GS Finance Corp. filed a Free Writing Prospectus on October 29, 2026, disclosing terms of Contingent Income Auto-Callable Securities with a Memory Coupon feature linked to the Class A Common Stock of Palantir Technologies Inc., expected to mature November 12, 2027.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor of these unsecured notes.
  • Underlying stock: The securities are linked to the Class A Common Stock of Palantir Technologies Inc. (Bloomberg ticker: "PLTR UW").
  • Contingent quarterly coupon: At least $31.875 per $1,000 principal amount per coupon observation date, subject to the downside threshold condition, with a memory coupon feature.
  • Downside threshold price: 50.00% of the initial share price; if the final share price falls below this level, investors may lose a significant portion or all of their principal.
  • Estimated value range: $910 to $970 per $1,000 original issue price, which the filing states is less than the original issue price.
  • Expected pricing and maturity: Pricing expected on or about November 6, 2026; original issue date expected November 12, 2026; stated maturity date expected November 12, 2027.
  • CUSIP / ISIN: 40058MMJ4 / US40058MMJ44, issued under GS Finance Corp.'s Medium-Term Notes, Series F program.

Terms and Structure of the Palantir-Linked Auto-Callable Securities

According to the filing, GS Finance Corp. is offering Contingent Income Auto-Callable Securities with a Memory Coupon feature based on the performance of the Class A Common Stock of Palantir Technologies Inc. The securities are principal-at-risk unsecured notes, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The filing notes that investors should read the accompanying preliminary pricing supplement dated October 28, 2026, along with related documents, before making an investment decision.

The filing discloses that on each coupon observation date, if the closing price of the underlying stock is greater than or equal to the downside threshold price (set at 50.00% of the initial share price), investors will receive a contingent quarterly coupon. The memory coupon feature means that any coupon not paid because the stock closed below the downside threshold on a given observation date may be recovered and paid on a later coupon payment date, provided the stock meets the threshold condition at that later date. The filing specifies that once a previously unpaid coupon has been paid, it will not be paid again on any subsequent coupon payment date.

The automatic call feature, as disclosed, triggers if the closing price of the underlying stock on any call observation date (commencing February 8, 2027 and ending August 6, 2027) is greater than or equal to the initial share price. In that event, investors receive $1,000 per $1,000 principal amount plus the contingent quarterly coupon then due, and no further payments are made. The filing states that if the final share price is less than the downside threshold price, investors receive $1,000 multiplied by the share performance factor (final share price divided by initial share price), meaning they "will lose a significant portion or all of" their investment, and will not receive a coupon at maturity.

What Was Disclosed

GS Finance Corp. disclosed a Free Writing Prospectus under Registration Statement No. 333-284538, outlining the key terms, coupon mechanics, call features, risk factors, and estimated value range of auto-callable structured notes linked to Palantir Technologies Inc. Class A Common Stock, expected to mature November 12, 2027.