The Goldman Sachs Group, Inc. established a new class of preferred stock, its 6.500% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA, with a liquidation preference of $25,000 per share. The terms are set out in a Certificate of Designations filed in Delaware on July 23, 2026.
Upon issuance of the Series AA Preferred Stock, the ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, Goldman Sachs common stock will be restricted if dividends on the Series AA are not paid, as described in the Certificate of Designations. Additional exhibits cover depositary shares representing interests in the Series AA under an existing Form S-3 registration statement.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes due August 2, 2029. The notes are linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index and do not pay periodic interest.
The notes can be automatically called monthly from July 30, 2027 onward if each index is at or above its initial level, paying $1,000 plus the applicable call premium (from 12.6504% on the first call date up to 36.897% on the last). If held to maturity and not called, investors receive $1,000 plus a 37.9512% maturity premium if all final index levels are at least their initial levels, $1,000 if all are at or above a 70% trigger buffer of initial levels, or $1,000 plus the return of the worst-performing index if any finishes below its trigger, which can result in a full loss of principal. Upside is capped by the call and maturity premiums, payments are in cash only, and returns and secondary-market value are subject to the credit risk of GS Finance Corp. and its parent and to complex tax and market factors.
The Goldman Sachs Group, Inc. affiliate Kathryn Ruemmler has filed to sell up to 3,558 shares of common stock, par value $0.01 per share, through Goldman Sachs & Co. LLC on July 23, 2026 on the NYSE. The proposed sale has an aggregate market value of $3,907,395.60. In the preceding three months, she reported selling 14,975 shares of the same common stock on May 1, 2026 for an aggregate value of $13,833,455.75. The shares relate to Employee Compensation Awards.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stock of Amazon.com, Inc., Advanced Micro Devices, Inc. and Tesla, Inc. The notes pay contingent monthly coupons only if on a coupon observation date the closing price of each stock is at least 75% of its initial price; otherwise the coupon for that month is $0. If this condition holds, the coupon for each $1,000 face amount equals at least $8 per month (at least 0.8% monthly, up to at least 9.6% per annum) on a cumulative formula.
Beginning in July 2027 through June 2031, the notes are automatically called if on any call observation date the closing price of each stock is at least 95% of its initial price; investors then receive $1,000 per $1,000 face amount plus the applicable coupon. If not called, at maturity, expected July 31, 2031, holders receive $1,000 per $1,000 face amount plus any final coupon. The estimated value on the trade date is expected between $885 and $935 per $1,000 face amount, lower than the original issue price, and returns are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The notes are intended to be treated as contingent payment debt instruments for U.S. federal income tax purposes.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering up to $1,500,000 aggregate face amount of structured notes linked to the common stock of CrowdStrike, Microsoft and Snowflake. The notes mature on July 25, 2029 and may be automatically called monthly from July 2027 if all three stocks are at or above their initial prices of $198.49 (CrowdStrike), $402.29 (Microsoft) and $274.34 (Snowflake). Investors may receive conditional monthly coupons of $18.959 per $1,000 (1.8959% monthly, up to about 22.75% per year) whenever each stock is at or above 60% of its initial price; no coupon is paid otherwise. If the notes are not called, principal repayment depends on a trigger event: if every stock finishes below its initial price and any finishes below 60% of its initial price, repayment is reduced one-for-one with the worst performer and can fall to zero, with no coupon. The estimated initial value is about $965 per $1,000 face amount, versus a 100% issue price, and the notes are subject to the unsecured credit risk of GS Finance Corp. and the guarantor, with limited liquidity and complex market-disruption and anti-dilution adjustments.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F linked to the common stock of NVIDIA Corporation as the underlier, with an aggregate face amount of $1,400,000. The notes pay a contingent quarterly coupon of $37.50 per $1,000 (3.75% quarterly, up to 15.00% per annum) only if, on each coupon observation date, the NVDA closing level is at least 60% of the initial underlier level of $202.81.
The notes feature an automatic call: if NVDA’s closing level on any call observation date from January 2027 through April 2029 is at or above the initial level, investors receive $1,000 per note plus the due coupon on the following call payment date, and the term ends early. If not called, at maturity on July 20, 2029 investors receive, per $1,000 face amount, $1,000 if the final underlier level is at or above the 50% trigger buffer level, or $1,000 + $1,000 × underlier return if below that level, which can result in a total loss of principal.
The original issue price is 100% of face, with a 0.35% underwriting discount and 99.65% net proceeds to the issuer. Investors bear the credit risk of GS Finance Corp. and the guarantor, face limited liquidity and market value sensitivity to volatility, interest rates and credit spreads, and encounter uncertain U.S. tax treatment of the notes.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, zero‑coupon notes linked to three stocks: SLB N.V., Snap Inc. Class A, and Snowflake Inc. The notes have an initial aggregate face amount of $1,000,000 and an original issue price of 100% of face, less a 2% underwriting discount, for 98% net proceeds to the issuer.
The notes may be automatically called quarterly starting July 27, 2027 if on a call observation date the closing price of each stock is at or above its applicable call level (which steps down from 90% to 60% of the initial prices). If called, holders receive $1,000 plus a call premium (from 36% up to 177% of face, depending on call date). If never called, at maturity on July 24, 2031, for each $1,000 face amount investors receive $2,800 if the final price of each stock is at or above 50% of its initial price. Otherwise they receive $1,000 plus the product of the lesser performing stock’s return and $1,000, exposing them to losses down to a complete loss of principal.
The initial stock prices are $46.39 (SLB), $4.56 (Snap), and $274.34 (Snowflake). The notes’ estimated value on the trade date, based on Goldman Sachs & Co. LLC models, is approximately $955 per $1,000 face amount, below the issue price. Investors bear the unsecured credit risk of GS Finance Corp. and its guarantor and have no rights in the underlying stocks. Complex anti‑dilution and market disruption provisions govern adjustments and valuation.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing Medium-Term Notes, Series F, in an aggregate face amount of $6,258,000. These are contingent income auto-callable buffered notes linked to the Russell 2000 Index, the S&P 500 Index and the State Street Technology Select Sector SPDR ETF.
Each note has a $1,000 face amount and may pay a contingent monthly coupon of $10.542 (1.0542% monthly, up to approximately 12.65% per annum) if on the relevant observation date the closing level of each underlier is at or above its coupon trigger level, set at 70% of its initial level. The notes are automatically called if, on a call observation date, each underlier is at or above its initial level, in which case investors receive $1,000 plus any due coupon.
If the notes are not called, the cash settlement at maturity on July 25, 2029 depends solely on the lesser performing underlier. If its final level is at or above its trigger buffer level of 50% of initial, investors receive $1,000 per note (plus any final coupon). If it is below 50%, principal is reduced one-for-one with the lesser performing underlier return, and up to 100% of the investment can be lost. Initial underlier levels are 2,942.429 for the Russell 2000, 7,443.28 for the S&P 500 and $175.71 for XLK.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The original issue price includes a 1% underwriting discount (net proceeds 99%), and the estimated value determined by GS&Co.’s models is lower than the issue price. There is no exchange listing, market-making is discretionary, and the tax treatment is uncertain, with potential application of constructive ownership rules and FATCA.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, index-linked notes tied to the S&P 500® Equal Weight Index. The notes pay no interest and are scheduled to mature on August 9, 2027, with the index observed on a determination date expected to be August 4, 2027. The initial index level is 8,619.71, set on July 21, 2026, and the threshold level is 90% of that initial level.
At maturity, for each $1,000 face amount, investors receive a cash amount based on index performance. If the final index level is at least 90% of the initial level (index return ≥ -10%), payment is capped at the maximum settlement amount of $1,083, limiting upside to a 8.3% gain. If the final level falls below 90%, the payoff declines linearly: investors lose approximately 1.1111% of principal for every additional 1% drop below the 90% threshold, and can lose up to their entire investment.
The notes’ estimated value on the trade date is expected to be between $900 and $930 per $1,000 face amount, reflecting embedded fees and hedging costs; secondary market prices may be lower and GS&Co. is not obligated to make a market. Payments depend entirely on the credit of GS Finance Corp. and the guarantor, and investors have no rights in the underlying index constituents or their dividends.
GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering $314,000 face amount of Medium-Term Notes, Series F, in the form of contingent income auto-callable notes linked to the common stock of Target Corporation. The notes are issued at 100% of face with a 0.5% underwriting discount and 99.5% net proceeds to the issuer.
Each $1,000 note may pay a contingent quarterly coupon of $26.25 per observation period if Target’s closing level is at least 50% of the initial level of $139.59. The notes are subject to an automatic call if the underlier is at or above the initial level on specified call observation dates, returning $1,000 plus any due coupon. If not called, at maturity investors receive $1,000 per note if the final underlier level is at least 50% of the initial level; otherwise they receive $1,000 plus $1,000 times the underlier return, which can result in a total loss of principal. Upside to increases in the underlier above the initial level is capped at return of principal plus coupons. Key risks include the credit risk of GS Finance Corp. and the guarantor, the possibility of receiving no coupons, significant losses if the underlier falls modestly below the buffer, limited liquidity, and uncertain U.S. tax treatment.