GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the VanEck Gold Miners ETF (GDX), maturing in 2028. The notes pay no interest and repayment of principal depends entirely on the ETF’s performance and the issuer’s and guarantor’s credit.
The notes may be automatically called on August 6, 2027 if GDX’s closing level is at or above the initial level, in which case investors receive at least $1,250.50 per $1,000 of face amount on August 11, 2027 and the investment ends early. If not called, at maturity in July 2028 investors get: upside participation of 150% of any price increase; full principal back if the final level is between 80% and 100% of the initial level; or a leveraged loss if GDX falls below the 80% buffer level, with losses increasing at a 125% rate and potentially reaching a total loss of principal.
Key risks include: no interest payments; possible loss of the entire investment; secondary market and pricing uncertainty; exposure to the concentration and volatility of gold and silver mining companies and foreign/emerging markets; currency effects within the ETF; the credit risk of GS Finance Corp. and its parent; and uncertain U.S. tax treatment, including potential application of constructive ownership rules.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured structured notes linked to an equally weighted basket of six large-cap stocks: Alphabet, Broadcom, Coherent, Eaton, RTX and Vistra. The notes do not bear interest and are designed with both an automatic call feature and downside protection up to a point.
Each note has a $1,000 face amount and an initial basket level of 100. On the call observation date in August 2027, if the basket level is at least 100, the notes are automatically redeemed early for at least $1,202 per $1,000. If not called, at maturity in July 2028 investors receive: (i) $1,000 plus 1.5 times any positive basket return; (ii) $1,000 if the basket is between 80% and 100% of its initial level; or (iii) a loss with a 20% buffer, where declines beyond 20% are magnified by a 125% buffer rate. The estimated economic value on the trade date is expected to be $900–$930 per $1,000, below issue price, reflecting fees and dealer economics, and repayment depends on the credit of GS Finance Corp. and its guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest and are issued at 100% of face amount with an initial aggregate face amount of $4,712,000 in $1,000 denominations.
The notes may be automatically called quarterly starting April 2027 if the index closing level is at least 85% of the initial level of 495.82, paying $1,000 plus a fixed call premium (rising over time). If not called, at maturity in July 2032 you receive: the maximum settlement amount of $2,140.048 per $1,000 if the final index level is at least 85% of the initial level; full principal back if the final level is between 60% and 85%; and a 1:1 loss below 60%, up to total loss of principal.
The underlying index targets 40% volatility using up to 500% leverage, applies a 6.0% per annum daily decrement, can be significantly uninvested, and is based on E‑mini S&P 500 futures, which are expected to lag the S&P 500® total return. The notes carry issuer and guarantor credit risk, and the estimated value on the trade date is about $961 per $1,000, below the issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured notes called Capped Buffer GEARS linked to the S&P 500® Index. Each security has a $10 face amount, 1.50x leveraged exposure to any positive S&P 500® return, and pays at maturity only.
At maturity, investors receive up to a maximum settlement amount between $15.10 and $15.30 per $10, corresponding to a maximum return between 51.00% and 53.00%. Principal is protected only contingently: if the final index level is at or above 80.00% of the initial level (a 20.00% buffer), investors receive at least the $10 face amount. If the S&P 500® falls below the 80.00% downside threshold, losses match index declines beyond the buffer, up to an 80.00% loss if the index ends at zero.
The notes pay no interest and do not provide dividends on index stocks. All payments depend on the creditworthiness of GS Finance Corp. and the guarantor. The estimated initial value is between $8.85 and $9.25 per $10, below the issue price, reflecting fees and structuring costs. The expected trade date is July 21, 2026, with maturity expected July 24, 2031, and a $1,000 minimum purchase.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER-linked callable notes with an aggregate face amount of $3,485,000, issued at 100% of face value.
The notes pay no interest, are automatically callable quarterly from January 2027 if the index is at least 95% of the initial level of 495.82, and then return $1,000 plus a call premium (starting at 12.75% and rising over time) per $1,000. If not called, they mature on July 22, 2032 with a capped maximum payment of $2,530 per $1,000 if the final index level is at least 95% of the initial level, principal protection down to a 40% decline, and full downside exposure below that trigger so investors can lose their entire investment.
The underlier is a highly complex, leveraged futures-based index targeting 40% volatility, with leverage up to 500% and a daily decrement of 6.0% per annum, which systematically drags performance and magnifies losses. The estimated value at pricing is approximately $956 per $1,000 face amount, below the issue price, and secondary market values will reflect issuer credit risk, model valuations and limited liquidity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes pay no interest and return principal at maturity unless called earlier. Beginning in August 2027, the notes are automatically called if the index level on a call observation date is at least 101% of the initial index level, paying $1,000 plus a fixed call return that rises from 9.5% to 57% over six annual call dates.
If not called, at the expected August 9, 2033 maturity investors receive for each $1,000 face amount either $1,665 (a 66.5% maturity return) if the final index level is at least 101% of the initial level, or $1,000 otherwise. The index uses daily rebalancing, 5% volatility control, and a momentum risk control, and is calculated on an excess return basis over the federal funds rate with an additional 0.65% per annum fee, meaning significant allocations to cash and fees can materially dampen performance. The estimated value at pricing is between $885 and $935 per $1,000, and payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp is offering Buffered Russell 2000® Index-Linked Notes due July 26, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest; the maturity payment depends on the Russell 2000® Index level on a single determination date near maturity.
For each $1,000 face amount, investors receive: par plus 87% of any positive index return; par if the index has fallen by up to 20%; or par reduced on a 1:1 basis for index losses beyond 20%, so principal losses can reach 80% in extreme declines. The initial index level is 2,942.429, and the buffer level is 80% of that. The estimated value at pricing is expected between $925 and $955 per $1,000, below issue price, and secondary market prices may be lower. Payments are unsecured and subject to the credit risk of both GS Finance Corp and The Goldman Sachs Group, Inc., and the notes are expected to be treated as a pre-paid derivative contract for U.S. federal income tax purposes, though tax outcomes are described as uncertain.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2027 linked to the common stock of Vistra Corp. The notes pay a contingent quarterly coupon only if the stock closes at or above a coupon trigger level of 65% of the initial level on each observation date and may be automatically called if the stock is at or above its initial level on specified call observation dates.
If not called, at maturity investors receive $1,000 per note only if the final stock level is at or above a buffer level of 65% of the initial level; below that, repayment is reduced by a leveraged downside formula using a buffer amount of 35% and a buffer rate of approximately 153.85%, and investors can lose their entire principal. The maximum cash settlement is 100% of face amount, so upside in the stock is not passed through beyond par.
The notes are issued at 100% of face amount with a 1% underwriting discount, are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor, do not provide dividends or shareholder rights in Vistra, will not be listed on an exchange, and may have limited or no secondary market, with an estimated value at pricing that is less than the original issue price. U.S. tax treatment is uncertain; counsel views the notes as income‑bearing prepaid derivative contracts, with coupons likely taxed as ordinary income.
The Goldman Sachs Group, Inc. announced a proposed public offering of depositary shares, each representing a 1/25th interest in a new series of Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA. The offering has not yet been priced and is subject to market conditions and other considerations.
If the offering is priced and closes, Goldman Sachs currently intends to use a portion of the net proceeds to redeem all outstanding 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series U, which has a $25,000 liquidation preference per share. No decision to redeem has been made and no notice of redemption has been issued. The proposed offering is described in a preliminary prospectus supplement dated July 20, 2026.
Flaherty Mark A. reported acquisition or exercise transactions in this Form 4 filing.
Goldman Sachs Group Inc. director Mark A. Flaherty received a grant of 22 Restricted Stock Units as part of his second quarter 2026 annual retainer. These RSUs are tied to common stock and will deliver shares approximately 90 days after he retires from the Board, bringing his direct RSU holdings to 5,270.