GS Finance Corp. filed a Free Writing Prospectus on November 12, 2026, disclosing terms for Market-Linked Notes tied to the S&P 500 Index, with a stated maturity date expected to be December 3, 2031.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. serves as guarantor on an unconditional basis.
  • No interest payments: The notes do not bear interest; return depends entirely on S&P 500 Index performance from the pricing date to the valuation date.
  • Maximum payment at maturity: At least $1,515.00 per $1,000 stated principal amount (at least 151.50% of stated principal), set on the pricing date.
  • Principal protection feature: If the final index value is equal to or less than the initial index value, investors receive $1,000 per note, with no positive return.
  • Estimated value range: $895 to $955 per note at pricing, described in the filing as less than the original issue price.
  • CUSIP / ISIN: 40058MVY1 / US40058MVY10, under GS Finance Corp.'s Medium-Term Notes, Series F program.
  • Expected pricing date: On or about November 30, 2026, with an original issue date expected to be December 3, 2026.

GS Finance Market-Linked Note Structure and Payout Terms

According to the filing, the notes 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. The underlying index is the S&P 500 Index (Bloomberg symbol: "SPX Index"). The valuation date is expected to be November 28, 2031, and the stated maturity date is expected to be December 3, 2031. The registration statement was filed under Registration Statement No. 333-284538.

The filing states that at maturity, for each $1,000 stated principal amount, investors receive $1,000 plus a supplemental payment if the final index value exceeds the initial index value, subject to the maximum payment at maturity of at least $1,515.00. The leverage factor is 100%, meaning the supplemental payment equals $1,000 multiplied by the index percent change, defined as (final index value minus initial index value) divided by the initial index value. If the index finishes at or below its starting level, the filing discloses that investors receive only the $1,000 stated principal, with no supplemental payment and no interest.

The filing notes that the estimated value of the notes at the time terms are set on the pricing date, as determined by reference to pricing models used by GS&Co., is between $895 and $955 per note, which is less than the original issue price. The filing identifies several risk factors, including that the notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., that the return will not reflect any dividends paid on S&P 500 component stocks, and that there may be no active trading market for the notes. The filing further states that the notes are "a riskier investment than ordinary debt securities."

What Was Disclosed

GS Finance Corp. disclosed a Free Writing Prospectus covering Market-Linked Notes linked to the S&P 500 Index, with a maximum payout of at least $1,515.00 per $1,000 note, no interest, principal protection if the index finishes flat or lower, and an estimated note value below the original issue price at the time of pricing.