# EDGAR Filing Document

**Accession Number:** 0001419828
**File Stem:** 0001193125-25-238925
**Filing Date:** 2025-10
**Character Count:** 93641
**Document Hash:** e7d3e2724f2a0684401c547314e9ea24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-238925.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001193125-25-238925

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251014

**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:** 251391527

**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:** 251391528

**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

**October 2025**

Pricing Supplement filed pursuant to Rule 424(b)(2) dated October 9, 2025 / Registration Statement No. 333-284538

STRUCTURED INVESTMENTS

Opportunities in U.S. Equities

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| | |
|:---|:---|
| &nbsp;&nbsp;![img42159300_0.jpg](img42159300_0.jpg) | **GS Finance Corp.** |

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$7,461,000 Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035

**Principal at Risk Securities**

**The securities 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 securities is based on the performance of the S&P 500<sup>®</sup> Index.

**We may redeem your securities at our discretion at 100% of their principal amount plus any coupon then due on any coupon payment date on or after April 14, 2026 up to the coupon payment date on July 12, 2035**.

Unless previously redeemed, on each coupon observation date (i) if the index closing value is *less than* the downside threshold level, **you will <u>not</u> receive a payment on the applicable coupon payment date** and (ii) if the index closing value is *greater than* or *equal to* the downside threshold level, you will receive on the applicable coupon payment date a contingent quarterly coupon.

At maturity, if not previously redeemed, (i) if the final index value on the valuation date is *greater than* or *equal to* the downside threshold level you will receive the principal amount of your securities plus the contingent quarterly coupon then due and (ii) if the final index is *less than* the downside threshold level, you will <u>not</u> receive a contingent quarterly coupon payment and the payment at maturity will be based on the index performance factor. Investors will not participate in any appreciation of the underlying index.

The securities are for investors who seek to earn a contingent quarterly coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and losing a significant portion or all of the principal amount of their securities.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*FINAL TERMS (continued on page PS-2)* | &nbsp;&nbsp;*FINAL TERMS (continued on page PS-2)* | &nbsp;&nbsp;*FINAL TERMS (continued on page PS-2)* |
| &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;the S&P 500<sup>®</sup> Index (current Bloomberg symbol: "SPX Index") | &nbsp;&nbsp;the S&P 500<sup>®</sup> Index (current Bloomberg symbol: "SPX Index") |
| &nbsp;&nbsp;**Principal amount:**  | &nbsp;&nbsp;$7,461,000 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. Subject to redemption by the company as provided under "—Early redemption right" below, on the stated maturity date, in addition to the final contingent quarterly coupon, if any, the company will pay, for each $1,000 of the outstanding principal amount, an amount, if any, in cash equal to the payment at maturity. | &nbsp;&nbsp;$7,461,000 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. Subject to redemption by the company as provided under "—Early redemption right" below, on the stated maturity date, in addition to the final contingent quarterly coupon, if any, the company will pay, for each $1,000 of the outstanding principal amount, an amount, if any, in cash equal to the payment at maturity. |
| &nbsp;&nbsp;**Pricing date:** | &nbsp;&nbsp;October 9, 2025 | &nbsp;&nbsp;October 9, 2025 |
| &nbsp;&nbsp;**Original issue date:** | &nbsp;&nbsp;October 15, 2025 | &nbsp;&nbsp;October 15, 2025 |
| &nbsp;&nbsp;**Valuation date:** | &nbsp;&nbsp;the last coupon observation date, October 9, 2035, subject to adjustment as described in the accompanying general terms supplement | &nbsp;&nbsp;the last coupon observation date, October 9, 2035, subject to adjustment as described in the accompanying general terms supplement |
| &nbsp;&nbsp;**Stated maturity date:** | &nbsp;&nbsp;October 12, 2035, subject to adjustment as described in the accompanying general terms supplement | &nbsp;&nbsp;October 12, 2035, 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 or equal to the downside threshold level, $1,000; or<br>•if the final index value less than the downside threshold level, the product of (i) $1,000 times (ii) the index performance factor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the final index value is greater than or equal to the downside threshold level, $1,000; or<br>•if the final index value less than the downside threshold level, the product of (i) $1,000 times (ii) the index performance factor |
| &nbsp;&nbsp;**Initial index value:**  | &nbsp;&nbsp;6,735.11, which is the index closing value of the underlying index on the pricing date | &nbsp;&nbsp;6,735.11, which is the index closing value of the underlying index on the pricing date |
| &nbsp;&nbsp;**Final index value:**  | &nbsp;&nbsp;the index closing value of the underlying index on the valuation date, subject to adjustment as described in the accompanying general terms supplement | &nbsp;&nbsp;the index closing value of the underlying index on the valuation date, subject to adjustment as described in the accompanying general terms supplement |
| &nbsp;&nbsp;**Downside threshold level:** | &nbsp;&nbsp;5,051.3325, which is 75.00% of the initial index value | &nbsp;&nbsp;5,051.3325, which is 75.00% of the initial index value |
| &nbsp;&nbsp;**CUSIP / ISIN:** | &nbsp;&nbsp;40058QCQ0 / US40058QCQ01 | &nbsp;&nbsp;40058QCQ0 / US40058QCQ01 |
| &nbsp;&nbsp;**Underwriter:** | &nbsp;&nbsp;Goldman Sachs & Co. LLC | &nbsp;&nbsp;Goldman Sachs & Co. LLC |
| &nbsp;&nbsp;**Estimated value:** | &nbsp;&nbsp;approximately $962. See page PS-3 for more information. | &nbsp;&nbsp;approximately $962. See page PS-3 for more information. |
| &nbsp;&nbsp;**Original issue price** | &nbsp;&nbsp;**Underwriting discount** | &nbsp;&nbsp;**Net proceeds to the issuer** |
| &nbsp;&nbsp;100% of the principal amount | &nbsp;&nbsp;0.75% ($55,957.50 in total)\* | &nbsp;&nbsp;99.25% ($7,405,042.50 in total) |

---

\*Morgan Stanley Wealth Management, acting as dealer for the offering, will receive a selling concession of $7.50 for each security it sells. It has informed us that it intends to internally allocate $2.50 of the selling concession for each security as a structuring fee.

**Your investment in the securities involves certain risks, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-12.** 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 securities 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**

Pricing Supplement No. 20,105 dated October 9, 2025.

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;***FINAL TERMS (continued)*** | &nbsp;&nbsp;***FINAL TERMS (continued)*** |
| &nbsp;&nbsp;**Coupon observation dates:** | &nbsp;&nbsp;as set forth under "Coupon observation dates" below |
| &nbsp;&nbsp;**Coupon payment dates:** | &nbsp;&nbsp;as set forth under "Coupon payment dates" below |
| &nbsp;&nbsp;**Early redemption right:** | &nbsp;&nbsp;we have the right to redeem your securities **at our discretion**, in whole but not in part, at a price equal to 100% of the principal amount *plus* any coupon then due, on each coupon payment date commencing with the coupon payment date expected to occur on April 14, 2026 and ending with the coupon payment date expected to occur on July 12, 2035. If we elect to exercise our redemption right, we will deliver a notice of redemption on or prior to the coupon observation date immediately preceding the applicable coupon payment date (as such coupon observation date may be postponed as provided herein). No payments will be made after the securities have been redeemed. |
| &nbsp;&nbsp;**Contingent quarterly coupon:** | &nbsp;&nbsp;subject to the company's early redemption right, on each coupon payment date, for each $1,000 of the outstanding principal amount, the company will pay an amount in cash equal to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the index closing value on the applicable coupon observation date is *greater than* or *equal to* the downside threshold level, $16.875 per security; or <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the index closing value on the applicable coupon observation date is *less than* the downside threshold level, $0.00 |
| &nbsp;&nbsp;**Index performance factor:** | &nbsp;&nbsp;the final index value / the initial index value |
| &nbsp;&nbsp;**Regular record date:** | &nbsp;&nbsp;the scheduled business day immediately preceding the day on which payment is to be made (as such payment date may be adjusted) |
| &nbsp;&nbsp;**Authorized denominations:** | &nbsp;&nbsp;$1,000 or any integral multiple of $1,000 in excess thereof |
| &nbsp;&nbsp;**Listing:** | &nbsp;&nbsp;the securities will not be listed on any securities exchange or interdealer quotation system |

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Coupon observation dates\*</u>** | &nbsp;&nbsp;**<u>Coupon payment dates\*\*</u>** |
| &nbsp;&nbsp;January 9, 2026 | &nbsp;&nbsp;January 14, 2026 |
| &nbsp;&nbsp;April 9, 2026 | &nbsp;&nbsp;April 14, 2026 |
| &nbsp;&nbsp;July 9, 2026 | &nbsp;&nbsp;July 14, 2026 |
| &nbsp;&nbsp;October 9, 2026 | &nbsp;&nbsp;October 15, 2026 |
| &nbsp;&nbsp;January 11, 2027 | &nbsp;&nbsp;January 14, 2027 |
| &nbsp;&nbsp;April 9, 2027 | &nbsp;&nbsp;April 14, 2027 |
| &nbsp;&nbsp;July 9, 2027 | &nbsp;&nbsp;July 14, 2027 |
| &nbsp;&nbsp;October 11, 2027 | &nbsp;&nbsp;October 14, 2027 |
| &nbsp;&nbsp;January 10, 2028 | &nbsp;&nbsp;January 13, 2028 |
| &nbsp;&nbsp;April 10, 2028 | &nbsp;&nbsp;April 13, 2028 |
| &nbsp;&nbsp;July 10, 2028 | &nbsp;&nbsp;July 13, 2028 |
| &nbsp;&nbsp;October 9, 2028 | &nbsp;&nbsp;October 12, 2028 |
| &nbsp;&nbsp;January 9, 2029 | &nbsp;&nbsp;January 12, 2029 |
| &nbsp;&nbsp;April 9, 2029 | &nbsp;&nbsp;April 12, 2029 |
| &nbsp;&nbsp;July 9, 2029 | &nbsp;&nbsp;July 12, 2029 |
| &nbsp;&nbsp;October 9, 2029 | &nbsp;&nbsp;October 12, 2029 |
| &nbsp;&nbsp;January 9, 2030 | &nbsp;&nbsp;January 14, 2030 |
| &nbsp;&nbsp;April 9, 2030 | &nbsp;&nbsp;April 12, 2030 |
| &nbsp;&nbsp;July 9, 2030 | &nbsp;&nbsp;July 12, 2030 |
| &nbsp;&nbsp;October 9, 2030 | &nbsp;&nbsp;October 15, 2030 |
| &nbsp;&nbsp;January 9, 2031 | &nbsp;&nbsp;January 14, 2031 |
| &nbsp;&nbsp;April 9, 2031 | &nbsp;&nbsp;April 15, 2031 |
| &nbsp;&nbsp;July 9, 2031 | &nbsp;&nbsp;July 14, 2031 |
| &nbsp;&nbsp;October 9, 2031 | &nbsp;&nbsp;October 15, 2031 |
| &nbsp;&nbsp;January 9, 2032 | &nbsp;&nbsp;January 14, 2032 |

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**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;April 9, 2032 | &nbsp;&nbsp;April 14, 2032 |
| &nbsp;&nbsp;July 9, 2032 | &nbsp;&nbsp;July 14, 2032 |
| &nbsp;&nbsp;October 11, 2032 | &nbsp;&nbsp;October 14, 2032 |
| &nbsp;&nbsp;January 10, 2033 | &nbsp;&nbsp;January 13, 2033 |
| &nbsp;&nbsp;April 11, 2033 | &nbsp;&nbsp;April 14, 2033 |
| &nbsp;&nbsp;July 11, 2033 | &nbsp;&nbsp;July 14, 2033 |
| &nbsp;&nbsp;October 10, 2033 | &nbsp;&nbsp;October 13, 2033 |
| &nbsp;&nbsp;January 9, 2034 | &nbsp;&nbsp;January 12, 2034 |
| &nbsp;&nbsp;April 10, 2034 | &nbsp;&nbsp;April 13, 2034 |
| &nbsp;&nbsp;July 10, 2034 | &nbsp;&nbsp;July 13, 2034 |
| &nbsp;&nbsp;October 9, 2034 | &nbsp;&nbsp;October 12, 2034 |
| &nbsp;&nbsp;January 9, 2035 | &nbsp;&nbsp;January 12, 2035 |
| &nbsp;&nbsp;April 9, 2035 | &nbsp;&nbsp;April 12, 2035 |
| &nbsp;&nbsp;July 9, 2035 | &nbsp;&nbsp;July 12, 2035 |
| &nbsp;&nbsp;October 9, 2035 (valuation date) | &nbsp;&nbsp;October 12, 2035 (stated maturity date) |
| &nbsp;&nbsp;\* Subject to adjustment as described in the accompanying general terms supplement <br>\*\* Subject to adjustment as described in the accompanying general terms supplement | &nbsp;&nbsp;\* Subject to adjustment as described in the accompanying general terms supplement <br>\*\* Subject to adjustment as described in the accompanying general terms supplement |

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**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

The issue price, underwriting discount and net proceeds listed on the cover page relate to the securities we sell initially. We may decide to sell additional securities 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 the securities will depend in part on the issue price you pay for such securities.

GS Finance Corp. may use this prospectus in the initial sale of the securities. 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 security 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 Securities**<br>*The estimated value of your securities at the time the terms of your securities 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 equal to approximately $962 per $1,000 principal amount, which is less than the original issue price. The value of your securities 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 securities (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 securities at the time of pricing, plus an additional amount (initially equal to $38 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 securities (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 securities (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 April 13, 2026, as described below). On and after April 14, 2026, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your securities (if it makes a market) will equal approximately the then-current estimated value of your securities determined by reference to such pricing models.*<br>*With respect to the $38 initial additional amount:*<br>*• $30.5 will decline to zero on a straight-line basis from the time of pricing through April 13, 2026; and*<br>*• $7.5 will decline to zero on a straight-line basis from November 9, 2025 through November 22, 2025*.***<br>

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

**About Your Securities**<br>The securities 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 securities and therefore should be read in conjunction with such documents:<br>●[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>●[Underlier supplement no. 46 dated September 22, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525211606/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027378/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 securities.<br>We refer to the securities we are offering by this pricing supplement as the "offered securities" or the "securities". Each of the offered securities 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)", "index stock issuer(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)", "underlying stock issuer(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. 46 to "underlier(s)", "indices", "lesser performing", "trade date" and "underlier sponsor" shall be deemed to refer to "underlying(s)", "underlying index(es)", "worst performing", "pricing date" and "underlying index publisher", respectively.<br>The securities 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 securities will be issued in book-entry form and represented by master note no 3, dated March 22, 2021.<br>

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

Investment Summary

The Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035 (the "securities") do not provide for the regular payment of interest. Instead, the securities will pay a contingent quarterly coupon **but only if** the index closing value is **at or above** the downside threshold level, on the related coupon observation date.

If the index closing value is **less than** the downside threshold level on any coupon observation date, we will not pay any coupon for the related quarterly period.

If the securities are redeemed early, no more contingent quarterly coupon payments will be made. It is possible that the index closing value could remain below the downside threshold level for extended periods of time or even throughout the entire term of the securities so that you will receive few or no contingent quarterly coupons during the term of the securities. We refer to these coupons as contingent because there is no guarantee that you will receive a coupon payment on any coupon payment date. Even if the underlying index was to be at or above the downside threshold level on some quarterly coupon observation dates, the underlying index may fluctuate below the downside threshold level on others.

In addition, if the securities have not been redeemed by us prior to maturity and the final index value is **less than** the downside threshold level, investors will be fully exposed to the decline in the underlying index on a 1-to-1 basis, and will receive a payment at maturity that is less than 75.00% of the stated principal amount of the securities and could be zero.

**Accordingly, investors in the securities must be willing to accept the risk of losing their entire initial investment and also the risk of not receiving any contingent quarterly coupons throughout the entire term of the securities. In addition, investors will not participate in any appreciation of the underlying index.**

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

**Key Investment Rationale**

The securities do not provide for the regular payment of interest. Instead, the securities will pay a contingent quarterly coupon **but only if** the index closing value is **at or above** the downside threshold level on the related coupon observation date. The securities have been designed for investors who are willing to accept the risk of receiving few or no coupon payments for the entire term of the securities and losing all or a significant portion of the principal of their securities in exchange for an opportunity to earn a coupon at an above current market rate if the underlying index closes at or above the downside threshold level on each quarterly coupon observation date until the securities are redeemed by us or reach maturity. The following scenarios are for illustrative purposes only to demonstrate how the coupon and the payment at maturity (if the securities have not been redeemed by us) are calculated, and do not attempt to demonstrate every situation that may occur. Accordingly, the securities may or may not be redeemed by us, the contingent coupon may be payable in none of, or some but not all of, the quarterly periods during the term of the securities and the payment at maturity may be less than 75.00% of the stated principal amount of the securities and may be zero.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Scenario 1: the securities are redeemed prior to maturity** | This scenario assumes that we redeemed your securities, in whole but not in part, at a price equal to 100% of the principal amount *plus* any coupon then due, on any coupon payment date on or after April 14, 2026 but prior to maturity. If the securities are redeemed by us, no more contingent quarterly coupon payments will be made. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Scenario 2: the securities are not redeemed prior to maturity and investors receive principal back and a final coupon at maturity** | This scenario assumes that the securities are not redeemed by us and that the underlying index closes at or above the downside threshold level on some quarterly coupon observation dates, but closes below the downside threshold level on the others. Consequently, investors receive the contingent quarterly coupon for the quarterly periods for which the index closing value is at or above the downside threshold level on the related coupon observation date, but not for the quarterly periods for which the index closing value is below the downside threshold level on the related coupon observation date. On the valuation date, the underlying index closes at or above the downside threshold level. At maturity, investors will receive the stated principal amount and the contingent quarterly coupon with respect to the final coupon observation date. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Scenario 3: the securities are not redeemed prior to maturity and investors suffer a substantial loss of principal at maturity**<br>| This scenario assumes that the securities are not redeemed by us and that the underlying index closes at or above the downside threshold level on some quarterly coupon observation dates, but closes below the downside threshold level on the others. Consequently, investors receive the contingent quarterly coupon for the quarterly periods for which the index closing value is at or above the downside threshold level on the related coupon observation date, but not for the quarterly periods for which the index closing value is below the downside threshold level on the related coupon observation date. On the valuation date, the underlying index closes below the downside threshold level. At maturity, investors will receive an amount equal to the *product* of the stated principal amount *times* the index performance factor. Under these circumstances, the payment at maturity will be less than 75.00% of the stated principal amount and could be zero. No coupon will be paid at maturity in this scenario. |

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**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

How the Securities Work

The following diagrams illustrate the potential outcomes for the securities depending on (1) the index closing value on each quarterly coupon observation date and (2) the final index value. Please see "Hypothetical Examples" below for illustration of hypothetical payouts on the securities.

![img42159300_1.jpg](img42159300_1.jpg)

![img42159300_2.jpg](img42159300_2.jpg)

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<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 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 securities 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 securities in a secondary market prior to the stated maturity date, your return will depend upon the market value of your securities 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 securities and the actual index closing value on any coupon observation date, 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 securities, tax liabilities could affect the after-tax rate of return on your securities 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 security |
| **Contingent quarterly coupon:** | $16.875 per security |
| **Hypothetical initial index value:** | 100\* |
| **Hypothetical downside threshold level:** | 75.00 (75.00% of the hypothetical initial index value) |

---

\* The hypothetical initial index value of 100.00 has been chosen for illustrative purposes only and does not represent the actual initial index value.

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

**How to determine whether a contingent quarterly coupon is payable with respect to a coupon observation date (if the securities previously have not been redeemed):**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Hypothetical Coupon Observation Date** | &nbsp;&nbsp;**Underlying Index Closing Value** | &nbsp;&nbsp;**Contingent Quarterly Coupon** <br>**(per security)** |
| &nbsp;&nbsp;#1 | &nbsp;&nbsp;80.00 (**at or above** the downside threshold level) | &nbsp;&nbsp;$16.875 |
| &nbsp;&nbsp;#2 | &nbsp;&nbsp;60.00 (**below** the downside threshold level) | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;#3 | &nbsp;&nbsp;55.00 (**below** the downside threshold level) | &nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;#4 - #40 | &nbsp;&nbsp;65.00 (**below** the downside threshold level) | &nbsp;&nbsp;$0.00 |

---

On hypothetical coupon observation date #1, the underlying index closes below the initial index value but at or above the downside threshold level. Therefore, a contingent quarterly coupon is paid on the relevant coupon payment date.

On each of the hypothetical observation dates #2 through #40, the underlying index closes below the downside threshold level. Therefore, no contingent quarterly coupon is paid on the relevant coupon payment date.

**You will not receive a contingent quarterly coupon on any coupon payment date if the index closing value is below the downside threshold level on the related coupon observation date.**

**How to calculate the payment at maturity (if the securities previously have not been redeemed):**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Example** | &nbsp;&nbsp;**Underlying Index Closing Value (Final Index Value)** | &nbsp;&nbsp;**Payment at Maturity**<br>**(per security)** |
| &nbsp;&nbsp;#1 | &nbsp;&nbsp;75.00 (**at or above** the downside threshold level) | &nbsp;&nbsp;$1,016.875 (the stated principal amount + the contingent quarterly coupon with respect to the final coupon observation date) |
| &nbsp;&nbsp;#2 | &nbsp;&nbsp;60.00 (**below** the downside threshold level) | &nbsp;&nbsp;$1,000 × (60.00 / 100.00) = $600.00 |

---

In example #1, the final index value is at or above the downside threshold level. Therefore, investors receive at maturity the stated principal amount of the securities and the contingent quarterly coupon with respect to the final coupon observation date. Investors will not participate in any appreciation of the underlying index.

In example #2, the final index value is below the downside threshold level. Therefore, investors are exposed to the downside performance of the underlying index at maturity and receive at maturity an amount equal to the stated principal amount *times* the index performance factor.

**If the final index value is below the downside threshold level, you will be exposed to the downside performance of the underlying index at maturity, and your payment at maturity will be less than $750.00 per security and could be zero.**

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

**Additional Hypothetical Examples**

The following examples assume that neither a market disruption event nor a non-trading day occurs on the originally scheduled valuation date, there are no changes in or affecting the underlying index and that the effect of any accrued and unpaid coupon has been excluded.

**If the securities are <u>not</u> redeemed**, the amount we would deliver for each $1,000 principal amount of your securities on the stated maturity date will depend on the performance of the underlying index on the valuation date, as shown in the table below. The table below assumes that **the securities have <u>not</u> been redeemed** and reflects hypothetical amounts that you could receive on the stated maturity date. 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 security (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 securities on the stated maturity date would equal 100.000% of the stated principal amount of a security, based on the corresponding hypothetical final index value and the assumptions noted above.

---

| | |
|:---|:---|
| **The Securities Have <u>Not</u> Been Redeemed** | **The Securities Have <u>Not</u> Been Redeemed** |
| **Hypothetical Final Index Value** <br>**(as Percentage of Initial Index Value)** | **Hypothetical Payment at Maturity if the Securities Have <u>Not</u> Been Redeemed**<br>**(as Percentage of Stated Principal Amount)** |
| 150.000% | 100.000%\* |
| 125.000% | 100.000%\* |
| 110.000% | 100.000%\* |
| 105.000% | 100.000%\* |
| **100.000%** | **100.000%\*** |
| 95.000% | 100.000%\* |
| 90.000**%** | 100.000%\* |
| 85.000% | 100.000%\* |
| **75.000%** | **100.000%\*** |
| 74.999% | 74.999% |
| 30.000% | 30.000% |
| 25.000% | 25.000% |
| **0.000%** | **0.000%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*Does not include the final coupon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*Does not include the final coupon |

---

**As shown in the table above, if the securities have <u>not</u> been redeemed:**

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 securities would be 25.000% of the stated principal amount of your securities. As a result, if you purchased your securities on the original issue date at the stated principal amount and held them to the stated maturity date, you would lose 75.000% of your investment (if you purchased your securities 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 (excluding the final coupon) that we would deliver on your securities would be limited to 100.000% of each $1,000 principal amount of your securities. As a result, if you held your securities to the stated maturity date, you would not benefit from any increase in the final index value over the initial index value.

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

Risk Factors

*An investment in your securities 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 securities described herein and in the accompanying prospectus, the accompanying prospectus supplement, the accompanying underlier supplement and the accompanying general terms supplement. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlying index stocks, i.e., the stocks comprising the underlying index to which your securities are linked. You should carefully consider whether the offered securities are appropriate given your particular circumstances.*<br>

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

**You May Lose Your Entire Investment in the Securities**

You can lose your entire investment in the securities. Subject to our redemption right, the cash payment on your securities, if any, on the stated maturity date will be based on the performance of the underlying index as measured from the initial index value to the index closing value on the valuation date. If the final index value is *less than* the downside threshold level, you will lose 1.00% of the stated principal amount of your securities for every 1.00% decline in the index value over the term of the securities, and you will lose a significant portion or all of your interest. Thus, you may lose your entire investment in the securities, which would include any premium to principal amount you paid when you purchased the securities.

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

**The Return on Your Securities May Change Significantly Despite Only a Small Incremental Change in the Value of the Underlying Index**

If your securities are not redeemed and the final index value is less than the downside threshold level, you will lose all or a substantial portion of your investment in the securities. This means that while a decrease in the final index value to the downside threshold level will not result in a loss of principal on the securities, a decrease in the final index value to less than the downside threshold level will result in a loss of a significant portion of the stated principal amount of the securities despite only a small incremental change in the value of the underlying index.

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

Although the coupons (if any) and return on the securities will be based on the performance of the underlying index, the payment of any amount due on the securities is subject to the credit risk of GS Finance Corp., as issuer of the securities, and the credit risk of The Goldman Sachs Group, Inc., as guarantor of the securities. The securities are our unsecured obligations. Investors are dependent on our ability to pay all amounts due on the securities, 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 securities, to pay all amounts due on the securities, 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.

**You May Not Receive a Coupon on Any Coupon Payment Date**

If the index closing value on the related coupon observation date is *less than* the downside threshold level, you will not receive a coupon payment on the applicable coupon payment date. If the index closing value is less than the downside threshold level on every coupon observation date, the overall return you earn on your securities will be zero

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

or less and such return will be less than you would have earned by investing in a security that bears interest at the prevailing market rate.

**We Are Able to Redeem Your Securities at Our Option**

On each coupon payment date commencing on the coupon payment date expected to occur on April 14, 2026 and ending on the coupon payment date expected to occur on July 12, 2035, we will be permitted to redeem your securities at our option. Furthermore, our option to redeem your securities may adversely affect the value of your securities. It is our sole option whether to redeem your securities prior to maturity and we may or may not exercise this option for any reason. Many factors may influence the likelihood of your securities being redeemed. In general, we will be more likely to redeem the securities when we expect the index closing value to be at or above the downside threshold level on the next coupon observation date. On the other hand, we will be less likely to redeem the securities when we expect the index closing value to be below the downside threshold level on the next coupon observation date, such that you will receive no coupons and/or that you may suffer a significant loss on your initial investment in the securities at maturity. Because of this redemption option, the term of your securities could be reduced. No further payments will be made on the securities if they are redeemed.

**The Coupon Does Not Reflect the Actual Performance of the Underlying Index from the Pricing Date to Any Coupon Observation Date or from Coupon Observation Date to Coupon Observation Date and Investors Will Not Participate in Any Appreciation of the Underlying Index**

The coupon for each quarterly coupon payment date is different from, and may be less than, a coupon determined based on the percentage difference of the index closing values between the pricing date and any coupon observation date or between two coupon observation dates. You will not participate in any appreciation of the underlying index, and the return on the securities will be limited to the coupons, if any, that are paid with respect to each coupon observation date. Accordingly, the coupons, if any, on the securities may be less than the return you could earn on another instrument linked to the underlying index that pays coupons based on the performance of either underlying index from the pricing date to any coupon observation date or from coupon observation date to coupon observation date.

**The Estimated Value of Your Securities At the Time the Terms of Your Securities 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 Securities**

The original issue price for your securities exceeds the estimated value of your securities as of the time the terms of your securities 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 Securities"; 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 securities (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 securities 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 Securities") will decline to zero over the period from the date hereof through the applicable date set forth above under "Estimated Value of Your Securities". Thereafter, if GS&Co. buys or sells your securities 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 securities at any time also will reflect its then current bid and ask spread for similar sized trades of structured securities.

In estimating the value of your securities as of the time the terms of your securities are set on the pricing date, as disclosed above under "Estimated Value of Your Securities", 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 securities. 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 securities in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your securities 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 Securities May Be Influenced By Many Unpredictable Factors" below.

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

The difference between the estimated value of your securities as of the time the terms of your securities 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 securities, 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 securities. We pay to GS&Co. amounts based on what we would pay to holders of a non-structured security with a similar maturity. In return for such payment, GS&Co. pays to us the amounts we owe under your securities.

In addition to the factors discussed above, the value and quoted price of your securities at any time will reflect many factors and cannot be predicted. If GS&Co. makes a market in the securities, 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 securities, including the price you may receive for your securities in any market making transaction. To the extent that GS&Co. makes a market in the securities, 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 securities (and subject to the declining excess amount described above).

Furthermore, if you sell your securities, 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 securities in a secondary market sale.

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

## The Market Value of Your Securities May Be Influenced By Many Unpredictable Factors
When we refer to the market value of your securities, we mean the value that you could receive for your securities 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 securities, including:

• the value of the underlying index;

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

• the dividend rates of the underlying index stocks;

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

• interest rates and yield rates in the market;

• the time remaining until your securities 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 securities 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 securities before maturity, including the price you may receive for your securities in any market making transaction. If you sell your securities before maturity, you may receive less than the principal amount of your securities 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 securities or the payment at maturity may bear little or

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

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 Securities 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 securities 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 securities will have any rights with respect to the underlying index stocks, including 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 securities will be paid in cash and you will have no right to receive delivery of any underlying index stocks.

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

At our sole option, we may decide to sell an additional aggregate stated principal amount of the securities subsequent to the date of this pricing supplement. The issue price of the securities 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 Securities at a Premium to Stated Principal Amount, the Return on Your Investment Will Be Lower Than the Return on Securities Purchased at Stated Principal Amount and the Impact of Certain Key Terms of the Securities Will Be Negatively Affected**

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

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

**The Tax Consequences of an Investment in Your Securities Are Uncertain**

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

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 securities and any such guidance could adversely affect the tax treatment and the value of your securities. 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 securities after the bill was enacted to accrue interest income 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 securities. We describe these developments in more detail under "Supplemental Discussion of U.S. Federal Income Tax Consequences – United States Holders – Possible Change in Law" below. You should consult your tax advisor about this matter. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

treating the securities for U.S. federal income tax purposes in accordance with the treatment described under "Supplemental Discussion of U.S. Federal Income Tax Consequences" below 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 securities in your particular circumstances.

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

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<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 S&P 500<sup>®</sup> 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.

**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 securities.

**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 your receiving any coupon payments or receiving an amount greater than the outstanding principal amount of your securities on the stated maturity date, or that you will not lose a significant portion or all of your investment.

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 securities, you should consult publicly available information to determine the values of the underlying index between the date of this pricing supplement and the date of your purchase of the offered securities **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 securities, as well as the payment at maturity, if any, 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, 2024 and 2025 (through October 9, 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 Underlying Index**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **High** | **&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; Low** | **&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; Period End** | **&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; Period End** |
| **2020** |  |  |  |  |
| Quarter ended March 31 | 3386.15 | 2237.40 | 2237.40 | 2584.59 |
| Quarter ended June 30 | 3232.39 | 2470.50 | 2470.50 | 3100.29 |
| Quarter ended September 30 | 3580.84 | 3115.86 | 3115.86 | 3363.00 |
| Quarter ended December 31 | 3756.07 | 3269.96 | 3269.96 | 3756.07 |
| **2021** |  |  |  |  |
| Quarter ended March 31 | 3974.54 | 3700.65 | 3700.65 | 3972.89 |
| Quarter ended June 30 | 4297.50 | 4019.87 | 4019.87 | 4297.50 |
| Quarter ended September 30 | 4536.95 | 4258.49 | 4258.49 | 4307.54 |
| Quarter ended December 31  | 4793.06 | 4300.46 | 4300.46 | 4766.18 |
| **2022** |  |  |  |  |
| Quarter ended March 31 | 4796.56 | 4170.70 | 4170.70 | 4530.41 |
| Quarter ended June 30 | 4582.64 | 3666.77 | 3666.77 | 3785.38 |
| Quarter ended September 30 | 4305.20 | 3585.62 | 3585.62 | 3585.62 |

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**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **High** | **&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; Low** | **&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; Period End** | **&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; Period End** |
| Quarter ended December 31 | 4080.11 | 3577.03 | 3577.03 | 3839.50 |
| **2023** |  |  |  |  |
| Quarter ended March 31 | 4179.76 | 3808.10 | 3808.10 | 4109.31 |
| Quarter ended June 30 | 4450.38 | 4055.99 | 4055.99 | 4450.38 |
| Quarter ended September 30 | 4588.96 | 4273.53 | 4273.53 | 4288.05 |
| Quarter ended December 31 | 4783.35 | 4117.37 | 4117.37 | 4769.83 |
| **2024** |  |  |  |  |
| Quarter ended March 31 | 5254.35 | 4688.68 | 4688.68 | 5254.35 |
| Quarter ended June 30 | 5487.03 | 4967.23 | 4967.23 | 5460.48 |
| Quarter ended September 30 | 5762.48 | 5186.33 | 5186.33 | 5762.48 |
| Quarter ended December 31 | 6090.27 | 5695.94 | 5695.94 | 5881.63 |
| **2025** |  |  |  |  |
| Quarter ended March 31 | 6144.15 | 5521.52 | 5521.52 | 5611.85 |
| Quarter ended June 30 | 6204.95 | 4982.77 | 4982.77 | 6204.95 |
| Quarter ended September 30 | 6693.75 | 6198.01 | 6198.01 | 6688.46 |
| Quarter ending December 31 (through October 9, 2025) | 6753.72 | 6711.20 | 6711.20 | 6735.11 |

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**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

The graph below shows the daily historical index closing values from January 1, 2020 through October 9, 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**

![img42159300_3.jpg](img42159300_3.jpg)

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

Supplemental Discussion of U.S. Federal Income Tax Consequences

The following section supplements the discussion of U.S. federal income taxation in the accompanying prospectus.

The following section is the opinion of Sidley Austin llp, counsel to GS Finance Corp. and The Goldman Sachs Group, Inc. In addition, it is the opinion of Sidley Austin llp that the characterization of the securities for U.S. federal income tax purposes that will be required under the terms of the securities, as discussed below, is a reasonable interpretation of current law.

This section does not apply to you if you are a member of a class of holders subject to special rules, such as:

• a dealer in securities or currencies;

• a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings;

• a bank;

• a life insurance company;

• a regulated investment company;

• an accrual method taxpayer subject to special tax accounting rules as a result of its use of financial statements;

• a tax exempt organization;

• a partnership;

• a person that owns a security as a hedge or that is hedged against interest rate risks;

• a person that owns a security as part of a straddle or conversion transaction for tax purposes; or

• a United States holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.

Although this section is based on the U.S. Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect, no statutory, judicial or administrative authority directly discusses how your securities should be treated for U.S. federal income tax purposes, and as a result, the U.S. federal income tax consequences of your investment in your securities are uncertain. Moreover, these laws are subject to change, possibly on a retroactive basis.

*You should consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the securities, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.*<br>

**United States Holders**

This section applies to you only if you are a United States holder that holds your securities as a capital asset for tax purposes. You are a United States holder if you are a beneficial owner of a security and you are:

• a citizen or resident of the United States;

• a domestic corporation;

• an estate whose income is subject to U.S. federal income tax regardless of its source; or

• a trust if a United States court can exercise primary supervision over the trust's administration and one or more United States persons are authorized to control all substantial decisions of the trust.

*Tax Treatment.* You will be obligated pursuant to the terms of your securities — in the absence of a change in law, an administrative determination or a judicial ruling to the contrary — to characterize your securities for all tax purposes as income-bearing pre-paid derivative contracts in respect of the underlying index. Except as otherwise stated below, the discussion herein assumes that your securities will be so treated.

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

Contingent quarterly coupon payments that you receive should be included in ordinary income at the time you receive the payment or when the payment accrues, in accordance with your regular method of accounting for U.S. federal income tax purposes.

Upon the sale, exchange, redemption or maturity of your securities, you should recognize capital gain or loss equal to the difference, if any, between the amount of cash you receive at such time (excluding any amounts attributable to accrued and unpaid contingent quarterly coupon payments, which will be taxable as described above) and your tax basis in your securities. Your tax basis in the securities will generally be equal to the amount that you paid for the securities. If you hold your securities for more than one year, the gain or loss generally will be long-term capital gain or loss. If you hold your securities for one year or less, the gain or loss generally will be short-term capital gain or loss. Short-term capital gains are generally subject to tax at the marginal tax rates applicable to ordinary income.

**No statutory, judicial or administrative authority directly discusses how your securities should be treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in the securities are uncertain and alternative characterizations are possible. Accordingly, we urge you to consult your tax advisor in determining the tax consequences of an investment in your securities in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.**

*Alternative Treatments.* There is no judicial or administrative authority discussing how your securities should be treated for U.S. federal income tax purposes. Therefore, the Internal Revenue Service might assert that a treatment other than described above is more appropriate. For example, the Internal Revenue Service could treat your securities as a single debt instrument subject to special rules governing contingent payment debt instruments. Under those rules, the amount of interest you are required to take into account for each accrual period would be determined by constructing a projected payment schedule for the securities and applying rules similar to those for accruing original issue discount on a hypothetical noncontingent debt instrument with that projected payment schedule. This method is applied by first determining the comparable yield – i.e., the yield at which we would issue a noncontingent fixed rate debt instrument with terms and conditions similar to your securities – and then determining a payment schedule as of the issue date that would produce the comparable yield. These rules may have the effect of requiring you to include interest in income in respect of your securities prior to your receipt of cash attributable to that income.

If the rules governing contingent payment debt instruments apply, any gain you recognize upon the sale, exchange, redemption or maturity of your securities would be treated as ordinary interest income. Any loss you recognize at that time would be ordinary loss to the extent of interest you included as income in the current or previous taxable years in respect of your securities, and, thereafter, capital loss.

If the rules governing contingent payment debt instruments apply, special rules would apply to a person who purchases the securities at a price other than the adjusted issue price as determined for tax purposes.

It is possible that the Internal Revenue Service could assert that your securities should generally be characterized as described above, except that (1) the gain you recognize upon the sale, exchange, redemption or maturity of your securities should be treated as ordinary income or (2) you should not include the contingent quarterly coupon payments in income as you receive them but instead you should reduce your basis in your securities by the amount of contingent quarterly coupon payments that you receive. It is also possible that the Internal Revenue Service could seek to characterize your securities in a manner that results in tax consequences to you different from those described above.

It is also possible that the Internal Revenue Service could seek to characterize your securities as notional principal contracts. It is also possible that the contingent quarterly coupon payments would not be treated as either ordinary income or interest for U.S. federal income tax purposes, but instead would be treated in some other manner.

You should consult your tax advisor as to the tax consequences of any possible alternative characterizations of your securities for U.S. federal income tax purposes.

***Possible Change in Law***

On December 7, 2007, the Internal Revenue Service released a notice stating that the Internal Revenue Service and the Treasury Department are actively considering issuing guidance regarding the proper U.S. federal income tax treatment of an instrument such as the offered securities, including whether holders should be required to accrue

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

ordinary income on a current basis and whether gain or loss should be ordinary or capital. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the securities will ultimately be required to accrue income currently and this could be applied on a retroactive basis. The Internal Revenue Service and the Treasury Department are also considering other relevant issues, including whether foreign holders of such instruments should be subject to withholding tax on any deemed income accruals, and whether the special "constructive ownership rules" of Section 1260 of the Internal Revenue Code might be applied to such instruments. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the securities for U.S. federal income tax purposes in accordance with the treatment described above under "Tax Treatment" unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate.

Furthermore, in 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your securities after the bill was enacted to accrue interest income 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 securities.

It is impossible to predict what any such legislation or administrative or regulatory guidance might provide, and whether the effective date of any legislation or guidance will affect securities that were issued before the date that such legislation or guidance is issued. You are urged to consult your tax advisor as to the possibility that any legislative or administrative action may adversely affect the tax treatment of your securities.

***Backup Withholding and Information Reporting***

You will be subject to generally applicable information reporting and backup withholding requirements as discussed in the accompanying prospectus under "United States Taxation — Taxation of Debt Securities — Backup Withholding and Information Reporting — United States Holders" with respect to payments on your securities and, notwithstanding that we do not intend to treat the securities as debt for tax purposes, we intend to backup withhold on such payments with respect to your securities unless you comply with the requirements necessary to avoid backup withholding on debt instruments (in which case you will not be subject to such backup withholding) as set forth under "United States Taxation — Taxation of Debt Securities — United States Holders" in the accompanying prospectus. Please see the discussion under "United States Taxation — Taxation of Debt Securities — Backup Withholding and Information Reporting—United States Holders" in the accompanying prospectus for a description of the applicability of the backup withholding and information reporting rules to payments made on your securities.

**Non-United States Holders**

This section applies to you only if you are a non-United States holder. You are a non-United States holder if you are the beneficial owner of the securities and are, for U.S. federal income tax purposes:

 a nonresident alien individual;

 a foreign corporation; or

 an estate or trust that in either case is not subject to U.S. federal income tax on a net income basis on income or gain from the securities.

Because the U.S. federal income tax treatment (including the applicability of withholding) of the contingent quarterly coupon payments on the securities is uncertain, in the absence of further guidance, we intend to withhold on the contingent quarterly coupon payments made to you at a 30% rate or at a lower rate specified by an applicable income tax treaty under an "other income" or similar provision. We will not make payments of any additional amounts. To claim a reduced treaty rate for withholding, you generally must provide a valid Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E, or an acceptable substitute form upon which you certify, under penalty of perjury, your status as a non-United States holder and your entitlement to the lower treaty rate. Payments will be made to you at a reduced treaty rate of withholding only if such reduced treaty rate would apply to any possible characterization of the payments (including, for example, if the contingent quarterly coupon payments were characterized as contract fees). Withholding also may not apply to contingent quarterly coupon payments made to you if: (i) the contingent quarterly coupon payments are "effectively connected" with your conduct of a trade or business in the United States and are includable in your gross income for U.S. federal income tax purposes, (ii) the contingent quarterly coupon payments are attributable to a permanent establishment that you maintain in the United States, if

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

required by an applicable tax treaty, and (iii) you comply with the requisite certification requirements (generally, by providing an Internal Revenue Service Form W-8ECI). If you are eligible for a reduced rate of United States withholding tax, you may obtain a refund of any amounts withheld in excess of that rate by filing a refund claim with the Internal Revenue Service.

"Effectively connected" payments includable in your United States gross income are generally taxed at rates applicable to United States citizens, resident aliens, and domestic corporations; if you are a corporate non-United States holder, "effectively connected" payments may be subject to an additional "branch profits tax" under certain circumstances.

You will also be subject to generally applicable information reporting and backup withholding requirements with respect to payments on your securities and, notwithstanding that we do not intend to treat each security as debt for tax purposes, we intend to backup withhold on such payments with respect to your securities unless you comply with the requirements necessary to avoid backup withholding on debt instruments (in which case you will not be subject to such backup withholding) as set forth under "United States Taxation — Taxation of Debt Securities — Non-United States Holders" in the accompanying prospectus.

Furthermore, on December 7, 2007, the Internal Revenue Service released Notice 2008-2 soliciting comments from the public on various issues, including whether instruments such as your securities should be subject to withholding. It is therefore possible that rules will be issued in the future, possibly with retroactive effect, that would cause payments on your securities to be subject to withholding, even if you comply with certification requirements as to your foreign status.

As discussed above, alternative characterizations of each security for U.S. federal income tax purposes are possible. Should an alternative characterization of each security by reason of a change or clarification of the law, by regulation or otherwise, cause payments with respect to the securities to become subject to withholding tax, we will withhold tax at the applicable statutory rate and we will not make payments of any additional amounts. Prospective non-United States holders of the securities should consult their tax advisors in this regard.

In addition, 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 contingent quarterly coupon payments and any amounts you receive upon the sale, exchange, redemption or maturity of your securities, could be collected via withholding. If these regulations were to apply to your securities, 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 securities. We could also require you to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to any contingent quarterly coupon payments or the maturity of the securities 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 securities, your securities 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 securities for U.S. federal income tax purposes.

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

**Foreign Account Tax Compliance Act (FATCA) Withholding**

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 securities will generally be subject to the FATCA withholding rules.

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<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 $20,000.

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 securities specified on the front cover of this pricing supplement. GS&Co. proposes initially to offer the securities 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 $7.50 for each security it sells. Morgan Stanley Wealth Management has informed us that it intends to internally allocate at Morgan Stanley Wealth Management $2.50 of the selling concession for each security as a structuring fee. The costs included in the original issue price of the securities 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 securities within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of securities will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell securities in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

We will deliver the securities against payment therefor in New York, New York on October 15, 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 securities 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 securities. 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 securities.

**October 2025**

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**GS Finance Corp** <br>Contingent Income Callable Securities Based on the Value of the S&P 500<sup>®</sup> Index due October 12, 2035<br>**Principal at Risk Securities**<br>

Validity of the Securities and Guarantee

In the opinion of Sidley Austin llp, as counsel to GS Finance Corp. and The Goldman Sachs Group, Inc., when the securities offered by this pricing supplement have been executed and issued by GS Finance Corp., such securities have been authenticated by the trustee pursuant to the indenture, and such securities have been delivered against payment as contemplated herein, (a) such securities will be valid and binding obligations of GS Finance Corp., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (b) the guarantee with respect to such securities will be a valid and binding obligation of The Goldman Sachs Group, Inc., enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware as in effect on the date hereof. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated January 27, 2025, which has been filed as Exhibit 5.6 to the registration statement on Form S-3 filed with the Securities and Exchange Commission by GS Finance Corp. and The Goldman Sachs Group, Inc. on January 27, 2025.

**October 2025**

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

**EX-FILING FEES**

The prospectus to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price for such offering is $7,461,000.

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