GS Finance Corp. filed a Free Writing Prospectus on November 6, 2026, disclosing terms of Callable Contingent Coupon Underlier-Linked Notes maturing November 15, 2029, linked to the S&P 500 Index, the VanEck Gold Miners ETF, and the iShares Semiconductor ETF.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor, according to the filing.
  • Maturity date: The notes are expected to mature on November 15, 2029, with a determination date expected to be November 12, 2029.
  • Contingent coupon: A coupon of $37.5 per $1,000 face amount (3.75% quarterly, or the potential for up to 15% per annum) is paid only if each underlier closes at or above 42.5% of its initial level on a coupon observation date.
  • Callable feature: The company may redeem the notes, at its option, in whole but not in part, on any quarterly coupon payment date from May 2027 through August 2029 at 100% of face amount plus any coupon then due.
  • Principal at risk: If any underlier's final level is below 42.5% of its initial level at maturity, repayment is reduced by the lesser performing underlier's percentage decline applied to the $1,000 face amount.
  • Estimated value range: The filing states an estimated value range of $925 to $955 per $1,000 face amount, "which is less than the original issue price."
  • CUSIP/ISIN: 40058MU30 / US40058MU300, with trade date expected to be November 10, 2026, and settlement date expected to be November 16, 2026.

Terms and Structure of the GS Finance Corp. Contingent Coupon Notes

According to the filing, the notes are structured so that coupon payments depend on all three underliers - the S&P 500 Index, the VanEck Gold Miners ETF (Bloomberg: "GDX UP Equity"), and the iShares Semiconductor ETF (Bloomberg: "SOXX UQ Equity") - each closing at or above their respective coupon trigger levels of 42.5% of initial underlier level on each quarterly coupon observation date. If any single underlier falls below that threshold on a given observation date, no coupon is paid for that period. The filing identifies 12 quarterly coupon observation dates running from February 10, 2027, through November 12, 2029.

At maturity, the filing discloses two scenarios for principal repayment per $1,000 face amount. If every underlier's final level is at or above 42.5% of its initial level, the holder receives $1,000 plus the final coupon of $37.5. If any underlier's final level falls below that threshold, the holder receives $1,000 plus the product of the lesser performing underlier return multiplied by $1,000, which the filing illustrates can result in a loss of principal. The filing notes that the return at maturity is linked to the performance of the lesser performing underlier, defined as "the underlier with the lowest underlier return."

The filing includes three hypothetical coupon scenarios. In Scenario 1, only two of twelve observation dates produce coupons, yielding $75 total. In Scenario 2, no coupons are paid across all twelve dates, resulting in a total of $0. In Scenario 3, a coupon is paid on the second observation date after all underliers recover above their initial levels, yielding $37.5 total. The filing specifies that investors should read the accompanying preliminary pricing supplement dated November 6, 2026, for full terms, underlier descriptions, and risk factors, including "the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc."

What Was Disclosed

GS Finance Corp. disclosed the preliminary terms of callable contingent coupon notes due November 15, 2029, linked to three underliers, with a conditional quarterly coupon of $37.5 per $1,000 face amount, an estimated value range of $925 to $955, and principal at risk if any underlier declines more than 57.5%.