Goldman Sachs Group Inc SEC Filings

Goldman Sachs (GS), via GS Finance Corp., filed a preliminary 424(b)(2) prospectus for auto-callable, no‑coupon notes linked to Uber Technologies, Inc. common stock. The notes may be automatically called on the call observation date (expected to be November 3, 2026) for $1,174 per $1,000 face amount if Uber’s price is at or above the initial level, with payment on the call payment date (expected to be November 10, 2026).

If not called, the maturity payout (expected November 10, 2028) depends on Uber’s performance: 150% participation in gains up to a maximum settlement amount of $1,800.1 per $1,000; “buffered” absolute returns for declines up to 20%; and losses if the final price falls more than 20% from the initial price. The cap corresponds to a cap price of 153.34% of the initial price. The notes do not pay interest.

The estimated value at pricing is expected between $890 and $920 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor). Key dates are expected to be: trade date November 3, 2025; call observation date November 3, 2026; determination date November 3, 2028; and stated maturity date November 10, 2028.

Goldman Sachs (GS), via GS Finance Corp., announced a preliminary pricing supplement for digital notes linked to the SPDR S&P Biotech ETF (XBI). The notes pay no interest and return at maturity depends on XBI’s performance between the expected trade date of October 28, 2025 and the expected determination date of November 30, 2026.

If XBI’s final level is at least 70% of the initial level, holders receive the maximum settlement amount of $1,087 for each $1,000 face amount. If XBI declines by more than 30%, repayment equals $1,000 plus $1,000 times the ETF return, resulting in principal loss and potentially a total loss. The notes are unsecured obligations of GS Finance Corp. and are guaranteed by The Goldman Sachs Group, Inc.

The estimated value at pricing is expected to be $925–$955 per $1,000. Key dates include the expected original issue date of October 31, 2025 and the expected stated maturity date of December 3, 2026. The notes will not be listed, and secondary market prices may be affected by volatility in XBI, interest rates, and the credit profile of the issuer and guarantor.

GS Finance Corp. announced a preliminary pricing supplement for callable notes linked to the S&P 500 Futures Excess Return Index, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are expected to mature on November 5, 2030, unless redeemed earlier.

The issuer may redeem the notes on monthly call payment dates at 100% of face value plus a listed call premium. If not redeemed, maturity payment depends on index performance from the expected October 31, 2025 trade date to the expected October 22, 2030 determination date. Upside is leveraged at 1.6x of the index return. If the final index level is between 50% and 100% of the initial level, investors receive the $1,000 face amount. If it falls below 50% of the initial level, repayment declines one-for-one with the index and investors could lose their entire investment.

The filing highlights an estimated value of $850–$890 per $1,000 at pricing and details extensive market, structure, call, and tax risks. The index tracks E-mini S&P 500 futures (not the S&P 500 Index), so futures dynamics, financing costs, and roll yield can materially affect returns.

GS Finance Corp. plans to offer Autocallable Contingent Coupon Index‑Linked Notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes reference three equity indices: the Dow Jones Industrial Average (INDU), Russell 2000 (RTY), and S&P 500 (SPX).

The notes pay a contingent monthly coupon of at least $9 per $1,000 (at least 0.9% monthly, up to at least 10.8% per annum) if on the observation date the closing level of each underlier is ≥ 80% of its initial level (the coupon trigger). The notes are automatically called on designated quarterly dates if each underlier is ≥ its initial level, returning $1,000 per note plus any due coupon.

If not called, payment at maturity depends on the lesser performing underlier. If each final level is ≥ the 80% buffer, holders receive $1,000 per note. If any final level is below its buffer, the payoff is reduced by the formula using a buffer rate of 125%, and investors could lose their entire principal. Key dates: trade date October 22, 2025; original issue date October 27, 2025; determination date January 22, 2029; stated maturity January 25, 2029. CUSIP/ISIN: 40058QNP0 / US40058QNP09.

The Goldman Sachs Group, Inc. filed an 8-K noting the issuance of debt securities on October 21, 2025 under its shelf registration statement on Form S-3 (File No. 333-284538). The company filed exhibits supporting that issuance, including a legal opinion from Sullivan & Cromwell LLP (Exhibit 5.1) and the related consent (Exhibit 23.1), which are incorporated by reference into the registration statement.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering U.S. dollar-denominated, autocallable contingent coupon notes linked to the common stocks of Applied Materials and Synopsys and to an ADS of Taiwan Semiconductor Manufacturing Company Limited (representing five common shares). Each note has a $10 face amount, original issue price of 100% and will not be listed.

The notes may be automatically called on quarterly observation dates starting in January 2026 if each stock closes at or above its initial price, paying $10 plus the contingent coupon then due. On each quarterly determination date, a contingent coupon accrues only if all three stocks close at or above a 60.00% barrier, with coupon mechanics targeting between $0.4125 and $0.425 per quarter on a cumulative basis (maximum return expected between 4.125% and 4.25% quarterly, or 16.50%–17.00% per annum). If not called, the notes mature on October 25, 2029.

At maturity, if each stock is at or above its 60.00% downside threshold, holders receive $10 plus the final contingent coupon. If any stock is below its threshold, repayment is reduced by the lesser-performing stock return, and principal losses can be substantial, up to total loss. The underwriting discount is 2.25% and the net proceeds are 97.75% of face amount. The estimated value on the trade date is expected to be $9.30–$9.60 per $10 note.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary 424(b)(2) pricing supplement for autocallable notes linked to the S&P 500, Dow Jones Industrial Average, and Russell 2000. The notes pay no interest and may be automatically called on observation dates starting October 26, 2026 if each index is at least 80% of its initial level, returning the face amount plus a call premium.

If not called, the maturity payment depends on the worst-performing index. If each index is at least 80% of its initial level on the determination date, holders receive $1,320 per $1,000. If any index is below 80%, the payoff equals $1,000 plus the lesser-performing index return times $1,000, which can result in substantial loss of principal.

Call premiums step from 8% to 30% across scheduled dates; the maturity-date premium is 32%. The estimated value at pricing is expected between $905 and $945 per $1,000. Key risks include credit exposure to the issuer and guarantor, capped upside, and potential loss up to the entire investment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary pricing supplement for Autocallable Contingent Coupon Index-Linked Notes due 2030. The notes reference three underliers: the Nasdaq-100 Technology Sector Index (NDXT), the Russell 2000 Index (RTY) and the S&P 500 Index (SPX).

The notes pay a contingent monthly coupon of $8.959 per $1,000 (0.8959% monthly, up to approximately 10.75% per annum) if each underlier closes at or above its 70% coupon trigger level on the observation date. They may be automatically called if on any call observation date (beginning July 2026) each underlier is at or above its initial level; in that case, holders receive $1,000 plus the coupon then due.

If not called, maturity payment depends on the lesser performing underlier. At maturity on October 30, 2030, if each final underlier level is at or above its 70% trigger buffer level, holders receive $1,000 (plus any final coupon). Otherwise, repayment equals $1,000 plus $1,000 times the lesser performing underlier return, which can result in a substantial loss, up to the entire investment. Key dates include trade date October 23, 2025 and original issue date October 28, 2025. The notes are subject to the credit risk of the issuer and guarantor, are not listed, and the estimated value at pricing will be less than the original issue price.

GS Finance Corp. filed a product supplement for Medium‑Term Notes, Series F, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are senior unsecured obligations whose return is linked to a specified equity “Market Measure” such as an index, ETF, single stock/ADR, a basket, or the best‑ or worst‑performer among them.

Each offering will be defined in a separate term sheet, including the Market Measure, maturity and risk factors. Notes may pay fixed or contingent coupons, may be callable, and the Redemption Amount can be less than, equal to, or greater than principal. Units are generally issued in $10 denominations and, unless a term sheet says otherwise, the notes will not be listed. GS&Co. will act as selling agent and calculation agent.

Key risks include principal at risk, credit risk of the issuer and guarantor, limited liquidity, potential early call, valuation that may be below the public offering price, and conflicts from hedging and market‑making. Proceeds are expected to be lent to The Goldman Sachs Group, Inc. or affiliates, and Goldman may hedge using instruments linked to the Market Measure.