GS Finance Corp. filed a Free Writing Prospectus on November 9, 2026, disclosing terms for Market Linked Securities auto-callable with leveraged upside participation and contingent downside, linked to the lowest performing of Amazon.com, Inc. and NVIDIA Corporation common stock, due November 29, 2029.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor, under the Medium-Term Notes, Series F program.
  • Underlying stocks: The securities are linked to the lowest performing of Amazon.com, Inc. (Bloomberg ticker: "AMZN UW") and NVIDIA Corporation (Bloomberg ticker: "NVDA UW").
  • Call premium: At least 32.00% of the face amount ($320.00 per security), payable if the securities are automatically called on the expected call date of December 1, 2027.
  • Upside participation rate: 150.00% of the underlying stock return of the lowest performing underlying stock at maturity, if not called and ending price exceeds starting price.
  • Threshold price: 50% of the starting price; if the ending price of the lowest performing underlying stock falls below this level, investors face 1-to-1 downside exposure and may lose all of their principal.
  • Estimated value: Between $925 and $955 per $1,000 face amount at the time the terms are set on the pricing date, according to the filing.
  • Underwriting discount: Up to 2.575% of the face amount; Wells Fargo Securities, LLC is the agent for distribution.

Terms and Risk Structure of the GS Finance Auto-Callable Securities

According to the filing, GS Finance Corp. issued this Free Writing Prospectus under Registration Statement No. 333-284538 in connection with an offering of structured notes with a CUSIP of 40058MT81. The pricing date is expected to be November 25, 2026, with an issue date expected to be December 1, 2026, and a stated maturity date expected to be November 29, 2029. The securities' performance is determined by reference to whichever of Amazon.com or NVIDIA common stock produces the lower return on the relevant date.

The filing describes an automatic call feature: if the stock closing price of the lowest performing underlying stock on the expected call date of December 1, 2027 is greater than or equal to its starting price, the securities will be automatically called, and holders will receive $1,000 plus the call premium per $1,000 face amount. The filing states that if called, "the positive return on the securities will be limited to the call premium, even if the stock closing price of the lowest performing underlying stock on the call date significantly exceeds its starting price." If not called and the ending price exceeds the starting price, holders receive $1,000 plus 150.00% of the underlying stock return of the lowest performing stock multiplied by $1,000.

The filing discloses that if the ending price of the lowest performing underlying stock is below its threshold price of 50% of the starting price, investors "will lose more than 50%, and possibly all, of the face amount." The estimated value of the securities at the pricing date is expected to be between $925 and $955 per $1,000 face amount, below the original offering price, as the filing notes that this estimated value is determined by reference to pricing models used by GS&Co. The filing also notes that GS&Co. may pay a fee of up to 0.30% of the aggregate face amount to selected securities dealers for marketing and other services.

What Was Disclosed

GS Finance Corp. and guarantor The Goldman Sachs Group, Inc. disclosed the preliminary terms of auto-callable structured notes linked to Amazon.com and NVIDIA common stock, including call conditions, payout formulas, estimated value range, and distribution arrangements, via a Free Writing Prospectus dated November 9, 2026.