GOLDMAN SACHS GROUP INC (GSCE) SEC Filings, Jul 21, 2026

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, buffered notes linked to the VanEck Gold Miners ETF. The aggregate face amount is $1,024,000, issued at 100% of face amount under its Medium-Term Notes, Series F program.

Holders may receive contingent quarterly coupons only if the ETF’s closing level on each observation date is at or above the coupon trigger level of 80% of the initial underlier level. The notes are automatically called if the ETF is at or above the initial underlier level of $71.32 on any call observation date, returning face amount plus the applicable coupon. At maturity, if not called, investors receive full principal back only if the final level is at or above the buffer level of 80%; below that, losses increase at the buffer rate of 125% and investors could lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed, have an estimated value below the original issue price, and involve complex tax treatment including potential application of constructive ownership rules.

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.