Goldman Sachs offers capped Microsoft-linked notes

Q: What are the key terms of GSCE’s Microsoft-linked notes in this 424B2?

The notes have a $157,000 aggregate face amount, are linked to Microsoft stock, offer a 25% buffer against moderate declines, cap upside at a $1,261 maximum settlement per $1,000 note, and pay no interest before maturity.

Q: How is the maturity payment on GSCE’s notes tied to Microsoft’s stock?

At maturity, each $1,000 note pays $1,000 plus the underlier return if positive, capped at $1,261. If Microsoft’s final level is between 75% and 100% of $393.82, payment is $1,000; below 75%, principal is reduced.

Q: What downside protection and risk do GSCE investors have in these notes?

The notes include a buffer level at 75% of the initial Microsoft price, so investors receive full principal if the final level stays above that. If it falls below 75%, losses increase linearly, potentially reducing the payment to as low as 25% of face amount.

Q: Do GSCE’s Microsoft-linked notes pay interest or dividends?

The notes do not bear interest and pay no coupons. Investors also receive no dividends or other shareholder rights from Microsoft stock; all value is realized only through the cash settlement at maturity.

Q: What are the main risks highlighted for GSCE’s structured notes?

Key risks include credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., potential loss of a substantial portion of principal if Microsoft falls below the buffer, a cap on upside at 126.1% of face, uncertain tax treatment, and limited or no secondary market liquidity.

Q: How are GSCE’s notes treated for U.S. federal income tax purposes?

Counsel advises treating the notes as a pre-paid derivative contract on Microsoft stock, with capital gain or loss on sale or maturity. However, the tax consequences are uncertain, and the IRS could assert a different characterization, affecting timing and character of income.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F linked to the common stock of Microsoft Corporation.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

424B2

Rhea-AI Filing Summary

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F linked to the common stock of Microsoft Corporation. The aggregate face amount is $157,000, with an original issue price of 100% of face amount and an underwriting discount of 0.55%.

For each $1,000 note, investors receive at maturity: (i) $1,000 plus the Microsoft stock return if positive, capped at a maximum settlement amount of $1,261; (ii) $1,000 if the final stock level is between 75% and 100% of the initial level; or (iii) a reduced amount if the final level is below the 75% buffer level, resulting in potential loss of principal. The notes do not bear interest and expose holders to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

The initial underlier level is $393.82, with trade date July 17, 2026, original issue date July 22, 2026, determination date October 18, 2027, and stated maturity date October 21, 2027, each subject to adjustment. Tax treatment is uncertain; counsel views the notes as a pre-paid derivative contract in respect of Microsoft stock.

Filing Explained

The filing schedules a debt issuance, not a completed one, and discloses an estimated value below issue price with no assured secondary-market support.

This pricing supplement schedules delivery against payment of the notes on July 22, 2026; it does not establish that delivery or issuance has already occurred.

If delivered, the notes would create senior debt obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., with repayment linked to Microsoft’s common stock rather than ownership of that stock.

The filing states that the notes’ estimated value when their terms were set was below their original issue price, attributing the difference to items including the underwriting discount, commissions, and offering expenses.

Noteholders receive cash and no voting, dividend, or other shareholder rights in Microsoft.

The notes will not be exchange-listed; although GS&Co. says it intends to make a market, it is not obligated to do so, leaving secondary-market availability unresolved.

Key Figures

Aggregate face amount: $157,000 Face amount per note: $1,000 Maximum settlement amount: $1,261 +5 more

8 metrics

Aggregate face amount $157,000 Total face amount of Microsoft-linked Medium-Term Notes, Series F

Face amount per note $1,000 Base denomination used to define cash settlement amount and examples

Maximum settlement amount $1,261 Cap on maturity payment per $1,000 note (126.1% of face amount)

Buffer amount 25% Loss protection until Microsoft’s final level falls below 75% of initial level

Buffer level 75% of initial underlier level Threshold below which principal losses begin at maturity

Initial underlier level $393.82 Intra-day or closing Microsoft stock level on the July 17, 2026 trade date

Underwriting discount 0.55% of face amount Dealer compensation; net proceeds are 99.45% of face amount

Hypothetical worst-case payout 25.000% of face amount Illustrative cash settlement if final Microsoft level is 0% of initial

Key Terms

buffer level, maximum settlement amount, market disruption event, pre-paid derivative contract, +2 more

6 terms

buffer level financial

"Buffer level: 75% of the initial underlier level"

maximum settlement amount financial

"Maximum settlement amount: $1,261"

market disruption event financial

"Neither a market disruption event nor a non-trading day occurs"

pre-paid derivative contract financial

"characterize each note for all tax purposes as a pre-paid derivative contract"

Foreign Account Tax Compliance Act (FATCA) regulatory

"Foreign Account Tax Compliance Act (FATCA) withholding will generally apply"

conflict of interest regulatory

"will have a “conflict of interest” in this offering of notes"

Offering Details

shelf

Offering

Offering Type shelf

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the key terms of GSCE’s Microsoft-linked notes in this 424B2?

The notes have a $157,000 aggregate face amount, are linked to Microsoft stock, offer a 25% buffer against moderate declines, cap upside at a $1,261 maximum settlement per $1,000 note, and pay no interest before maturity.

How is the maturity payment on GSCE’s notes tied to Microsoft’s stock?

At maturity, each $1,000 note pays $1,000 plus the underlier return if positive, capped at $1,261. If Microsoft’s final level is between 75% and 100% of $393.82, payment is $1,000; below 75%, principal is reduced.

What downside protection and risk do GSCE investors have in these notes?

The notes include a buffer level at 75% of the initial Microsoft price, so investors receive full principal if the final level stays above that. If it falls below 75%, losses increase linearly, potentially reducing the payment to as low as 25% of face amount.

Do GSCE’s Microsoft-linked notes pay interest or dividends?

The notes do not bear interest and pay no coupons. Investors also receive no dividends or other shareholder rights from Microsoft stock; all value is realized only through the cash settlement at maturity.

What are the main risks highlighted for GSCE’s structured notes?

Key risks include credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., potential loss of a substantial portion of principal if Microsoft falls below the buffer, a cap on upside at 126.1% of face, uncertain tax treatment, and limited or no secondary market liquidity.

How are GSCE’s notes treated for U.S. federal income tax purposes?

Counsel advises treating the notes as a pre-paid derivative contract on Microsoft stock, with capital gain or loss on sale or maturity. However, the tax consequences are uncertain, and the IRS could assert a different characterization, affecting timing and character of income.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/21/2026 - 04:39 PM

     Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-284538

     
     GS Finance Corp.
$157,000
Buffered Equity-Linked Notes due 2027
guaranteed by
The Goldman Sachs Group, Inc.

Payment at Maturity: The amount that you will be paid on your notes on the stated maturity date is based on the performance of the underlier as measured from the trade date to and including the determination date.

     •If the final underlier level on the determination date is greater than the initial underlier level, the return on your notes will be positive and will equal the underlier return, subject to the maximum settlement amount.

    

     •If the final underlier level is  equal to or less than the initial underlier level, but not by more than the buffer amount, you will receive the face amount of your notes.

    

     •If the final underlier level is less than the initial underlier level by more than the buffer amount, the return on your notes will be negative and you will lose 1% of the face amount of your notes for every 1% that the final underlier level has declined below the buffer level. You could lose a significant portion of the face amount of your notes.

    

     Interest: The notes do not bear interest.

    

You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-5.


Key Terms
Company (Issuer) / Guarantor:	GS Finance Corp. / The Goldman Sachs Group, Inc.
Aggregate face amount:	$157,000
Cash settlement amount:	On the stated maturity date, the company will pay, for each $1,000 face amount of the notes, an amount in cash equal to:
	• if the final underlier level is greater than the initial underlier level: $1,000 + ($1,000 × the underlier return), subject to the maximum settlement amount;
	• if the final underlier level is equal to or less than the initial underlier level, but greater than or equal to the buffer level: $1,000; or
	• if the final underlier level is less than the buffer level: $1,000 + ($1,000 × the buffer rate × (the underlier return + the buffer amount))
Underlier:	the common stock of Microsoft Corporation (current Bloomberg ticker: “MSFT UW”)
Maximum settlement amount:	$1,261
Buffer level:	75% of the initial underlier level
Buffer amount:	25%
Buffer rate:	100%
Trade date:	July 17, 2026
Original issue date:	July 22, 2026
Determination date:	October 18, 2027*
Stated maturity date:	October 21, 2027*
Initial underlier level:	$393.82, which is an intra-day level or the closing level of the underlier on the trade date
Final underlier level:	the closing level of the underlier on the determination date*
Underlier return:	(the final underlier level - the initial underlier level) ÷ the initial underlier level
Calculation agent:	Goldman Sachs & Co. LLC (“GS&Co.”)
CUSIP / ISIN:	40054XNJ3 / US40054XNJ36

* subject to adjustment as described in the accompanying general terms supplement


Our estimated value of the notes on trade date / Additional amount / Additional amount end date:	$986 per $1,000 face amount, which is less than the original issue price. The additional amount is $14 and the additional amount end date is November 16, 2026. See “The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original Issue Price Of Your Notes.”


Original issue price	Underwriting discount	Net proceeds to the issuer
100% of the face amount	0.55% of the face amount	99.45% of the face amount

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

     Goldman Sachs & Co. LLC

    

Pricing Supplement No. 25,923 dated July 17, 2026.

     The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay for such notes.

    

     GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making transaction.

    

     About Your Prospectus

    

     The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listed below, does not set forth all of the terms of your notes and therefore should be read in conjunction with such documents:

    

     •General terms supplement no. 17,745 dated January 20, 2026

    

     •Prospectus supplement dated February 14, 2025

    

     •Prospectus dated February 14, 2025

    

     The information in this pricing supplement supersedes any conflicting information in the documents listed above. In addition, some of the terms or features described in the listed documents may not apply to your notes. 

    

     We have not authorized anyone to provide any information or to make any representations other than those contained in or incorporated by reference in this pricing supplement and the accompanying documents listed above. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. This pricing supplement and the accompanying documents listed above are an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this pricing supplement and the accompanying documents listed above is current only as of the respective dates of such documents. 

    

     We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of the offered notes has the terms described below. Please note that in this pricing supplement, references to “GS Finance Corp.”, “we”, “our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to “The Goldman Sachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. The notes will be issued under the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February 20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee. This indenture, as so supplemented and as further supplemented thereafter, is referred to as the “GSFC 2008 indenture” in the accompanying prospectus supplement. 

    

     The notes will be issued in book-entry form and represented by master note no. 3, dated March 22, 2021.

    

PS-2

     HYPOTHETICAL EXAMPLES

    

     The following examples are provided for purposes of illustration only. The examples should not be taken as an indication or prediction of future investment results and merely are intended to illustrate the impact that the various hypothetical underlier levels on the determination date could have on the cash settlement amount at maturity assuming all other variables remain constant and are not intended to predict the final underlier level.

    

     The information in the following examples reflects hypothetical rates of return on the offered notes assuming that they are purchased on the original issue date at the face amount and held to the stated maturity date. If you sell your notes in a secondary market prior to the stated maturity date, your return will depend upon the market value of your notes at the time of sale, which may be affected by a number of factors that are not reflected in the examples below, such as interest rates, the volatility of the underlier, the creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as guarantor. The information in the examples also reflects the key terms and assumptions in the box below.

    


Key Terms and Assumptions
Face amount	$1,000
Maximum settlement amount	$1,261
Buffer level	75% of the initial underlier level
Buffer rate	100%
Buffer amount	25%

     Neither a market disruption event nor a non-trading day occurs on the originally scheduled determination date

    

     No change in or affecting the underlier

    

     Notes purchased on original issue date at the face amount and held to the stated maturity date

    

     For these reasons, the actual performance of the underlier over the life of your notes, as well as the amount payable at maturity, may bear little relation to the hypothetical examples shown below or to the historical underlier levels shown elsewhere in this pricing supplement. Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. 

    

     The levels in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages of the initial underlier level. The amounts in the right column represent the hypothetical cash settlement amounts, based on the corresponding hypothetical final underlier level, and are expressed as percentages of the face amount of a note (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical cash settlement amount of 100.000% means that the value of the cash payment that we would deliver for each $1,000 of the outstanding face amount of the offered notes on the stated maturity date would equal 100.000% of the face amount of a note, based on the corresponding hypothetical final underlier level and the assumptions noted above.

    


Hypothetical Final Underlier Level (as Percentage of Initial Underlier Level)	Hypothetical Cash Settlement Amount (as Percentage of Face Amount)
200.000%	126.100%
175.000%	126.100%
151.000%	126.100%
126.100%	126.100%
120.000%	120.000%
113.000%	113.000%
107.000%	107.000%
100.000%	100.000%
92.000%	100.000%
83.000%	100.000%
75.000%	100.000%
56.000%	81.000%
38.000%	63.000%
19.000%	44.000%
0.000%	25.000%

PS-3

     As shown in the table above:

    

     •If the final underlier level were determined to be 19.000% of the initial underlier level, the cash settlement amount that we would deliver on your notes at maturity would be 44.000% of the face amount of your notes. As a result, if you purchased your notes on the original issue date at the face amount and held them to the stated maturity date, you would lose 56.000% of your investment (if you purchased your notes at a premium to face amount you would lose a correspondingly higher percentage of your investment).

    

     •If the final underlier level were determined to be 200.000% of the initial underlier level, the cash settlement amount that we would deliver on your notes at maturity would be capped at the maximum settlement amount, or 126.100% of each $1,000 face amount of your notes. As a result, if you held your notes to the stated maturity date, you would not benefit from any increase in the final underlier level over 126.100% of the initial underlier level.

    

     The following chart shows a graphical illustration of the hypothetical cash settlement amounts (expressed as percentages of the face amount of your notes) that we would pay on your notes on the stated maturity date, if the final underlier level (expressed as percentages of the initial underlier level) were any of the hypothetical levels shown on the horizontal axis. The chart shows that any hypothetical final underlier level of less than 75.000% (the section left of the 75.000% marker on the horizontal axis) would result in a hypothetical cash settlement amount of less than 100.000% of the face amount of your notes (the section below the 100.000% marker on the vertical axis) and, accordingly, in a loss of principal to the holder of the notes. The chart also shows that any hypothetical final underlier level of greater than or equal to 126.100% (the section right of the 126.100% marker on the horizontal axis) would result in a capped return on your investment.

    

PS-4

SELECTED RISK FACTORS

     An investment in your notes is subject to the risks summarized below. These risks, as well as other risks and considerations, are explained in more detail in the accompanying documents listed above under “About Your Prospectus”. You should carefully review these risks and considerations as well as the terms of the notes described herein and in such accompanying documents. Your notes are a riskier investment than ordinary debt securities. Also, your notes are not equivalent to investing directly in the underlier. You should carefully consider whether the offered notes are appropriate given your particular circumstances.

    

     Risks Related to Structure, Valuation and Secondary Market Sales

    

     The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Notes

    

     The original issue price for your notes exceeds the estimated value of your notes as of the time the terms of your notes are set on the trade date, as determined by reference to GS&Co.’s pricing models and taking into account our credit spreads. After the trade date, the estimated value as determined by reference to these models will be affected by changes in market conditions, the creditworthiness of GS Finance Corp., as issuer, the creditworthiness of The Goldman Sachs Group, Inc., as guarantor, and other relevant factors. The price at which GS&Co. would initially buy or sell your notes (if GS&Co. makes a market, which it is not obligated to do), and the value that GS&Co. will initially use for account statements and otherwise, also exceeds the estimated value of your notes as determined by reference to these models. As agreed by GS&Co. and the distribution participants, this excess (i.e., the additional amount set forth on the cover of this pricing supplement) will decline to zero on a straight line basis over the period from the date hereof through the additional amount end date set forth on the cover of this pricing supplement. Thereafter, if GS&Co. buys or sells your notes it will do so at prices that reflect the estimated value determined by reference to such pricing models at that time. The price at which GS&Co. will buy or sell your notes at any time also will reflect its then current bid and ask spread for similar sized trades of structured notes.

    

     In estimating the value of your notes as of the time the terms of your notes are set on the trade date, GS&Co.’s pricing models consider certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the notes. These pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold your notes in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your notes determined by reference to our models due to, among other things, any differences in pricing models or assumptions used by others. See “The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors” below.

    

     The difference between the estimated value of your notes as of the time the terms of your notes are set on the trade date and the original issue price is a result of certain factors, including principally the underwriting discount and commissions, the expenses incurred in creating, documenting and marketing the notes, and an estimate of the difference between the amounts we pay to GS&Co. and the amounts GS&Co. pays to us in connection with your notes. We pay to GS&Co. amounts based on what we would pay to holders of a non-structured note with a similar maturity. In return for such payment, GS&Co. pays to us the amounts we owe under your notes.

    

     In addition to the factors discussed above, the value and quoted price of your notes at any time will reflect many factors and cannot be predicted. If GS&Co. makes a market in the notes, the price quoted by GS&Co. would reflect any changes in market conditions and other relevant factors, including any deterioration in our creditworthiness or perceived creditworthiness or the creditworthiness or perceived creditworthiness of The Goldman Sachs Group, Inc. These changes may adversely affect the value of your notes, including the price you may receive for your notes in any market making transaction. To the extent that GS&Co. makes a market in the notes, the quoted price will reflect the estimated value determined by reference to GS&Co.’s pricing models at that time, plus or minus its then current bid and ask spread for similar sized trades of structured notes (and subject to the declining excess amount described above).

    

     Furthermore, if you sell your notes, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount. This commission or discount will further reduce the proceeds you would receive for your notes in a secondary market sale.

    

     There is no assurance that GS&Co. or any other party will be willing to purchase your notes at any price and, in this regard, GS&Co. is not obligated to make a market in the notes. See “Additional Risk Factors Specific to the Notes — Your Notes May Not Have an Active Trading Market” in the accompanying general terms supplement.

    

PS-5

     The Notes Are Subject to the Credit Risk of the Issuer and the Guarantor

    

     Investors are dependent on our ability and the ability of The Goldman Sachs Group, Inc., as guarantor of the notes, to pay all amounts due on the notes. Therefore, investors are subject to the credit risk, and to changes in the market’s view of the creditworthiness, of the issuer and the guarantor. See “Description of the Notes We May Offer — Information About Our Medium-Term Notes, Series F Program — How the Notes Rank Against Other Debt” in the accompanying prospectus supplement and “Description of Debt Securities We May Offer — Guarantee by The Goldman Sachs Group, Inc.” in the accompanying prospectus.

    

     You May Lose a Substantial Portion of Your Investment

    

     If the final underlier level is less than the buffer level, you will have a loss for each $1,000 of the face amount of your notes equal to the product of (i) the buffer rate times (ii) the sum of the underlier return plus the buffer amount times (iii) $1,000. Thus, you may lose a substantial portion of your investment in the notes, which would include any premium to face amount you paid when you purchased the notes.

    

     Also, the market price of your notes prior to the stated maturity date may be significantly lower than the purchase price you pay for your notes. Consequently, if you sell your notes before the stated maturity date, you may receive far less than the amount of your investment in the notes.

    

     Your Notes Do Not Bear Interest

    

     You will not receive any interest payments on your notes. The overall return you earn on your notes may be less than you would have earned by investing in a non-indexed debt security of comparable maturity that bears interest at a prevailing market rate.

    

     The Potential for the Value of Your Notes to Increase Will Be Limited

    

     The maximum settlement amount will limit the cash settlement amount you may receive for each of your notes at maturity, no matter how much the level of the underlier may rise beyond the initial underlier level over the life of your notes.

    

     We Will Not Hold Shares of the Underlier for Your Benefit

    

     The indenture governing your note does not contain any restriction on our ability or the ability of any of our affiliates to sell, pledge or otherwise convey any shares of the underlier acquired by us or them. Neither we nor our affiliates will pledge or otherwise hold shares of the underlier for your benefit in order to enable you to exchange your note for shares under any circumstances. Consequently, in the event of our bankruptcy, insolvency or liquidation, any shares of the underlier owned by us will be subject to the claims of our creditors generally and will not be available for your benefit specifically.

    

     You Have No Shareholder Rights or Rights to Receive the Underlier

    

     Investing in your notes will not make you a holder of any shares of the underlier. Neither you nor any other holder or owner of your notes will have any rights with respect to the underlier, including any voting rights, any rights to receive dividends or other distributions, any rights to make a claim against the underlier or any other rights of a holder of any shares of the underlier. Your notes will be paid in cash and you will have no right to receive delivery of the underlier.

    

     In Some Circumstances, the Payment You Receive On the Notes May Be Based On the Securities of Another Company and Not the Issuer of the Underlier

    

     Following certain corporate events relating to the underlier where its issuer is not the surviving entity, the amount you receive at maturity may be based on the securities of a successor to such underlier issuer or any cash or any other assets distributed to holders of shares of such underlier in such corporate event. The occurrence of these corporate events and the consequent adjustments may materially and adversely affect the value of the notes. We describe the specific corporate events that can lead to these adjustments and the procedures for selecting distribution property under “Supplemental Terms of the Notes — Anti-dilution Adjustments for Index Stocks” in the accompanying general terms supplement.

    

     The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors

    

     When we refer to the market value of your notes, we mean the value that you could receive for your notes if you chose to sell them in the open market before the stated maturity date. A number of factors, many of which are beyond our control, will influence the market value of your notes, including:

    

     •the level of the underlier;

    

     •the volatility — i.e., the frequency and magnitude of changes — in the closing level of the underlier;

    

     •the dividend rates of the underlier;

    

     •economic, financial, regulatory, political, military, public health and other events that affect stock markets generally and the market segments of which the underlier is a part, and which may affect the closing level of the underlier;

    

     •interest rates and yield rates in the market;

    

     •the time remaining until your notes mature; and

    

     •our creditworthiness and the creditworthiness of The Goldman Sachs Group, Inc., whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings or the credit ratings of The Goldman Sachs Group, Inc. or changes in other credit measures.

    

PS-6

     Without limiting the foregoing, the market value of your notes may be negatively impacted by increasing interest rates. Such adverse impact of increasing interest rates could be significantly enhanced in notes with longer-dated maturities, the market values of which are generally more sensitive to increasing interest rates.

    

     These factors may influence the market value of your notes if you sell your notes before maturity, including the price you may receive for your notes in any market making transaction. If you sell your notes prior to maturity, you may receive less than the face amount of your notes. You cannot predict the future performance of the underlier based on its historical performance.

    

     There is No Affiliation Between the Underlier Issuer and Us

    

     Goldman Sachs is not affiliated with the underlier issuer. However, we or our affiliates may currently or from time to time in the future engage in business with the underlier issuer. Neither we nor any of our affiliates have participated in the preparation of any publicly available information or made any “due diligence” investigation or inquiry with respect to the underlier issuer. You, as an investor in your notes, should make your own investigation into the underlier issuer.

    

     The underlier issuer is not involved in this offering of notes in any way and does not have any obligation of any sort with respect to your notes. Thus, the underlier issuer does not have any obligation to take your interests into consideration for any reason, including in taking or not taking any corporate actions that might affect the value of your notes.

    

     Risks Related to Tax

    

     The Tax Consequences of an Investment in Your Notes Are Uncertain

    

     The tax consequences of an investment in your notes are uncertain, both as to the timing and character of any inclusion in income in respect of your notes.

    

     Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described under “Supplemental Discussion of U.S. Federal Income Tax Consequences” below unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate. Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your notes in your particular circumstances.

    

PS-7

THE UNDERLIER

     Where Information About the Underlier Issuer Can Be Obtained

    

     The underlier is registered under the Securities Exchange Act of 1934. Companies with securities registered under the Exchange Act are required to file financial and other information specified by the U.S. Securities and Exchange Commission (“SEC”) periodically. Information filed by the underlier issuer with the SEC electronically can be reviewed through a web site maintained by the SEC. The address of the SEC’s web site is sec.gov.

    

     Information about the underlier issuer may also be obtained from other sources such as press releases, newspaper articles and other publicly available documents.

    

     We do not make any representation or warranty as to the accuracy or completeness of any materials referred to above, including any filings made by the underlier issuer with the SEC.

    

     We Obtained the Information About the Underlier Issuer From the Underlier Issuer's Public Filings

    

     This pricing supplement relates only to your notes and does not relate to the underlier or other securities of the underlier issuer. We have derived all information about the underlier issuer in this pricing supplement from the publicly available information referred to in the preceding subsection. We have not participated in the preparation of any of those documents or made any “due diligence” investigation or inquiry with respect to the underlier issuer in connection with the offering of your notes. Furthermore, we do not know whether all events occurring on or before the date of this pricing supplement — including events that would affect the accuracy or completeness of the publicly available documents referred to above and the trading price of shares of the underlier — have been publicly disclosed. Subsequent disclosure of any events of this kind or the disclosure of or failure to disclose material future events concerning the underlier issuer could affect the value you will receive at maturity and, therefore, the market value of your notes.

    

     Neither we nor any of our affiliates make any representation to you as to the performance of the underlier.

    

PS-8

     Historical Closing Levels of the Underlier

    

     The closing level of the underlier has fluctuated in the past and may, in the future, experience significant fluctuations.

    

     Before investing in the offered notes, you should consult publicly available information to determine the levels of the underlier between the date of this pricing supplement and the date of your purchase of the offered notes. You should not take the historical levels of the underlier as an indication of the future performance of the underlier.

    

     The graph below shows the daily historical closing levels of the underlier from January 4, 2021 through July 17, 2026, adjusted for corporate events, if applicable. We obtained the closing levels in the graph below from Bloomberg Financial Services, without independent verification. 

    

PS-9

     According to publicly available information, Microsoft Corporation is a technology company. Information filed with the SEC by the underlier issuer under the Exchange Act can be located by referencing its SEC file number 001-37845.

    

Historical Performance of Microsoft Corporation

PS-10

     SUPPLEMENTAL DISCUSSION OF U.S. FEDERAL INCOME TAX CONSEQUENCES

    

     No statutory, judicial or administrative authority directly addresses how your notes should be characterized and treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in your notes are uncertain. The following section is the opinion of Sidley Austin LLP, counsel to GS Finance Corp. and The Goldman Sachs Group, Inc. It is the opinion of Sidley Austin LLP that the characterization of the notes for U.S. federal income tax purposes that will be required under the terms of the notes, as discussed below, is a reasonable interpretation of current law.

    

     You will be obligated pursuant to the terms of the notes - in the absence of a change in law, an administrative determination or a judicial ruling to the contrary - to characterize each note for all tax purposes as a pre-paid derivative contract in respect of the underlier, as described under “Supplemental Discussion of U.S. Federal Income Tax Consequences” in the accompanying general terms supplement. Pursuant to this approach, it is the opinion of Sidley Austin LLP that upon the sale, exchange or maturity of your notes, it would be reasonable for you to recognize capital gain or loss equal to the difference, if any, between the amount of cash you receive at such time and your tax basis in your notes.

    

     Notwithstanding the foregoing, since the appropriate U.S. federal income tax characterization and treatment of your notes are uncertain, it is possible that the Internal Revenue Service could assert a different characterization and treatment than that described immediately above. In this case, the timing and character of income, gain or loss recognized with respect to your notes could substantially differ from that described above.

    

     In addition, we have determined that, as of the issue date of the notes, the notes will not be subject to dividend equivalent withholding under section 871(m) of the Internal Revenue Code (the “871 withholding rules”). In certain circumstances, however, it is possible for non-United States holders to be liable for tax under the 871 withholding rules with respect to a combination of transactions entered into in connection with each other even when no withholding is required. Non-United States holders should consult their tax advisors concerning the potential application of the 871 withholding rules to an investment in the notes.

    

     Pursuant to Treasury regulations, Foreign Account Tax Compliance Act (FATCA) withholding (as described in “United States Taxation—Taxation of Debt Securities—Foreign Account Tax Compliance Act (FATCA) Withholding” in the accompanying prospectus) will generally apply to obligations that are issued on or after July 1, 2014; therefore, the notes will generally be subject to the FATCA withholding rules.

    

PS-11

     SUPPLEMENTAL PLAN OF DISTRIBUTION; CONFLICTS OF INTEREST

    

     See “Supplemental Plan of Distribution” in the accompanying general terms supplement and “Plan of Distribution — Conflicts of Interest” in the accompanying prospectus. 

    

     GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate face amount of the offered notes specified on the front cover of this pricing supplement. GS&Co. proposes initially to offer the notes to the public at the original issue price set forth on the cover page of this pricing supplement, and to certain securities dealers at such price less a concession not in excess of 0.55% of the face amount. GS&Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a “conflict of interest” in this offering of notes within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of notes will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder. We have been advised that GS&Co. will also pay a fee to iCapital Markets LLC, a broker-dealer in which an affiliate of GS Finance Corp. holds an indirect minority equity interest, for services it is providing in connection with this offering.

    

     We will deliver the notes against payment therefor in New York, New York on the original issue date set forth on the cover page of this pricing supplement. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

    

     We have been advised by GS&Co. that it intends to make a market in the notes. However, neither GS&Co. nor any of our other affiliates that makes a market is obligated to do so and any of them may stop doing so at any time without notice. No assurance can be given as to the liquidity or trading market for the notes.

    

     The notes will not be listed on any securities exchange or interdealer quotation system.

    

PS-12

     VALIDITY OF THE NOTES AND GUARANTEE

    

     In the opinion of Sidley Austin LLP, as counsel to GS Finance Corp. and The Goldman Sachs Group, Inc., when the notes offered by this pricing supplement have been executed and issued by GS Finance Corp., such notes have been authenticated by the trustee pursuant to the indenture, and such notes have been delivered against payment as contemplated herein, (a) such notes will be valid and binding obligations of GS Finance Corp., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (b) the guarantee with respect to such notes will be a valid and binding obligation of The Goldman Sachs Group, Inc., enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware as in effect on the date hereof. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated January 27, 2025, which has been filed as Exhibit 5.6 to the registration statement on Form S-3 filed with the Securities and Exchange Commission by GS Finance Corp. and The Goldman Sachs Group, Inc. on January 27, 2025.

    

PS-13

Source: View Original Filing on SEC EDGAR