GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing $600,000 of medium-term notes linked to the common stock of NVIDIA Corporation. The notes may be automatically called on July 30, 2027 if NVDA’s closing level on July 27, 2027 is at or above the initial underlier level of $203.28, in which case investors receive $1,232.50 per $1,000 face amount and the investment ends early.
If not called, the cash settlement at maturity on July 25, 2028 depends on NVDA’s final level. Investors participate at a 125% upside participation rate when the final level exceeds the initial level. If the final level is between the 80% buffer level and the initial level, repayment is $1,000 per $1,000. Below the buffer, principal is reduced 1-for-1 with NVDA’s decline beyond the 20% buffer, so a substantial loss of principal is possible.
The notes do not pay interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange. The estimated value at pricing is lower than the issue price, secondary market liquidity is uncertain, and the U.S. tax treatment as a pre-paid derivative contract is described as uncertain.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes whose principal repayment depends on a basket of five large-cap tech stocks: Alphabet Class A, Amazon.com, Meta Platforms Class A, Microsoft, and Oracle, each initially weighted 20%. The notes pay no interest and mature on an expected stated maturity date of August 9, 2027, with performance measured from July 21, 2026 to an expected determination date of August 5, 2027.
The basket has an initial level of 100. If the final basket level is at least 90% of the initial level, investors receive a maximum settlement amount of $1,179 per $1,000 face amount, capping upside even if the basket more than doubles. If the basket falls below 90% of its initial level, repayment is reduced: investors lose approximately 1.1111% of principal for every 1% the final basket level is below 90%, and a severe decline can result in a total loss of principal.
The structure includes a 10% buffer but no protection beyond that level, and investors do not receive dividends on the underlying stocks. The estimated value at pricing is expected between $935 and $965 per $1,000, below issue price, reflecting dealer compensation, hedging costs and model assumptions. 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 medium-term, equity index-linked notes due August 11, 2027 with a face amount of $1,000 per security. The notes are linked to the lowest performing of the S&P 500 Index, Dow Jones Industrial Average, Nasdaq-100 Index and EURO STOXX 50 Index.
At maturity, investors receive: (i) face amount plus leveraged upside if the lowest performing index ends above its starting level, using an upside participation rate of at least 114%; (ii) full principal back if the index decline is within a 20% buffer; or (iii) reduced principal with 1-to-1 downside beyond the 20% buffer, with losses up to 80% of face. The threshold level for each index is 80% of its starting level.
The notes pay no interest or dividends, are designed to be held to maturity, and are subject to the unsecured credit risk of GS Finance Corp. and the guarantor. The original offering price is $1,000, with an underwriting discount of up to 2.325%, and an estimated initial value between $925 and $955 per $1,000, reflecting structuring and distribution costs.
GS Finance Corp. is offering no-interest, index-linked notes tied to the Russell 1000® Value Index, with payment at maturity based solely on index performance between July 21, 2026 and the determination date, expected October 7, 2027. The notes are expected to mature on October 13, 2027 and have a face amount of $1,000 per note in minimum denominations of $1,000.
For each $1,000, investors receive: (i) up to $1,203.5 (a 20.35% cap) if the index rises, with 100% upside participation; (ii) full principal back if the index is flat or down by up to 10%; or (iii) a loss of principal if the index falls more than 10%, with losses equal to the index decline beyond the 10% buffer. The initial index level is 2,432.597, the cap level is 120.35% of this level, and the buffer level is 90%. The notes are unsecured obligations of GS Finance Corp. guaranteed by The Goldman Sachs Group, Inc., and the estimated value at pricing is expected to be $925–$955 per $1,000, below the issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $ Trigger GEARS notes linked to the S&P 500® Equal Weight Index. The notes are unsecured and pay at maturity based on index performance between the trade date and the determination date.
If the final index level is above the initial level, the maturity payment per $10 face amount equals $10 plus the index return multiplied by upside gearing, which is expected to be between 1.02 and 1.07. If the final level is at or below the initial level but at or above the 75% downside threshold, investors receive only the $10 face amount. If the final level falls below the downside threshold, the payoff equals $10 plus $10 times the (negative) index return, so investors lose principal in full proportion to the index decline and could lose their entire investment.
The minimum purchase is $1,000 face amount, in $10 denominations. The original issue price is 100% of face, with a 3.50% underwriting discount and 96.50% net proceeds to the issuer. The estimated value at pricing is expected between $8.85 and $9.25 per $10. The notes pay no interest or dividends, have limited or no secondary market, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged equity-linked notes due 2029 linked to the Class A common stock of Strategy Inc (ticker “MSTR UW”). The notes pay no interest and are repaid in cash at maturity.
At maturity, for each $1,000 note, investors receive: if the final stock level is above the initial level, $1,000 plus 500% of the stock’s percentage gain, capped at a maximum payment of $3,600; if the final level is between 50% and 100% of the initial level, $1,000; if it is below 50%, principal is reduced one-for-one with the stock’s loss, up to a total loss of principal.
The notes expose holders to the credit risk of GS Finance Corp. and Goldman Sachs, may trade below face value before maturity, will not be listed on any exchange, and have U.S. tax treatment described as a pre-paid derivative contract, which remains uncertain and could change.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, zero-coupon notes linked to an American depositary share of Taiwan Semiconductor Manufacturing Company Limited. Each note has a $1,000 face amount, trades are expected on August 4, 2026, and maturity is expected on August 7, 2031 unless the notes are automatically called starting in August 2027.
The notes pay no interest. If on a call observation date the TSM ADS closing price is at or above the applicable call price, the notes are redeemed for $1,000 plus a call premium (from 13.2% up to 62.7% of face), with call prices stepping down over time. If never called, at maturity investors receive $1,660 per $1,000 if the final stock price is at least 80% of the initial price. Below that buffer, principal is reduced one-for-one beyond a 20% decline, so losses can reach 80% of principal.
The notes’ return is capped and fully exposed to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be between $885 and $935 per $1,000 face amount, reflecting structuring and distribution costs and GS&Co.’s pricing models.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 tied to the common stock of Amazon.com, Inc. The notes have a face amount of $1,000 each and are part of the issuer’s Medium-Term Notes, Series F program.
Quarterly coupons of $29 per $1,000 are only paid when Amazon’s closing level on each observation date is at or above a coupon trigger level set at 70% of the initial underlier level; otherwise, the coupon for that period is zero. The notes may be automatically called on scheduled observation dates starting in January 2027 if Amazon’s closing level is at or above the initial level, in which case investors receive $1,000 per note plus the due coupon.
If the notes are not called and Amazon’s final level on the July 24, 2029 determination date is at or above the 70% trigger buffer level, investors receive full principal back at maturity, plus any final coupon. If the final level is below the trigger buffer, repayment of principal is reduced one-for-one with the underlier’s loss, and investors can lose up to 100% of their investment. The notes carry the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below issue price, and are not listed on any exchange.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no-interest, principal-at-risk structured notes linked to an equally weighted basket of seven large-cap stocks (Costco, EMCOR, IBM, Netflix, NVIDIA, Oracle and Regeneron). The basket has an initial level of 100, with each stock given an initial weighted value of 100/7.
At maturity, expected on August 27, 2027, each $1,000 note pays a cash amount based on the basket return from the trade date, expected July 24, 2026, to the determination date, expected August 24, 2027. If the final basket level is at or above the initial level, investors receive a capped payout of $1,131 per $1,000 (maximum settlement amount). If the basket finishes between 80% and 100% of its initial level, investors receive the $1,000 face amount. Below 80% (a drop of more than 20%), losses are 1:1 beyond the 20% buffer, so investors can lose a substantial portion of principal.
The notes do not pay interest and do not pass through dividends on the underlying stocks. Credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. applies. The estimated value at pricing is expected to be $925–$955 per $1,000, below the issue price, reflecting dealer compensation, hedging and structuring costs. Complex anti-dilution and market disruption provisions give the calculation agent wide discretion in adjustments and in determining final levels.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, buffered notes linked to the S&P 500® Futures Volatility Plus Daily Risk Control Index. The notes pay no interest and are expected to be issued on July 31, 2026 and mature on July 31, 2031, unless automatically called starting July 28, 2027.
The index provides leveraged (100%–200%) exposure to the S&P 500® Futures Excess Return Index, making the notes more volatile and riskier than notes linked directly to that futures index. If on a call observation date the index is at or above its initial level, the notes are redeemed for $1,000 plus a call premium that starts at 10.1508% and steps up to 49.9081% on later dates.
If not called, the maturity payment per $1,000 depends on index performance. You participate 100% in upside. There is a 15% downside buffer: if the index is down up to 15%, you receive $1,000; if it is down more than 15%, losses are linear beyond that and you can lose a substantial portion of principal. The estimated initial value is $885–$925 per $1,000, below issue price, and the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor.