GS Finance Corp. filed a Free Writing Prospectus on November 12, 2026, disclosing terms for Trigger Jump Securities linked to the common stock of NVIDIA Corporation, with a stated maturity date expected to be 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. serves as guarantor on the securities.
  • Underlying stock: The securities are linked to the common stock of NVIDIA Corporation (Bloomberg ticker: "NVDA UW").
  • Minimum upside payment: At least $372.50 per security (at least 37.25% of the $1,000 stated principal amount) if the final share price is greater than or equal to the initial share price.
  • Downside threshold price: Set at 70.00% of the initial share price; if the final share price falls below this level, investors may lose their entire investment.
  • Estimated value range: $900 to $960 per security at pricing, which the filing notes "is less than the original issue price."
  • Pricing date: Expected on or about November 30, 2026, with an original issue date expected to be December 3, 2026.
  • CUSIP / ISIN: 40058MW20 / US40058MW207.

NVIDIA-Linked Structured Notes: Payment Terms and Risk Profile

According to the filing, the Trigger Jump Securities are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The securities do not bear interest and are described as "principal at risk securities." The amount paid at maturity for each $1,000 stated principal amount depends entirely on the closing price of NVIDIA Corporation's common stock on the valuation date, expected to be May 31, 2028, relative to the closing price on the pricing date.

The filing outlines three payment scenarios at maturity. If the final share price is greater than or equal to the initial share price, the holder receives $1,000 plus the upside payment of at least $372.50. If the final share price is below the initial share price but at or above the downside threshold price of 70.00% of the initial share price, the holder receives $1,000. If the final share price falls below the downside threshold, the holder receives $1,000 multiplied by the share performance factor (final share price divided by initial share price), which the filing states could result in a loss of the entire investment. The hypothetical payment table in the filing illustrates that a final price of 0.000% of the initial share price would return $0.00.

The filing states that the estimated value range of $900 to $960 is less than the original issue price, and directs investors to the accompanying preliminary pricing supplement dated November 11, 2026, for a full description of risks. Key risks cited include the securities' exposure to the credit risk of both the issuer and guarantor, the absence of interest payments, the limitation on potential returns, and the fact that the payment is linked only to the stock price on the valuation date, not at any other time. The filing was made under Registration Statement No. 333-284538.

What Was Disclosed

GS Finance Corp. disclosed the terms of Trigger Jump Securities linked to NVIDIA Corporation's common stock, including the minimum upside payment of at least 37.25%, a downside threshold of 70.00% of the initial share price, an estimated value range below issue price, and key risk factors associated with the offering.