GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked, auto-callable notes due August 2, 2029 tied to the worst-performing of the S&P 500 Index, Russell 2000 Index and State Street Technology Select Sector SPDR ETF. Each security has a $1,000 face amount and pays a quarterly contingent coupon of at least $29.50 (at least 11.80% per annum) only if, on the relevant calculation day, the lowest-performing underlier is at or above 70% of its starting value. From January 2027 through April 2029, if on any call date the lowest underlier is at or above its starting value, the notes are automatically called for $1,000 plus the contingent coupon.
If not called, at maturity investors receive $1,000 per note only if the lowest underlier on the final calculation day is at or above its 70% downside threshold; otherwise, repayment is reduced in proportion to the decline of that underlier, with the potential to lose more than 30% and up to all of principal. Investors do not participate in any upside of the underliers and receive no dividends. The estimated value on the pricing date is expected to be $925–$955 per $1,000, below the $1,000 offering price, reflecting underwriting discounts and structuring costs. All payments are subject to the unsecured credit risk of GS Finance Corp. and its guarantor, and the notes are not listed on any exchange.
GS Finance Corp is offering Capped Buffer GEARS, unsecured notes guaranteed by The Goldman Sachs Group, Inc., linked to an unequally weighted basket of five equity indices: EURO STOXX 50® (40%), Nikkei 225 (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The notes have a face amount of $10 per security, an expected trade date of July 21, 2026, original issue date of July 24, 2026 and stated maturity on July 25, 2031.
At maturity, if the basket has risen, investors receive the face amount plus 2.00x the basket return, capped at a maximum settlement amount of $17.95 per $10 (a 79.50% maximum return), with a cap level at 139.75% of the initial basket level. If the final basket level is at or below the initial level but at or above the 80% downside threshold, the repayment is the $10 face amount. Below the downside threshold, principal is reduced one‑for‑one beyond the 20% buffer, down to 20% of face if the basket falls to zero.
The notes pay no interest, offer no dividends on underlying stocks and may have little or no secondary market. 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 $8.85–$9.25 per $10, and all payments are subject to the credit risk of GS Finance Corp and The Goldman Sachs Group, Inc. The product is described as riskier than ordinary debt, with potential loss of up to 80% of principal at maturity.
GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering no-interest basket-linked notes maturing on an expected stated maturity date of July 29, 2031. Repayment depends on an unequally weighted basket of three indices: the S&P 500® Futures Excess Return Index (65%), the MSCI EAFE Index (25%) and the MSCI Emerging Markets Index (10%), measured from an expected trade date of July 24, 2026 to an expected determination date of July 24, 2031.
The initial basket level is 100. If the final basket level is above 100, holders receive $1,000 plus 195% of the positive basket return. If the final basket level is between 80% and 100% of the initial level, principal is returned at $1,000. If the final basket level falls below 80% of the initial level, losses match the full negative basket return, and investors can lose their entire investment.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp and the guarantor. They pay no coupons and do not provide ownership of any index components or futures. The estimated value at pricing is expected to be $885–$925 per $1,000 face amount, reflecting fees, hedging and model-based pricing. The tax disclosure treats the notes as a pre-paid derivative contract, but acknowledges significant uncertainty and potential future IRS or legislative changes.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged callable notes linked to the S&P 500® Futures Excess Return Index, maturing on an expected August 3, 2033. The notes pay no interest and return principal at maturity unless redeemed earlier.
At maturity, if the final index level exceeds the initial level, investors receive $1,000 plus 8x$1,000 per $1,000 face amount. GS Finance Corp. may, at its option, redeem the notes monthly from August 2027 to July 2033 at 100% of face amount plus a fixed call premium, which ranges from 10.0008% on August 3, 2027 to 69.1722% on July 5, 2033.
The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is expected to be between $885 and $925 per $1,000, below the issue price, and secondary market values may be further affected by interest rates, index volatility, and issuer credit spreads.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering 310,000 Autocallable Contingent Coupon (with Memory) Barrier Notes at $10 principal per unit, linked to an equally weighted basket of Micron, NVIDIA and Palantir Class A shares, maturing on July 24, 2029 if not called. The notes pay a quarterly contingent coupon of $0.38375 per unit (a 15.35% per annum rate) only when the basket’s observed value is at least 60% of the Starting Value, with a memory feature that can make up missed coupons when conditions are later met. The notes are automatically called if, on specified quarterly call dates from January 2027, the basket is at or above its Starting Value (Call Value 100.00), returning principal plus the applicable contingent coupon, after which no further payments are due. If not called, at maturity investors receive principal back only if the basket’s Ending Value is at or above the Threshold Value of 60.00; otherwise they incur 1‑to‑1 downside exposure to the basket’s decline, with up to 100% of principal at risk.
The public offering price is $10.00 per unit, with an underwriting discount of $0.15 per unit and proceeds to the issuer of $9.85 per unit, or $3,053,500 in aggregate before expenses. The initial estimated value is approximately $9.52 per $10 principal, reflecting dealer models, hedging costs and fees. GS&Co. may make a market but is not obligated to, and notes will not be exchange-listed, so liquidity may be limited. All payments are subject to the unsecured credit risk of GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor, and the minimum initial investment is $100,000 in principal amount.
GS Finance Corp. is offering S&P 500® Index-linked Market Linked Securities with an aggregate face amount of $535,000, issued at $1,000 per note and guaranteed by The Goldman Sachs Group, Inc. These are principal-at-risk, no-interest medium-term notes maturing on July 20, 2028.
At maturity, investors receive: (i) upside equal to 100% of the index gain, capped at a 16.00% maximum return ($1,160 per $1,000); (ii) a contingent positive return for index declines up to the 20% buffer; or (iii) leveraged losses of 1.25% of principal for each 1% index drop beyond the buffer, potentially losing all principal. The starting S&P 500® level is 7,457.69, with a threshold at 80% of that level.
The estimated value is about $963 per $1,000 face, below the issue price, reflecting fees and structuring costs. Payments depend solely on the credit of GS Finance Corp. and its guarantor, and there is no exchange listing or periodic interest. U.S. tax treatment is complex and may change.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,025,000 of Callable Nasdaq-100 Technology Sector Index-Linked Notes due July 20, 2029. The notes are issued at 100% of face amount with a 1% underwriting discount and 99% net proceeds to the issuer.
The notes pay no interest and may be redeemed by the issuer monthly from July 22, 2027 through June 22, 2029 at 100% of face amount plus a call premium that steps from 19.2% to 56%. If not called, repayment depends on the Nasdaq-100 Technology Sector Index (NDXT) performance from the trade date to July 17, 2029.
The initial underlier level is 16,403.53 with a 150% upside participation rate. At maturity, investors receive $1,000 plus 1.5× index gains if the index is above the initial level; full principal back if the index is between 85% and 100% of the initial level; and a buffered loss beyond a 15% downside, potentially losing most of the investment. The issuer’s estimated value is $965 per $1,000, below issue price, and payments are subject to the credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp. is offering Medium-Term Notes, Series F, fully guaranteed by The Goldman Sachs Group, Inc., that are equity ETF-linked, principal-at-risk securities tied to an equally weighted basket of the State Street Energy Select Sector SPDR ETF and the State Street Technology Select Sector SPDR ETF (50% each). Each security has a $1,000 face amount, an expected pricing date of July 22, 2026 and a stated maturity of July 27, 2028.
At maturity, investors receive: (1) leveraged upside of 125% of the basket’s gain, capped at a maximum return of at least 29.25% (minimum maturity payment of $1,292.50 per $1,000); (2) full principal back if the basket decline is within a 15% buffer; or (3) a loss of principal on a 1-to-1 basis beyond the 15% buffer, with up to 85% loss of face amount. The notes pay no interest or dividends and have no listing. The estimated value on the pricing date is $900–$930 per $1,000, below the $1,000 offering price, and all payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing index-linked Medium-Term Notes, Series F, with an aggregate face amount of $8,954,000. The notes reference the Russell 2000 Index and the S&P 500 Index and mature on July 22, 2031, unless automatically called earlier.
Investors receive a contingent quarterly coupon of $25.375 per $1,000 face amount (2.5375% quarterly, up to 10.15% per annum) only if on each coupon observation date both indices are at or above 70% of their initial levels. The notes are automatically called, returning $1,000 per $1,000 note plus the due coupon, if on any call observation date both indices are at or above their initial levels.
If the notes are not called, the payment at maturity depends solely on the lesser performing index. If that index’s final level is at least 70% of its initial level, investors receive $1,000 per note (plus any final coupon). If it is below 70%, the payoff is $1,000 + $1,000 × lesser performing underlier return, so investors can lose up to 100% of principal. The notes carry the credit risk of GS Finance Corp. and the guarantor, have an estimated value lower than the issue price, may have limited liquidity, and involve uncertain U.S. tax treatment, including potential FATCA and section 871(m) considerations.
GS Finance Corp. is offering Bear Market-Linked One Look Notes with a Dual Directional Buffer linked to the Nasdaq-100 Index, issued at $10 principal per unit and maturing in approximately fifteen months, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.
At maturity, if the index ends at or below its starting level, investors receive a fixed Digital Payment of 14.00%–16.00%. If the index rises but stays at or below 120.00% of the Starting Value, the notes pay a positive return equal to that increase. Above this Threshold Value, principal is reduced 1-to-1 with index gains, but not below a Minimum Redemption Amount of $2.00 per unit, so large index rallies can cause significant loss.
The notes pay no periodic interest, offer limited or no secondary market liquidity, and all payments are subject to the credit risk of GS Finance Corp. and its parent guarantor. The public offering price is $10.00 per unit, while the initial estimated value is expected to be $9.25–$9.55 per $10, reflecting underwriting discounts, structuring fees and hedging and issuance costs.