GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is issuing callable contingent interest barrier notes linked to the common stock of NVIDIA, Oracle and SoFi, in an aggregate $250,000 face amount. The notes mature on July 24, 2029 but can be automatically called from January 2027 if on a call observation date each stock’s closing price is at or above its initial price ($202.81 NVDA, $126.41 ORCL, $17.28 SOFI). If called, holders receive $1,000 per note plus any due coupon.
Monthly “memory” coupons of $17.50 per $1,000 (1.75% monthly, up to 21% per year) are paid only when on the relevant observation date each stock is at or above 50% of its initial price; otherwise the coupon is zero. At maturity, if the notes have not been called and a trigger event has not occurred (at least one stock at or above its initial price), investors receive full principal, plus the final coupon if each stock is at or above 50% of its initial price. If a trigger event has occurred (all stocks below initial price), repayment is based on the worst-performing stock, with full principal protection down to its 50% “trigger buffer price” and then 1‑for‑1 downside exposure, which can reduce repayment to zero and eliminates any coupon.
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 is approximately $956 per $1,000 at pricing, and the notes are unsecured obligations subject to the credit risk of GS Finance Corp and the guarantor. The accompanying risk discussion highlights valuation shortfall versus issue price, limited liquidity, potential loss of the entire investment, and the impact of market disruption and anti‑dilution adjustments determined by Goldman Sachs & Co. LLC as calculation agent.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $17,928,000 of Medium-Term Notes, Series F, linked to the Russell 2000 Index and the S&P 500 Index. The notes pay a contingent quarterly coupon of $20.625 per $1,000 (2.0625% per quarter, up to 8.25% per year) only if on each observation date both indices are at or above 55% of their initial levels.
At maturity, if not previously redeemed, investors receive $1,000 per note if the final level of each index is at or above its 55% trigger buffer level. Otherwise, principal is reduced one-for-one with the lesser performing index’s return, and investors can lose their entire investment. Principal repayment is capped at par even if the indices rise significantly.
The company may call the notes at $1,000 plus any due coupon on any coupon payment date from January 2027 through April 2031. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is lower than the 100% issue price due to fees, structuring costs and dealer compensation, and the notes are not listed; secondary market pricing and liquidity are uncertain.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, linked to the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index with an aggregate face amount of $9,470,000. The notes pay a contingent monthly coupon of $11.042 per $1,000 (1.1042% monthly, up to about 13.25% per year) only if on each observation date all three indexes are at or above 80% of their initial levels; otherwise the coupon is zero.
The notes can be automatically called quarterly if on a call observation date all underliers are at or above their initial levels, in which case investors receive $1,000 per note plus the coupon then due, ending the investment early. If not called, at maturity on July 20, 2029 investors receive $1,000 per note if each index is at or above its 80% buffer level; if any index is below this buffer, principal is reduced according to the “lesser performing” index, with losses magnified by a 125% buffer rate. In extreme declines, investors can lose their entire principal and may receive no coupons.
The notes have an original issue price of 100% with no underwriting discount, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange. Secondary market value may be volatile and influenced by index levels, interest rates, volatility, and Goldman Sachs’ credit spreads. U.S. tax treatment is uncertain; current counsel opinion treats the notes as income-bearing pre-paid derivative contracts, with coupons likely taxed as ordinary income.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing structured notes linked to an equally weighted basket of 8 large-cap stocks. The initial basket level is 100, with each stock weighted at 12.5 and an initial aggregate face amount of $1,151,000.
The notes may be automatically called on July 30, 2027 if the basket is at or above the initial level, paying $1,230 per $1,000 on August 4, 2027. If not called, they mature on July 20, 2028; investors then receive $1,000 plus 125% of any positive basket return, $1,000 if the basket is between 85% and 100% of the initial level, or a reduced amount if the basket falls below 85%, with losses amplified by a buffer rate of about 117.65%. Investors can lose their entire principal.
The notes are sold at 100% of face with a 1.5% underwriting discount, yielding 98.5% net proceeds to the issuer. The estimated value is ~$945 per $1,000 at pricing. Holders receive no interest or dividends and are exposed to the credit risk of GS Finance Corp. and its guarantor, as well as complex market disruption and anti-dilution adjustment provisions.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,422,000 aggregate face amount of medium-term structured notes linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. The notes pay a contingent monthly coupon of $7.292 per $1,000 face amount (0.7292% monthly, up to about 8.75% per annum) only if, on each coupon observation date, the closing level of each index is at or above 75% of its initial level.
On quarterly call observation dates, if each index is at or above its initial level, the notes are automatically called and redeemed at $1,000 per $1,000 face amount plus the applicable coupon, ending any further payments. If the notes are not called, at maturity investors receive $1,000 per $1,000 face amount only if the final level of each index is at or above 70% of its initial level. If any index finishes below this 70% trigger buffer, the payoff is reduced by the full negative return of the worst-performing index, and investors can lose their entire principal.
The initial index levels are 28,592.66 (Nasdaq-100), 2,962.217 (Russell 2000) and 7,457.69 (S&P 500). The original issue price is 100% of face amount, with a 4.125% underwriting discount and 95.875% net proceeds to the issuer. The estimated value at pricing is lower than the issue price, secondary market liquidity is uncertain, and investors are exposed to the credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $33,985,000 of S&P 500® Index-linked medium-term notes under its Series F program. The notes are issued at 100% of face amount, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer.
The notes may be automatically called on July 30, 2027 if the S&P 500® closing level is at or above the initial level of 7,457.69, in which case investors receive $1,100 per $1,000 on August 4, 2027 and no further payments. They bear no interest and otherwise pay at maturity on July 20, 2028 based on index performance, with a 191% upside participation rate, a 10% buffer down to 90% of the initial level, and losses increasing beyond that, up to a total loss of principal.
Payments depend on the credit of GS Finance Corp. and its guarantor, and the estimated value of the notes at pricing is less than the issue price. The notes are not listed, may have limited liquidity, provide no rights in S&P 500® constituent stocks, and involve uncertain U.S. tax treatment as prepaid derivative contracts, including potential FATCA and section 871(m) considerations.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the MSCI Emerging Markets Index with an aggregate face amount of $2,840,000. Each note has a $1,000 face amount and pays no interest.
At maturity on November 22, 2027, the cash payment per $1,000 depends on index performance from the July 17, 2026 trade date. If the final index level is above the initial 1,620.66 level, holders receive $1,000 plus 200% of the index gain, capped at a maximum settlement amount of $1,295.90. If the index falls but stays at or above 85% of the initial level (a 15% buffer), holders receive the full $1,000. Below the buffer level, principal is reduced 1% for each 1% decline beyond the buffer, exposing investors to substantial losses.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They do not confer ownership, dividends or voting rights in the underlying stocks and will not be listed on any exchange. Valuation may differ from the original issue price, secondary market liquidity is not assured, and the U.S. federal income tax treatment is uncertain, with counsel viewing them as pre-paid derivative contracts.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Oracle-linked structured notes with an aggregate face amount of $227,000 under its Medium-Term Notes, Series F program. The notes pay no interest and return at maturity depends on the performance of Oracle Corporation common stock from the trade date to the determination date.
For each $1,000 note, investors receive $1,000 plus the underlier return when Oracle’s final level exceeds its initial level, capped at a maximum settlement amount of $1,669.50. A 25% buffer (buffer level 75% of the initial level) protects principal against moderate declines; below the buffer, investors lose 1% of face for each 1% drop under the buffer. The original issue price is 100% of face, including a 0.55% underwriting discount, and the estimated value is lower than the issue price. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, will not be listed on any exchange, may have limited liquidity, and involve uncertain U.S. federal income tax treatment.
GS Finance Corp. is offering $450,000 aggregate face amount of senior unsecured notes linked to the common stock of Micron Technology, Inc., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes have a face amount of $1,000 each, an original issue price of 100% of face, bear no interest, and are scheduled to mature on January 21, 2028.
At maturity, for each $1,000 note, if the Micron stock “underlier” is at or above the trigger buffer level of 60% of the initial level, investors receive a fixed maximum settlement amount of $1,675 (167.5% of face), regardless of how high the stock has risen. If the final underlier level is below the trigger buffer level, the payoff becomes $1,000 + ($1,000 × underlier return), where underlier return is (final level − initial level) ÷ initial level, producing a one-for-one loss with the stock move below the initial level and allowing for total loss of principal.
The initial underlier level is set at $853.20, based on Micron’s closing price on July 16, 2026, with the trade date on July 17, 2026, determination date on January 18, 2028 (subject to adjustment), and book-entry issuance under the GSFC 2008 indenture. The underwriting discount is 1.75% of face, resulting in initial net proceeds of 98.25% of face to the issuer, and the notes will not be listed on any exchange. Investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., face potentially limited liquidity, no shareholder rights in Micron, capped upside due to the maximum settlement amount, and significant downside if Micron’s stock falls.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $7,026,000 principal amount of auto-callable Jump Securities linked to the worst-performing of three State Street ETFs: Energy Select Sector SPDR, Health Care Select Sector SPDR and SPDR S&P Biotech. The notes mature on July 22, 2032 and do not pay periodic interest.
On any call observation date, if each ETF closes at or above 90% of its initial price, the notes are automatically called for $1,000 plus a fixed call premium (from 14.30% up to 82.225%, depending on call date). If never called and all ETFs finish at or above their initial prices, investors receive $1,000 plus an 85.80% maturity premium. Otherwise, repayment equals $1,000 multiplied by the worst-performing ETF’s price ratio, exposing investors to full downside to zero. The estimated value is $929 per $1,000 note, below the issue price, reflecting underwriting discounts, hedging and structuring costs, and the notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.