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 $420,000 of S&P 500®-linked notes that provide principal repayment and equity upside but no interest payments.
The notes can be automatically called on November 24, 2027 if the S&P 500® closing level is at or above the initial level of 6,705.12, paying $1,070 per $1,000 face amount on December 2, 2027. If not called, at maturity on December 3, 2030 investors receive $1,000 plus 100% of any positive index return, based on the final underlier level on November 25, 2030, or just $1,000 if the index is flat or down.
The notes do not pay periodic interest and may trade below face value before call or maturity. Payments depend entirely on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, so many holders will owe tax on deemed ordinary income each year based on a 4.34% comparable yield and a projected $1,244.31 payment at maturity, even though cash is generally only received at call or maturity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering ETF-linked notes tied to the VanEck Gold Miners ETF, State Street® SPDR® S&P® Regional Banking ETF and VanEck Semiconductor ETF. The notes have a face amount of $1,981,000 in aggregate, issued in $1,000 denominations, and mature on November 27, 2028, unless redeemed earlier.
The notes may pay a monthly coupon of $18.334 per $1,000 (1.8334% monthly, up to about 22% per year) if on each observation date all three ETFs are at or above 70% of their initial levels. If any ETF is below 70%, no coupon is paid for that month. At maturity, if no early redemption occurs and the worst-performing ETF is at or above 60% of its initial level, investors receive full principal back (and a final coupon only if all are at or above 70%). If the worst ETF is below 60%, repayment of principal is reduced one-for-one with that ETF’s loss, and all principal can be lost.
Goldman Sachs can redeem the notes at 100% of face amount plus any due coupon on monthly payment dates from May 2026 through October 2028. The original issue price is 100% of face amount, with a 1% underwriting discount, and the estimated value at pricing is about $953 per $1,000, reflecting structuring costs and dealer compensation. Payments depend on ETF performance and the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.; investors do not receive ETF dividends or any ownership in the ETFs.
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 CVS Health Corporation. These unsecured notes can be redeemed early if CVS’s share price on a call observation date is at or above the initial share price, in which case holders receive their $1,000 principal per security plus any contingent coupon then due.
The notes pay contingent quarterly coupons only when CVS’s stock closes on an observation date at or above a downside threshold set at 75% of the initial share price; otherwise no coupon is paid for that quarter. If the notes are not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final contingent coupon at maturity. If the final share price is below the threshold, repayment of principal is reduced 1-to-1 with CVS’s decline, and the maturity payment can be significantly less than $1,000, including a total loss. Investors do not participate in any upside of CVS stock, and the estimated value per security at pricing is stated to be between $910 and $970, below the 100% issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, maturing on or about December 8, 2028. The notes pay no interest and the cash payment at maturity depends entirely on index performance between an initial level set on the trade date and the final level on the determination date.
If the index return is positive or zero, holders receive the face amount plus 1.10 times the index gain. If the index declines by up to 20%, holders receive a positive return equal to the absolute decline. If the index falls by more than 20%, losses exceed the 20% buffer and the payout equals the face amount plus the index return plus 20%, so a substantial loss of principal is possible. The estimated value at pricing is expected to be between $890 and $920 per $1,000 face amount, reflecting fees, hedging and structuring costs, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,016,000 of Buffered S&P 500® Index-Linked Notes due November 30, 2027. These unsecured notes pay no interest and repay at maturity an amount tied to the S&P 500® Index level on the November 24, 2027 determination date, starting from an initial level of 6,705.12.
For each $1,000 note, upside is linked one-for-one to the index but is capped at a maximum settlement of $1,171 (a 17.1% gain). A 20% downside buffer means that if the index is down but no more than 20%, the payoff increases with the absolute loss (you gain when the index is modestly down). If the index falls by more than 20%, losses beyond that buffer reduce principal and a substantial loss of invested amount is possible.
The notes were issued at 100% of face value with a 0.75% underwriting discount, generating net proceeds of 99.25% to the issuer. The estimated initial value is approximately $986 per $1,000 based on Goldman Sachs & Co. LLC pricing models, reflecting structuring costs and dealer compensation. Payments depend on the credit of GS Finance Corp. and the guarantor, and the notes will not be listed on any exchange.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, scheduled to mature in December 2032. The notes do not pay periodic interest. If the index is at or above rising call levels on annual observation dates from 2026 to 2031, the notes are automatically called, paying back principal plus a call premium that steps from 8% to 48%.
If the notes are never called, investors receive at least the $1,000 face amount at maturity and participate 100% in any positive index return above the initial level. The index uses daily rebalancing, a 5% volatility control, momentum risk control and an annual deduction of 0.65%, and can be heavily allocated to low‑yielding cash-like positions.
The preliminary estimated value is $850–$890 per $1,000 face amount, below the expected original issue price, reflecting fees and structuring costs. Key risks include issuer and guarantor credit risk, limited or no secondary market, complex index mechanics, capped call payouts, no dividends or interest, and U.S. tax treatment as a contingent payment debt instrument requiring annual income accrual.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes due in 2027 whose payoff depends on the lesser performance of the Russell 2000® Index and the S&P 500® Index. The notes pay no interest and return is based only on index levels at a single determination date.
For each $1,000 face amount, investors can receive up to a maximum settlement amount of at least $1,242.5, reflecting a cap level of at least 124.25% of each index’s initial level with a 100% upside participation rate. A 10% buffer protects against modest declines, but if the lesser performing index falls more than 10% from its initial level, principal is reduced one-for-one beyond that buffer and investors can lose a substantial portion of their investment.
The estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, below the issue price, reflecting fees, hedging costs and issuer economics. Payments are unsecured and subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and there may be limited or no secondary market. The tax treatment is uncertain and may change.
GS Finance Corp. is offering autocallable contingent coupon notes due 2028, guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Nasdaq-100, Russell 2000 and S&P 500 indices.
Investors can receive a monthly coupon of $10.584 per $1,000 face amount (about 1.0584% monthly, or up to approximately 12.7% per year) when the closing level of each index is at least 70% of its initial level on the observation date. The notes are automatically called, returning $1,000 per note plus the due coupon, if on a call observation date each index is at or above its initial level.
If the notes are not called, at maturity investors receive $1,000 per note when the worst-performing index is at least 70% of its initial level; otherwise repayment is reduced one-for-one with the worst index’s loss, and investors can lose their entire principal. The notes carry issuer and guarantor credit risk, may trade below the issue price, may lack liquidity, and have uncertain and complex tax treatment.
The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2032 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 4.50% per annum from the original issue date, expected to be December 16, 2025, to the stated maturity date, expected to be November 30, 2032. Interest is expected to be paid annually on December 16 and at maturity.
Goldman Sachs may redeem the notes at its option, in whole but not in part, on each March 16, June 16, September 16 and December 16 on or after March 16, 2027 at 100% of principal plus accrued interest. The notes will be issued in book-entry form through DTC, are unsecured senior debt of Goldman Sachs, and are not bank deposits or FDIC insured. The notes are being distributed through underwriters, including Goldman Sachs & Co. LLC and InspereX LLC, and are subject to various selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering preliminary structured notes that do not pay interest and repay at maturity based on an equally weighted basket of 15 large‑cap and growth stocks. The basket starts at 100 and is measured from an expected trade date of December 9, 2025 to an expected determination date of June 9, 2027, with maturity expected on June 14, 2027.
For each $1,000 face amount, if the basket return is positive, investors receive $1,000 plus three times the basket’s gain, capped at a maximum settlement amount of $1,317.5 (corresponding to a cap level of approximately 110.583% of the initial basket level). If the basket declines by up to 25%, investors receive $1,000. If it falls more than 25%, repayment falls one‑for‑one with the basket, and investors can lose their entire investment.
The notes’ estimated value at pricing is expected between $900 and $930 per $1,000, reflecting underwriting and structuring costs. Investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., forgo dividends on the basket stocks, and face complex market disruption and anti‑dilution adjustment provisions.