GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $870,000 of Medium-Term Notes, Series F linked to the EURO STOXX 50® Index. The notes pay no interest and may be automatically called on July 29, 2027 if the index on the July 26, 2027 observation date is at or above the initial level of 6,230.87, in which case investors receive $1,155 per $1,000 face amount.
If not called, the July 20, 2029 maturity payment depends on index performance with a 150% upside participation rate and a 20% trigger buffer. Above the initial level, investors receive $1,000 plus 150% of the index gain; between 80% and 100% of the initial level, they receive $1,000; below 80%, principal is lost one-for-one with the index and investors could lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, carry an underwriting discount of 2% (including up to 0.65% structuring fee), are not listed on any exchange, and their estimated value at pricing is less than the issue price. U.S. tax treatment is uncertain and the issuer intends to treat the notes as pre-paid derivative contracts.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $320,000 aggregate face amount of Medium-Term Notes, Series F, whose return is linked to the common stock of AeroVironment, Inc. (AVAV).
At maturity, for each $1,000 note, investors receive: (i) if the stock’s final level is above its $142.20 initial level, 200% of the stock’s gain, capped at a maximum settlement amount of $3,460; (ii) if the final level is between 60% and 100% of the initial level, the $1,000 face amount; or (iii) if the final level is below 60% of the initial level, a loss matching the full underlier decline, down to possible 100% loss of principal. The notes pay no interest, do not confer shareholder rights in AVAV, are unsecured obligations of GS Finance Corp., and are subject to the credit risk of both the issuer and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F that are market-linked to SoFi Technologies, Inc. common stock and due August 2, 2029. Each $1,000 security pays a quarterly contingent coupon of at least $76.25 (at least 30.50% per annum) only if SoFi’s stock closing price on the relevant calculation day is at or above 60% of the starting price; missed coupons may be paid later under a memory feature. From January 2027 through April 2029, the notes are auto-callable at face value plus the applicable coupon and any unpaid coupons if SoFi’s stock closes at or above the starting price on a call date. If not called, principal repayment depends on the final stock price: investors receive $1,000 only if the final price is at or above 60% of the starting price; otherwise they suffer a 1-for-1 loss below the starting price, potentially losing their entire investment. Investors do not participate in stock upside or dividends, and all payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity-Linked Notes due 2029 linked to the common stock of NVIDIA Corporation. The notes are part of Goldman’s Medium-Term Notes, Series F program and will be issued in $1,000 face amounts.
Investors receive a contingent quarterly coupon only if NVIDIA’s closing level on the relevant observation date is at or above the coupon trigger level, set at 50% of the initial underlier level. The same 50% level serves as the trigger buffer level for principal at maturity. If the notes are not automatically called and the final NVIDIA level is below this buffer, repayment of principal is reduced one-for-one with the underlier return, potentially to zero.
The notes may be automatically called on designated observation dates if NVIDIA’s level is at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon, ending the investment early. The offering disclosure highlights that the original issue price will exceed the model-based estimated value, that secondary market prices may be lower, that investors are exposed to the credit risk of GS Finance Corp. and its guarantor, and that the U.S. federal income tax treatment is uncertain.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable EURO STOXX 50® Index-linked notes due 2028 under its Medium-Term Notes, Series F program. The notes pay no interest and are unsecured obligations subject to the credit risk of both the issuer and guarantor.
The notes may be automatically called on August 11, 2027 if the EURO STOXX 50® closing level on August 6, 2027 is at or above the initial level; in that case, investors receive at least $1,143 per $1,000 of face amount and the term ends early. If not called, the July 27, 2028 maturity payment depends on index performance, with a 125% upside participation rate above the initial level and a 15% buffer (protection down to 85% of the initial level).
If at maturity the index is below the 85% buffer level, principal is reduced using a buffer rate of about 117.65%, and investors can lose up to their entire investment. The notes’ initial estimated value is less than the 100% issue price, and secondary market values may be further reduced by dealer spreads, commissions and market factors, including interest rates, index volatility and credit spreads.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no-interest, unsecured notes linked to an equally weighted basket of 5 large-cap tech-related stocks (Intuit, Meta Platforms Class A, Microsoft, Palantir Class A, Salesforce). The notes are expected to be issued on July 27, 2026 and mature on July 25, 2031, unless earlier redeemed at the issuer’s option on monthly call payment dates starting July 27, 2027 at 100% of face plus a scheduled call premium.
The notes provide 200% upside participation in the basket: at maturity, if the basket has risen, investors receive $1,000 plus 2 times the positive basket return. Principal is protected only down to a 50% decline in the basket (the trigger buffer level). If the basket is down by more than 50%, repayment is reduced 1-for-1 with the basket loss, and investors can lose their entire investment. The estimated value on the trade date is between $885 and $925 per $1,000 face amount, reflecting fees and hedging costs. Payments depend entirely on the credit of GS Finance Corp. and its guarantor and do not include dividends on the basket stocks.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1,660,000 aggregate face amount of structured notes linked to the MSCI EAFE Index. The notes provide 1.5x upside exposure to index gains, with returns capped at a maximum settlement amount of $1,219 per $1,000 note.
The notes have a 10% downside buffer: if the index falls by 10% or less, investors receive full principal; below the 90% buffer level, principal losses match index declines past the buffer and can be substantial. The notes pay no interest, mature on November 22, 2027, and are subject to the credit risk of GS Finance Corp. and the guarantor. Pricing models imply an initial estimated value below the issue price, secondary market liquidity is not assured, and investors face additional risks from foreign equity markets, currency movements and uncertain tax treatment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to an equally weighted basket of 8 large-cap stocks, each with a 12.5% weight and initial basket level of 100. The notes are expected to trade on July 21, 2026, be issued on July 24, 2026, and mature on August 6, 2027, unless automatically called beginning in November 2026 when the basket is at or above its initial level.
Quarterly coupons are contingent: if the basket is at or above 75% of the initial level on an observation date, holders receive a cumulative step coupon based on $25.4 per $1,000 per observation date, net of prior coupons; otherwise the coupon is zero. Principal is protected only by a 25% buffer: if the final basket level is at or above 75% of the initial level, investors receive $1,000 per note plus any final coupon; below that, repayment is reduced using a buffer rate of approximately 133.33%, and losses can reach the full investment. The estimated value at pricing is expected to be $900–$930 per $1,000 face amount, reflecting fees, costs and issuer funding economics.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable S&P 500 Index-linked notes due 2028 under its medium-term note program. The notes pay no interest and all payments depend on the S&P 500 Index level and the issuer’s and guarantor’s credit.
The notes may be automatically called on August 6, 2027 if the S&P 500 closing level is at or above the initial level, paying $1,100 per $1,000 face amount on August 11, 2027. If not called, at maturity in July 2028 investors receive $1,000 plus a leveraged return with at least 200% upside participation when the index finishes above the initial level, $1,000 if the index is between 90% and 100% of the initial level, and a buffered loss below 90% using a buffer rate of about 111.11%. Investors can lose their entire investment, the estimated value at pricing is less than the 100% issue price, the notes are not listed, may have limited liquidity, bear no dividends or voting rights in index stocks, and carry tax and credit risks.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $18,071,000 of index-linked notes tied to the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The notes pay a contingent monthly coupon of $8.459 per $1,000 (0.8459% monthly, approximately 10.15% per annum) only if on each observation date every underlier is at or above 65% of its initial level. The notes are automatically called on specified quarterly call dates if all underliers are at or above their initial levels, returning $1,000 per note plus any due coupon.
At maturity on July 20, 2028, if not previously called, investors receive $1,000 per note only if each final underlier level is at or above its 65% trigger buffer level; otherwise payment is $1,000 × the lesser performing underlier return, which can result in a total loss of principal. Investors face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. and may receive no coupons over the life of the notes.