GS Finance Corp. filed a Free Writing Prospectus on November 12, 2026, disclosing terms for autocallable, principal-at-risk securities linked to the lowest performing of the SPDR Gold Trust and the S&P 500 Index, due November 23, 2029.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor, with the securities part of the Medium-Term Notes, Series F program.
  • Underliers: Performance is determined by the lowest performing of the SPDR Gold Trust and the S&P 500 Index on each call date or the final calculation day.
  • Call threshold: Securities are automatically called if the lowest performing underlier closes at or above 91.00% of its starting value on a call date.
  • Downside threshold: Set at 50.00% of each underlier's starting value; if breached at maturity, investors face 1-to-1 downside exposure and may lose more than 50%, and possibly all, of the face amount.
  • Estimated value at pricing: The estimated value of the securities at the time terms are set is expected to be between $900 and $930 per $1,000 face amount, according to the filing.
  • Underwriting discount: Up to 2.575% of the face amount; Wells Fargo Securities, LLC is the distribution agent.
  • Maturity and call schedule: The stated maturity date is expected to be November 23, 2029, with the first call date expected to be November 19, 2027, carrying a minimum call premium of at least 8.00% of the face amount.

GS Finance Corp. Autocallable Note Terms: Structure, Call Schedule, and Risk

According to the Free Writing Prospectus filed November 12, 2026, GS Finance Corp. is offering Market Linked Securities described as "Autocallable with Contingent Downside" under Registration Statement No. 333-284538, with CUSIP 40058MV21. The securities are linked to the lowest performing of the SPDR Gold Trust and the S&P 500 Index. The pricing date is expected to be November 16, 2026, and the issue date is expected to be November 19, 2026. The final calculation day and stated maturity date are expected to be November 19, 2029, and November 23, 2029, respectively.

The filing discloses a monthly call schedule running from November 19, 2027, through the final calculation day of November 19, 2029. Call premiums step up incrementally: the first call date carries a minimum premium of at least 8.00% of face amount (at least $1,080.00 per $1,000 security), while the final call date on November 19, 2029, carries a minimum of at least 24.00% of face amount (at least $1,240.00 per $1,000 security). The filing states that "any positive return on the securities will be limited to the applicable call premium, even if the closing value of the lowest performing underlier on the applicable call date significantly exceeds its starting value."

The filing describes two maturity outcomes if the securities are not called: if the lowest performing underlier's ending value is below the call threshold of 91.00% but at or above the downside threshold of 50.00% of its starting value, investors receive $1,000 per security; if the ending value falls below the 50.00% downside threshold, payment equals $1,000 multiplied by the performance factor of the lowest performing underlier, exposing investors to losses exceeding 50% of face amount. The filing notes the estimated value at the time of pricing is expected to be between $900 and $930 per $1,000 face amount, below the face amount due to costs and the issuer's funding rate.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus dated November 12, 2026, setting out the preliminary terms, call schedule, threshold values, estimated value range, and distribution arrangements for autocallable principal-at-risk securities linked to the SPDR Gold Trust and the S&P 500 Index, due November 23, 2029.