GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes maturing in 2029 under its Medium-Term Notes, Series F program. The notes are linked to the Russell 2000 Index and the S&P 500 Index.
For each $1,000 face amount, investors receive at maturity either the maximum settlement amount of at least $1,240 if the final level of each index is at or above its initial level, or $1,000 if any index is below its initial level. The notes do not pay periodic interest and upside is capped at a total return of 124.000% of face value.
The payoff is based solely on the lesser performing underlier, making the structure sensitive to the weaker index. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may trade below face value, and are expected to have an estimated value below the original issue price. For U.S. tax purposes, they are treated as contingent payment debt instruments, requiring accrual of ordinary income over their term.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500® Index under its Medium-Term Notes, Series F program. Each note has a $10 face amount and pays no interest.
At maturity on August 6, 2027, the cash payment per $10 note equals: if the S&P 500 final level exceeds the initial level, $10 plus 300% of the index gain, capped at a maximum settlement amount of $11.33. If the final level is at or below the initial level, the payoff is $10 plus $10 times the index return, producing a one-for-one loss with the index and potentially a 100% loss of principal.
Key risks include credit risk of both GS Finance Corp. and its parent guarantor, potential illiquidity and market value volatility, an initial estimated value below the original issue price, capped upside, lack of dividends or shareholder rights in S&P 500 stocks, and uncertain U.S. tax treatment as a pre-paid derivative contract.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked medium-term notes tied to the Nasdaq-100 Index®, maturing on September 3, 2030, with a face amount of $1,000 per note.
At maturity, investors receive the face amount plus 100% of any positive index return, capped at a maximum return of at least 34.00%, giving a maximum maturity payment of at least $1,340 per note. If the index ends at or below the starting level, the maturity payment is $1,000, so downside index moves do not reduce principal, though all payments are subject to issuer and guarantor credit risk.
The notes pay no interest or dividends and are designed to be held to maturity with no exchange listing$900 and $930 per $1,000, below the $1,000 original offering price, reflecting structuring and distribution costs and dealer margin. Underwriting discounts are up to 3.825% (up to $38.25 per $1,000), with proceeds to the issuer of $961.75 per $1,000. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over their term.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes tied to the Nasdaq-100 Index®, S&P 500® Index and Russell 2000® Index. Each note has a $1,000 face amount, a trade date expected August 7, 2026, original issue date expected August 12, 2026, and a stated maturity date expected August 12, 2031, unless automatically called.
The notes pay no interest. They are automatically called if on the call observation date (expected November 9, 2026) each index is at least 95% of its initial level, in which case investors receive $1,057 per $1,000 on the call payment date (expected November 13, 2026). If not called, the maturity payment depends on the lesser performing index: if each final level is above its initial level, the return equals 1.25× that index’s gain; if any index is at or below its initial level but each is at least 70% of its initial level, only principal is returned; if any index closes below 70% of its initial level, principal is reduced, with losses of about 1.4286% for every 1% the lesser performer falls below 70%, potentially to zero.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be $885–$925 per $1,000, below the issue price, reflecting selling costs and structuring fees. Payments are characterized for U.S. tax purposes as from a pre-paid derivative contract, though the tax treatment is uncertain, and the product is subject to FATCA and other tax and regulatory considerations.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Callable Contingent Coupon Index-Linked Notes due 2031 linked to the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. For each $1,000 face amount, investors receive a $7 monthly coupon (0.7%, up to 8.40% per annum) only if on each observation date every underlier is at or above its coupon trigger level of 80% of its initial level; otherwise the coupon for that month is zero.
At maturity on August 12, 2031, if the notes have not been called and the final level of every underlier is at or above its 50% buffer level, investors receive $1,000 plus any final coupon. If any underlier finishes below its buffer, repayment is reduced according to the buffer formula, exposing investors to a substantial loss; for example, a worst underlier at 13% of its initial level yields a cash settlement of 63% of face value. Upside is capped at par, even if indices rise significantly. The issuer may redeem the notes at $1,000 plus any due coupon, in whole but not in part, on any coupon payment date from February 2027 through July 2031. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed, and their estimated value at pricing will be lower than the original issue price.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2029 linked to the common stock of Salesforce, Inc. and ServiceNow, Inc. Each note has a $1,000 face amount.
The notes pay a contingent monthly coupon of $26.667 per $1,000 (2.6667% monthly, up to approximately 32% per annum) only if on each coupon observation date both underliers close at or above their coupon trigger level of 70% of the initial level. The same 70% level is the trigger buffer level for principal at maturity.
If on any call observation date beginning August 5, 2027 both underliers are at or above their initial levels, the notes are automatically called and pay $1,000 plus the then‑due coupon. If not called, at maturity in August 2029 holders receive $1,000 if both final underlier levels are at or above their trigger buffer levels; otherwise they receive $1,000 multiplied by the lesser performing underlier return, with losses one‑for‑one below the buffer, down to a possible 0% return. Investors have no upside participation above par and can lose their entire investment.
Key risks include the credit risk of GS Finance Corp. and its guarantor, the estimated value being less than the issue price, potentially limited or no secondary market, uncertain and complex tax treatment, and the absence of any shareholder or dividend rights in the underliers.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Leveraged Buffered S&P 500 Futures Excess Return Index-Linked Notes due 2029 under its Medium-Term Notes, Series F program. The notes are linked to the S&P 500 Futures Excess Return Index, which tracks E-mini S&P 500 futures rather than the S&P 500 Index itself.
At maturity, for each $1,000 note, holders receive: if the final index level is at or above the initial level, $1,000 plus the upside participation rate (at least 116%) times the index return; if the index is down but not below 85% of its initial level, they receive $1,000 plus the absolute index loss; if it falls below the 85% buffer level, losses match the decline beyond the 15% buffer, potentially large. The notes pay no interest.
The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market liquidity, and their market value can be affected by index volatility, rates, and credit spreads. Tax treatment is uncertain; the issuer intends to treat them as pre-paid derivative contracts for U.S. federal income tax purposes.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes due August 12, 2032 linked to three underliers: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the VanEck Semiconductor ETF.
Each $1,000 note pays a monthly contingent coupon of $16.792 (1.6792%, up to about 20.15% per year) only if on the relevant observation date the closing level of each underlier is at or above its coupon trigger level, set at 60% of its initial level. The same 60% level also serves as the trigger buffer for principal.
The notes are automatically called if on any call observation date all underliers are at or above their initial levels, in which case investors receive $1,000 per note plus the due coupon. If the notes are not called and on the August 9, 2032 determination date any underlier finishes below its trigger buffer, the maturity payment is $1,000 plus $1,000 times the lesser-performing underlier return, so investors can lose some or all of principal. Payments depend on the credit of GS Finance Corp. and the guarantor; the notes are unsecured, not insured, will not be listed, and their estimated value at pricing is less than the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Goldman Sachs Momentum Builder® Focus ER Index-Linked Notes due 2029 under its Medium-Term Notes, Series F program. The notes are unsecured senior debt obligations subject to the credit risk of both the issuer and guarantor.
The notes are linked to the Goldman Sachs Momentum Builder® Focus ER Index, a rules-based, volatility-controlled index that reallocates daily among equity, fixed income, commodity and cash-equivalent exposures, calculated on an excess return basis and reduced by a 0.65% per annum deduction. On the August 31, 2027 call observation date, if the index level is at or above the initial level, the notes are automatically called and pay 111.25% of face value on the call payment date, or $1,112.50 per $1,000.
If not called, at maturity in September 2029 investors receive for each $1,000 the greater of (i) $1,000 or (ii) $1,000 plus 300% of any positive index return, providing upside participation with principal repayment but no additional return when the final index level is at or below the initial level. The issuer’s estimated value on the trade date is $900–$930 per $1,000, below the issue price, reflecting fees, hedging and structuring costs. The notes pay no interest, may trade at a discount before maturity, and are expected to be treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over their term.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes due September 2, 2027 with an aggregate face amount of $205,000. The notes pay no interest and return at maturity depends on the lesser performing of the Russell 2000® Index and the S&P 500® Index, measured from the July 28, 2026 trade date to the August 30, 2027 determination date.
The initial index levels are 2,953.800 for the Russell 2000® and 7,428.78 for the S&P 500®. There is a 10% downside buffer and gains are capped by a cap level at 118% of each initial index level, with a maximum settlement amount of $1,180 per $1,000 face amount. If the worst index ends below 90% of its initial level, principal is reduced according to the lesser performing index return plus 10%, so investors can lose a substantial portion of principal.
The original issue price is 100% of face amount, with an underwriting discount of 2.225% and net proceeds to the issuer of 97.775%. The estimated value on the trade date is approximately $972 per $1,000 face amount, reflecting model-based pricing and offering costs. Payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.