GS Finance Corp. filed a Free Writing Prospectus on November 9, 2026, disclosing terms for Market Linked Notes tied to the S&P 500 Index, with an expected maturity date of May 22, 2029, and a maximum return capped at least at 16.50% of face amount.

Key Highlights

  • Issuer and Guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the unconditional guarantor of the notes.
  • Maximum Return: At least 16.50% of the face amount per note (at least $165.00 per $1,000 face amount note).
  • Principal Protection: If the ending level is less than or equal to the starting level, the payment at maturity is $1,000 per $1,000 face amount, returning principal with no positive return.
  • Estimated Value at Pricing: The estimated value of the notes at the time terms are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount.
  • Key Dates: Pricing date expected November 17, 2026; issue date expected November 20, 2026; stated maturity date expected May 22, 2029.
  • Underwriting Discount: Up to 3.075% of the face amount, with Wells Fargo Securities, LLC acting as distribution agent.
  • CUSIP: 40058MU71, issued under GS Finance Corp.'s Medium-Term Notes, Series F program.

Terms and Structure of GS Finance Corp.'s S&P 500-Linked Notes

According to the filing, the notes are structured as Market Linked Notes with upside participation to a cap and principal return at maturity. The underlier is the S&P 500 Index, and the upside participation rate is 100%. At maturity, for each $1,000 face amount, the payment is $1,000 plus the lesser of the product of $1,000 times the underlier return times the participation rate, or the maximum return, provided the ending level exceeds the starting level. If the ending level is at or below the starting level, the holder receives only $1,000, with no positive return, according to the filing.

The filing notes that the estimated value of the notes at pricing is expected to be between $925 and $955 per $1,000 face amount, which is less than the original issue price. The filing states this is determined by reference to pricing models used by GS&Co. The notes do not bear interest and are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. The notes are part of the Medium-Term Notes, Series F program, registered under Registration Statement No. 333-284538.

Wells Fargo Securities, LLC is identified as the distribution agent. According to the filing, WFS will receive an underwriting discount of up to 3.075% of the aggregate face amount of notes sold, and may resell notes to Wells Fargo Advisors at the original issue price less a concession of 2.00% of the aggregate face amount. WFA may also receive a distribution expense fee of 0.075% per $1,000 face amount sold. The filing additionally states that GS&Co. may pay a fee of up to 0.30% of the aggregate face amount to selected securities dealers for certain notes sold in this offering.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus disclosing the preliminary terms of S&P 500-linked notes due May 22, 2029, including a maximum return of at least 16.50%, principal return if the index does not rise, an estimated note value of $925-$955 per $1,000, and distribution fees totaling up to 3.075%.