Free Writing Prospectus pursuant to Rule 433 October 21, 2025
Registration Statement No. 333-284538
|
Equity-Linked Notes due |
OVERVIEW |
The notes do not bear interest. The amount that you will be paid on your notes on the stated maturity date is based on the lesser performing of the common stock of Micron Technology, Inc. and the common stock of NVIDIA Corporation as measured from the trade date to and including the determination date.
If the final index stock price of each index stock on the determination date is greater than or equal to 85% of its initial index stock price, the return on your notes will be positive and you will receive the greater of (i) the threshold settlement amount and (ii) the $1,000 face amount plus the product of $1,000 times the index stock return of the lesser performing index stock.
If the final index stock price of any index stock is less than 85% of its initial index stock price, the return on your notes will be negative, and will equal the index stock return of the lesser performing index stock plus 15%. You could lose a significant portion of the face amount of your notes.
You should read the accompanying preliminary prospectus supplement dated October 20, 2025, which we refer to herein as the accompanying preliminary prospectus 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.
KEY TERMS |
|
CUSIP / ISIN: |
40058QNH8 / US40058QNH82 |
Company (Issuer): |
GS Finance Corp. |
Guarantor: |
The Goldman Sachs Group, Inc. |
Index stocks: |
the common stock of Micron Technology, Inc. (current Bloomberg ticker: “MU UW”) and the common stock of NVIDIA Corporation (current Bloomberg ticker: “NVDA UW”) |
Payment amount at maturity (for each $1,000 face amount of your notes): |
• if the index stock return of each index stock is greater than or equal to -15% (the final index stock price of each index stock is greater than or equal to 85% of its initial price), the greater of (i) the threshold settlement amount and (ii) the sum of (a) $1,000 plus (b) the product of (1) $1,000 times (2) the lesser performing index return; or • if the index stock return of any index stock is less than -15% (the final index stock price of any index stock is less than 85% of its initial index stock price), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the sum of the lesser performing index stock return plus 15% |
Initial index stock price: |
with respect to an index stock, an intra-day price or the closing price of one share of such index stock on the trade date |
Final index stock price: |
with respect to an index stock, the closing price of one share of such index stock on the determination date |
Threshold settlement amount: |
expected to be between $1,121.3 and $1,142.3 |
Index stock return: |
with respect to an index stock, the quotient of (i) its final index stock price minus its initial index stock price divided by (ii) its initial index stock price, expressed as a percentage |
Trade date: |
|
Settlement date: |
expected to be the third scheduled business day following the trade date |
Determination date: |
expected to be between 8 and 9 months following the trade date |
Stated maturity date: |
expected to be the second scheduled business day following the determination date |
Estimated value range: |
$955 and $985 (which is less than the original issue price; see accompanying preliminary prospectus supplement) |
Hypothetical Payment Amount At Maturity* |
||
|
||
|
Hypothetical Final Index Stock Price of the Lesser Performing Index Stock (as a % of the Initial Index Stock Price) |
Hypothetical Payment |
200.000% |
200.000% |
|
175.000% |
175.000% |
|
150.000% |
150.000% |
|
125.000% |
125.000% |
|
112.130% |
112.130% |
|
110.000% |
112.130% |
|
100.000% |
112.130% |
|
90.000% |
112.130% |
|
85.000% |
112.130% |
|
80.000% |
95.000% |
|
75.000% |
90.000% |
|
50.000% |
65.000% |
|
25.000% |
40.000% |
|
*assumes a threshold amount of $1,121.3 |
0.000% |
15.000% |
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 notes without reading the accompanying preliminary prospectus supplement and related documents for a more detailed description of the index stocks, the terms of the notes and certain risks.
1
About Your Notes |
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement and preliminary prospectus 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, and preliminary prospectus 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, and preliminary prospectus supplement if you so request by calling (212) 357-4612.
The notes 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:
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 notes without reading the accompanying preliminary prospectus supplement and related documents for a more detailed description of the index stocks, the terms of the notes and certain risks.
2
RISK FACTORS |
An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary prospectus supplement, 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 “Additional Risk Factors Specific to Your Notes” in the accompanying preliminary prospectus supplement, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.
The following risk factors are discussed in greater detail in the accompanying preliminary prospectus supplement:
Risks Related to Structure, Valuation and Secondary Market Sales ▪ The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Notes ▪ The Notes Are Subject to the Credit Risk of the Issuer and the Guarantor ▪ You May Lose a Substantial Portion of Your Investment in the Notes ▪ The Amount Payable on Your Notes Is Not Linked to the Prices of the Index Stocks at Any Time Other than the Determination Date ▪ The Cash Settlement Amount Will Be Based Solely on the Lesser Performing Index Stock ▪ The Market Value of Your Notes May Be Influenced By Many Unpredictable Factors ▪ Your Notes Do Not Bear Interest ▪ Your Notes May Not Have an Active Trading Market ▪ If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Will Be Negatively Affected ▪ If the Market Prices of the Index Stocks Change, the Market Value of Your Notes May Not Change in the Same Manner ▪ We Will Not Hold Shares of the Index Stocks for Your Benefit ▪ You Have No Shareholder Rights or Rights to Receive Any Index Stock ▪ In Some Circumstances, the Payment You Receive On the Notes May Be Based On the Securities of Another Company and Not the Issuer of an Index Stock ▪ Past Index Stock Performance is No Guide to Future Performance ▪ As Calculation Agent, GS&Co. Will Have the Authority to Make Determinations that Could Affect the Value of Your Notes |
|
▪ The Calculation Agent Can Postpone the Determination Date If a Market Disruption Event or a Non-Trading Day Occurs or is Continuing ▪ There Is No Affiliation Between the Index Stock Issuers and Us ▪ You Have Limited Anti-Dilution Protection ▪ We May Sell an Additional Aggregate Face Amount of the Notes at a Different Issue Price Risks Related to Conflicts of Interest ▪ 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 Issuers of the Index 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 ▪ Other Investors in the Notes May Not Have the Same Interests as You Risks Related to Tax ▪ Certain Considerations for Insurance Companies and Employee Benefit Plans ▪ The Tax Consequences of an Investment in Your Notes Are Uncertain ▪ Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Notes, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Notes to Provide Information to Tax Authorities |
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 notes without reading the accompanying preliminary prospectus supplement and related documents for a more detailed description of the index stocks, the terms of the notes and certain risks.
3
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 |
|
■ An Index to Which a Note Is Linked Could Be Changed or Become Unavailable |
■ The Issuer of a Security or Currency That Serves as an Index Could Take Actions That May Adversely Affect an Indexed Note |
|
■ We May Engage in Hedging Activities that Could Adversely Affect an Indexed Note |
■ An Indexed Note May Be Linked to a Volatile Index, Which May Adversely Affect Your Investment |
|
■ 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 Group Inc.’s proposed resolution strategy could result in greater losses for Group Inc.’s security holders |
■ 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. |
|
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 notes without reading the accompanying preliminary prospectus supplement and related documents for a more detailed description of the index stocks, the terms of the notes and certain risks.
4