GS Finance Corp., with The Goldman Sachs Group, Inc. as guarantor, filed a Free Writing Prospectus on November 13, 2026, disclosing terms for Market Linked Securities that are autocallable with contingent coupons and contingent downside, linked to the lowest performing of the S&P 500 Index, the Russell 2000 Index, and the State Street Technology Select Sector SPDR ETF, due December 3, 2029.

Key Highlights

  • Underliers: Performance is tied to the lowest performing of three market measures: the S&P 500 Index, the Russell 2000 Index, and the State Street Technology Select Sector SPDR ETF.
  • Contingent coupon rate: At least $26.25 per $1,000 face amount per quarter, equivalent to at least 10.50% per annum, paid only if the lowest performing underlier closes at or above 70% of its starting value on the relevant calculation day.
  • Downside threshold: Set at 70% of each underlier's starting value; if the lowest performing underlier falls below this level at final maturity, investors receive $1,000 multiplied by that underlier's performance factor, potentially losing all principal.
  • Automatic call eligibility: Begins at the May 2027 calculation day; if the lowest performing underlier closes at or above its starting value on any quarterly call date, securities are called at face amount plus a final contingent coupon.
  • Estimated value at pricing: Expected to be between $925 and $955 per $1,000 face amount at the time terms are set on the pricing date.
  • Underwriting discount: Up to 2.325% of face amount; Wells Fargo Securities, LLC is the distribution agent, with a selling concession to Wells Fargo Advisors of 1.75% and an additional distribution expense fee of 0.075% per $1,000 sold.
  • CUSIP: 40058MVS4; pricing date expected to be November 30, 2026, with issue date and stated maturity expected to be December 3, 2026 and December 3, 2029, respectively.

Terms and Risk Structure of the GS Finance Autocallable Securities

According to the Free Writing Prospectus filed November 13, 2026 under Registration Statement No. 333-284538, GS Finance Corp. is the issuer and The Goldman Sachs Group, Inc. is the unconditional guarantor of these securities, which are part of GS Finance Corp.'s Medium-Term Notes, Series F program. The securities are distributed through Wells Fargo Securities, LLC as agent. The filing states that investors "will not participate in any appreciation of any underlier," and that any return is limited to contingent coupon payments received during the life of the notes.

The filing discloses that contingent coupon payments are made quarterly, on the third business day following each calculation day, which falls on the 28th day of each February, May, August, and November, commencing February 2027. Coupon payments are conditional: they are made only if the closing value of the lowest performing underlier on the relevant calculation day is at or above its coupon threshold value of 70% of its starting value. The securities are not subject to automatic call until the May 2027 calculation day, and call dates run quarterly through August 2029, with the final calculation day expected to be November 28, 2029.

The filing warns explicitly that "if the securities are not automatically called prior to stated maturity and the ending value of the lowest performing underlier on the final calculation day is less than its downside threshold value, you will lose more than 30%, and possibly all, of the face amount of your securities at stated maturity." The estimated value at pricing 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 directs investors to read the accompanying preliminary pricing supplement dated November 13, 2026, as well as related product supplements and prospectus documents, for full terms and risk disclosures.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus on November 13, 2026, setting out preliminary terms for autocallable, principal-at-risk securities linked to three underliers, with a contingent coupon of at least 10.50% per annum, a 70% downside threshold, and a stated maturity of December 3, 2029.