# EDGAR Filing Document

**Accession Number:** 0001419828
**File Stem:** 0001193125-25-315818
**Filing Date:** 2025-12
**Character Count:** 21918
**Document Hash:** 668e979647a7bc73e117049a3c17e891
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-315818.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001193125-25-315818

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**SUBJECT COMPANY**: 

**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:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-284538-03
- **FILM NUMBER:** 251564751

**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
**FILED BY**: 

**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:** FWP

**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

---

| | |
|:---|:---|
| ![img195995488_0.jpg](img195995488_0.jpg) | Free Writing Prospectus pursuant to Rule 433 dated December 11, 2025 / Registration Statement No. 333-284538<br>STRUCTURED INVESTMENTS<br>Opportunities in International Equities<br>**GS Finance Corp.** |

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Trigger PLUS Based on the Price of the iShares<sup>®</sup> MSCI Emerging Markets ETF due December 22, 2028

**Principal at Risk Securities**

**The Trigger Performance Leveraged Upside Securities**<sup>SM</sup>**(Trigger PLUS) do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.**

**You should read the accompanying preliminary pricing supplement dated December 11, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;***KEY TERMS*** | &nbsp;&nbsp;***KEY TERMS*** | **Trigger PLUS Payoff Diagram\***  | **Trigger PLUS Payoff Diagram\***  |
| &nbsp;&nbsp;**Company (Issuer) / Guarantor:**  | &nbsp;&nbsp;GS Finance Corp. / The Goldman Sachs Group, Inc. | ![img195995488_1.jpg](img195995488_1.jpg) | ![img195995488_1.jpg](img195995488_1.jpg) |
| &nbsp;&nbsp;**Underlying ETF:** | &nbsp;&nbsp;iShares<sup>®</sup> MSCI Emerging Markets ETF (current Bloomberg symbol: "EEM UP Equity") | ![img195995488_1.jpg](img195995488_1.jpg) | ![img195995488_1.jpg](img195995488_1.jpg) |
| &nbsp;&nbsp;**Index:** | &nbsp;&nbsp;with respect to the underlying ETF, the index tracked by such underlying ETF | ![img195995488_1.jpg](img195995488_1.jpg) | ![img195995488_1.jpg](img195995488_1.jpg) |
| &nbsp;&nbsp;**Pricing date:** | &nbsp;&nbsp;expected to price on or about December 19, 2025 | ![img195995488_1.jpg](img195995488_1.jpg) | ![img195995488_1.jpg](img195995488_1.jpg) |
| &nbsp;&nbsp;**Original issue date:** | &nbsp;&nbsp;expected to be December 24, 2025 | ![img195995488_1.jpg](img195995488_1.jpg) | ![img195995488_1.jpg](img195995488_1.jpg) |
| &nbsp;&nbsp;**Valuation date:** | &nbsp;&nbsp;expected to be December 19, 2028 | ![img195995488_1.jpg](img195995488_1.jpg) | ![img195995488_1.jpg](img195995488_1.jpg) |
| &nbsp;&nbsp;**Stated maturity date:** | &nbsp;&nbsp;expected to be December 22, 2028 | ![img195995488_1.jpg](img195995488_1.jpg) | ![img195995488_1.jpg](img195995488_1.jpg) |
| &nbsp;&nbsp;**Payment at maturity (for each $1,000 stated principal amount of your Trigger PLUS):** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the final ETF price is greater than the initial ETF price, $1,000 + leveraged upside payment, subject to the maximum payment at maturity;<br>&nbsp;&nbsp;&nbsp;&nbsp;•if the final ETF price is equal to or less than the initial ETF price, but greater than or equal to the trigger price, $1,000; or<br>&nbsp;&nbsp;&nbsp;&nbsp;•if the final ETF price is less than the trigger price, $1,000 × ETF performance factor | ![img195995488_1.jpg](img195995488_1.jpg) | ![img195995488_1.jpg](img195995488_1.jpg) |
| &nbsp;&nbsp;**Leveraged upside payment:**  | &nbsp;&nbsp;$1,000 × leverage factor × ETF percent increase | &nbsp;&nbsp;**Hypothetical Payment at Maturity**<br>**(as Percentage of Stated Principal Amount)** | &nbsp;&nbsp;**Hypothetical Payment at Maturity**<br>**(as Percentage of Stated Principal Amount)** |
| &nbsp;&nbsp;**Leverage factor:** | &nbsp;&nbsp;150.00% | &nbsp;&nbsp;**Hypothetical Payment at Maturity**<br>**(as Percentage of Stated Principal Amount)** | &nbsp;&nbsp;**Hypothetical Payment at Maturity**<br>**(as Percentage of Stated Principal Amount)** |
| &nbsp;&nbsp;**Maximum payment at maturity (set on the pricing date):**  | &nbsp;&nbsp;at least $1,355 per Trigger PLUS (135.50% of the stated principal amount) | 250.000% | 135.500% |
| &nbsp;&nbsp;**Maximum payment at maturity (set on the pricing date):**  | &nbsp;&nbsp;at least $1,355 per Trigger PLUS (135.50% of the stated principal amount) | 175.000% | 135.500% |
| &nbsp;&nbsp;**Maximum payment at maturity (set on the pricing date):**  | &nbsp;&nbsp;at least $1,355 per Trigger PLUS (135.50% of the stated principal amount) | **123.667%** | **135.500%** |
| &nbsp;&nbsp;**ETF percent increase** | &nbsp;&nbsp;(final ETF price - initial ETF price) / initial ETF price | 120.000% | 130.000% |
| &nbsp;&nbsp;**ETF percent increase** | &nbsp;&nbsp;(final ETF price - initial ETF price) / initial ETF price | 110.000% | 115.000% |
| &nbsp;&nbsp;**ETF percent increase** | &nbsp;&nbsp;(final ETF price - initial ETF price) / initial ETF price | 105.000% | 107.500% |
| &nbsp;&nbsp;**Initial ETF price:** | &nbsp;&nbsp;the closing price of the underlying ETF on the pricing date | **100.000%** | **100.000%** |
| &nbsp;&nbsp;**Final ETF price:** | &nbsp;&nbsp;the closing price of the underlying ETF on the valuation date | 95.000% | 100.000% |
| &nbsp;&nbsp;**Trigger price:** | &nbsp;&nbsp;80.00% of the initial ETF price | 90.000% | 100.000% |
| &nbsp;&nbsp;**ETF performance factor:**  | &nbsp;&nbsp;final ETF price / initial ETF price | 80.000% | 100.000% |
| &nbsp;&nbsp;**ETF performance factor:**  | &nbsp;&nbsp;final ETF price / initial ETF price | **79.999%** | **79.999%** |
| &nbsp;&nbsp;**CUSIP / ISIN:** | &nbsp;&nbsp;40058WHW9 / US40058WHW91 | 50.000% | 50.000% |
| &nbsp;&nbsp;**Estimated value range:** | &nbsp;&nbsp;$890 to $950 (which is less than the original issue price; see the accompanying preliminary pricing supplement) | 25.000% | 25.000% |
| &nbsp;&nbsp;**Estimated value range:** | &nbsp;&nbsp;$890 to $950 (which is less than the original issue price; see the accompanying preliminary pricing supplement) | **0.000%** | **0.000%** |

---

\* assumes a maximum payment at maturity of $1,355.00 per Trigger PLUS

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the Trigger PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying ETF (including historical closing prices of the underlying ETF), the terms of the Trigger PLUS and certain risks.*

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&nbsp;&nbsp;***About Your Trigger PLUS***<br>

The amount that you will be paid on your Trigger PLUS on the stated maturity date is based on the performance of the iShares<sup>®</sup> MSCI Emerging Markets ETF as measured from the pricing date to and including the valuation date.

**The return on your Trigger PLUS is linked to the performance of the ETF, and not to that of the index on which the ETF is based.** 

If the final ETF price is *greater than* the initial ETF price, the return on your Trigger PLUS will be positive and equal to the *product* of the leverage factor *multiplied* by the ETF percent increase, subject to the maximum payment at maturity.

If the final ETF price is *equal to* or *less than* the initial ETF price but *greater than* or *equal to* the trigger price, you will receive the principal amount of your Trigger PLUS. **However, if the final ETF price is less than the trigger price, you will lose a significant portion or all of your investment.**

The Trigger PLUS are for investors who seek the potential to earn 150.00% of any positive return of the underlying ETF, subject to the maximum payment at maturity, are willing to forgo interest payments and are willing to risk losing their entire investment if the final ETF price is less than the trigger price.

**GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, general terms supplement no. 17,744 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, general terms supplement no. 17,744 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, general terms supplement no. 17,744 and preliminary pricing supplement if you so request by calling (212) 357-4612.**

The Trigger PLUS are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[<u>Preliminary pricing supplement dated December 11, 2025</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525315745/eemmk003_prelim.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[<u>General terms supplement no. 17,744 dated October 20, 2025</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525243221/gts_no._17744_2025_shelf.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[<u>Prospectus supplement dated February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•[<u>Prospectus dated February 14, 2025</u>](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the Trigger PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying ETF (including historical closing prices of the underlying ETF), the terms of the Trigger PLUS and certain risks.*

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&nbsp;&nbsp;***RISK FACTORS***<br>

An investment in the Trigger PLUS is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,744, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full "Risk Factors" in the accompanying preliminary pricing supplement, "Additional Risk Factors Specific to the Notes" in the accompanying general terms supplement no. 17,744, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your Trigger PLUS are a riskier investment than ordinary debt securities. Also, your Trigger PLUS are not equivalent to investing directly in the underlying ETF stocks, i.e., the stocks comprising the underlying ETF to which your Trigger PLUS are linked. You should carefully consider whether the offered Trigger PLUS are appropriate given your particular circumstances.

**The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:**

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

▪Your Trigger PLUS Do Not Bear Interest

▪You May Lose Your Entire Investment in the Trigger PLUS

▪The Return on Your Trigger PLUS May Change Significantly Despite Only a Small Incremental Change in the Price of the Underlying ETF

▪The Return on Your Trigger PLUS Will Be Limited

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

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

▪The Amount Payable on Your Trigger PLUS Is Not Linked to the Price of the Underlying ETF at Any Time Other than the Valuation Date

▪The Market Value of Your Trigger PLUS May Be Influenced By Many Unpredictable Factors

▪The Return on Your Trigger PLUS Will Not Reflect Any Dividends Paid on the Underlying ETF or the Underlying ETF Stocks

▪Investing in the Trigger PLUS Is Not Equivalent to Investing in the Underlying ETF; You Have No Shareholder Rights or Rights to Receive Any Shares of the Underlying ETF or Any Underlying ETF Stock

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

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

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

▪Other Investors May Not Have the Same Interests as You

**<u>Additional Risks Related to the Underlying ETF</u>**

▪The Policies of the Underlying ETF's Investment Advisor and the Publisher of the Underlying ETF's Index Could Affect the Payment at Maturity on Your Trigger PLUS and Their Market Value

▪There Is No Assurance That an Active Trading Market Will Continue For the Underlying ETF or That There Will Be Liquidity in Any Such Trading Market; Further, the Underlying ETF Is Subject to Management Risks, Securities Lending Risks and Custody Risks

▪The Underlying ETF and Its Index Are Different and the Performance of the Underlying ETF May Not Correlate With the Performance of Its Index

▪An Investment in the Offered Trigger PLUS Is Subject to Risks Associated with Foreign Securities Markets

▪Government Regulatory Action, Including Legislative Acts and Executive Orders, Could Result in Material Changes to the Composition of an Underlying ETF with Underlying ETF Stocks from One or More Foreign Securities Markets and Could Negatively Affect Your Investment in the Trigger PLUS

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the Trigger PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying ETF (including historical closing prices of the underlying ETF), the terms of the Trigger PLUS and certain risks.*

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▪Your Investment in the Trigger PLUS Will Be Subject to Foreign Currency Exchange Rate Risk

▪Even Though Currencies Trade Around-The-Clock, Your Trigger PLUS Will Not

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

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

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

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

**The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,744:**

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

▪If the Value of an Underlier Changes, the Market Value of Your Notes May Not Change in the Same Manner

▪Past Performance is No Guide to Future Performance

▪Your Notes May Not Have an Active Trading Market

▪The Calculation Agent Will Have the Authority to Make Determinations That Could Affect the Market Value of Your Notes, When Your Notes Mature and the Amount, If Any, Payable on Your Notes

▪The Calculation Agent Can Postpone the Determination Date, Averaging Date, Call Observation Date or Coupon Observation Date If a Market Disruption Event or Non-Trading Day Occurs or Is Continuing

▪With Respect to Notes Linked to Index Stocks or Exchange-Traded Funds, You Have Limited Anti-Dilution Protection

▪With Respect to Notes Linked to Exchange-Traded Funds, Except to the Extent GS&Co. and One or More of Our Other Affiliates Act as Authorized Participants in the Distribution of, and, at Any Time, May Hold, Shares of, the Applicable Exchange-Traded Fund to Which Your Notes Are Linked, There Is No Affiliation Between the Investment Advisor of such Exchange-Traded Fund and Us

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

▪Hedging Activities by Goldman Sachs or Our Distributors May Negatively Impact Investors in the Notes and Cause Our Interests and Those of Our Clients and Counterparties to be Contrary to Those of Investors in the Notes

▪Goldman Sachs' Trading and Investment Activities for its Own Account or for its Clients Could Negatively Impact Investors in the Notes

▪Goldman Sachs' Market-Making Activities Could Negatively Impact Investors in the Notes

▪You Should Expect That Goldman Sachs Personnel Will Take Research Positions, or Otherwise Make Recommendations, Provide Investment Advice or Market Color or Encourage Trading Strategies That Might Negatively Impact Investors in the Notes

▪Goldman Sachs Regularly Provides Services to, or Otherwise Has Business Relationships with, a Broad Client Base, Which May Include the Sponsors of the Underlier or Underliers or Constituent Indices, As Applicable, the Investment Advisors of the Underlier or Underliers, As Applicable, or the Issuers of the Underlier or the Underlier Stocks or Other Entities That Are Involved in the Transaction

▪The Offering of the Notes May Reduce an Existing Exposure of Goldman Sachs or Facilitate a Transaction or Position That Serves the Objectives of Goldman Sachs or Other Parties

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

▪Certain Considerations for Insurance Companies and Employee Benefit Plans

**The following risk factors are discussed in greater detail in the accompanying prospectus supplement:**

▪The Return on Indexed Notes May Be Below the Return on Similar Securities

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the Trigger PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying ETF (including historical closing prices of the underlying ETF), the terms of the Trigger PLUS and certain risks.*

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▪The Issuer of a Security or Currency That Serves as an Index Could Take Actions That May Adversely Affect an Indexed Note

▪An Indexed Note May Be Linked to a Volatile Index, Which May Adversely Affect Your Investment

▪An Index to Which a Note Is Linked Could Be Changed or Become Unavailable

▪We May Engage in Hedging Activities that Could Adversely Affect an Indexed Note

▪Information About an Index or Indices May Not Be Indicative of Future Performance

▪We May Have Conflicts of Interest Regarding an Indexed Note

**The following risk factors are discussed in greater detail in the accompanying prospectus:**

*Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements*

▪The application of regulatory resolution strategies could increase the risk of loss for holders of our securities in the event of the resolution of Group Inc.

▪The application of Group Inc.'s proposed resolution strategy could result in greater losses for Group Inc.'s security holders

&nbsp;&nbsp;***TAX CONSIDERATIONS***<br>

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "Supplemental Discussion of U.S. Federal Income Tax Consequences" concerning the U.S. federal income tax consequences of an investment in the Trigger PLUS, and you should consult your tax advisor.

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the Trigger PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying ETF (including historical closing prices of the underlying ETF), the terms of the Trigger PLUS and certain risks.*

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