Goldman Sachs Group Inc SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $1,302,000. The notes do not pay interest and your payment depends entirely on index performance.

The notes may be automatically called on November 25, 2026 if the S&P 500 closing level on November 20, 2026 is at or above the initial level of 6,728.80, in which case you receive $1,080 per $1,000 face amount. If not called, at maturity in November 2028 you receive a cash amount based on the index: for gains, you participate at an upside rate of 187.15%; for flat to mildly negative performance down to a 10% buffer, you receive your $1,000 back.

If the index falls more than 10% below the initial level, losses accelerate using a buffer rate of about 111.11%, and you could lose your entire investment. The original issue price is 100% of face, including a 2% underwriting discount, and tax treatment is uncertain, with the notes intended to be treated as pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,966,000 aggregate face amount of basket‑linked notes under a 424(b)(2) prospectus supplement. The notes pay no interest and reference an equally weighted basket of seven large‑cap stocks with an initial basket level of 100. Trade date is November 7, 2025 and original issue date is November 13, 2025.

The notes are automatically called if, on November 20, 2026, the basket is at or above the initial level, paying $1,175.5 per $1,000 on November 25, 2026. If not called, at maturity on November 12, 2027 holders receive: (i) $1,000 plus 125% of any basket gain; (ii) $1,000 if the basket decline is up to 20%; or (iii) a reduced amount if the decline exceeds 20%, using a 125% buffer rate.

The estimated value is ~$944 per $1,000 at pricing. Underwriting discount is 1.5% (net proceeds 98.5% of face). Denominations are $10,000 and $1,000 increments. Payments are subject to the credit of GS Finance Corp. and the guarantor; investors forgo dividends and may face limited liquidity and principal loss.

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 4.55% per annum from the original issue date, expected to be November 28, 2025, to the stated maturity date, expected to be November 12, 2032.

Interest is expected to be paid annually on November 28 and at maturity, using a 30/360 (ISDA) day count convention. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at 100% of principal plus accrued interest on quarterly redemption dates beginning February 28, 2027, upon at least five business days’ notice. The notes will be issued in book-entry form through DTC, are unsecured obligations of Goldman Sachs, are not bank deposits, and are not insured by the FDIC or any governmental agency.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $13,470,000 of Digital Notes linked to the Utilities Select Sector SPDR Fund (XLU), maturing on November 13, 2030. The notes pay no interest and all return comes from the final ETF level versus the initial level of $89.69.

At maturity, for each $1,000 face amount, if the ETF level is at or above the initial level, investors receive a fixed maximum settlement amount of $1,543.10, capping total upside at about 54.31%. If the ETF is below the initial level, repayment is reduced one-for-one with the ETF’s percentage loss, so investors can lose all principal.

The notes are unsecured obligations of GS Finance Corp. with a guarantee from The Goldman Sachs Group, Inc., exposing holders to their credit risk. The estimated value on the trade date is approximately $943 per $1,000 face amount, below the 100% issue price, reflecting a 2% underwriting discount plus up to 0.57% structuring fee and other costs. Investors do not receive any XLU dividends and face limited liquidity, market value volatility, and uncertain, complex U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the S&P 500® Index and maturing in November 2028. The notes pay no interest and can be automatically called in December 2026 if the index closing level on the November 2026 call observation date is at or above the initial level; in that case, investors receive $1,080 per $1,000 face amount.

If not called, the maturity payment depends on index performance. Above the initial level, returns are enhanced by an upside participation rate of at least 198.82%. Between 90% and 100% of the initial level, investors receive principal only. Below the 90% buffer level, losses accelerate with a buffer rate of about 111.11%, and investors can lose their entire principal. The notes’ estimated value at pricing is lower than the 100% issue price, they are subject to the credit risk of GS Finance Corp. and its parent guarantor, may have limited or no secondary market, and involve uncertain U.S. tax treatment.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2030 under its Medium-Term Notes, Series N program. The notes are expected to be issued on November 28, 2025 and to mature on November 12, 2030. Investors will receive interest at a fixed rate of 4.25% per annum, paid annually on November 28 and at maturity, with the first interest payment expected on November 28, 2026.

Goldman Sachs may redeem the notes early, in whole but not in part, on quarterly redemption dates starting November 28, 2026, at 100% of principal plus accrued and unpaid interest. The notes will be issued in book-entry form through DTC and are not bank deposits, are not insured by the FDIC, and are not guaranteed by any bank. Interest is generally taxable as ordinary income, and the notes are subject to U.S. FATCA withholding rules. The distribution is led by Goldman Sachs & Co. LLC and InspereX LLC, with various selling restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, zero-coupon notes linked to the Class A common stock of CoreWeave, Inc. The notes have a face amount of $1,000, an initial index stock price of $104.01, a trade date of November 7, 2025 and mature on May 14, 2027, with up to $300,000 issued initially.

The notes may be automatically called on November 9, 2026 if the CoreWeave stock closing price is at or above $104.01, paying a fixed $1,610 per $1,000 on November 17, 2026. If not called, at maturity investors receive: leveraged upside at a 200% participation rate if the stock is at or above the initial price; full principal back if the stock is down but not below 50% of the initial price; and a 1-for-1 loss if the stock is down more than 50%, which can result in a total loss of principal.

The notes do not pay interest, are unsecured obligations of GS Finance Corp., and expose holders to the credit risk of both the issuer and the guarantor. The estimated value on the trade date is approximately $932 per $1,000 face amount, below the issue price, reflecting dealer compensation, hedging and structuring costs. Extensive anti-dilution, market disruption and default provisions govern how payoffs are calculated under corporate actions and trading interruptions.

GS Finance Corp. filed a preliminary pricing supplement for autocallable index-linked notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Nasdaq-100 Index (NDX) and the Russell 2000 Index (RTY) and do not bear interest.

The notes can be automatically called quarterly if the closing level of each index is at or above its initial level on a call observation date, paying $1,000 plus the applicable call premium (from 8.75% up to 41.5625%). If held to maturity and both final index levels are at or above their initial levels, the payoff is $1,000 plus a 43.75% maturity premium. If any index is below its initial but at or above its 75% trigger buffer, repayment is $1,000. If any index finishes below 75% of its initial level, repayment falls by the lesser-performing index’s return, up to a total loss of principal.

Key dates: trade date Nov 20, 2025; original issue date Nov 25, 2025; determination date Nov 20, 2030; stated maturity Nov 27, 2030. GS&Co. is calculation agent; the notes will not be listed.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged underlier‑linked notes tied to the lesser of the EURO STOXX 50 Index and the iShares MSCI EAFE ETF. The notes pay no interest and repay based on performance from the expected trade date of November 21, 2025 to the determination date of November 22, 2027, with maturity expected on November 26, 2027.

If both underliers finish above their initial levels, the payoff equals $1,000 plus 1.77 times the return of the lesser performer. If any underlier is at or below its initial level but both are at least 90% of initial, repayment is $1,000. If any underlier finishes below 90% of initial, principal declines by the lesser performer’s return plus 10%. The preliminary estimated value is expected to be $900–$930 per $1,000 face amount. Repayment is subject to the credit risk of GS Finance Corp. and the guarantor.