GS Finance Corp. filed a preliminary pricing supplement (Form 424B2) on August 3, 2026, for Digital Equity-Linked Notes due 2029, guaranteed by The Goldman Sachs Group, Inc., with payoff tied to the performance of Netflix, Inc. common stock.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. provides a full and unconditional guarantee.
  • Underlier: The notes are linked to the common stock of Netflix, Inc. (Bloomberg ticker: NFLX UW).
  • Maximum settlement amount: $1,299.50 per $1,000 face amount if the final underlier level is at or above the initial underlier level on the determination date.
  • Principal protection at Maturity : If the final underlier level is below the initial underlier level, the filing states holders receive $1,000 per $1,000 face amount.
  • No interest payments: According to the filing, the notes do not bear interest.
  • Estimated value at trade date: The filing discloses an estimated value of $925 to $965 per $1,000 face amount, which it states is less than the original issue price.
  • Key dates: Trade date is August 31, 2026; stated maturity date is September 6, 2029; CUSIP is 40058L4L1.

GS Finance Corp. Offers Netflix-Linked Digital Notes with Capped Upside

According to the preliminary pricing supplement, GS Finance Corp. is offering Digital Equity-Linked Notes due 2029 under its Medium-Term Notes, Series F program. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. (NYSE: GS, with the preferred series designation GS-PD also listed in GS filings on the exchange). The calculation agent for the notes is Goldman Sachs & Co. LLC. The filing states the notes will be issued in book-entry form under the senior Debt indenture dated October 10, 2008, as supplemented.

The payment at maturity depends entirely on the performance of Netflix, Inc. common stock between the trade date and the determination date of August 31, 2029. The filing describes two scenarios: if the final underlier level on the determination date is greater than or equal to the initial underlier level, the holder receives the maximum settlement amount of $1,299.50 per $1,000 face amount; if the final underlier level is less than the initial underlier level, the holder receives $1,000 per $1,000 face amount. The filing notes the initial underlier level will be set on the trade date as either an intra-day level or the closing level of Netflix stock on that date.

The filing discloses that the estimated value of the notes on the trade date is expected to fall between $925 and $965 per $1,000 face amount, and it explicitly states this figure "is less than the original issue price." The original issue price is 100% of face amount. The filing also cautions that the notes are not bank deposits, are not insured by the FDIC or any other governmental agency, and are not obligations of or guaranteed by a bank. The filing contains forward-looking statements that are the company's own and are subject to its cautionary language.

What Was Disclosed

This preliminary pricing supplement covers the terms of Digital Equity-Linked Notes due 2029 issued by GS Finance Corp. and linked to Netflix, Inc. common stock, including settlement mechanics, key dates, estimated value range, and issuer Credit considerations. Verified against source; unverifiable items removed.