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.