GS Finance Corp. filed a Free Writing Prospectus on October 29, 2026, disclosing terms of Performance Leveraged Upside Securities (PLUS) linked to the S&P 500 Index, expected to price on or about November 13, 2026, and mature on March 3, 2028.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor.
  • Leverage factor: 300% of any positive return of the S&P 500 Index, subject to a maximum payment at maturity of at least $1,160.00 per $1,000 stated principal amount (at least 116.00%).
  • Principal at risk: If the final index value is equal to or less than the initial index value, investors receive $1,000 multiplied by the index performance factor, which may result in the loss of the entire investment.
  • Estimated value at pricing: $910 to $970 per PLUS, which the filing notes "is less than the original issue price."
  • Expected pricing date: On or about November 13, 2026; expected original issue date November 18, 2026; expected valuation date February 29, 2028.
  • CUSIP / ISIN: 40058MMK1 / US40058MMK17.
  • No interest payments: The PLUS do not bear interest and are unsecured notes.

Terms and Structure of GS Finance Corp. PLUS Linked to the S&P 500 Index

According to the filing, GS Finance Corp. is offering Principal at Risk Securities called Performance Leveraged Upside Securities (PLUS), linked to the S&P 500 Index (Bloomberg symbol: "SPX Index"). The securities are part of GS Finance Corp.'s Medium-Term Notes, Series F program and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Registration Statement No. 333-284538 covers the offering.

The filing discloses that, at maturity, if the final index value exceeds the initial index value, investors receive $1,000 plus a leveraged upside payment calculated as $1,000 multiplied by 300% multiplied by the index percent increase, subject to a maximum payment at maturity of at least $1,160.00 per PLUS. If the final index value is equal to or below the initial index value, payment equals $1,000 multiplied by the index performance factor (final index value divided by initial index value), meaning investors could lose their entire principal. The initial index value is the index closing value on the pricing date, and the final index value is the closing value on the expected valuation date of February 29, 2028.

The filing states that the estimated value of the PLUS at the time terms are set on the pricing date is between $910 and $970 per security, a range the filing explicitly describes as "less than the original issue price." The filing lists multiple risk factors, including that the PLUS do not bear interest, that investors are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., that the return is capped at the maximum payment at maturity, and that the tax consequences of an investment are uncertain. The filing also notes that investors have no shareholder rights and no rights to receive any underlying index stock.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus disclosing the preliminary terms of S&P 500-linked PLUS notes due March 3, 2028, including a 300% leverage factor, a maximum payment of at least $1,160.00 per $1,000 principal, an estimated value of $910 to $970, and full principal risk to investors.