Goldman Sachs Group Inc SEC Filings

GS Finance Corp. filed a 424(b)(2) pricing supplement for callable contingent income notes linked to the iShares Bitcoin Trust ETF. The notes mature on October 31, 2030 and may be redeemed at 100% of face value plus any due coupon on any payment date from April 2026 through July 2030.

Holders receive a $34.125 quarterly coupon per $1,000 face amount (3.4125% per quarter; up to 13.65% per year) only if the ETF’s closing level on the observation date is at or above 60% of the initial level. The initial ETF level is $64.49. At maturity, if the ETF return is ≥ -40%, investors receive $1,000 plus the final coupon; otherwise payment equals $1,000 plus $1,000 times the ETF return, with no final coupon, which can result in a substantial loss.

The estimated value is approximately $881 per $1,000 face amount. Original issue price is 100% of face, with a 4.3% underwriting discount and 95.7% net proceeds. Aggregate face amount on the original issue date is $260,000, with potential for additional sales.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,496,000 of Callable Buffered notes linked to the S&P 500 Futures Excess Return Index under a Rule 424(b)(2) prospectus. The notes pay no interest and mature on October 31, 2030, unless redeemed earlier at $1,000 plus a call premium on specified monthly call dates.

Returns at maturity depend on index performance from the October 28, 2025 trade date to the October 17, 2030 determination date. If the final index level is at or above the initial level of 564.91, the payoff equals $1,000 plus 1.6x the index return. If the final level is below the initial but at or above 80%, the payoff adds the absolute index return. Below 80%, losses apply after a 20% buffer, and you could lose a substantial portion of principal.

The estimated value is approximately $935 per $1,000 face amount. The original issue price is 100% of face, with a 4.125% underwriting discount and 95.875% net proceeds to the issuer. The notes are not FDIC insured and will not be listed.

GS Finance Corp. priced 0% coupon, auto-callable notes linked to the Goldman Sachs Momentum Builder Focus ER Index, with an aggregate face amount of $25,676,000 at 100% of face. The underwriting discount is 4.375%, resulting in net proceeds of 95.625%.

The notes may be automatically called if the index closes at or above 101% of the initial level of 110.44 on annual observation dates, paying $1,000 plus a fixed call return that steps up from 7.25% (2026) to 43.5% (2031). If not called, the notes mature on October 29, 2032, paying $1,000 plus 100% of any positive index return, or $1,000 if the index return is zero or negative.

The index uses daily rebalancing with a 5% volatility control and a momentum risk control overlay; returns are calculated on an excess-return basis and reduced by a 0.65% per annum deduction. The estimated value is approximately $899 per $1,000 face amount, reflecting fees and model assumptions. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering two separate series of leveraged buffered index-linked notes tied to either the S&P 500 Index or the Russell 2000 Index. The notes pay no interest and return at maturity depends on index performance from the expected trade date of November 21, 2025 to the determination date, expected May 22, 2028, with maturity expected May 25, 2028.

Each note offers a 200% participation rate in upside to a cap and a 10% buffer against declines (buffer level 90% of the initial level). For each $1,000 face amount, the maximum settlement amount is at least $1,204 for the S&P 500 note (cap level at least 110.2% of the initial level) and at least $1,265 for the Russell 2000 note (cap level at least 113.25%). If the final level is between the initial and the buffer level, repayment of $1,000 applies; below the buffer, losses equal the index return plus the 10% buffer amount. The preliminary estimated value is $925–$965 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp. filed a preliminary 424(b)(2) for callable Nasdaq‑100 Index‑linked notes guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest and are expected to mature on December 2, 2030, unless redeemed earlier. If not called, holders receive for each $1,000: $1,000 plus 100% of the index return if the final index level exceeds the initial level; otherwise $1,000.

The issuer may redeem the notes on scheduled monthly call payment dates at 100% of face plus $1,000 times the applicable call premium amount (set on the trade date). The call premium schedule begins at “at least 7.0008%” on December 1, 2026 and steps up over time. Key dates are expected to be: trade date November 25, 2025 and original issue date December 1, 2025. The estimated value at pricing is $885–$935 per $1,000, reflecting model-based valuation and fees. Payments are subject to the credit risk of GS Finance Corp. and the guarantor, and the notes are expected to be treated as contingent payment debt instruments for U.S. tax purposes.

Goldman Sachs (GS), via GS Finance Corp., is offering $2,385,000 of Trigger Autocallable Contingent Yield Notes due 2027, linked to the common stock of SLB N.V. The notes pay a quarterly contingent coupon of $0.33375 per $10 (13.35% per annum) only if SLB’s closing price on the observation date is at or above the coupon barrier set at 70% of the $36.16 initial price. Beginning in January 2026, the notes will be automatically called if SLB closes at or above the initial price on any observation date, returning face value plus the coupon, with no further payments.

If not called, and SLB’s final price on April 27, 2027 is at or above the downside threshold (also 70% of the initial price), holders receive face value plus the final coupon. If the final price is below the downside threshold, repayment is reduced one-for-one with SLB’s decline, and the final coupon is not paid, up to total loss of principal. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc. The estimated value at pricing is approximately $9.75 per $10. Key dates: trade October 27, 2025; issue October 30, 2025; maturity April 30, 2027. Underwriting discount is 1.5% and net proceeds are 98.5% of face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of the S&P 500, Russell 2000, and EURO STOXX 50. The notes pay a contingent coupon only when each index closes at or above a 75% coupon barrier on the observation date. The contingent coupon is between $0.23 and $0.2425 per $10 quarterly (up to 9.20%–9.70% per annum).

Beginning in April 2026, the notes are automatically called if each index is at or above its initial level on an observation date; investors then receive the $10 face amount plus the due coupon, and the notes terminate. If not called, and on the determination date each index is at or above its 75% downside threshold, holders receive $10 plus the final coupon. If any index is below its threshold, repayment is reduced one-for-one with the lesser performing index’s decline, and the final coupon is not paid, which can result in a total loss.

The offering lists an estimated value of $9.50–$9.80 per $10 at pricing. Pricing economics show a 2.25% underwriting discount and 97.75% net proceeds to the issuer. Key dates: trade Oct 29, 2025, issue Oct 31, 2025, determination Oct 30, 2028, maturity Nov 2, 2028. Payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, filed a preliminary prospectus supplement for autocallable, no‑interest notes linked to an equally weighted basket of five stocks: Advanced Micro Devices, AppLovin, Astera Labs, Robinhood Markets, and Vertiv. The basket starts at an initial level of 100 with each stock at a 20% weight and initial weighted value of 20.

The notes may be automatically called on scheduled observation dates beginning on November 9, 2026 if the basket level is at or above its initial level, paying $1,000 plus the applicable call premium per $1,000 face amount. If not called, at maturity (expected November 15, 2030) investors receive: (i) $1,000 plus 100% of any positive basket return; (ii) $1,000 if the basket decline is within the 50% trigger buffer; or (iii) $1,000 plus the basket return if the decline exceeds 50%, which can result in substantial loss.

The estimated value at pricing is expected between $850 and $890 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The schedule lists call premiums for each call payment date through 2030.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500 Index-linked notes maturing in 2028. These notes do not pay interest and repay at least the face amount at maturity.

The maturity payment is tied to the S&P 500’s performance from the trade date to the determination date. If the index rises, your return matches the index return up to a maximum settlement amount of $1,197.50 per $1,000. If the index is flat or down, you receive $1,000 per $1,000 face amount.

Key dates include a trade date of November 25, 2025, original issue date of December 1, 2025, determination date of November 27, 2028, and stated maturity of November 30, 2028 (each subject to adjustment). The notes are part of Goldman’s Medium‑Term Notes, Series F program, will not be listed on an exchange, and are subject to the credit risk of the issuer and guarantor.