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®-linked Medium-Term Notes, Series F, with an aggregate face amount of $556,000.
At maturity on August 24, 2028, investors receive for each $1,000 note either (i) $1,000 plus the S&P 500 return, capped at a maximum settlement amount of $1,144, if the index finishes above its initial level of 6,602.99, or (ii) $1,000 if the index is at or below that level. The notes do not pay periodic interest and offer full principal repayment only at maturity if held to that date.
The product embeds issuer and guarantor credit risk, limited upside relative to direct equity exposure, potential price volatility before maturity, and is treated as a contingent payment debt instrument for U.S. tax purposes, with a disclosed comparable yield of 4.1217% per annum.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $3,505,000 of callable notes linked to the S&P 500 Index. The notes pay no interest and mature on November 26, 2031, unless redeemed earlier at the issuer’s option on monthly call payment dates from November 2026 to October 2031, with call premiums rising from 6.6% up to 39.05% of face amount.
At maturity, if not called, holders receive for each $1,000 the greater of $1,000 or $1,000 plus 100% of any positive S&P 500 return from the initial level of 6,602.99; if the index is flat or down, repayment is $1,000. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor. The issue price is 100% of face, with a 4.125% underwriting discount and an estimated value of about $927 per $1,000. For U.S. tax purposes they are treated as contingent payment debt instruments, using a 4.5% comparable yield and a projected maturity payment of $1,311.02 per $1,000.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $728,000 of Absolute Return Trigger Notes due November 30, 2027 linked to the S&P 500® Index. The notes do not pay interest. Instead, the cash you receive at maturity depends on index performance between the trade date and the determination date.
If, on any trading day in that period, the index closes below 79% or above 121% of the initial level of 6,538.76, a barrier event occurs and you receive a fixed $1,020 per $1,000 face amount at maturity, a 2% gain, regardless of the final index level. If no barrier event occurs, you receive $1,000 plus the absolute index return, capped between 0% and 21%, so the most you can receive is $1,210 per $1,000.
The original issue price is 100% of face, with a 2.27% underwriting discount and 97.73% net proceeds to the issuer. Goldman estimates the initial fair value at about $953 per $1,000, reflecting structuring and distribution costs. Investors face the credit risk of GS Finance Corp. and its parent, potential illiquidity in any secondary market, limited upside and complex U.S. tax treatment as a contingent payment debt instrument.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing ETF-linked notes under its Medium-Term Notes, Series F program with an aggregate face amount of $1,315,000. The notes mature on November 26, 2027 and are tied to the Energy Select Sector SPDR Fund (XLE) and the Pacer US Cash Cows 100 ETF (COWZ).
Holders may receive a monthly coupon of $6 per $1,000 in face amount (0.6% monthly, up to 7.2% per year) if on each observation date both ETFs are at or above 80% of their initial levels ($89.42 for XLE and $58.05 for COWZ). If either ETF is below 80% on an observation date, no coupon is paid for that month.
If the notes are not redeemed early and held to maturity, principal repayment depends on the worst-performing ETF. Full principal is repaid if each ETF is at or above 70% of its initial level; below that, repayment is reduced in line with the decline of the weaker ETF, and all principal can be lost. Goldman Sachs may redeem the notes at par plus any due coupon on monthly payment dates from May 2026 through October 2027. The original issue price is 100% of face amount, with a 3% underwriting discount and 97% net proceeds to the issuer. The estimated value at pricing is about $940 per $1,000, reflecting structuring costs and dealer compensation.
GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering non-interest-bearing auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The index uses up to 500% leverage, a 40% volatility target and a fixed 6.0% per annum decrement that is deducted daily, which can significantly reduce returns and magnify losses.
The notes may be automatically called quarterly from May 2026 if the index is at least 95% of the initial level of 439.49, paying back principal plus a call premium (starting at 12.5% and stepping up to 118.75% of face). If not called and at maturity in November 2030 the index is at least 95% of its initial level, holders receive a capped maximum of $2,250 per $1,000 face amount. If the index falls by up to 40%, holders receive principal; if it falls by more than 40%, repayment is reduced one-for-one with the index loss and all principal can be lost.
The aggregate face amount is $1,801,000, issued at 100% of face with net proceeds of 99.2% after a 0.8% underwriting discount. The estimated value on the trade date is approximately $952 per $1,000 face amount, reflecting structuring costs and dealer compensation, and secondary market prices may be lower and influenced by Goldman Sachs’ credit risk and market factors.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, no-interest notes linked to three underliers: the Nasdaq-100 Technology Sector Index, the S&P 500® Index and the Energy Select Sector SPDR® Fund. The notes have an aggregate face amount of $1,977,000, a trade date of November 21, 2025 and a stated maturity of November 30, 2027, subject to early automatic call.
The notes may be automatically called on call observation dates starting November 23, 2026 if each underlier is at least 90% of its initial level (11,840.45 for the Nasdaq-100 Technology Sector Index, 6,602.99 for the S&P 500® Index and $89.42 for XLE). If called, investors receive $1,000 plus a call premium of 16% or 24% depending on the call date.
If not called, the maturity payoff per $1,000 depends on the lesser performing underlier. Investors receive $1,320 if all final levels are at least 90% of initial; $1,000 if all are at least 70% but any is below 90%; and otherwise $1,000 plus the lesser performing underlier return times $1,000, which can reduce repayment below 70% of face, including total loss. The maturity upside is capped at a 32% gain, investors forgo dividends, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is approximately $967 per $1,000 face amount.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,308,000 of index-linked Medium-Term Notes, Series F. These notes pay a contingent quarterly coupon of $22.125 per $1,000 face amount (2.2125% quarterly, up to 8.85% per year) only if the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index are each at or above 70% of their initial levels on the relevant observation date.
The notes can be automatically called on specified dates if all three indexes are at or above their initial levels, returning $1,000 per note plus any due coupon, which can significantly shorten the investment term. If the notes are not called, principal repayment at maturity in 2031 depends on the worst-performing index. If the lowest index finishes below 70% of its initial level, repayment is reduced one-for-one with that decline, and investors can lose their entire investment.
The notes are unsecured obligations exposed to the credit risk of GS Finance Corp. and its parent, have an estimated value below the 100% issue price due to fees and expenses, are not listed on any exchange and may have limited secondary market liquidity. The tax treatment is complex and uncertain, and coupon payments are expected to be taxed as ordinary income.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term, index-linked notes with an aggregate face amount of $25,186,000 tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes can be automatically called each year if the index closes at or above a rising call level; in that case, holders receive $1,000 per note plus a call premium (starting at 7.70% in 2026 and stepping up annually).
If the notes are never called, the cash paid at maturity in 2032 depends on index performance: for a positive index return, investors receive $1,000 plus 100% of the index gain; for a flat or negative index return, they receive only the $1,000 face amount. The notes pay no periodic interest, and the estimated value on the trade date is $892 per $1,000 face amount, below the original issue price, reflecting fees and hedging costs.
The underlying index is a rules-based, daily rebalanced strategy that allocates among equity, bond, commodity and cash exposures, applying 5% volatility control, a momentum risk control overlay and a 0.65% annual deduction, which can keep a large portion of the index in low- or zero-return cash positions. Key risks include issuer and guarantor credit risk, potential illiquidity, capped returns upon early call, complex index methodology, tax treatment as a contingent payment debt instrument and the possibility of earning no return beyond principal repayment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon notes linked to the S&P 500® Index and maturing on January 2, 2031. The notes can pay a quarterly coupon of at least $16.5 per $1,000 face amount (at least 1.65% per quarter, with the potential for up to at least 6.60% per year) if on each observation date the index is at or above 70% of its initial level; otherwise, no coupon is paid for that quarter.
At maturity, if the notes have not been redeemed and the S&P 500® is at or above 70% of its initial level, investors receive back the full $1,000 per note. If the index finishes below 70%, repayment is reduced one-for-one with the index decline, so investors can lose up to 100% of their principal. The issuer may redeem the notes at par plus any due coupon on quarterly dates from January 2027 through October 2030, which can shorten the investment term.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $721,000 of leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, maturing on November 27, 2028. The notes pay no interest; all value comes from the index performance between the initial level of 539.99 and the final level on the determination date.
If the index return is zero or positive, holders receive their principal plus 118% of the index gain. If the index is down but not by more than 21.5%, investors gain the absolute value of the loss (a buffer-with-reversal feature). If the index falls more than 21.5%, principal is reduced by the decline beyond that buffer, so a substantial loss of principal is possible.
The original issue price is 100% of face, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The estimated value at pricing is about $979 per $1,000, reflecting fees and hedging costs. Payments depend on the credit of GS Finance Corp. and its guarantor, and there may be limited or no secondary market. The filing also highlights complex tax treatment and potential future tax law changes affecting returns.