[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Goldman Sachs has announced Market Linked Notes due July 7, 2028, offering upside participation to a cap with principal protection at maturity. The notes are linked to the lowest performing stock among Amazon.com, Microsoft, and NVIDIA.
Key features include:
- Maximum return of 38.80% ($388.00 per $1,000 note)
- 100% upside participation rate up to the cap
- Principal protection if the lowest performing stock ends below its starting price
- Estimated value between $925-$955 per $1,000 face amount
Notable risks include credit risk of GS Finance Corp and Goldman Sachs Group, limited potential returns due to the cap, and exposure to the worst-performing stock among the three tech companies. The notes will be issued on July 7, 2025, with maturity on July 7, 2028. Underwriting discount is up to 3.325% of the face amount.
Goldman Sachs ha annunciato Note Collegate al Mercato con scadenza il 7 luglio 2028, che offrono una partecipazione al rialzo fino a un tetto massimo con protezione del capitale a scadenza. Le note sono collegate all'azione con la performance peggiore tra Amazon.com, Microsoft e NVIDIA.
Caratteristiche principali:
- Rendimento massimo del 38,80% (388,00$ per ogni nota da 1.000$)
- Partecipazione al rialzo al 100% fino al tetto
- Protezione del capitale se l'azione con la performance minore chiude al di sotto del prezzo iniziale
- Valore stimato tra 925$ e 955$ per ogni 1.000$ di valore nominale
Rischi rilevanti includono il rischio di credito di GS Finance Corp e Goldman Sachs Group, rendimenti potenziali limitati a causa del tetto, e l'esposizione all'azione peggiore tra le tre societ脿 tecnologiche. Le note saranno emesse il 7 luglio 2025 con scadenza il 7 luglio 2028. Lo sconto di sottoscrizione pu貌 arrivare fino al 3,325% del valore nominale.
Goldman Sachs ha anunciado Notas Vinculadas al Mercado con vencimiento el 7 de julio de 2028, que ofrecen participaci贸n al alza hasta un l铆mite m谩ximo con protecci贸n del capital al vencimiento. Las notas est谩n vinculadas a la acci贸n con el peor desempe帽o entre Amazon.com, Microsoft y NVIDIA.
Caracter铆sticas clave:
- Retorno m谩ximo del 38,80% (388,00$ por cada nota de 1.000$)
- Tasa de participaci贸n al alza del 100% hasta el l铆mite
- Protecci贸n del capital si la acci贸n con peor desempe帽o termina por debajo del precio inicial
- Valor estimado entre 925$ y 955$ por cada 1.000$ de valor nominal
Riesgos notables incluyen el riesgo crediticio de GS Finance Corp y Goldman Sachs Group, rendimientos potenciales limitados debido al l铆mite, y exposici贸n a la acci贸n con peor desempe帽o entre las tres compa帽铆as tecnol贸gicas. Las notas se emitir谩n el 7 de julio de 2025 con vencimiento el 7 de julio de 2028. El descuento de suscripci贸n es de hasta un 3,325% del valor nominal.
瓿摐毵� 靷姢電� 2028雲� 7鞗� 7鞚� 毵岅赴鞚� 鞁滌灔 鞐瓣硠 雲疙姼毳� 氚滍憸頄堨溂氅�, 毵岅赴 鞁� 鞗愱笀 氤错樃鞕� 頃粯 靸來暅靹犼箤歆� 靸侅姽 彀胳棳毳� 鞝滉车頃╇媹雼�. 鞚� 雲疙姼電� 鞎勲臁措嫹旎�, 毵堨澊韥靻岉攧韸�, 鞐旊箘霐旍晞 欷� 臧�鞛� 靹标臣臧� 雮潃 欤检嫕鞐� 鞐瓣硠霅橃柎 鞛堨姷雼堧嫟.
欤检殧 韸轨:
- 斓滊寑 靾橃澋毳� 38.80% (1,000雼煬 雲疙姼雼� 388雼煬)
- 靸來暅靹犼箤歆� 100% 靸侅姽 彀胳棳鞙�
- 斓滌爛 靹标臣 欤检嫕鞚� 鞁滌瀾 臧�瓴� 鞚错晿搿� 毵堦皭頃� 瓴届毎 鞗愱笀 氤错樃
- 鞎‰┐臧� 1,000雼煬雼� 鞓堨儊 臧�旃� 925~955雼煬
欤检殧 鞙勴棙鞙茧電� GS 韺岇澊雮胳姢 旖旐嵓霠堨澊靺� 氚� 瓿摐毵� 靷姢 攴鸽９鞚� 鞁犾毄 鞙勴棙, 靸來暅靹犾溂搿� 鞚疙暅 鞝滍暅霅� 鞛犾灛 靾橃澋, 靹� 臧� 旮办垹欤� 欷� 斓滌爛 靹标臣 欤检嫕鞐� 雽�頃� 雲胳稖鞚� 韽暔霅╇媹雼�. 雲疙姼電� 2025雲� 7鞗� 7鞚检棎 氚滍枆霅橂┌ 毵岅赴電� 2028雲� 7鞗� 7鞚检瀰雼堧嫟. 鞚胳垬 頃犾澑鞙潃 鞎‰┐臧�鞚� 斓滊寑 3.325%鞛呺媹雼�.
Goldman Sachs a annonc茅 des billets li茅s au march茅 arrivant 脿 茅ch茅ance le 7 juillet 2028, offrant une participation 脿 la hausse jusqu'脿 un plafond avec protection du capital 脿 l'茅ch茅ance. Les billets sont li茅s 脿 l'action la moins performante parmi Amazon.com, Microsoft et NVIDIA.
Principales caract茅ristiques :
- Rendement maximum de 38,80% (388,00 $ par billet de 1 000 $)
- Taux de participation 脿 la hausse de 100 % jusqu'au plafond
- Protection du capital si l'action la moins performante termine en dessous de son prix initial
- Valeur estim茅e entre 925 $ et 955 $ pour un montant nominal de 1 000 $
Risques notables : risque de cr茅dit de GS Finance Corp et du groupe Goldman Sachs, rendements potentiels limit茅s en raison du plafond, et exposition 脿 l'action la moins performante parmi ces trois soci茅t茅s technologiques. Les billets seront 茅mis le 7 juillet 2025 et arriveront 脿 茅ch茅ance le 7 juillet 2028. La d茅cote de souscription peut atteindre 3,325% du montant nominal.
Goldman Sachs hat marktgebundene Schuldverschreibungen mit F盲lligkeit am 7. Juli 2028 angek眉ndigt, die eine Aufw盲rtsbeteiligung bis zu einer Obergrenze mit Kapitalschutz bei F盲lligkeit bieten. Die Schuldverschreibungen sind mit der am schlechtesten performenden Aktie von Amazon.com, Microsoft und NVIDIA 惫别谤办苍眉辫蹿迟.
Wesentliche Merkmale:
- Maximale Rendite von 38,80% (388,00 USD pro 1.000 USD Note)
- 100% Aufw盲rtsbeteiligung bis zur Obergrenze
- Kapitalschutz, falls die am schlechtesten performende Aktie unter dem Anfangspreis schlie脽t
- Gesch盲tzter Wert zwischen 925 und 955 USD pro 1.000 USD Nennwert
Bedeutende Risiken umfassen das Kreditrisiko der GS Finance Corp und der Goldman Sachs Group, begrenzte potenzielle Renditen durch die Obergrenze sowie die Exponierung gegen眉ber der schlechtesten Aktie der drei Technologieunternehmen. Die Schuldverschreibungen werden am 7. Juli 2025 ausgegeben und laufen am 7. Juli 2028 ab. Der Emissionsabschlag betr盲gt bis zu 3,325% des Nennwerts.
- Product offers 100% upside participation rate up to a cap of 38.80% while protecting principal at maturity
- Notes are linked to major tech companies (Amazon, Microsoft, NVIDIA) providing exposure to leading technology sector performers
- Full principal protection if the lowest performing stock ends at or below its starting price, limiting downside risk
- Estimated value of notes ($925-$955 per $1,000 face amount) is significantly below the offering price, indicating high embedded costs
- Returns are capped at 38.80%, limiting potential upside even if underlying stocks perform exceptionally well
- Performance is tied to the lowest performing stock among the three, which could significantly limit returns even if two stocks perform well
- Notes do not provide any dividend payments or interest income during the three-year term
Goldman Sachs ha annunciato Note Collegate al Mercato con scadenza il 7 luglio 2028, che offrono una partecipazione al rialzo fino a un tetto massimo con protezione del capitale a scadenza. Le note sono collegate all'azione con la performance peggiore tra Amazon.com, Microsoft e NVIDIA.
Caratteristiche principali:
- Rendimento massimo del 38,80% (388,00$ per ogni nota da 1.000$)
- Partecipazione al rialzo al 100% fino al tetto
- Protezione del capitale se l'azione con la performance minore chiude al di sotto del prezzo iniziale
- Valore stimato tra 925$ e 955$ per ogni 1.000$ di valore nominale
Rischi rilevanti includono il rischio di credito di GS Finance Corp e Goldman Sachs Group, rendimenti potenziali limitati a causa del tetto, e l'esposizione all'azione peggiore tra le tre societ脿 tecnologiche. Le note saranno emesse il 7 luglio 2025 con scadenza il 7 luglio 2028. Lo sconto di sottoscrizione pu貌 arrivare fino al 3,325% del valore nominale.
Goldman Sachs ha anunciado Notas Vinculadas al Mercado con vencimiento el 7 de julio de 2028, que ofrecen participaci贸n al alza hasta un l铆mite m谩ximo con protecci贸n del capital al vencimiento. Las notas est谩n vinculadas a la acci贸n con el peor desempe帽o entre Amazon.com, Microsoft y NVIDIA.
Caracter铆sticas clave:
- Retorno m谩ximo del 38,80% (388,00$ por cada nota de 1.000$)
- Tasa de participaci贸n al alza del 100% hasta el l铆mite
- Protecci贸n del capital si la acci贸n con peor desempe帽o termina por debajo del precio inicial
- Valor estimado entre 925$ y 955$ por cada 1.000$ de valor nominal
Riesgos notables incluyen el riesgo crediticio de GS Finance Corp y Goldman Sachs Group, rendimientos potenciales limitados debido al l铆mite, y exposici贸n a la acci贸n con peor desempe帽o entre las tres compa帽铆as tecnol贸gicas. Las notas se emitir谩n el 7 de julio de 2025 con vencimiento el 7 de julio de 2028. El descuento de suscripci贸n es de hasta un 3,325% del valor nominal.
瓿摐毵� 靷姢電� 2028雲� 7鞗� 7鞚� 毵岅赴鞚� 鞁滌灔 鞐瓣硠 雲疙姼毳� 氚滍憸頄堨溂氅�, 毵岅赴 鞁� 鞗愱笀 氤错樃鞕� 頃粯 靸來暅靹犼箤歆� 靸侅姽 彀胳棳毳� 鞝滉车頃╇媹雼�. 鞚� 雲疙姼電� 鞎勲臁措嫹旎�, 毵堨澊韥靻岉攧韸�, 鞐旊箘霐旍晞 欷� 臧�鞛� 靹标臣臧� 雮潃 欤检嫕鞐� 鞐瓣硠霅橃柎 鞛堨姷雼堧嫟.
欤检殧 韸轨:
- 斓滊寑 靾橃澋毳� 38.80% (1,000雼煬 雲疙姼雼� 388雼煬)
- 靸來暅靹犼箤歆� 100% 靸侅姽 彀胳棳鞙�
- 斓滌爛 靹标臣 欤检嫕鞚� 鞁滌瀾 臧�瓴� 鞚错晿搿� 毵堦皭頃� 瓴届毎 鞗愱笀 氤错樃
- 鞎‰┐臧� 1,000雼煬雼� 鞓堨儊 臧�旃� 925~955雼煬
欤检殧 鞙勴棙鞙茧電� GS 韺岇澊雮胳姢 旖旐嵓霠堨澊靺� 氚� 瓿摐毵� 靷姢 攴鸽９鞚� 鞁犾毄 鞙勴棙, 靸來暅靹犾溂搿� 鞚疙暅 鞝滍暅霅� 鞛犾灛 靾橃澋, 靹� 臧� 旮办垹欤� 欷� 斓滌爛 靹标臣 欤检嫕鞐� 雽�頃� 雲胳稖鞚� 韽暔霅╇媹雼�. 雲疙姼電� 2025雲� 7鞗� 7鞚检棎 氚滍枆霅橂┌ 毵岅赴電� 2028雲� 7鞗� 7鞚检瀰雼堧嫟. 鞚胳垬 頃犾澑鞙潃 鞎‰┐臧�鞚� 斓滊寑 3.325%鞛呺媹雼�.
Goldman Sachs a annonc茅 des billets li茅s au march茅 arrivant 脿 茅ch茅ance le 7 juillet 2028, offrant une participation 脿 la hausse jusqu'脿 un plafond avec protection du capital 脿 l'茅ch茅ance. Les billets sont li茅s 脿 l'action la moins performante parmi Amazon.com, Microsoft et NVIDIA.
Principales caract茅ristiques :
- Rendement maximum de 38,80% (388,00 $ par billet de 1 000 $)
- Taux de participation 脿 la hausse de 100 % jusqu'au plafond
- Protection du capital si l'action la moins performante termine en dessous de son prix initial
- Valeur estim茅e entre 925 $ et 955 $ pour un montant nominal de 1 000 $
Risques notables : risque de cr茅dit de GS Finance Corp et du groupe Goldman Sachs, rendements potentiels limit茅s en raison du plafond, et exposition 脿 l'action la moins performante parmi ces trois soci茅t茅s technologiques. Les billets seront 茅mis le 7 juillet 2025 et arriveront 脿 茅ch茅ance le 7 juillet 2028. La d茅cote de souscription peut atteindre 3,325% du montant nominal.
Goldman Sachs hat marktgebundene Schuldverschreibungen mit F盲lligkeit am 7. Juli 2028 angek眉ndigt, die eine Aufw盲rtsbeteiligung bis zu einer Obergrenze mit Kapitalschutz bei F盲lligkeit bieten. Die Schuldverschreibungen sind mit der am schlechtesten performenden Aktie von Amazon.com, Microsoft und NVIDIA 惫别谤办苍眉辫蹿迟.
Wesentliche Merkmale:
- Maximale Rendite von 38,80% (388,00 USD pro 1.000 USD Note)
- 100% Aufw盲rtsbeteiligung bis zur Obergrenze
- Kapitalschutz, falls die am schlechtesten performende Aktie unter dem Anfangspreis schlie脽t
- Gesch盲tzter Wert zwischen 925 und 955 USD pro 1.000 USD Nennwert
Bedeutende Risiken umfassen das Kreditrisiko der GS Finance Corp und der Goldman Sachs Group, begrenzte potenzielle Renditen durch die Obergrenze sowie die Exponierung gegen眉ber der schlechtesten Aktie der drei Technologieunternehmen. Die Schuldverschreibungen werden am 7. Juli 2025 ausgegeben und laufen am 7. Juli 2028 ab. Der Emissionsabschlag betr盲gt bis zu 3,325% des Nennwerts.
Free Writing Prospectus pursuant to Rule 433 dated June 26, 2025
Registration Statement No. 333-284538
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Market Linked Notes — Upside Participation to a Cap and Principal Return at Maturity Notes Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Common Stock of Microsoft Corporation and the Common Stock of NVIDIA Corporation due July 7, 2028 |
Summary of Terms |
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Hypothetical Payout Profile* |
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Company (Issuer) and Guarantor: |
GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor) |
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* assumes a maximum return of 38.80% of the face amount per note ($388.00 per note). If the stock closing price of the lowest performing underlying stock is less than its starting price, you will not receive any positive return on the notes. You should read the accompanying preliminary pricing supplement dated June 26, 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. 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: ● Preliminary pricing supplement dated June 26, 2025 ● WFS Product Supplement No. 6 dated February 14, 2025 ● Prospectus supplement dated February 14, 2025 ● Prospectus dated February 14, 2025 |
Market measures (each referred to as an “underlying stock,” and collectively as the “underlying stocks”): |
the common stock of Amazon.com, Inc. (current Bloomberg ticker: “AMZN UW”), the common stock of Microsoft Corporation (current Bloomberg ticker: “MSFT UW”) and the common stock of NVIDIA Corporation (current Bloomberg ticker: “NVDA UW”) |
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Pricing date: |
expected to be July 1, 2025 |
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Issue date: |
expected to be July 7, 2025 |
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Calculation day: |
expected to be July 3, 2028 |
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Stated maturity date: |
expected to be July 7, 2028 |
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Starting price: |
with respect to an underlying stock, the stock closing price of such underlying stock on the pricing date |
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Ending price: |
with respect to an underlying stock, the stock closing price of such underlying stock on the calculation day |
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Lowest performing underlying stock: |
the underlying stock with the lowest underlying stock return |
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Underlying stock return: |
ending price – starting price starting price |
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Maximum return: |
at least 38.80% of the face amount per note (at least $388.00 per note) |
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Upside participation rate: |
100% |
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Payment amount at maturity (for each $1,000 face amount of your notes): |
• if the ending price of the lowest performing underlying stock is greater than its starting price: $1,000 plus the lesser of: (i) $1,000 × underlying stock return of the lowest performing underlying stock × upside participation rate; and (ii) the maximum return; or • if the ending price of the lowest performing underlying stock is less than or equal to its starting price: $1,000 |
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Underwriting discount: |
up to 3.325% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the notes. WFS will receive the underwriting discount of up to 3.325% of the aggregate face amount of the notes sold. The agent may resell the notes to Wells Fargo Advisors (“WFA”) at the original issue price of the notes less a concession of 2.25% of the aggregate face amount of the notes. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a note WFA sells. |
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The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
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CUSIP: |
40058JGE9 |
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Tax consequences: |
See “Supplemental Discussion of U.S. Federal Income Tax Consequences” in the accompanying preliminary pricing supplement |
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* In addition, in respect of certain notes sold in this offering, GS&Co. may pay a fee of up to 0.30% of the aggregate face amount of the notes sold to selected notes dealers in consideration for marketing and other services in connection with the distribution of the notes to other securities dealers. |
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The notes have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement. 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 pricing supplement and related documents for a more detailed description of the underlying stocks, the terms of the notes and certain risks.
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, WFS product supplement no. 6 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, WFS product supplement no. 6 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, WFS product supplement no. 6 and preliminary pricing supplement if you so request by calling (212) 357-4612.
Risk Factors |
An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying WFS product supplement no. 6, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of risk factors discussed in the accompanying preliminary pricing supplement (but not those discussed in the accompanying WFS product supplement no. 6, accompanying prospectus supplement and accompanying prospectus). In addition to the below, you should read in full “Selected Risk Considerations” in the accompanying preliminary pricing supplement, “ Risk Factors” in the accompanying WFS product supplement no. 6, 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 pricing 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 Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Offering Price Of Your Notes ▪ The Notes Are Subject to the Credit Risk of the Issuer and the Guarantor ▪ The Amount Payable on Your Notes Is Not Linked to the Stock Closing Price of the Underlying Stocks at Any Time Other Than the Calculation Day ▪ Because the Notes Are Linked to the Performance of the Lowest Performing Underlying Stock, You Have a Greater Risk of Receiving No Positive Return on Your Investment Than If the Notes Were Linked to Just One Underlying Stock ▪ You May Receive Only the Face Amount of Your Notes at Maturity. ▪ The Maturity Payment Amount Will Be Based Solely on the Lowest Performing Underlying Stock |
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▪ Your Notes Do Not Bear Interest ▪ The Potential for the Value of Your Notes to Increase Will Be Limited ▪ The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors ▪ We Will Not Hold Shares of the Underlying Stock for Your Benefit ▪ You Have No Shareholder Rights or Rights to Receive Any Underlying Stock Risks Related to Tax ▪ Certain Considerations for Insurance Companies and Employee Benefit Plans ▪ Your Notes Will Be Treated as Debt Instruments Subject to Special Rules Governing Contingent Payment Debt Instruments for U.S. Federal Income Tax Purposes ▪ 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 |
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
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 pricing supplement and related documents for a more detailed description of the underlying stocks, the terms of the notes and certain risks.
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FAQ
What are the key terms of GS's Market Linked Notes due July 7, 2028?
What is the estimated value of GS's new Market Linked Notes?
What are the key risks of investing in GS's Market Linked Notes (June 2025)?
What fees and commissions apply to GS's Market Linked Notes offering?
How is the payment at maturity calculated for GS's Market Linked Notes?
