# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0000950170-25-090681
**Filing Date:** 2025-6
**Character Count:** 67292
**Document Hash:** 7e06ec5f7fe000a3f1432a744ccb5bb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-090681.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0000950170-25-090681

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS GROUP INC
- **CENTRAL INDEX KEY:** 0000886982
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134019460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284538
- **FILM NUMBER:** 251084166

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS GROUP INC/
- **DATE OF NAME CHANGE:** 20010104
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GS Finance Corp.
- **CENTRAL INDEX KEY:** 0001419828
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 260785112
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284538-03
- **FILM NUMBER:** 251084167

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**July 2025**

Preliminary Pricing Supplement filed pursuant to Rule 424(b)(2) dated June 26, 2025 / Registration Statement No. 333-284538<br>STRUCTURED INVESTMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opportunities in U.S. Equities

**The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

Subject to Completion. Dated June 26, 2025.

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| | |
|:---|:---|
| &nbsp;&nbsp;![img175132509_0.jpg](img175132509_0.jpg) | **GS Finance Corp.** |

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Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028

**Principal at Risk Securities**

**The Buffered Performance Leveraged Upside Securities**<sup>SM</sup>**(PLUS) do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.** The amount that you will be paid on your PLUS on the stated maturity date is based on the performance of the S&P 500<sup>®</sup> Index as measured from the pricing date to and including the valuation date.

If the final index value (the index closing value on the valuation date) is *greater than* the initial index value, the return on your PLUS will be positive and equal to the *product* of the leverage factor *multiplied* by the index percent increase (the percentage increase in the final index value from the initial index value), subject to the maximum payment at maturity. If the final index value is equal to the initial index value or is less than the initial index value but has not decreased by more than the buffer amount, you will receive the principal amount of your PLUS. **However, if the final index value has decreased from the initial index value by more than the buffer amount, you will lose 1% for every 1% decline beyond the buffer amount, subject to the minimum payment at maturity.** 

The PLUS are for investors who seek the potential to earn 200% of any positive return of the underlying index, subject to the maximum payment at maturity, are willing to forgo interest payments and are willing to risk losing up to 90.00% of their investment if the final index value has declined from the initial index value by more than the buffer amount.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*SUMMARY TERMS*  | &nbsp;&nbsp;*SUMMARY TERMS*  | &nbsp;&nbsp;*SUMMARY TERMS*  |
| &nbsp;&nbsp;**Company (Issuer) / Guarantor:**  | &nbsp;&nbsp;GS Finance Corp. / The Goldman Sachs Group, Inc. | &nbsp;&nbsp;GS Finance Corp. / The Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;**Underlying index:** | &nbsp;&nbsp;S&P 500<sup>®</sup> Index (current Bloomberg symbol: "SPX Index") | &nbsp;&nbsp;S&P 500<sup>®</sup> Index (current Bloomberg symbol: "SPX Index") |
| &nbsp;&nbsp;**Principal amount:** | &nbsp;&nbsp;$ in the aggregate on the original issue date; the aggregate principal amount may be increased if the company, at its sole option, decides to sell an additional amount on a date subsequent to the pricing date. On the stated maturity date, the company will pay, for each $1,000 of the outstanding principal amount, an amount in cash equal to the payment at maturity. | &nbsp;&nbsp;$ in the aggregate on the original issue date; the aggregate principal amount may be increased if the company, at its sole option, decides to sell an additional amount on a date subsequent to the pricing date. On the stated maturity date, the company will pay, for each $1,000 of the outstanding principal amount, an amount in cash equal to the payment at maturity. |
| &nbsp;&nbsp;**Pricing date:** | &nbsp;&nbsp;expected to price on or about July 17, 2025 | &nbsp;&nbsp;expected to price on or about July 17, 2025 |
| &nbsp;&nbsp;**Original issue date:** | &nbsp;&nbsp;expected to be July 22, 2025 | &nbsp;&nbsp;expected to be July 22, 2025 |
| &nbsp;&nbsp;**Valuation date:** | &nbsp;&nbsp;expected to be January 31, 2028, subject to adjustment as described in the accompanying general terms supplement | &nbsp;&nbsp;expected to be January 31, 2028, subject to adjustment as described in the accompanying general terms supplement |
| &nbsp;&nbsp;**Stated maturity date:** | &nbsp;&nbsp;expected to be February 3, 2028, subject to adjustment as described in the accompanying general terms supplement | &nbsp;&nbsp;expected to be February 3, 2028, subject to adjustment as described in the accompanying general terms supplement |
| &nbsp;&nbsp;**Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the final index value is greater than the initial index value, $1,000 + the leveraged upside payment, subject to the maximum payment at maturity;<br>•if the final index value is equal to or less than the initial index value, but has decreased from the initial index value by an amount *less than* or *equal to* the buffer amount, $1,000; or<br>•if the final index value is *less than* the initial index value and has decreased from the initial index value by an amount *greater than* the buffer amount, (i) the *product* of $1,000 × the index performance factor *plus* (ii) $100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the final index value is greater than the initial index value, $1,000 + the leveraged upside payment, subject to the maximum payment at maturity;<br>•if the final index value is equal to or less than the initial index value, but has decreased from the initial index value by an amount *less than* or *equal to* the buffer amount, $1,000; or<br>•if the final index value is *less than* the initial index value and has decreased from the initial index value by an amount *greater than* the buffer amount, (i) the *product* of $1,000 × the index performance factor *plus* (ii) $100.00 |
| &nbsp;&nbsp;**Leveraged upside payment:** | &nbsp;&nbsp;$1,000 × leverage factor × index percent increase | &nbsp;&nbsp;$1,000 × leverage factor × index percent increase |
| &nbsp;&nbsp;**Leverage factor:** | &nbsp;&nbsp;200% | &nbsp;&nbsp;200% |
| &nbsp;&nbsp;**Maximum payment at maturity (set on the pricing date):** | &nbsp;&nbsp;at least $1,214.00 per PLUS (at least 121.40% of the stated principal amount) | &nbsp;&nbsp;at least $1,214.00 per PLUS (at least 121.40% of the stated principal amount) |
| &nbsp;&nbsp;**Minimum payment at maturity:** | &nbsp;&nbsp;$100.00 per PLUS (10.00% of the stated principal amount) | &nbsp;&nbsp;$100.00 per PLUS (10.00% of the stated principal amount) |
| &nbsp;&nbsp;**Initial index value:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which is the index closing value on the pricing date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which is the index closing value on the pricing date |
| &nbsp;&nbsp;**Buffer amount:** | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;**Index performance factor:** | &nbsp;&nbsp;final index value / initial index value | &nbsp;&nbsp;final index value / initial index value |
| &nbsp;&nbsp;**CUSIP / ISIN:** | &nbsp;&nbsp;40058JH32 / US40058JH329 | &nbsp;&nbsp;40058JH32 / US40058JH329 |
| &nbsp;&nbsp;**Underwriter:** | &nbsp;&nbsp;Goldman Sachs & Co. LLC | &nbsp;&nbsp;Goldman Sachs & Co. LLC |
| &nbsp;&nbsp;**Estimated value range:** | &nbsp;&nbsp;$900 to $960 per PLUS. See page PS-2 for more information. | &nbsp;&nbsp;$900 to $960 per PLUS. See page PS-2 for more information. |
| &nbsp;&nbsp;**Original issue price** | &nbsp;&nbsp;**Underwriting discount** | &nbsp;&nbsp;**Net proceeds to the issuer** |
| &nbsp;&nbsp;100.00% of the principal amount | &nbsp;&nbsp;3.00% ($ in total)\* | &nbsp;&nbsp;97.00% ($ in total) |

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\*Morgan Stanley Wealth Management, acting as dealer for the offering, will receive a selling concession of $30.00 for each PLUS it sells. It has informed us that it intends to internally allocate $5.00 of the selling concession for each PLUS as a structuring fee.

**Your investment in the PLUS involves certain risks, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-11.** You should read the disclosure herein to better understand the terms and risks of your investment.

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.** 

**The PLUS are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.**

**Goldman Sachs & Co. LLC**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;*SUMMARY TERMS (continued)* | &nbsp;&nbsp;&nbsp;*SUMMARY TERMS (continued)* |
| &nbsp;&nbsp;&nbsp;**Index percent increase:** | &nbsp;&nbsp;&nbsp;(final index value - initial index value) / initial index value |
| &nbsp;&nbsp;&nbsp;**Final index value:** | &nbsp;&nbsp;&nbsp;the index closing value on the valuation date, subject to adjustment as described in the accompanying general terms supplement |
| &nbsp;&nbsp;&nbsp;**Authorized denominations:** | &nbsp;&nbsp;&nbsp;$1,000 or any integral multiple of $1,000 in excess thereof |
| &nbsp;&nbsp;&nbsp;**Listing:** | &nbsp;&nbsp;&nbsp;the PLUS will not be listed on any securities exchange or interdealer quotation system |

---

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The issue price, underwriting discount and net proceeds listed on the cover page relate to the PLUS we sell initially. We may decide to sell additional PLUS after the date of this pricing supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in PLUS will depend in part on the issue price you pay for such PLUS.

GS Finance Corp. may use this prospectus in the initial sale of the PLUS. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp., may use this prospectus in a market-making transaction in a PLUS after its initial sale. ***Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making transaction.***

&nbsp;&nbsp;**Estimated Value of Your PLUS**<br>*The estimated value of your PLUS at the time the terms of your PLUS are set on the pricing date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is expected to be in the range (the estimated value range) specified on the cover of this pricing supplement (per $1,000 principal amount), which is less than the original issue price. The value of your PLUS at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would initially buy or sell PLUS (if it makes a market, which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of your PLUS at the time of pricing, plus an additional amount (initially equal to $ per $1,000 principal amount).*<br>*The price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your PLUS (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your PLUS (as determined by reference to GS&Co.'s pricing models) plus (b) any remaining additional amount (the additional amount will decline to zero from the time of pricing through , as described below). On and after , the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your PLUS (if it makes a market) will equal approximately the then-current estimated value of your PLUS determined by reference to such pricing models*<br>*With respect to the $ initial additional amount:*<br>•*$ will decline to zero on a straight-line basis from the time of pricing through ; and*<br>•*$ will decline to zero on a straight-line basis from through .*<br>

**July 2025**

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&nbsp;&nbsp;**About Your PLUS**<br>The PLUS are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listed below, does not set forth all of the terms of your PLUS and therefore should be read in conjunction with such documents:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[General terms supplement no. 17,741 dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000095017025021722/gts_gs_2025_shelf.htm)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[Underlier supplement no. 45 dated June 23, 2025](https://www.sec.gov/Archives/edgar/data/886982/000095017025088923/underlier_supplement_no.htm)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The information in this pricing supplement supersedes any conflicting information in the documents listed above. In addition, some of the terms or features described in the listed documents may not apply to your PLUS.<br>We refer to the PLUS we are offering by this pricing supplement as the "offered PLUS" or the "PLUS". Each of the offered PLUS has the terms described in this pricing supplement. Please note that in this pricing supplement, references to "GS Finance Corp.", "we", "our" and "us" mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to "The Goldman Sachs Group, Inc.", our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to "Goldman Sachs" mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us.<br>Please note that, for purposes of this pricing supplement, references in the general terms supplement no. 17,741 to "underlier(s)", "indices", "exchange-traded fund(s)", "index stock(s)", "lesser performing", "trade date", "underlier sponsor", "determination date", "face amount", "level" and "cash settlement amount" shall be deemed to refer to "underlying(s)", "underlying index(es)", "underlying ETF(s)", "underlying stock(s)", "worst performing", "pricing date", "underlying index publisher", "valuation date", "principal amount", "value" and "payment at maturity", respectively. In addition, for purposes of this pricing supplement, references in the general terms supplement no. 17,741 to "trading day" shall be deemed to refer to "underlying business day", "index business day" or "ETF business day", as applicable, and references to "closing level" shall be deemed to refer to "closing price", "closing value", "index closing value" or "ETF closing price", as applicable.<br>Please note that, for purposes of this pricing supplement, references in the underlier supplement no. 45 to "underlier(s)", "indices", "trade date" and "underlier sponsor" shall be deemed to refer to "underlying(s)", "underlying index(es)", "pricing date" and "underlying index publisher", respectively.<br>The PLUS will be issued under the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February 20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee. This indenture, as so supplemented and as further supplemented thereafter, is referred to as the "GSFC 2008 indenture" in the accompanying prospectus supplement.<br>The PLUS will be issued in book-entry form and represented by master note no. 3, dated March 22, 2021.<br>

**July 2025**

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**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Investment Summary

**Buffered Performance Leveraged Upside Securities**

The Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 (the "PLUS") can be used:

• As an alternative to direct exposure to the underlying index that enhances returns for a limited range of positive performance of the underlying index, subject to the maximum payment at maturity

• To potentially outperform the underlying index with respect to moderate increases in the underlying index from the initial index value to the final index value

• To provide a buffer against a 10.00% negative performance of the underlying index from the initial index value to the final index value

However, you will not receive dividends on the stocks comprising the underlying index (the "underlying index stocks") or any interest payments on your PLUS.

If the final index value is less than the initial index value by more than the buffer amount, the PLUS are exposed on a 1:1 basis to the negative performance of the underlying index beyond the buffer amount, subject to the minimum payment amount at maturity.

**July 2025**

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**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Key Investment Rationale**

The PLUS offer leveraged exposure to a limited range of positive performance of the underlying index. In exchange for enhanced performance of 200.00% of the appreciation of the underlying index, investors forgo performance above the maximum payment at maturity. At maturity, if the underlying index has appreciated in value, investors will receive the stated principal amount of their investment plus the leveraged upside payment, subject to the maximum payment at maturity. If the underlying index has not appreciated in value or has depreciated in value, but the final index value has not declined from the initial index value by more than the buffer amount, investors will receive the stated principal amount of their investment. However, if the underlying index has depreciated in value by more than the buffer amount, investors will lose 1.00% for every 1.00% decline in the index value beyond the buffer amount from the pricing date to the valuation date of the PLUS, subject to the minimum payment at maturity. Under these circumstances, the payment at maturity will be less than the stated principal amount. **Investors will not receive dividends on the underlying index stocks or any interest payments on the PLUS and investors may lose up to 90.00% of their initial investment in the PLUS.** All payments on the PLUS are subject to the credit risk of GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor.

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| | |
|:---|:---|
| **Leveraged Performance Up to a Cap** | The PLUS offer investors an opportunity to capture enhanced returns relative to a direct investment in the underlying index within a limited range of positive performance. However, investors will not receive dividends on the underlying index stocks or any interest payments on the PLUS. |
| **Upside Scenario** | The underlying index increases in value. In this case, you receive a full return of principal as well as 200% of the increase in the value of the underlying index, subject to the maximum payment at maturity. For example, if the final index value is 2.00% greater than the initial index value, the PLUS will provide a total return of 4.00% at maturity. |
| **Par Scenario** | The final index value is equal to the initial index value or is less than the initial index value but has not declined by more than the buffer amount. In this case, you receive the stated principal amount of $1,000 at maturity even if the underlying index has depreciated by up to the buffer amount.  |
| **Downside Scenario** | The underlying index declines in value by more than the buffer amount. In this case, you receive less than the stated principal amount by an amount proportionate to the decline in the value of the underlying index from the initial index value, plus the buffer amount. For example, if the final index value is 25.00% less than the initial index value, the PLUS will provide at maturity a loss of 15.00% of principal. In this case, you receive $850.00 per PLUS, or 85.00% of the stated principal amount. The minimum payment at maturity on the PLUS is equal to $100.00 per PLUS. |

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**July 2025**

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**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Hypothetical Examples

The following examples are provided for purposes of illustration only. They should not be taken as an indication or prediction of future investment results and merely are intended to illustrate the impact that the various hypothetical index closing values on the valuation date could have on the payment at maturity assuming all other variables remain constant.

The information in the following examples reflects hypothetical rates of return on the offered PLUS assuming that they are purchased on the original issue date at the stated principal amount and held to the stated maturity date. If you sell your PLUS in a secondary market prior to the stated maturity date, your return will depend upon the market value of your PLUS at the time of sale, which may be affected by a number of factors that are not reflected in the examples below such as interest rates, the volatility of the underlying index and the creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as guarantor.

For these reasons, the actual performance of the underlying index over the life of your PLUS, as well as the amount payable at maturity, may bear little relation to the hypothetical examples shown below or to the historical index closing values shown elsewhere in this pricing supplement. For information about the historical values of the underlying index during recent periods, see "The Underlying Index — Historical Index Closing Values" below.

Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax treatment applicable to your PLUS, tax liabilities could affect the after-tax rate of return on your PLUS to a comparatively greater extent than the after-tax return on the underlying index stocks.

The below examples are based on the following terms:

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| | |
|:---|:---|
| **Stated principal amount:** | $1,000 per PLUS |
| **Leverage factor:** | 200% |
| **Buffer amount:** | 10.00%  |
| **Maximum payment at maturity:** | $1,214.00 per PLUS (121.40% of the stated principal amount) |
| **Minimum payment at maturity:** | $100.00 per PLUS (10.00% of the stated principal amount) |

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**July 2025**

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**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Buffered PLUS Payoff Diagram** <br>

![img175132509_1.jpg](img175132509_1.jpg)

**July 2025**

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**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**How it works**

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| | |
|:---|:---|
| **Upside Scenario.** If the final index value is greater than the initial index value, the investor would receive the $1,000 stated principal amount plus 200% of the appreciation of the underlying index from the pricing date to the valuation date of the PLUS, subject to the maximum payment at maturity. Under the terms of the PLUS, the investor will realize the maximum payment at maturity at a final index value of 110.700% of the initial index value. | **Upside Scenario.** If the final index value is greater than the initial index value, the investor would receive the $1,000 stated principal amount plus 200% of the appreciation of the underlying index from the pricing date to the valuation date of the PLUS, subject to the maximum payment at maturity. Under the terms of the PLUS, the investor will realize the maximum payment at maturity at a final index value of 110.700% of the initial index value. |
| <br><br>| If the underlying index appreciates 2.00%, the investor would receive a 4.00% return, or $1,040.00 per PLUS.<br>If the underlying index appreciates 50.00%, the investor would receive only the maximum payment at maturity of $1,214.00 per PLUS, or 121.40% of the stated principal amount. |
| **Par Scenario.** If the final index value is less than or equal to the initial index value, but has decreased from the initial index value by an amount less than or equal to the buffer amount of 10.00%, investors will receive the stated principal amount of $1,000 per PLUS.  | **Par Scenario.** If the final index value is less than or equal to the initial index value, but has decreased from the initial index value by an amount less than or equal to the buffer amount of 10.00%, investors will receive the stated principal amount of $1,000 per PLUS.  |
| <br>| If the underlying index depreciates 5.00%, investors will receive the $1,000 stated principal amount per PLUS. |
| **Downside Scenario.** If the final index value is less than the initial index value and has decreased from the initial index value by an amount greater than the buffer amount of 10.00%, investors will receive an amount that is less than the stated principal amount by an amount that is proportionate to the percentage decrease of the underlying index from the initial index value, plus the buffer amount of 10.00%. The minimum payment at maturity is $100.00 per PLUS.  | **Downside Scenario.** If the final index value is less than the initial index value and has decreased from the initial index value by an amount greater than the buffer amount of 10.00%, investors will receive an amount that is less than the stated principal amount by an amount that is proportionate to the percentage decrease of the underlying index from the initial index value, plus the buffer amount of 10.00%. The minimum payment at maturity is $100.00 per PLUS.  |
| <br>| If the underlying index depreciates 25.00%, the investor would lose 15.00% of the investor's principal and receive only $850.00 per PLUS at maturity, or 85.00% of the stated principal amount. |

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**July 2025**

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**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Additional Hypothetical Examples**

The values in the left column of the table below represent hypothetical final index values and are expressed as percentages of the initial index value. The amounts in the right column represent the hypothetical payments at maturity, based on the corresponding hypothetical final index value, and are expressed as percentages of the stated principal amount of a PLUS (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical payment at maturity of 100.000% means that the value of the cash payment that we would deliver for each $1,000 of the outstanding stated principal amount of the offered PLUS on the stated maturity date would equal 100.000% of the stated principal amount of a PLUS, based on the corresponding hypothetical final index value and the assumptions noted above.

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| | |
|:---|:---|
| **Hypothetical Final Index Value**<br>**(as Percentage of Initial Index Value)** | **Hypothetical Payment at Maturity**<br>**(as Percentage of Stated Principal Amount)** |
| 150.000% | 121.400% |
| 135.000% | 121.400% |
| 130.000% | 121.400% |
| **110.700%** | **121.400%** |
| 106.000% | 112.000% |
| 103.000% | 106.000% |
| **100.000%** | **100.000%** |
| 97.000% | 100.000% |
| 93.000% | 100.000% |
| **90.000%** | **100.000%** |
| 80.000% | 90.000% |
| 75.000% | 85.000% |
| 55.000% | 65.000% |
| 25.000% | 35.000% |
| **0.000%** | **10.000%** |

---

**As shown in the table above:**

• If the final index value were determined to be 25.000% of the initial index value, the payment at maturity that we would deliver on your PLUS at maturity would be 35.000% of the stated principal amount of your PLUS. As a result, if you purchased your PLUS on the original issue date at the stated principal amount and held them to the stated maturity date, you would lose 65.000% of your investment (if you purchased your PLUS at a premium to stated principal amount you would lose a correspondingly higher percentage of your investment).

• If the final index value were determined to be 150.000% of the initial index value, the payment at maturity that we would deliver on your PLUS at maturity would be limited to the maximum payment at maturity, or 121.400% of each $1,000 principal amount of your PLUS. As a result, if you held your PLUS to the stated maturity date, you would not benefit from any increase in the final index value over 110.700% of the initial index value.

**July 2025**

------

**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

<br>Risk Factors

*An investment in your PLUS is subject to the risks described below, as well as the risks and considerations described in the accompanying prospectus, in the accompanying prospectus supplement, under "Additional Risk Factors Specific to the Securities" in the accompanying underlier supplement and under "Additional Risk Factors Specific to the Notes" in the accompanying general terms supplement. You should carefully review these risks and considerations as well as the terms of the PLUS described herein and in the accompanying prospectus, the accompanying prospectus supplement, the accompanying underlier supplement and the accompanying general terms supplement. Your PLUS are a riskier investment than ordinary debt securities. Also, your PLUS are not equivalent to investing directly in the underlying index stocks, i.e., the stocks comprising the underlying index to which your PLUS are linked. You should carefully consider whether the offered PLUS are appropriate given your particular circumstances.*<br>

**<u>Risks Related to Structure, Valuation and Secondary Market Sales</u>**

**Your PLUS Do Not Bear Interest**

You will not receive any interest payments on your PLUS. As a result, even if the payment at maturity payable for your PLUS on the stated maturity date exceeds the stated principal amount of your PLUS, the overall return you earn on your PLUS may be less than you would have earned by investing in a non-indexed debt security of comparable maturity that bears interest at a prevailing market rate.

**You May Lose a Substantial Portion of Your Investment in the PLUS**

You can lose a substantial portion of your investment in the PLUS. The cash payment on your PLUS on the stated maturity date will be based on the performance of the underlying index as measured from the initial index value set on the pricing date to the index closing value on the valuation date. If the final index value has declined from the initial index value by more than the buffer amount, you will lose 1.00% of the stated principal amount of your PLUS for every 1.00% decline in the index value beyond the buffer amount, subject to the minimum payment amount at maturity. Thus, you may lose a substantial portion of your investment in the PLUS.

Also, the market price of your PLUS prior to the stated maturity date may be significantly lower than the purchase price you pay for your PLUS. Consequently, if you sell your PLUS before the stated maturity date, you may receive far less than the amount of your investment in the PLUS.

**The PLUS Are Subject to the Credit Risk of the Issuer and the Guarantor**

Although the return on the PLUS will be based on the performance of the underlying index, the payment of any amount due on the PLUS is subject to the credit risk of GS Finance Corp., as issuer of the PLUS, and the credit risk of The Goldman Sachs Group, Inc., as guarantor of the PLUS. The PLUS are our unsecured obligations. Investors are dependent on our ability to pay all amounts due on the PLUS, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Similarly, investors are dependent on the ability of The Goldman Sachs Group, Inc., as guarantor of the PLUS, to pay all amounts due on the PLUS, and therefore are also subject to its credit risk and to changes in the market's view of its creditworthiness. See "Description of the Notes We May Offer — Information About Our Medium-Term Notes, Series F Program — How the Notes Rank Against Other Debt" in of the accompanying prospectus supplement and "Description of Debt Securities We May Offer— Guarantee by The Goldman Sachs Group, Inc." in the accompanying prospectus.

**The Potential for the Value of Your PLUS to Increase Will Be Limited**

Your ability to participate in any change in the value of the underlying index over the life of your PLUS will be limited because of the maximum payment at maturity. The maximum payment at maturity will limit the payment at maturity you may receive for each of your PLUS, no matter how much the value of the underlying index may rise over the life of your PLUS. Although the leverage factor provides 200.00% exposure to any increase in the final index value over the initial index value, because the payment at maturity will be limited to at least 121.40% of the stated principal amount per PLUS, any increase in the final index value over the initial index value by more than at

**July 2025**

------

**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

least 10.700% of the initial index value will not further increase the return on the PLUS. Accordingly, the amount payable for each of your PLUS may be significantly less than it would have been had you invested directly in the underlying index.

**The Estimated Value of Your PLUS At the Time the Terms of Your PLUS Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your PLUS**

The original issue price for your PLUS exceeds the estimated value of your PLUS as of the time the terms of your PLUS are set on the pricing date, as determined by reference to GS&Co.'s pricing models and taking into account our credit spreads. Such estimated value on the pricing date is set forth above under "Estimated Value of Your PLUS"; after the pricing date, the estimated value as determined by reference to these models will be affected by changes in market conditions, the creditworthiness of GS Finance Corp., as issuer, the creditworthiness of The Goldman Sachs Group Inc., as guarantor, and other relevant factors. The price at which GS&Co. would initially buy or sell your PLUS (if GS&Co. makes a market, which it is not obligated to do), and the value that GS&Co. will initially use for account statements and otherwise, also exceeds the estimated value of your PLUS as determined by reference to these models. As agreed by GS&Co. and the distribution participants, this excess (i.e., the additional amount described under "Estimated Value of Your PLUS") will decline to zero over the period from the date hereof through the applicable date set forth above under "Estimated Value of Your PLUS". Thereafter, if GS&Co. buys or sells your PLUS it will do so at prices that reflect the estimated value determined by reference to such pricing models at that time. The price at which GS&Co. will buy or sell your PLUS at any time also will reflect its then current bid and ask spread for similar sized trades of structured PLUS.

In estimating the value of your PLUS as of the time the terms of your PLUS are set on the pricing date, as disclosed above under "Estimated Value of Your PLUS", GS&Co.'s pricing models consider certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the PLUS. These pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold your PLUS in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your PLUS determined by reference to our models due to, among other things, any differences in pricing models or assumptions used by others. See "— The Market Value of Your PLUS May Be Influenced by Many Unpredictable Factors" below.

The difference between the estimated value of your PLUS as of the time the terms of your PLUS are set on the pricing date and the original issue price is a result of certain factors, including principally the underwriting discount and commissions, the expenses incurred in creating, documenting and marketing the PLUS, and an estimate of the difference between the amounts we pay to GS&Co. and the amounts GS&Co. pays to us in connection with your PLUS. We pay to GS&Co. amounts based on what we would pay to holders of a non-structured note with a similar maturity. In return for such payment, GS&Co. pays to us the amounts we owe under your PLUS.

In addition to the factors discussed above, the value and quoted price of your PLUS at any time will reflect many factors and cannot be predicted. If GS&Co. makes a market in the PLUS, the price quoted by GS&Co. would reflect any changes in market conditions and other relevant factors, including any deterioration in our creditworthiness or perceived creditworthiness or the creditworthiness or perceived creditworthiness of The Goldman Sachs Group, Inc. These changes may adversely affect the value of your PLUS, including the price you may receive for your PLUS in any market making transaction. To the extent that GS&Co. makes a market in the PLUS, the quoted price will reflect the estimated value determined by reference to GS&Co.'s pricing models at that time, plus or minus its then current bid and ask spread for similar sized trades of structured PLUS (and subject to the declining excess amount described above).

Furthermore, if you sell your PLUS, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount. This commission or discount will further reduce the proceeds you would receive for your PLUS in a secondary market sale.

There is no assurance that GS&Co. or any other party will be willing to purchase your PLUS at any price and, in this regard, GS&Co. is not obligated to make a market in the PLUS. See "Additional Risk Factors Specific to the Notes — Your Notes May Not Have an Active Trading Market" in the accompanying general terms supplement.

**July 2025**

------

**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**The Amount Payable on Your PLUS Is Not Linked to the Value of the Underlying Index at Any Time Other than the Valuation Date**

The final index value will be based on the index closing value on the valuation date (subject to adjustment as described elsewhere in this pricing supplement). Therefore, if the index closing value dropped precipitously on the valuation date, the payment at maturity for your PLUS may be significantly less than it would have been had the payment at maturity been linked to the index closing value prior to such drop in the value of the underlying index. Although the actual value of the underlying index on the stated maturity date or at other times during the life of your PLUS may be higher than the final index value, you will not benefit from the index closing value at any time other than on the valuation date.

## **The Market Value of Your PLUS May Be Influenced By Many Unpredictable Factors** 
When we refer to the market value of your PLUS, we mean the value that you could receive for your PLUS if you chose to sell them in the open market before the stated maturity date. A number of factors, many of which are beyond our control, will influence the market value of your PLUS, including:

• the value of the underlying index;

• the volatility – i.e., the frequency and magnitude of changes – in the index closing value of the underlying index;

• the dividend rates of the underlying index stocks;

• economic, financial, regulatory, political, military, public health and other events that affect the stock markets generally and the underlying index stocks, and which may affect the index closing value of the underlying index;

• interest rates and yield rates in the market;

• the time remaining until your PLUS mature; and

• our creditworthiness and the creditworthiness of The Goldman Sachs Group, Inc., whether actual or perceived, including actual or anticipated upgrades or downgrades in our credit ratings or the credit ratings of The Goldman Sachs Group, Inc. or changes in other credit measures.

Without limiting the foregoing, the market value of your PLUS may be negatively impacted by increasing interest rates. Such adverse impact of increasing interest rates could be significantly enhanced in securities with longer-dated maturities, the market values of which are generally more sensitive to increasing interest rates.

These factors, and many other factors, will influence the price you will receive if you sell your PLUS before maturity, including the price you may receive for your PLUS in any market making transaction. If you sell your PLUS before maturity, you may receive less than the principal amount of your PLUS or the amount you may receive at maturity.

You cannot predict the future performance of the underlying index based on its historical performance. The actual performance of the underlying index over the life of the offered PLUS or the payment at maturity may bear little or no relation to the historical index closing values of the underlying index or to the hypothetical examples shown elsewhere in this pricing supplement.

**Investing in the PLUS Is Not Equivalent to Investing in the Underlying Index; You Have No Shareholder Rights or Rights to Receive Any Underlying Index Stock**

Investing in your PLUS is not equivalent to investing in the underlying index and will not make you a holder of any of the underlying index stocks. Neither you nor any other holder or owner of your PLUS will have any rights with respect to the underlying index stocks, including any voting rights, any rights to receive dividends or other distributions, any rights to make a claim against the underlying index stocks or any other rights of a holder of the underlying index stocks. Your PLUS will be paid in cash and you will have no right to receive delivery of any underlying index stocks.

**July 2025**

------

**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**We May Sell an Additional Aggregate Stated Principal Amount of the PLUS at a Different Issue Price**

At our sole option, we may decide to sell an additional aggregate stated principal amount of the PLUS subsequent to the date of this pricing supplement. The issue price of the PLUS in the subsequent sale may differ substantially (higher or lower) from the original issue price you paid as provided on the cover of this pricing supplement.

**If You Purchase Your PLUS at a Premium to Stated Principal Amount, the Return on Your Investment Will Be Lower Than the Return on PLUS Purchased at Stated Principal Amount and the Impact of Certain Key Terms of the PLUS Will Be Negatively Affected**

The payment at maturity will not be adjusted based on the issue price you pay for the PLUS. If you purchase PLUS at a price that differs from the stated principal amount of the PLUS, then the return on your investment in such PLUS held to the stated maturity date will differ from, and may be substantially less than, the return on PLUS purchased at stated principal amount. If you purchase your PLUS at a premium to stated principal amount and hold them to the stated maturity date the return on your investment in the PLUS will be lower than it would have been had you purchased the PLUS at stated principal amount or a discount to stated principal amount.

**<u>Risks Related to Conflicts of Interest</u>**

**Other Investors May Not Have the Same Interests as You**

Other investors in the PLUS are not required to take into account the interests of any other investor in exercising remedies or voting or other rights in their capacity as securityholders. The interests of other investors may, in some circumstances, be adverse to your interests. Further, other investors in the market may take short positions (directly or indirectly through derivative transactions) on assets that are the same or similar to your PLUS, the underlying stocks or other similar securities, which may adversely impact the market for or value of your PLUS.

**<u>Risks Related to Tax</u>**

**Your PLUS May Be Subject to an Adverse Change in Tax Treatment in the Future**

The tax consequences of an investment in your PLUS are uncertain, both as to the timing and character of any inclusion in income in respect of your PLUS.

The Internal Revenue Service announced on December 7, 2007 that it is considering issuing guidance regarding the proper U.S. federal income tax treatment of an instrument such as your PLUS that are currently characterized as pre-paid derivative contracts, and any such guidance could adversely affect the tax treatment and the value of your PLUS. Among other things, the Internal Revenue Service may decide to require the holders to accrue ordinary income on a current basis and recognize ordinary income on payment at maturity, and could subject non-U.S. investors to withholding tax. Furthermore, in 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your PLUS after the bill was enacted to accrue interest income over the term of such instruments even though there will be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your PLUS. We describe these developments in more detail under "Supplemental Discussion of U.S. Federal Income Tax Consequences" in the accompanying general terms supplement. You should consult your tax advisor about this matter. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the PLUS for U.S. federal income tax purposes in accordance with the treatment described under "Supplemental Discussion of U.S. Federal Income Tax Consequences" in the accompanying general terms supplement unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate. Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your PLUS in your particular circumstances.

**July 2025**

------

**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Non-United States Holders Should Consider the Withholding Tax Implications of Owning the PLUS**

The Treasury Department has issued regulations under which amounts paid or deemed paid on certain financial instruments ("871(m) financial instruments") that are treated as attributable to U.S.-source dividends could be treated, in whole or in part depending on the circumstances, as a "dividend equivalent" payment that is subject to tax at a rate of 30% (or a lower rate under an applicable treaty), which in the case of any amounts you receive upon the sale, exchange, or maturity of your PLUS, could be collected via withholding. If these regulations were to apply to the PLUS, we may be required to withhold such taxes if any U.S.-source dividends are paid on the stocks included in the underlying index during the term of the PLUS. We could also require you to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to the maturity of the PLUS in order to avoid or minimize withholding obligations, and we could withhold accordingly (subject to your potential right to claim a refund from the Internal Revenue Service) if such certifications were not received or were not satisfactory. If withholding was required, we would not be required to pay any additional amounts with respect to amounts so withheld. These regulations generally will apply to 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) issued (or significantly modified and treated as retired and reissued) on or after January 1, 2027, but will also apply to certain 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) that have a delta (as defined in the applicable Treasury regulations) of one and are issued (or significantly modified and treated as retired and reissued) on or after January 1, 2017. In addition, these regulations will not apply to financial instruments that reference a "qualified index" (as defined in the regulations). We have determined that, as of the issue date of your PLUS, your PLUS will not be subject to withholding under these rules. In certain limited circumstances, however, you should be aware that it is possible for non-United States holders to be liable for tax under these rules with respect to a combination of transactions treated as having been entered into in connection with each other even when no withholding is required. You should consult your tax advisor concerning these regulations, subsequent official guidance and regarding any other possible alternative characterizations of your PLUS for U.S. federal income tax purposes.

**Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your PLUS, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the PLUS to Provide Information to Tax Authorities**

Please see the discussion under "United States Taxation — Taxation of Debt Securities — Foreign Account Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus for a description of the applicability of FATCA to payments made on your PLUS.

**July 2025**

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**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

The Underlying Index

The S&P 500<sup>®</sup> Index includes a representative sample of 500 companies in leading industries of the U.S. economy and is intended to provide a performance benchmark for the large-cap U.S. equity markets. For more details about the underlying index, the underlying index publisher and license agreement between the underlying index publisher and the issuer, see "The Underliers — S&P 500<sup>®</sup> Index" in the accompanying underlier supplement.

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by GS Finance Corp. ("Goldman"). Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC; Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and these trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by Goldman. Goldman's securities are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, Standard & Poor's Financial Services LLC or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, Standard & Poor's Financial Services LLC or any of their respective affiliates make any representation regarding the advisability of investing in such securities.

**July 2025**

------

**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Historical Index Closing Values**

The index closing values have fluctuated in the past and may, in the future, experience significant fluctuations. **In particular, the underlying index has recently experienced extreme and unusual volatility**. Any historical upward or downward trend in the index closing value during any period shown below is not an indication that the underlying index is more or less likely to increase or decrease at any time during the life of your PLUS.

**You should not take the historical index closing values as an indication of the future performance of the underlying index, including because of the recent volatility described above.** We cannot give you any assurance that the future performance of the underlying index or the underlying index stocks will result in you receiving an amount greater than the outstanding principal amount of your PLUS on the stated maturity date.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlying index. Before investing in the offered PLUS, you should consult publicly available information to determine the relevant index closing values between the date of this pricing supplement and the date of your purchase of the offered PLUS **and, given the recent volatility described above, you should pay particular attention to recent levels of the underlying index**. The actual performance of the underlying index over the life of the offered PLUS, as well as the payment at maturity may bear little relation to the historical index closing values shown below.

The table below shows the high, low and period end index closing values of the underlying index for each of the four calendar quarters in 2020, 2021, 2022, 2023 and 2024 and the first two calendar quarters of 2025 (through June 24, 2025). We obtained the index closing values listed in the tables below from Bloomberg Financial Services, without independent verification.

**Historical Quarterly High, Low and Period End Index Closing Values of the S&P 500**<sup>®</sup> **Index**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**High** | &nbsp;&nbsp; <br>**Low** | &nbsp;&nbsp; <br>**Period End** |
| &nbsp;&nbsp;**2020** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;3386.15 | &nbsp;&nbsp;2237.40 | &nbsp;&nbsp;2584.59 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;3232.39 | &nbsp;&nbsp;2470.50 | &nbsp;&nbsp;3100.29 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;3580.84 | &nbsp;&nbsp;3115.86 | &nbsp;&nbsp;3363.00 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;3756.07 | &nbsp;&nbsp;3269.96 | &nbsp;&nbsp;3756.07 |
| &nbsp;&nbsp;**2021** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31  | &nbsp;&nbsp;3974.54 | &nbsp;&nbsp;3700.65 | &nbsp;&nbsp;3972.89 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;4297.50 | &nbsp;&nbsp;4019.87 | &nbsp;&nbsp;4297.50 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;4536.95 | &nbsp;&nbsp;4258.49 | &nbsp;&nbsp;4307.54 |
| &nbsp;&nbsp;Quarter ended December 31  | &nbsp;&nbsp;4793.06 | &nbsp;&nbsp;4300.46 | &nbsp;&nbsp;4766.18 |
| &nbsp;&nbsp;**2022** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;4796.56 | &nbsp;&nbsp;4170.70 | &nbsp;&nbsp;4530.41 |
| &nbsp;&nbsp;Quarter ended June 30  | &nbsp;&nbsp;4582.64 | &nbsp;&nbsp;3666.77 | &nbsp;&nbsp;3785.38 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;4305.20 | &nbsp;&nbsp;3585.62 | &nbsp;&nbsp;3585.62 |
| &nbsp;&nbsp;Quarter ended December 31  | &nbsp;&nbsp;4080.11 | &nbsp;&nbsp;3577.03 | &nbsp;&nbsp;3839.50 |
| &nbsp;&nbsp;**2023** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;4179.76 | &nbsp;&nbsp;3808.10 | &nbsp;&nbsp;4109.31 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;4450.38 | &nbsp;&nbsp;4055.99 | &nbsp;&nbsp;4450.38 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;4588.96 | &nbsp;&nbsp;4273.53 | &nbsp;&nbsp;4288.05 |
| &nbsp;&nbsp;Quarter ended December 31  | &nbsp;&nbsp;4783.35 | &nbsp;&nbsp;4117.37 | &nbsp;&nbsp;4769.83 |
| &nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;5254.35 | &nbsp;&nbsp;4688.68 | &nbsp;&nbsp;5254.35 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;5487.03 | &nbsp;&nbsp;4967.23 | &nbsp;&nbsp;5460.48 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;5762.48 | &nbsp;&nbsp;5186.33 | &nbsp;&nbsp;5762.48 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;6090.27 | &nbsp;&nbsp;5695.94 | &nbsp;&nbsp;5881.63 |
| &nbsp;&nbsp;**2025** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;6144.15 | &nbsp;&nbsp;5521.52 | &nbsp;&nbsp;5611.85 |

---

**July 2025**

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**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**High** | &nbsp;&nbsp; <br>**Low** | &nbsp;&nbsp; <br>**Period End** |
| &nbsp;&nbsp;Quarter ending June 30 (through June 24, 2025) | &nbsp;&nbsp;6,092.18 | &nbsp;&nbsp;4,982.77 | &nbsp;&nbsp;6,092.18 |

---

The graph below shows the daily historical index closing values from January 1, 2020 through June 24, 2025. As a result, the following graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity securities and, as a result, the level of most equity indices. We obtained the index closing values in the graph below from Bloomberg Financial Services, without independent verification.

**Historical Performance of the S&P 500**<sup>®</sup> **Index**

![img175132509_2.jpg](img175132509_2.jpg)

**July 2025**

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**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Supplemental Discussion of U.S. Federal Income Tax Consequences

No statutory, judicial or administrative authority directly addresses how your PLUS should be characterized and treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in your PLUS are uncertain. You will be obligated pursuant to the terms of your PLUS — in the absence of a change in law, an administrative determination or a judicial ruling to the contrary — to characterize your PLUS for all tax purposes as pre-paid derivative contracts in respect of the underlying index, as described under "Supplemental Discussion of U.S. Federal Income Tax Consequences" in the accompanying general terms supplement. It is the opinion of Sidley Austin LLP that such a characterization of the PLUS for U.S. federal income tax purposes is a reasonable interpretation of current law. Pursuant to this approach, it is the opinion of Sidley Austin LLP that upon the sale, exchange, or maturity of your PLUS, you should recognize capital gain or loss equal to the difference, if any, between the amount you receive at such time and your tax basis in your PLUS.

Notwithstanding the foregoing, since the appropriate U.S. federal income tax characterization and treatment of your PLUS are uncertain, it is possible that the Internal Revenue Service could assert a different characterization and treatment than that described immediately above. In this case, the timing and character of income, gain or loss recognized with respect to your PLUS could substantially differ from that described above.

Pursuant to Treasury regulations, Foreign Account Tax Compliance Act (FATCA) withholding (as described in "United States Taxation—Taxation of Debt Securities—Foreign Account Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus) will generally apply to obligations that are issued on or after July 1, 2014; therefore, the PLUS will generally be subject to the FATCA withholding rules.

**July 2025**

------

**GS Finance Corp.**<br>Buffered PLUS Based on the Value of the S&P 500<sup>®</sup> Index due February 3, 2028 <br>**Buffered Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Supplemental Plan of Distribution; Conflicts of Interest

As described under "Supplemental Plan of Distribution" in the accompanying general terms supplement and "Plan of Distribution — Conflicts of Interest" in the accompanying prospectus; GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $.

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate stated principal amount of the offered PLUS specified on the front cover of this pricing supplement. GS&Co. proposes initially to offer the PLUS to the public at the original issue price set forth on the cover page of this pricing supplement. Morgan Stanley Smith Barney LLC (Morgan Stanley Wealth Management), acting as dealer for the offering, will receive a selling concession of $30.00 for each PLUS it sells. Morgan Stanley Wealth Management has informed us that it intends to internally allocate at Morgan Stanley Wealth Management $5.00 of the selling concession for each PLUS as a structuring fee. The costs included in the original issue price of the PLUS will include a fee paid by GS&Co. to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering. GS&Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a "conflict of interest" in this offering of PLUS within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of the PLUS will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell PLUS in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

We expect to deliver the PLUS against payment therefor in New York, New York on July 22, 2025. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade PLUS on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

We have been advised by GS&Co. that it intends to make a market in the PLUS. However, neither GS&Co. nor any of our other affiliates that makes a market is obligated to do so and any of them may stop doing so at any time without notice. No assurance can be given as to the liquidity or trading market for the PLUS.

**July 2025**

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