GOLDMAN SACHS S&P ENHNCD 424B Filings

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Goldman Sachs Momentum Builder Focus ER Index, with an aggregate face amount of $4,865,000. The notes have a trade date of July 17, 2026, original issue date of July 22, 2026, and stated maturity of July 22, 2033, subject to earlier automatic call.

The notes may be automatically called on annual call observation dates if the index closing level is at least 101.25% of the initial index level of 113.23, paying for each $1,000 face amount $1,000 plus a fixed call premium (from 10.45% in 2027 up to 62.70% in 2032). If never called, at maturity investors receive for each $1,000: $1,000 plus 100% upside on any positive index return, or $1,000 if the index return is zero or negative, subject to issuer and guarantor credit risk.

The notes pay no periodic interest and are linked to a complex, daily rebalanced index that applies a 5% volatility control, momentum risk control and an annual deduction of 0.65%, with potentially large allocations to hypothetical cash positions. The original issue price is 100% of face amount, with a 4.375% underwriting discount and 95.625% net proceeds to the issuer. The issuer’s estimated value on the trade date is $897 per $1,000, below the issue price, with a disclosed additional amount of $59.25 amortizing to zero by October 16, 2026. For U.S. tax purposes, the notes are treated as contingent payment debt instruments with a comparable yield of 5.26% per annum and ordinary-income treatment.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $7,946,000 of Medium-Term Notes, Series F, linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a contingent monthly coupon of $10.834 per $1,000 (1.0834% monthly, up to ~13.00% per year) only if on each observation date all three underliers are at or above their coupon trigger level of 70% of the initial level.

At maturity on January 21, 2028, if not previously redeemed, investors receive for each $1,000 face amount: (i) $1,000 if every underlier is at or above its 70% trigger buffer level; or (ii) $1,000 + ($1,000 × lesser performing underlier return) if any underlier is below 70%, fully exposing principal to the downside of the worst index. The issuer may redeem the notes at par plus any due coupon on any coupon payment date from October 2026 through December 2027.

The original issue price is 100% of face amount, with an underwriting discount of 0.725% and net proceeds of 99.275% to the issuer. Investors face credit risk of GS Finance Corp. and the guarantor, potential loss of their entire investment, uncertain secondary market value, and uncertain U.S. tax treatment, including possible withholding for non-U.S. holders.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $6,109,000 of Contingent Income Auto-Callable Securities due July 20, 2028, linked to the worst performing of the S&P 500®, Russell 2000® and Nasdaq-100 Index®. These principal-at-risk notes may be automatically called quarterly from October 19, 2026 if each index is at or above its initial level, paying back principal plus the coupon, after which no further payments are made.

For each $1,000 note, investors receive a $23.00 contingent quarterly coupon only when all three indexes are at or above their respective downside threshold levels, set at 65% of initial index values. If held to maturity and not called, investors receive $1,000 plus the final coupon if all indexes remain at or above their downside thresholds; otherwise, repayment is reduced 1-to-1 with the decline of the worst-performing index and can fall to $0. The notes do not participate in any index upside and carry the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value is approximately $982 per $1,000 security, versus a 100% original issue price.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term notes linked to the Class A common stock of Palantir Technologies Inc. The aggregate face amount is $167,000, issued at 100% of face with a 0.55% underwriting discount, resulting in 99.45% net proceeds to the issuer.

For each $1,000 note at maturity, investors receive a cash amount based on Palantir’s performance from the July 17, 2026 trade date to the October 18, 2027 determination date. If the final underlier level exceeds the initial level of $132.38, the payoff equals $1,000 plus the underlier return, capped at a maximum settlement amount of $1,581.50. If the final level is between the initial level and the 75% buffer level (a 25% buffer), investors receive $1,000. Below the buffer level, principal is reduced dollar-for-dollar with the underlier’s decline below the buffer, and investors can lose a substantial portion of principal; hypothetical scenarios show outcomes as low as 25.000% of face.

The notes do not bear interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange. Investors have no rights in Palantir shares, no dividends, and no voting rights. Market value may be influenced by underlier performance, volatility, interest rates, and perceived creditworthiness. The tax treatment is uncertain; Sidley Austin LLP opines it is reasonable to treat the notes as a pre-paid derivative contract, with capital gain or loss on sale or maturity, subject to potential IRS challenge and FATCA and section 871(m) considerations.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering EURO STOXX 50® Index-linked notes with an aggregate face amount of $5,720,000 under its Medium-Term Notes, Series F program. The notes have a trade date of July 17, 2026 and mature on July 22, 2031, with the cash payment at maturity based on the index level on the determination date.

The notes offer a 166.1% upside participation rate in any positive index return. Principal is protected only down to a trigger buffer level at 60% of the initial index level; below this, investors lose 1% of principal for each 1% further index decline and can lose their entire investment. The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange. The original issue price is 100% of face amount, with a 3% underwriting discount plus up to 0.7% structuring fee, and the estimated value at pricing is less than the issue price.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked buffered notes with an aggregate face amount of $9,845,000. For each $1,000 note, payment at maturity depends on S&P 500® performance between the trade date and the determination date.

If the final index level is at or above the buffer level of 90% of the initial level (buffer amount 10%), holders receive the maximum settlement amount of $1,090.50, capping upside. If the final level is below the buffer level, the payoff declines by about 1.1111% of face per 1% drop below the buffer, and investors can lose their entire principal.

The notes pay no interest and are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. Secondary market value may be volatile and can be significantly below face, and there may be limited or no market-making. Tax treatment is uncertain; the issuer intends to treat the notes as pre-paid derivative contracts, and FATCA and section 871(m) considerations may apply.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of 12 technology and defense stocks. The notes pay no interest and have a face amount of $1,000 per note, maturing on July 20, 2029, unless automatically called on July 22, 2027.

The initial basket level is 100, with a 70% trigger buffer level and a 150% upside participation rate. If the basket level on the call observation date is at or above 100, the notes are redeemed for $1,197.5 per $1,000. If not called, maturity payment depends on basket performance: enhanced gains if the basket return is positive, a positive “absolute” return when the basket is flat to down 30%, and full downside exposure beyond that, potentially reducing repayment to less than 70% of face value.

The initial estimated value is about $925 per $1,000, reflecting structuring and distribution costs. Investors bear the credit risk of GS Finance Corp. and the guarantor, receive no dividends from the basket stocks, and are exposed to complex market disruption and anti-dilution adjustment provisions administered by Goldman Sachs & Co. LLC as calculation agent.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1,601,000 aggregate face amount of EURO STOXX 50®-linked auto-callable notes under its Medium-Term Notes, Series F program. The notes are issued at 100% of face amount, pay no interest, and are unsecured obligations subject to the credit risk of both the issuer and guarantor.

Each note has a $1,000 face amount, an initial underlier level of 6,230.87 on the EURO STOXX 50® Index, an upside participation rate of 150%, and a trigger buffer level at 80% of the initial underlier level. If on July 26, 2027 the index closing level is at or above the initial level, the notes are automatically called and pay $1,191.50 per $1,000 on July 29, 2027, capping return regardless of further index gains.

If not called, at maturity on July 20, 2029 investors receive: (i) $1,000 plus 150% of any positive index return if the final level exceeds the initial level; (ii) $1,000 if the final level is between 80% and 100% of the initial level; or (iii) $1,000 plus the full underlier return if the final level is below 80%, which can result in up to a 100% loss of principal. The economic terms reflect underwriting discounts, including a structuring fee of up to 0.65%, and the estimated value on the trade date is less than the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,043,000 face amount of Microsoft-linked structured notes under its medium-term note program. The notes pay no interest and are unsecured obligations of the issuer, ranking pari passu with its other senior debt.

The notes may be automatically called on July 30, 2027 if Microsoft’s stock closes at or above the initial price of $393.82, paying $1,211 per $1,000 face amount on August 4, 2027. If not called, the July 20, 2028 maturity payment depends on Microsoft’s stock performance: if the final price is at or above the initial price, investors receive the greater of $1,422 or full upside at a 100% participation rate. A 15% downside buffer protects principal down to 85% of the initial price; below that level, losses increase at about 117.65% of further declines, and investors could lose their entire investment.

The original issue price is 100% of face amount, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer. The estimated value on the trade date is approximately $976 per $1,000, reflecting dealer compensation, hedging and model assumptions. The notes are not bank deposits, are not FDIC insured, and expose holders to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, index-linked notes due July 22, 2033 with an initial aggregate face amount of $818,000. The notes pay no interest and return at least 100% of face value at maturity if not earlier called, subject to issuer and guarantor credit risk.

Returns depend on the Goldman Sachs Momentum Builder® Focus ER Index, measured from the July 17, 2026 trade date to the July 19, 2033 determination date. If the index is at least 101% of the initial level of 113.23 on any annual call observation date from 2027–2032, the notes are automatically redeemed at face plus a fixed call return (from 9.35% to 56.1%).

If not called and the final index level is at least 101% of the initial level, investors receive a capped maturity payoff of $1,654.5 per $1,000 face amount, reflecting a 65.45% maximum gain; otherwise they receive $1,000. The estimated value at pricing is approximately $899 per $1,000, below the issue price, reflecting fees, hedging and structuring costs. The complex underlying index uses daily rebalancing, volatility and momentum controls, and a 0.65% per annum deduction, and can allocate heavily to cash-like positions, which may limit index and note returns.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose payoff is tied to an equally weighted basket of six alternative asset manager stocks: Apollo Global Management, Ares Management, Blackstone, The Carlyle Group, KKR and TPG. Each stock initially has a weighting of approximately 16.667% and the initial basket level is 100.

The notes pay no interest and mature in about 13 to 15 months. At maturity, investors receive $1,000 plus the basket performance, with 300% upside participation when the basket rises, but gains are capped at a maximum settlement amount expected between $1,380.4 and $1,446.1 per $1,000, corresponding to a cap level expected between 112.68% and 114.87% of the initial basket level. If the basket falls, the payoff declines one-for-one with the basket return, down to a potential loss of the entire principal.

The notes are unsecured obligations of GS Finance Corp. and are subject to the credit risk of both the issuer and the guarantor. The estimated value at pricing is expected between $900 and $930 per $1,000 face amount, below the original issue price, reflecting underwriting discounts, hedging costs and issuer economics. Investors forgo dividends on the underlying stocks, have limited anti-dilution protection, and may face limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,130,000 of Autocallable Contingent Coupon Index-Linked Notes due January 22, 2029, linked to the Russell 2000®, S&P 500® and Nasdaq‑100 Index®. The notes may be automatically called on quarterly observation dates from October 2026 through October 2028 if each index is at or above its initial level (2,962.217 for Russell 2000®, 7,457.69 for S&P 500®, 28,592.66 for Nasdaq‑100®). When outstanding, they pay a contingent coupon of $31.875 per $1,000 (3.1875% quarterly, up to 12.75% per year) only if on every trading day in the quarter each index stays at or above 70% of its initial level; otherwise no coupon is paid for that period.

At maturity, if not called, investors receive $1,000 per note plus any final coupon if the final level of each index is at least 60% of its initial level. If any index is below 60%, repayment is reduced one‑for‑one with the loss of the lesser performing index, potentially down to zero, and no final coupon is paid. The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc. The original issue price is 100% of face amount, with an underwriting discount of 0.45% and net proceeds of 99.55% to the issuer. The estimated value at pricing is approximately $997 per $1,000, reflecting issuer pricing models and credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing structured notes linked to an equally weighted basket of 12 technology and defense stocks. The notes have an initial basket level of 100, a face amount of $3.95 million at issuance, and mature on July 20, 2029, unless automatically called on July 19, 2027.

If on the call observation date the basket level is at least 100, the notes are automatically redeemed for $1,146 per $1,000 face amount. If not called, the maturity payment depends on the basket return: positive returns are amplified by a 150% upside participation rate; returns between 0% and -30% provide a positive payoff equal to the absolute decline; returns below -30% cause a loss matching the negative basket return, with potential loss of most or all principal. The structure includes a 70% trigger buffer level, extensive anti-dilution and market-disruption mechanics, and exposes investors to the credit risk of GS Finance Corp. and its guarantor. The estimated value is approximately $903 per $1,000 at pricing, below the 100% issue price, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering up to $540,000 face amount of unsecured structured notes linked to the common stock of Oracle, Meta Platforms Class A and Alphabet Class A. The notes pay contingent monthly coupons of $16.667 per $1,000 face amount (1.6667% monthly, up to ~20% per year) only when the closing price of each index stock on an observation date is at least 60% of its initial price. The notes can be automatically called beginning in October 2026 if, on a call observation date, each stock is at or above its initial price; in that case investors receive $1,000 per note plus the due coupon and no further payments. If not called, the notes mature on January 21, 2028. Principal protection depends on a 50% trigger buffer: if on the final observation date each stock is above 50% of its initial price, investors receive full face amount (and possibly the final coupon); if any stock is below 50%, repayment is reduced one-for-one with the worst-performing stock, potentially down to zero. The issuer discloses an estimated value of $964 per $1,000 at pricing, below the 100% issue price, and highlights credit risk of both GS Finance Corp. and the guarantor.

GS Finance Corp. is offering $500,000 face amount of unsecured structured notes linked to three ETFs: iShares Expanded Tech-Software Sector ETF, State Street Energy Select Sector SPDR ETF and VanEck Gold Miners ETF. The notes pay contingent monthly coupons and may be automatically called before their July 24, 2029 maturity.

Coupons of $13.334 per $1,000 (1.3334% monthly, up to ~16% per year) accrue only when, on an observation date, each ETF is at or above 60% of its initial level. The notes are automatically called starting January 2027 if all ETFs are at or above their initial levels of $92.80 (IGV), $57.68 (XLE) and $71.32 (GDX), returning face amount plus the applicable coupon.

If not called, principal repayment depends solely on the worst-performing ETF. If each ETF’s final level is at least 60% of its initial level, investors receive $1,000 plus the final coupon. If any ETF finishes below 60%, repayment is reduced in proportion to the worst ETF’s loss, with potential to lose up to 100% of principal and receive no coupon. The notes’ estimated value at pricing is $969 per $1,000, below the issue price, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor, The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the common stock of Salesforce, Inc. The notes have an aggregate face amount of $147,000, a face amount of $1,000 per note, and do not bear interest.

At maturity on October 21, 2027, holders receive a cash amount based on Salesforce’s performance from the July 17, 2026 trade date. If the final underlier level is above the initial level of $170.77, the return equals the underlier return but is capped at a maximum settlement amount of $1,390.50 per note. If the final level is between the initial level and the buffer level of 75% of the initial level, investors receive the full face amount. Below the buffer level, principal is reduced 1% for each 1% decline below the buffer, with potential for substantial loss of principal.

The original issue price is 100% of face, with a 0.55% underwriting discount, yielding 99.45% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any securities exchange. The filing highlights structural, market, liquidity, and tax risks, and notes that the estimated value at pricing is less than the original issue price.

GS Finance Corp. is offering Buffered Digital S&P 500® Index-Linked Notes due October 13, 2027, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return depends solely on the S&P 500® Index level on the determination date, expected October 8, 2027.

For each $1,000 face amount, investors receive: the maximum upside settlement amount of $1,072.5 if the index return is greater than or equal to -7.25%; an amount equal to $1,000 plus the absolute index loss if the index return is between -7.25% and -20%; and a loss beyond a 20% buffer if the index return is below -20%, calculated as $1,000 plus $1,000 × (index return + 20%. Upside is capped at $1,072.5 regardless of how high the index rises.

The structure includes a 92.75% threshold level, an 80% buffer level and a 20% buffer amount. The estimated value at pricing is expected to be $925–$965 per $1,000, below issue price, and payments are subject to the credit risk of GS Finance Corp. and the guarantor. The notes are treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring accrual of ordinary income over their term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, index-linked notes due July 22, 2032 with an aggregate face amount of $5,266,000. The notes pay no interest and are linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, a leveraged, rules-based index targeting 40% volatility with up to 500% exposure and a 6.0% per annum daily decrement.

The notes may be automatically called quarterly from July 2027 onward if the index is at least 90% of the initial level of 495.82, paying $1,000 plus a call premium (starting at 23.0004% and rising over time) per $1,000 face amount. If not called and the final index level on July 19, 2032 is at least 90% of the initial level, investors receive the maximum settlement amount of $2,380.024 per $1,000 (a maturity date premium of 138.0024%).

Principal is protected only down to a 60% trigger buffer: if the index falls by more than 40%, repayment falls one-for-one with the index, and investors can lose their entire investment. The estimated value at pricing is about $955 per $1,000, below the 100% issue price, reflecting dealer compensation and structuring costs. Returns also depend on GS Finance Corp. and Goldman Sachs credit.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $207,000 face amount of unsecured, index-linked notes tied to a Class A subordinate voting share of Shopify Inc. The notes pay no interest and mature on October 21, 2027, with payoff based solely on Shopify’s stock performance between July 17, 2026 and October 18, 2027.

For each $1,000 note, investors receive: full principal plus stock-linked upside at a 100% participation rate if the stock rises, but capped at a maximum settlement amount of $1,586.5 (a 58.65% maximum gain). If the stock falls up to 25%, principal is protected via a buffer price at 75% of the initial $123.56. Below that buffer, losses match the stock’s decline beyond 25%, so investors can lose a substantial portion of principal.

The initial issue price is 100% of face amount, with a 0.55% underwriting discount and 99.45% net proceeds to the issuer. Goldman Sachs estimates the initial economic value at about $982 per $1,000, below the issue price, reflecting fees and hedging costs. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and complex provisions address market disruption events, anti-dilution adjustments, and potential reorganization of the underlying stock.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $503,000 face amount of leveraged callable notes due July 22, 2031, linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and may be redeemed monthly at the issuer’s option at 100% of face plus a scheduled call premium that starts at 14.0004% in 2027 and steps up over time.

If not called, the maturity payoff per $1,000 depends on index performance from July 17, 2026 to July 17, 2031. If the final index level is at or above the initial 596.71, the return equals 2.3× the index gain. If the final level is between 60% and 100% of the initial, investors receive the absolute index return as a positive gain. Below 60% of the initial level, losses match the index decline, and investors can lose up to their entire principal.

The notes are unsecured obligations of GS Finance Corp. and subject to the credit risk of both the issuer and guarantor. The estimated value on the trade date is approximately $933 per $1,000 face amount, below the 100% issue price, reflecting structuring costs, underwriting discount and dealer margins, and may affect secondary market values.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $2,000,000 aggregate face amount of structured notes linked to the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. The notes pay a contingent monthly coupon of $11.125 per $1,000 face amount (1.1125% monthly, up to 13.35% per annum) only if on each observation date the closing level of every index is at or above 70% of its initial level.

The notes feature an automatic call: if on any call observation date all three indexes are at or above their initial levels, investors receive $1,000 per note plus the coupon and the notes terminate early. At maturity on January 21, 2028, if not previously called, investors receive $1,000 per note only if the final level of every index is at or above 70% of its initial level; otherwise, repayment is reduced in line with the return of the worst-performing index, and principal can be lost in full.

The initial index levels are 52,146.42 (DJIA), 28,592.66 (Nasdaq-100) and 2,962.217 (Russell 2000). The notes are issued at 100% of face amount, with a 0.4% underwriting discount and 99.6% net proceeds to the issuer. Investors face the credit risk of GS Finance Corp. and its parent, potential illiquidity, sensitivity to market and interest rate changes, no equityholder rights in the underlying indexes, and uncertain U.S. tax treatment.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering trigger buffered notes linked to the common stock of International Business Machines Corporation. The aggregate face amount is $450,000, with each note having a $1,000 face amount and an original issue price of 100% of face.

The notes pay no interest. At maturity on January 21, 2028, investors receive a cash amount based on IBM’s stock performance from the initial underlier level of $219.05 set on July 16, 2026. If the final underlier level is at or above the trigger buffer level of 70% of the initial level, the payoff is capped at the maximum settlement amount of $1,350 per $1,000 note. If the final level is below the trigger buffer, investors are exposed one-for-one to the full decline from the initial level and can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is lower than the issue price due to underwriting discounts, selling commissions and structuring costs, and secondary market prices may be substantially below face value. The notes will not be listed, and any market making by Goldman Sachs & Co. LLC may be discontinued at any time.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable Medium-Term Notes, Series F, with an aggregate face amount of $1,396,000. The notes are linked to the Goldman Sachs Momentum Builder Focus ER Index, a rules-based, volatility- and momentum-controlled index calculated on an excess return basis over the federal funds rate, reduced by a 0.65% per annum deduction.

The notes pay no interest. If on any annual call observation date the index closing level is at or above the applicable call level (starting at 100.50% of the initial index level and rising to 103.50%), the notes are automatically redeemed at face value plus a fixed call premium (from 11.30% to 79.10% of face). If never called, at maturity in 2034 investors receive: face amount plus 100% of any positive index return, or face amount only if the index ends at or below its initial level.

The initial index level is 113.23. The issue price is 100% of face, with a 4.5% underwriting discount, and the issuer’s estimated value on the trade date is $890 per $1,000. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor and are treated as contingent payment debt instruments for U.S. tax purposes, using a comparable yield of 5.3303% and a projected payment at maturity of $1,532.28 per $1,000.

GS Finance Corp. is offering $4,376,000 of Medium-Term Notes, Series F, equity index-linked securities guaranteed by The Goldman Sachs Group, Inc. The notes are auto-callable and linked to a weighted basket of five indices: EURO STOXX 50® (40%), Nikkei 225 (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%).

Each security has a $1,000 face amount, original issue price of $1,000 and an estimated value of about $950 at pricing. If on July 22, 2027 the basket closing level is at or above the 100 starting level, the notes are automatically called for $1,000 plus a 12.15% call premium ($1,121.50). If not called, at July 20, 2029 maturity investors participate at a 125% upside participation rate in basket gains; if the basket is flat to down but not below the 75% threshold level, they receive principal back; below that threshold, principal is lost 1-for-1, up to a total loss.

The notes pay no interest or dividends, have no exchange listing and are intended to be held to maturity. All payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor. Underwriting discount is 2.575% per note, with net proceeds of $974.25 per $1,000.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $5,973,000 of callable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes have a trade date of July 17, 2026 and a stated maturity of July 22, 2033, unless automatically called earlier.

The notes pay no interest. If not called, investors receive at least the $1,000 face amount per note at maturity; if the index finishes above its initial level of 113.23, they receive 100% upside participation on the index return. The notes may be automatically called on specified annual dates if the index meets rising call levels, paying face value plus a fixed call premium (from 16.40% on the first call date up to 98.40% on the last). The index uses daily rebalancing, a 5% volatility control and a momentum risk control overlay, and is reduced by a 0.65% per annum deduction. The issuer’s estimated value is $892 per $1,000, below the issue price, and the notes are treated as contingent payment debt instruments for U.S. federal income tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $7,432,000 of Contingent Coupon Autocallable Notes linked to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the VanEck Semiconductor ETF. The notes pay a contingent monthly coupon of $17.084 per $1,000 (about 1.7084%, or up to approximately 20.5% per annum) only if on each observation date every underlier is at or above its coupon trigger level, set at 60% of its initial level. The same 60% level acts as a trigger buffer at maturity.

The notes may be automatically called on any call observation date starting January 19, 2027 if all underliers are at or above their initial levels, returning $1,000 per note plus the due coupon. If not called, and on the July 17, 2031 determination date any underlier finishes below its 60% trigger buffer, principal is reduced one-for-one with the worst underlier’s return, and investors can lose their entire investment. Payment obligations are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is lower than the 100% issue price, and the notes involve structural, market, concentration, foreign market, currency, liquidity and uncertain tax risks, including possible application of constructive ownership rules and FATCA.

GS Finance Corp. is offering $1,069,000 of Medium-Term Notes, Series F, guaranteed by The Goldman Sachs Group, Inc., linked to an unequally weighted basket of five equity indices. Each security has a $1,000 face amount, matures on January 22, 2029, and pays no interest.

At maturity, investors receive $1,000 plus 100% of any basket gain, capped at a 47.40% maximum return (up to $1,474 per security). If the basket falls by up to the 15.00% buffer, investors earn a positive “contingent absolute” return up to 15%. Below the 85% threshold, losses match declines beyond the buffer, with up to 85.00% of principal at risk.

The basket weights are EURO STOXX 50 (40%), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The estimated value is approximately $959 per $1,000 face, below the offering price, reflecting fees and structuring costs. The notes are unsecured, subject to issuer and guarantor credit risk, and are not listed on any exchange.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., offers $500,000 of market-linked notes tied to the MSCI EAFE Index, the S&P 500 Index and the VanEck Gold Miners ETF. The notes pay a contingent monthly coupon of $16.917 per $1,000 (1.6917%, up to about 20.3% per year) only if on each observation date every underlier is at or above 70% of its initial level. The notes are automatically called at par plus the due coupon if on any call observation date all underliers are at or above their initial levels. If the notes are not called, at maturity investors receive par only if every underlier’s final level is at or above its 70% trigger buffer; otherwise, repayment is reduced in line with the “lesser performing” underlier and can fall to zero, resulting in a total loss of principal. Payments depend on the credit of GS Finance Corp. and its parent, and the estimated economic value of the notes at pricing is lower than the 100% issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $870,000 of Medium-Term Notes, Series F linked to the EURO STOXX 50® Index. The notes pay no interest and may be automatically called on July 29, 2027 if the index on the July 26, 2027 observation date is at or above the initial level of 6,230.87, in which case investors receive $1,155 per $1,000 face amount.

If not called, the July 20, 2029 maturity payment depends on index performance with a 150% upside participation rate and a 20% trigger buffer. Above the initial level, investors receive $1,000 plus 150% of the index gain; between 80% and 100% of the initial level, they receive $1,000; below 80%, principal is lost one-for-one with the index and investors could lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, carry an underwriting discount of 2% (including up to 0.65% structuring fee), are not listed on any exchange, and their estimated value at pricing is less than the issue price. U.S. tax treatment is uncertain and the issuer intends to treat the notes as pre-paid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $320,000 aggregate face amount of Medium-Term Notes, Series F, whose return is linked to the common stock of AeroVironment, Inc. (AVAV).

At maturity, for each $1,000 note, investors receive: (i) if the stock’s final level is above its $142.20 initial level, 200% of the stock’s gain, capped at a maximum settlement amount of $3,460; (ii) if the final level is between 60% and 100% of the initial level, the $1,000 face amount; or (iii) if the final level is below 60% of the initial level, a loss matching the full underlier decline, down to possible 100% loss of principal. The notes pay no interest, do not confer shareholder rights in AVAV, are unsecured obligations of GS Finance Corp., and are subject to the credit risk of both the issuer and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F that are market-linked to SoFi Technologies, Inc. common stock and due August 2, 2029. Each $1,000 security pays a quarterly contingent coupon of at least $76.25 (at least 30.50% per annum) only if SoFi’s stock closing price on the relevant calculation day is at or above 60% of the starting price; missed coupons may be paid later under a memory feature. From January 2027 through April 2029, the notes are auto-callable at face value plus the applicable coupon and any unpaid coupons if SoFi’s stock closes at or above the starting price on a call date. If not called, principal repayment depends on the final stock price: investors receive $1,000 only if the final price is at or above 60% of the starting price; otherwise they suffer a 1-for-1 loss below the starting price, potentially losing their entire investment. Investors do not participate in stock upside or dividends, and all payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity-Linked Notes due 2029 linked to the common stock of NVIDIA Corporation. The notes are part of Goldman’s Medium-Term Notes, Series F program and will be issued in $1,000 face amounts.

Investors receive a contingent quarterly coupon only if NVIDIA’s closing level on the relevant observation date is at or above the coupon trigger level, set at 50% of the initial underlier level. The same 50% level serves as the trigger buffer level for principal at maturity. If the notes are not automatically called and the final NVIDIA level is below this buffer, repayment of principal is reduced one-for-one with the underlier return, potentially to zero.

The notes may be automatically called on designated observation dates if NVIDIA’s level is at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon, ending the investment early. The offering disclosure highlights that the original issue price will exceed the model-based estimated value, that secondary market prices may be lower, that investors are exposed to the credit risk of GS Finance Corp. and its guarantor, and that the U.S. federal income tax treatment is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable EURO STOXX 50® Index-linked notes due 2028 under its Medium-Term Notes, Series F program. The notes pay no interest and are unsecured obligations subject to the credit risk of both the issuer and guarantor.

The notes may be automatically called on August 11, 2027 if the EURO STOXX 50® closing level on August 6, 2027 is at or above the initial level; in that case, investors receive at least $1,143 per $1,000 of face amount and the term ends early. If not called, the July 27, 2028 maturity payment depends on index performance, with a 125% upside participation rate above the initial level and a 15% buffer (protection down to 85% of the initial level).

If at maturity the index is below the 85% buffer level, principal is reduced using a buffer rate of about 117.65%, and investors can lose up to their entire investment. The notes’ initial estimated value is less than the 100% issue price, and secondary market values may be further reduced by dealer spreads, commissions and market factors, including interest rates, index volatility and credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no-interest, unsecured notes linked to an equally weighted basket of 5 large-cap tech-related stocks (Intuit, Meta Platforms Class A, Microsoft, Palantir Class A, Salesforce). The notes are expected to be issued on July 27, 2026 and mature on July 25, 2031, unless earlier redeemed at the issuer’s option on monthly call payment dates starting July 27, 2027 at 100% of face plus a scheduled call premium.

The notes provide 200% upside participation in the basket: at maturity, if the basket has risen, investors receive $1,000 plus 2 times the positive basket return. Principal is protected only down to a 50% decline in the basket (the trigger buffer level). If the basket is down by more than 50%, repayment is reduced 1-for-1 with the basket loss, and investors can lose their entire investment. The estimated value on the trade date is between $885 and $925 per $1,000 face amount, reflecting fees and hedging costs. Payments depend entirely on the credit of GS Finance Corp. and its guarantor and do not include dividends on the basket stocks.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1,660,000 aggregate face amount of structured notes linked to the MSCI EAFE Index. The notes provide 1.5x upside exposure to index gains, with returns capped at a maximum settlement amount of $1,219 per $1,000 note.

The notes have a 10% downside buffer: if the index falls by 10% or less, investors receive full principal; below the 90% buffer level, principal losses match index declines past the buffer and can be substantial. The notes pay no interest, mature on November 22, 2027, and are subject to the credit risk of GS Finance Corp. and the guarantor. Pricing models imply an initial estimated value below the issue price, secondary market liquidity is not assured, and investors face additional risks from foreign equity markets, currency movements and uncertain tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to an equally weighted basket of 8 large-cap stocks, each with a 12.5% weight and initial basket level of 100. The notes are expected to trade on July 21, 2026, be issued on July 24, 2026, and mature on August 6, 2027, unless automatically called beginning in November 2026 when the basket is at or above its initial level.

Quarterly coupons are contingent: if the basket is at or above 75% of the initial level on an observation date, holders receive a cumulative step coupon based on $25.4 per $1,000 per observation date, net of prior coupons; otherwise the coupon is zero. Principal is protected only by a 25% buffer: if the final basket level is at or above 75% of the initial level, investors receive $1,000 per note plus any final coupon; below that, repayment is reduced using a buffer rate of approximately 133.33%, and losses can reach the full investment. The estimated value at pricing is expected to be $900–$930 per $1,000 face amount, reflecting fees, costs and issuer funding economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable S&P 500 Index-linked notes due 2028 under its medium-term note program. The notes pay no interest and all payments depend on the S&P 500 Index level and the issuer’s and guarantor’s credit.

The notes may be automatically called on August 6, 2027 if the S&P 500 closing level is at or above the initial level, paying $1,100 per $1,000 face amount on August 11, 2027. If not called, at maturity in July 2028 investors receive $1,000 plus a leveraged return with at least 200% upside participation when the index finishes above the initial level, $1,000 if the index is between 90% and 100% of the initial level, and a buffered loss below 90% using a buffer rate of about 111.11%. Investors can lose their entire investment, the estimated value at pricing is less than the 100% issue price, the notes are not listed, may have limited liquidity, bear no dividends or voting rights in index stocks, and carry tax and credit risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $18,071,000 of index-linked notes tied to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The notes pay a contingent monthly coupon of $8.459 per $1,000 (0.8459% monthly, approximately 10.15% per annum) only if on each observation date every underlier is at or above 65% of its initial level. The notes are automatically called on specified quarterly call dates if all underliers are at or above their initial levels, returning $1,000 per note plus any due coupon.

At maturity on July 20, 2028, if not previously called, investors receive $1,000 per note only if each final underlier level is at or above its 65% trigger buffer level; otherwise payment is $1,000 × the lesser performing underlier return, which can result in a total loss of principal. Investors face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and may receive no coupons over the life of the notes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $8,024,000 of Contingent Income Auto-Callable Securities linked to the common stock of Citigroup Inc., maturing on July 20, 2029.

Investors receive a $26.25 contingent quarterly coupon per $1,000 only if Citigroup’s closing price on a coupon observation date is at or above the downside threshold price of $84.084 (65% of the $129.36 initial share price). If on any call observation date the stock closes at or above the initial share price, the notes are automatically called for $1,000 plus the coupon then due, and no further payments are made.

If the notes are not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon. If the final share price is below the downside threshold, repayment of principal is reduced one-for-one with the stock decline, potentially to $0. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value is approximately $969 per $1,000, below the issue price, and there may be limited or no secondary market. Tax treatment is uncertain and may change adversely.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the VanEck Semiconductor ETF (SMH), each with a $1,000 face amount. The notes pay no interest and are scheduled to mature on July 29, 2030, unless automatically called starting in August 2027 if the ETF closes at or above 90% of its initial level on a call observation date, triggering repayment of principal plus the applicable call premium.

If the notes are not called, the maturity payment depends on SMH’s level on the determination date. If the final level is at least 90% of the initial level, holders receive a capped maximum of $1,860 per $1,000. If the final level is between 60% and 90%, holders receive only the $1,000 face amount. Below the 60% trigger buffer, principal is reduced one-for-one with the ETF loss, and investors can lose their entire investment. The notes’ estimated initial value is $905–$945 per $1,000, below the issue price, and secondary-market values may be further affected by issuer/guarantor credit, ETF volatility, and various structural and tax factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 4% Decrement Index (USD) ER. The initial underlier level is 849.36 on July 17, 2026, and the notes mature on July 22, 2032, unless automatically called earlier.

For each $1,000 face amount, investors may receive a fixed monthly coupon of $15.542 (1.5542% per month, up to about 18.65% per year) on any coupon observation date when the index is at least 70% of the initial level. The notes are automatically called on quarterly call observation dates if the index is at or above the initial level, in which case investors receive $1,000 plus the applicable coupon.

If the notes are not called, principal repayment at maturity depends on the final index level. A 50% trigger buffer protects principal only down to 50% of the initial level; below that, repayment falls one-for-one with the index, and investors can lose their entire investment. The index itself is highly complex, uses up to 500% leverage, targets 40% volatility, and applies a 4% per annum decrement that drags performance. The estimated value is approximately $958 per $1,000 at pricing, reflecting fees, hedging and model assumptions, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked structured notes tied to an equally weighted basket of six large-cap stocks: Alphabet, Broadcom, Coherent, Eaton, RTX and Vistra. The initial basket level is 100, with each stock weighted at approximately 16.667%.

The notes pay no interest and may be automatically called on July 30, 2027 if the basket is at or above the initial level, returning $1,211.5 per $1,000 face amount on August 4, 2027. If not called, at maturity on July 20, 2028 investors receive leveraged upside at a 150% participation rate when the basket is above the initial level, full principal repayment when the basket decline is within a 20% buffer (down to a basket level of 80), and amplified downside via a 125% buffer rate for losses beyond that.

The estimated value at pricing is about $952 per $1,000 face amount, versus a 100% issue price, reflecting underwriting and structuring costs. The aggregate initial face amount is $4,292,000, with an underwriting discount of 1.5% and net proceeds of 98.5% of face. Investors are exposed to the credit risk of GS Finance Corp. and the guarantor, lack of dividends, complex market disruption and anti-dilution provisions, and the possibility of substantial or total loss of principal.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $17,320,000 of Contingent Income Auto-Callable Securities linked to the common stock of NVIDIA Corporation. Each security has a $1,000 principal amount, prices on July 17, 2026, and matures on July 20, 2029, unless automatically called.

The initial NVIDIA share price is $202.81, with a downside threshold of $101.405 (50.00% of the initial price). On each coupon observation date, investors receive a contingent quarterly coupon that accrues at $25.875 per observation per $1,000, but only if NVIDIA’s closing price is at or above the downside threshold; otherwise, the coupon is zero.

If on any call observation date the NVIDIA price is at or above the initial share price, the notes are automatically called, paying $1,000 plus the then-due contingent coupon and no further amounts. At maturity, if not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final contingent coupon; if below the threshold, repayment is $1,000 × (final price / initial price), exposing investors to significant principal loss, potentially to zero. The estimated value is $966 per $1,000 security, below the original issue price.

GS Finance Corp. is offering $2,067,000 of Callable Nasdaq-100 Technology Sector Index-Linked Notes due July 20, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are issued in $1,000 denominations at 100% of face amount, with a 3.25% underwriting discount and 96.75% net proceeds to the issuer.

From July 2027 through June 2029, GS may redeem the notes at 100% of face plus a call premium (rising from 15.75% to 45.9375%). If not called, the payoff at maturity depends on the Nasdaq-100 Technology Sector Index. Above the initial level of 16,403.53, investors receive 1.5 times the index gain; between 85% and 100% of the initial level, they receive principal only; below 85%, losses track index declines beyond a 15% buffer, and investors can lose most of their investment.

The estimated value is approximately $943 per $1,000 note on the trade date, reflecting structuring and distribution costs. Payments are subject to the credit risk of GS Finance Corp. and the guarantor, and the notes are characterized for U.S. tax purposes as pre-paid derivative contracts, with complex and uncertain tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $18,848,000 of Contingent Income Auto-Callable Securities linked to Microsoft Corporation common stock, in $1,000 denominations, maturing on July 20, 2029 unless called earlier.

The notes pay a contingent quarterly coupon only if Microsoft’s closing price on each observation date is at or above the downside threshold price of $295.365 (75% of the $393.82 initial share price). If on any call observation date the stock closes at or above the initial share price, the notes are automatically called for $1,000 plus the coupon then due, and no further payments are made.

If the notes are not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final contingent coupon; if it is below, repayment is reduced 1-for-1 with the share performance factor and can fall to zero. Investors do not participate in any upside above par, bear full principal-at-risk exposure to Microsoft’s share price below the threshold, face the unsecured credit risk of GS Finance Corp. and its guarantor, and the estimated value is approximately $968 per $1,000 security, below the issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due August 12, 2027, linked to the common stock of Marvell Technology, Inc. The notes are issued under Goldman’s Medium-Term Notes, Series F program.

Holders receive a contingent quarterly coupon only if the Marvell stock closing level on each observation date is at least 50% of the initial underlier level. The notes are automatically called if, on any call observation date, the underlier closes at or above its initial level, returning principal plus the due coupon.

At maturity, if the notes have not been called and the final underlier level is at or above the 50% buffer level, investors receive 100% of face value plus any final coupon. If the final level is below the buffer, principal loss is calculated using a 200% buffer rate, and investors can lose their entire investment. Investors have no equity, dividend or voting rights in Marvell, face credit risk of GS Finance Corp. and the guarantor, may receive no coupons, and could experience limited liquidity and market values below the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $810,000 aggregate face amount of Leveraged Buffered Basket-Linked Notes due July 20, 2028. The notes pay no interest and return at maturity depends on a weighted equity basket: S&P 500 (35%), Russell 2000 (20%), EURO STOXX 50 (15%), Nasdaq-100 (15%) and MSCI Emerging Markets (15%).

The initial basket level is 100. Investors receive 200% of any positive basket return, capped by a cap level of 113.5% and a maximum settlement of $1,270 per $1,000. A 10% buffer protects principal down to a basket decline of 10%; below that, losses are linear via basket return plus 10%, so principal loss can be substantial. The estimated value at pricing is $980 per $1,000, below the 100% issue price, and payments are subject to the unsecured credit of GS Finance Corp. and its guarantor. For U.S. tax purposes, holders agree to treat the notes as a pre-paid derivative contract on the basket.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes with an aggregate face amount of $1,219,000. The notes pay no interest, may be automatically called quarterly from January 2027 if the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER closes at least 105% of the 495.82 initial level, and in that case pay $1,000 plus a specified call premium per $1,000 face amount.

If not called, the notes mature on July 22, 2032. At maturity, holders receive the face amount if the final index level is at least 60% of the initial level; above 105% they receive a capped maximum of $3,235 per $1,000, and below 60% they are fully exposed to index losses and could lose the entire investment. The underlier uses a 40% volatility target with leverage up to 500% and a 6.0% per annum daily decrement, which drags performance and can magnify declines. The estimated value is about $957 per $1,000, below the 100% issue price, reflecting structuring costs and dealer margin. Payments depend on GS Finance Corp. and Goldman Sachs credit.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the VanEck Gold Miners ETF (GDX), maturing in 2028. The notes pay no interest and repayment of principal depends entirely on the ETF’s performance and the issuer’s and guarantor’s credit.

The notes may be automatically called on August 6, 2027 if GDX’s closing level is at or above the initial level, in which case investors receive at least $1,250.50 per $1,000 of face amount on August 11, 2027 and the investment ends early. If not called, at maturity in July 2028 investors get: upside participation of 150% of any price increase; full principal back if the final level is between 80% and 100% of the initial level; or a leveraged loss if GDX falls below the 80% buffer level, with losses increasing at a 125% rate and potentially reaching a total loss of principal.

Key risks include: no interest payments; possible loss of the entire investment; secondary market and pricing uncertainty; exposure to the concentration and volatility of gold and silver mining companies and foreign/emerging markets; currency effects within the ETF; the credit risk of GS Finance Corp. and its parent; and uncertain U.S. tax treatment, including potential application of constructive ownership rules.