GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $1,048,000 of Contingent Income Buffered Auto-Callable Securities linked to Vertiv Holdings Co Class A common stock, maturing July 22, 2030. These principal-at-risk notes pay contingent quarterly coupons only when Vertiv’s share price on each observation date is at or above the buffer price of $144.78, which is 50% of the $289.56 initial share price. The memory feature allows missed coupons (other than at maturity) to be paid later if conditions are met. The notes are auto-callable: if Vertiv closes at or above the initial share price on any call observation date, investors receive $1,000 per note plus the due coupon, and no further payments.
If held to maturity and not called, investors receive $1,000 per note plus the final coupon if the final share price is at or above the buffer. Below the buffer, repayment is reduced by 2.00% of principal for every 1% decline beyond the 50% buffer, exposing investors to a total loss of principal. The estimated value is approximately $960 per $1,000 at pricing, below the 100% issue price, reflecting fees, hedging and structuring costs. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and investors do not participate in any upside of Vertiv stock.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, index-linked notes with an aggregate face amount of $2,792,000 under its Medium-Term Notes, Series F program. The notes are tied to the Goldman Sachs Momentum Builder® Focus ER Index, a rules-based strategy that reallocates daily among equity, fixed income, commodity and cash-equivalent exposures, subject to a 5% volatility control, a momentum risk control feature and an annual 0.65% deduction.
The notes pay no coupons and may be automatically called on annual observation dates if the index closes at or above rising call levels, paying $1,000 plus a fixed call premium per $1,000. If never called, at maturity in July 2033 investors receive: $1,000 plus 100% of any positive index return, or $1,000 only if the index is flat or down, providing principal repayment but no downside participation. The initial issue price is 100% of face, but the issuer’s estimated value is $891 per $1,000. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, potential illiquidity, and U.S. tax treatment as contingent payment debt instruments, which generally requires annual taxation of deemed ordinary income based on a 5.26% comparable yield.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $6,695,000 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and pays no interest.
At maturity on August 4, 2027, for each $1,000 note you receive a cash amount based on the S&P 500® performance from the July 17, 2026 trade date to the July 30, 2027 determination date. If the final index level is at or above the 85% buffer level of the initial level of 7,457.69, you receive the maximum settlement amount of $1,077.50, capping upside at 107.75% of face value. If the final level is below the buffer, principal is reduced using a buffer rate of approximately 117.65%, producing losses of about 1.1765% of face per 1% decline below the buffer; you could lose your entire investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed on any exchange, and may have limited or no secondary market. The estimated value on the trade date is less than the 100% issue price due to underwriting discounts, expenses and dealer economics. U.S. federal income tax treatment is uncertain; the issuer and its counsel treat the notes as a pre-paid derivative contract on the index, and the notes are generally subject to FATCA rules.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Medium-Term Notes, Series F, linked to the S&P 500® Futures Excess Return Index. Aggregate face amount is $831,000, issued at 100% of face with a 3.625% underwriting discount.
At maturity on July 22, 2031, investors receive for each $1,000: if the final underlier level exceeds the initial level of 596.71, $1,000 plus 117.3% of the index gain; if the index is flat or lower, only the $1,000 principal. The notes do not bear interest and are cash-settled.
The notes are subject to the credit risk of GS Finance Corp. and its parent, potential secondary-market illiquidity, and structural risks from using E-mini S&P 500 futures, including negative roll yield and financing costs that can depress index performance. For U.S. tax purposes, they are treated as contingent payment debt instruments with a comparable yield of 5.07% per annum and a projected maturity payment of $1,289.06, leading to annual ordinary income accruals even though cash is paid only at maturity.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $16,963,000 of Medium-Term Notes, Series F, linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes may be automatically called annually if the index closes at or above rising call levels, paying for each $1,000 face amount $1,000 plus a fixed call premium (from 12.30% on the first call date up to 73.80% on the last).
If never called, at maturity in 2033 you receive for each $1,000 either $1,000 + 100% of any positive index return or, if the index is flat or down, $1,000 only. The notes do not pay coupons, and any return comes solely from automatic call payments or index appreciation. The index is a rules-based, daily rebalanced strategy with 5% volatility control, a momentum risk control overlay and a 0.65% per annum fee drag, often heavily allocated to hypothetical cash, which can materially reduce index gains.
The estimated value on the trade date is $893 per $1,000 face amount, below the 100% issue price, reflecting fees and margins. Underwriting discount is 4.625% of face amount, with net proceeds of 95.375%. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, are sensitive to interest rates and index methodology risks, and are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income based on a 5.26% comparable yield even before cash is received.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $5,000,000 of autocallable contingent coupon notes linked to the iShares Semiconductor ETF (SOXX). The notes pay a contingent quarterly coupon of $78.875 per $1,000 (7.8875% quarterly, up to 31.55% per year) whenever SOXX’s closing level on a coupon observation date is at least 75% of the initial level of $521.81.
The notes may be automatically called on observation dates from January 2027 through April 2030 if SOXX is at or above the initial level; in that case, investors receive $1,000 per note plus the applicable coupon, and the notes terminate early. If not called, the notes mature on July 22, 2030. At maturity, if SOXX is at or above 65% of the initial level, principal is fully repaid; if it is between 65% and 75%, only principal is returned with no final coupon; below 65%, repayment is reduced one-for-one with the ETF loss, and investors can lose up to their entire investment. The estimated value on the trade date is approximately $984 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp. is offering $9,594,000 aggregate face amount of index-linked Medium-Term Notes, Series F, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Russell 2000 Index and the S&P 500 Index and pay a contingent quarterly coupon of $17.50 per $1,000 face amount (1.75% quarterly, up to 7.00% per annum) 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 each index is at or above its 55% trigger buffer level; otherwise repayment is reduced one-for-one with the lesser performing index, down to a total loss of principal. The notes are callable at the issuer’s option on any coupon payment date from January 2027 through April 2031 at $1,000 plus any due coupon, shortening the potential investment term. Investors bear the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., have no rights in the underlying indices or their stocks, may face limited or no secondary market liquidity, and face uncertain U.S. tax treatment as income-bearing prepaid derivative contracts.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering structured notes with an aggregate face amount of $217,000, linked to an American depositary share of Alibaba Group Holding Limited. Each note has a $1,000 face amount and pays no interest.
At maturity on October 21, 2027, holders receive a cash amount per $1,000 that depends on Alibaba’s ADS performance from the July 17, 2026 trade date, with a 25% buffer and a maximum settlement amount of $1,357. Loss of principal begins if the final underlier level falls below 75% of the initial level of $114.97, and investors can lose a substantial portion of their investment. The original issue price is 100% of face, including a 0.55% underwriting discount (net proceeds 99.45%), and the notes are subject to the credit risk of both the issuer and guarantor, market volatility in Alibaba ADS, foreign security and FX risks, uncertain tax treatment, and limited or no secondary market liquidity.
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.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the common stock of Vistra Corp. The notes have an aggregate face amount of $500,000 and a face amount of $1,000 per note, with an original issue price of 100% of face, an underwriting discount of 1.25%, and net proceeds of 98.75% of face to the issuer.
The initial underlier level is $152.56, and the final underlier level is the arithmetic average of the underlier’s closing levels on five averaging dates in January 2028. If the final underlier level is at or above the 70% trigger buffer level, holders receive a capped payoff equal to the maximum settlement amount of $1,382 per $1,000 note (138.2% of face). If the final underlier level is below the trigger buffer level, the cash settlement equals $1,000 plus $1,000 times the underlier return, producing a 1% loss of principal for each 1% decline below the initial level and potentially a total loss of invested principal.
The notes bear no interest, are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on any exchange, and may have limited or no secondary market liquidity. The pricing supplement highlights that the estimated value at pricing is less than the original issue price, that market value may be volatile and sensitive to interest rates, volatility and credit spreads, and that U.S. federal income tax treatment is uncertain, with counsel viewing the notes as pre-paid derivative contracts. Non-U.S. holders are advised of potential U.S. withholding under section 871(m) and FATCA.