GS Finance Corp. filed a Free Writing Prospectus on November 12, 2026, disclosing terms for Enhanced Trigger Jump Securities linked to the common stock of Micron Technology, Inc., with a stated maturity expected on June 5, 2028, and guaranteed by The Goldman Sachs Group, Inc.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor of the securities.
  • Underlying stock: The securities are based on the performance of the common stock of Micron Technology, Inc. (Bloomberg ticker: "MU UW").
  • Upside payment: At least $325.00 per security (at least 32.50% of the $1,000 stated principal amount) if the final share price is greater than or equal to the downside threshold price.
  • Downside threshold price: 60.00% of the initial share price; if the final share price falls below this level, investors may lose a significant portion or all of their investment.
  • Expected pricing date: On or about November 30, 2026, with an expected original issue date of December 3, 2026.
  • Estimated value range: $900 to $960 per security, which the filing notes is less than the original issue price of $1,000.
  • CUSIP / ISIN: 40058MVZ8 / US40058MVZ84.

Terms and Structure of GS Finance Corp.'s Micron-Linked Jump Securities

According to the filing, the Enhanced Trigger Jump Securities are unsecured notes issued under GS Finance Corp.'s Medium-Term Notes, Series F program. They do not bear interest. The return at maturity depends entirely on the closing price of Micron Technology common stock on the valuation date, expected to be May 31, 2028, compared with its closing price on the pricing date. The filing states that the payment at maturity for each $1,000 stated principal amount will be $1,000.00 plus the upside payment if the final share price is at or above the downside threshold price, or $1,000.00 multiplied by the share performance factor (final share price divided by initial share price) if it falls below that threshold.

The filing discloses that the upside payment will be set on the pricing date but will be at least $325.00 per security. The downside threshold price is set at 60.00% of the initial share price. If the final share price drops below that level, the filing states investors "will lose a significant portion or all of your investment." The estimated value range of $900 to $960, as disclosed, reflects that the securities' estimated value at the time terms are set is less than the $1,000 original issue price, a point the filing attributes to pricing models used by GS&Co.

The filing identifies the securities as registered under Registration Statement No. 333-284538 and notes they should be read alongside the preliminary pricing supplement dated November 11, 2026, general terms supplement no. 17,745 dated January 20, 2026, the prospectus supplement dated February 14, 2025, and the prospectus dated February 14, 2025. The filing also lists multiple risk factors, including that the securities are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., that there may be no active trading market, and that the calculation agent has authority to make determinations that could affect maturity amounts.

What Was Disclosed

GS Finance Corp. disclosed the preliminary terms of structured notes linked to Micron Technology common stock, including an expected minimum 32.50% fixed return if the stock stays at or above 60% of its initial price, an estimated value below the issue price, and principal risk if the stock declines beyond the threshold.