Goldman Sachs Group Inc SEC Filings

Goldman Sachs (GS), via GS Finance Corp., filed a preliminary pricing supplement for index-linked notes tied to the Russell 2000 and S&P 500. The notes do not pay interest and repay based on the lesser performing index from the trade date (expected November 21, 2025) to the determination date (expected November 21, 2028), with maturity expected on November 27, 2028.

At maturity, each $1,000 note pays: (i) the lesser performing index return if both indexes are flat or up, capped at a maximum settlement amount of at least $1,540; (ii) the absolute value of the lesser return if any index is down but both remain at or above 85% of initial (a 15% buffer); or (iii) a loss equal to the lesser return plus 15% if any index finishes below 85% of its initial level. Upside participation is 100% up to a cap level of at least 154% of initial. The estimated value is expected between $925 and $965 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor), and there may be limited or no secondary market.

GS Finance Corp. filed a preliminary pricing supplement for Autocallable Contingent Coupon Equity‑Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of Broadcom (AVGO), NVIDIA (NVDA) and Oracle (ORCL). They pay a contingent quarterly coupon only if the closing level of each underlier is at or above its coupon trigger level, set at 70% of the initial level for each name.

The notes are subject to an automatic call on scheduled dates if each underlier is at or above its initial level; if called, investors receive $1,000 per note plus any coupon then due. If not called, payment at maturity depends solely on the lesser performing underlier. If that underlier finishes below its 70% trigger buffer level, principal is reduced one-for-one with the lesser performer’s return, and investors could lose their entire investment. The calculation agent is Goldman Sachs & Co. LLC.

Original issue price is 100% of face amount, the underwriting discount is 2%, and net proceeds to the issuer are 98%. Key dates include trade date November 6, 2025, original issue date November 12, 2025, and stated maturity date November 9, 2028.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable monthly coupon notes linked to Vistra, NVIDIA, Meta Platforms Class A, and UnitedHealth Group. The notes are expected to mature on November 29, 2030, unless automatically called on monthly observation dates from November 2026 to October 2030 if each stock closes at or above 95% of its initial price.

On each monthly observation date (the 21st, from December 2025 to November 2030), if each stock is at or above 75% of its initial price, the note pays a maximum coupon of $6.667 per $1,000 face amount; otherwise it pays a minimum coupon of $0.209. At maturity, holders receive $1,000 per $1,000 face amount plus the final coupon.

The estimated value at pricing is expected between $850 and $890 per $1,000 face amount. The notes are unsecured obligations of GS Finance Corp., subject to the credit risk of both the issuer and the guarantor, and will not be listed on any exchange.

GS Finance Corp. (GS) launched a primary offering of S&P 500-linked notes with an aggregate face amount of $625,000. The notes pay no interest and the payment at maturity depends on the S&P 500 Index level on the determination date versus the initial level of 6,840.20. If the index rises, holders earn 200% of the underlier return, capped at a maximum settlement amount of $1,166 per $1,000. If the index is flat to down but no lower than 90% of the initial level (a 10% buffer), investors receive the $1,000 face amount. Below the 90% buffer level, losses match the decline beyond the buffer at a 1:1 rate.

Key dates are trade on October 31, 2025, issue on November 5, 2025, determination on November 1, 2027, and maturity on November 4, 2027, each subject to adjustment. The underwriting discount is 2.25% of face amount, with net proceeds of 97.75% to the issuer. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., will not be listed, and are subject to the credit risk of the issuer and guarantor.

Goldman Sachs (GS) filed a preliminary 424B2 for GS Finance Corp.’s leveraged S&P 500 Index‑Linked Notes due 2028, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The notes offer 300% upside participation in the S&P 500 return, capped at a maximum settlement amount of $1,275.10 per $1,000 face amount. Principal is protected only to a 25% trigger buffer (trigger level 75% of the initial index). If the final index level falls more than 25% below the initial level, repayment is reduced one‑for‑one and investors could lose their entire investment. The notes do not bear interest and pay cash at maturity based on index performance measured from the trade date to the determination date.

Key dates include trade date November 4, 2025, original issue date November 7, 2025, determination date November 6, 2028, and stated maturity November 9, 2028, each subject to adjustment. Pricing terms indicate an underwriting discount of 2% and net proceeds of 98% of face amount. Credit risk of the issuer and guarantor, secondary market liquidity, and tax treatment uncertainties apply.

Goldman Sachs (GS) is offering GS Finance Corp. autocallable notes linked to the Goldman Sachs Momentum Builder Focus ER Index, due in 2032 and guaranteed by The Goldman Sachs Group, Inc. The notes can be automatically called each year if the index closes at or above rising call levels, with preset premiums. If not called, at maturity you receive $1,000 plus 100% upside participation in any positive index return; if the index is flat or lower, you receive the $1,000 face amount, subject to issuer and guarantor credit risk.

Key terms include annual call levels of 101% to 106% of the initial index level with corresponding call premiums of 10.35%, 20.70%, 31.05%, 41.40%, 51.75% and 62.10%. The estimated value on the trade date is $850 to $880 per $1,000, below the original issue price. The underlying index applies a 0.65% per annum deduction and may allocate heavily to cash positions due to 5% volatility control and momentum risk controls, which can mute performance. The notes pay no interest, and market value can be affected by rates, index volatility and the credit profile of the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., announced preliminary terms for auto-callable contingent coupon notes linked to the State Street SPDR S&P Bank ETF (KBE) and the VanEck Semiconductor ETF (SMH). The notes offer a $7.667 monthly coupon per $1,000 (0.7667%) if the closing level of each ETF is at least 75% of its initial level on the relevant observation date.

The notes may be automatically called on monthly observation dates commencing in May 2026 if each ETF is at least 95% of its initial level, returning face amount plus the then‑due coupon. If not called, they mature on the expected August 21, 2028 determination/maturity cycle, with downside tied to the lesser‑performing ETF and a 20% buffer. If any ETF is below 75% at maturity, principal is reduced based on that ETF’s decline and no final coupon is paid. The estimated value on the trade date is expected between $900 and $930 per $1,000, and all payments are subject to the issuer and guarantor’s credit risk.

Goldman Sachs (GS), via GS Finance Corp., filed a preliminary 424B2 for Autocallable Index‑Linked Notes due 2030 guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Russell 2000 and EURO STOXX 50 and do not bear interest. The notes may be automatically called monthly 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.

If not called, payment at maturity depends on the lesser performing index. A trigger buffer level is set at 75% of the initial level for each index. If both final index levels are at or above their initial levels, holders receive $1,000 plus the maturity date premium amount of 52.752%. If any index finishes below its initial level but at or above its trigger buffer, holders receive $1,000. If any index finishes below its trigger buffer, repayment is reduced by the lesser performing index return, and investors could lose their entire investment.

Key dates include trade date November 12, 2025, original issue date November 17, 2025, determination date November 12, 2030, and stated maturity date November 19, 2030. Call premiums step up from 5.2752% on the first call payment date to 51.8728% near maturity. The notes will not be listed, and valuation is subject to issuer and guarantor credit risk.

The Goldman Sachs Group, Inc. filed a preliminary pricing supplement for Fixed Rate Notes due 2035 under its Medium‑Term Notes, Series N program. The notes pay a fixed 4.55% per annum, with interest paid each year on November 13, commencing November 13, 2026, until the stated maturity on November 13, 2035.

The notes are issued in $1,000 denominations (and integral multiples thereof), will not be listed on any exchange, and are issued in book‑entry form through DTC. The issuer cannot redeem the notes prior to maturity. The calculation agent is Goldman Sachs & Co. LLC, and interest uses the 30/360 (ISDA) day count with a following unadjusted business day convention. Both full and covenant defeasance are available.

Goldman Sachs & Co. LLC acts as underwriter and may make a market after the initial sale; this constitutes a FINRA Rule 5121 conflict of interest. The supplement includes FATCA tax treatment and standard EEA/UK/Hong Kong/Singapore/Japan/Switzerland selling restrictions.