GOLDMAN SACHS GROUP INC (GS) SEC Filings, Jul 23, 2026

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering underlier-linked notes due 2028 tied to the S&P 500 Index and the iShares^® MSCI EAFE ETF. For each $1,000 note, investors receive at maturity either principal only or a capped equity-linked payoff.

If the final level of each underlier exceeds its initial level, the payment equals $1,000 plus $1,000 times the lesser performing underlier return, capped at a maximum settlement amount of $1,221 (122.1% of face). If any underlier finishes at or below its initial level, investors receive only the $1,000 face amount, with no upside. The notes pay no periodic interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and may trade below face value before maturity. U.S. tax treatment follows the contingent payment debt instrument rules, requiring accrual of ordinary income over the term even though cash is paid only at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the Russell 2000® Index and the S&P 500® Index. The notes do not bear interest and are expected to mature on September 6, 2028, with the trade date expected to be August 31, 2026.

At maturity, for each $1,000 face amount, holders receive a cash amount based on the lesser performing index. Upside participation is 100%, but returns are capped at a maximum settlement amount of $1,317.5 (a 31.75% cap), corresponding to a cap level of 131.75% of each index’s initial level. If the lesser performer is flat or down, investors receive the greater of the minimum settlement amount of $950 (a maximum 5% loss of face amount) or $1,000 plus $1,000 times the lesser index return; losses can reach 5% of face value.

The notes’ estimated value at pricing is expected to be $925–$965 per $1,000, below the 100% issue price, reflecting fees and hedging costs. Market value will be driven by index levels, volatility, rates and the credit of GS Finance Corp. and its guarantor. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income over the term and ordinary income treatment on gain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2028 linked to the common stock of Palo Alto Networks, Inc. The notes are part of GS Finance Corp.’s Medium-Term Notes, Series F program.

Each note has a $1,000 face amount and is issued at 100% of face, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer. Investors receive a contingent quarterly coupon: on each coupon payment date, a coupon is paid only if the underlier’s closing level on the related observation date is at or above a coupon trigger level of 50% of the initial underlier level$48.125 multiplied by the number of observation dates elapsed, minus coupons already paid.

The notes are subject to an automatic call feature: if on any call observation date the underlier closes at or above its initial level, the notes are redeemed at $1,000 per note plus the coupon then due. If not called, at maturity on February 3, 2028, investors receive $1,000 per note if the final underlier level is at or above the trigger buffer level of 50% of the initial level; otherwise they receive $1,000 plus $1,000 times the underlier return, exposing them to up to a 100% loss of principal. Upside is capped at return of principal plus coupons.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, may have limited liquidity, and have an estimated value on the trade date that is less than the original issue price. U.S. federal income tax treatment is uncertain, with counsel treating the notes as income-bearing pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked notes tied to the Class A common stock of Coinbase Global, Inc. The securities pay a quarterly contingent coupon of at least $70 per $1,000 (at least 28% per annum) only if the stock closing price on each calculation day is at or above 50% of the starting price. From October 2026 to April 2029, the notes are auto-callable if the stock closes at or above 90% of the starting price, returning face amount plus the applicable coupon.

If not called, principal is protected at maturity only if the final stock price is at or above the 50% downside threshold. Otherwise, repayment is reduced in proportion to the stock’s decline, with the potential loss of the entire $1,000 face amount. Investors do not participate in any stock upside or dividends, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated initial fair value is $890–$920 per $1,000, below the $1,000 offering price, reflecting fees and hedging costs.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering index-linked Medium-Term Notes, Series F, due February 25, 2028. The notes are linked to the Dow Jones Industrial Average and the S&P 500 Index and do not bear interest.

At maturity, for each $1,000 face amount, holders receive cash based on the lesser performing underlier. If both final index levels exceed their initial levels, the payoff equals $1,000 plus $1,000 times the lesser underlier return, capped at a maximum settlement amount of at least $1,144. If any index ends at or below its initial level, investors receive only the $1,000 face amount, with no upside.

The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, and their estimated value at pricing will be lower than the original issue price due to dealer compensation and structuring costs. For U.S. tax purposes, they are treated as contingent payment debt instruments, requiring accrual of taxable income over the term even though no cash is paid until maturity.

GS Finance Corp. is offering Leveraged Callable Dow Jones Industrial Average®-Linked Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return at least the $1,000 face amount at maturity, subject to issuer credit risk.

If held to maturity and not called, investors receive $1,000 plus a leveraged upside payment when the Dow Jones Industrial Average® rises, with an upside participation rate of at least 105% applied to the index return; if the index return is zero or negative, only $1,000 is paid.

GS Finance Corp. may redeem the notes quarterly from August 2027 to May 2031 at $1,000 plus a fixed call premium ranging from 10% to 47.5%. The notes are offered at 100% of face, with a 2.5% underwriting discount and 97.5% net proceeds to the issuer. The estimated value on the trade date is $885–$915 per $1,000, and the notes are treated as contingent payment debt instruments for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal at risk Contingent Income Auto-Callable Securities linked to Alphabet Inc. Class A common stock, maturing on or about August 3, 2029. These unsecured notes may be automatically called on quarterly call observation dates if Alphabet’s stock closes at or above the initial share price, in which case investors receive the $1,000 principal per security plus the contingent coupon then due, with no further payments.

On each coupon observation date, if the stock closes at or above the downside threshold price of 65.00% of the initial share price, investors receive a contingent quarterly coupon with a memory feature, initially at least $26.25 per $1,000 times the number of elapsed observation dates minus coupons already paid. If the final share price is below the downside threshold, the maturity payment is $1,000 multiplied by the share performance factor, and investors can lose a significant portion or all of their principal while not benefiting from any stock appreciation.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk notes linked to three underliers: the S&P 500 Index, the iShares Expanded Tech-Software Sector ETF and the State Street Utilities Select Sector SPDR ETF. The notes are issued at 100% of face amount, in $1,000 denominations, bear no interest and are expected to mature on August 5, 2031, unless automatically called.

The notes may be automatically redeemed on the expected November 2, 2026 call observation date if each underlier is at least 90% of its initial level, paying a fixed $1,100 per $1,000 on the call payment date. If not called, the maturity payment depends on the lesser performing underlier: full principal plus 100% of its positive return if all underliers finish above initial levels; return of principal only if all are at or above a 70% buffer level; and leveraged downside (about 1.4286% loss per 1% decline below 70%) if any underlier finishes below 70%, with the possibility of losing the entire investment.

The issuer expects the initial estimated value to be $885–$925 per $1,000, below the issue price, reflecting dealer compensation, structuring fees and hedging costs. Payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor, and the notes are characterized for U.S. tax purposes as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers Autocallable Contingent Coupon Index-Linked Notes due 2032 linked to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The notes are part of the Medium-Term Notes, Series F program.

The notes pay a contingent quarterly coupon of $25.375 per $1,000 (2.5375% quarterly, up to 10.15% per annum) only if on each observation date all three indices are at or above 75% of their initial level. The same 75% level also serves as the trigger buffer level for principal at maturity. If the notes are not automatically called and any index finishes below its trigger buffer level on the determination date, repayment of principal is reduced one-for-one with the return of the lesser performing underlier, down to a total loss.

An automatic call feature can redeem the notes early at par plus the due coupon if, starting in 2027, all indices are at or above their initial levels on a call observation date. Investors have no upside participation beyond par, no equity ownership rights, and are fully exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated economic value will be lower than the issue price due to underwriting discounts, structuring fees and other costs.