026, determination on Nov 15, 2027, and maturity on Nov 18, 2027.