GS Finance Corp. filed a preliminary pricing supplement (Form 424B2) on August 3, 2026, for Autocallable Contingent Coupon Equity-Linked Notes due 2027, guaranteed by The Goldman Sachs Group, Inc. and linked to the Class A common stock of Meta Platforms, Inc.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. fully and unconditionally guarantees the notes.
  • Underlier: The Class A common stock of Meta Platforms, Inc. (Bloomberg ticker: META UW) is the sole reference asset.
  • Contingent coupon: Notes pay $9.375 per $1,000 face amount each month (0.9375% monthly, up to 11.25% per annum) only if the underlier closes at or above 62% of the initial underlier level on the related observation date.
  • Trigger and coupon buffer: Both the coupon trigger level and the trigger buffer level are set at 62% of the initial underlier level.
  • Estimated value at trade date: Goldman Sachs estimates the notes' value at $925 to $955 per $1,000 face amount, which the filing states is less than the original issue price of 100% of face amount.
  • Maturity and CUSIP: Stated maturity date is September 17, 2027; CUSIP is 40058L4G2 and ISIN is US40058L4G22.
  • Total loss risk: According to the filing, investors "could lose your entire Investment in the notes."

Structure and Payment Terms of the Meta-Linked Notes

According to the filing, GS Finance Corp. is offering these notes under its Medium-Term Notes, Series F program, with a trade date of August 14, 2026, and an original Issue Date of August 19, 2026. The notes are issued in book-entry form and represented by master note no. 3, dated March 22, 2021. Goldman Sachs & Co. LLC is named as calculation agent. The filing discloses that the notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.

The contingent monthly coupon of $9.375 per $1,000 is payable only when the closing level of Meta Platforms' Class A common stock on a given coupon observation date is at or above the coupon trigger level, set at 62% of the initial underlier level. If the stock closes below that threshold on any observation date, the coupon for that period is $0, the filing states. Coupon observation dates run from September 14, 2026 through September 14, 2027, with corresponding payment dates beginning September 17, 2026.

The automatic call feature, also disclosed in the filing, activates on any call observation date from February 16, 2027 through August 16, 2027, if the underlier closes at or above its initial level. In that case, holders receive $1,000 per $1,000 face amount plus any coupon then due. At maturity, if the notes have not been called and the final underlier level is below the 62% trigger buffer level, holders receive $1,000 plus the product of $1,000 and the underlier return, which the filing confirms can result in a total loss of principal. The notes are part of NYSE: GS-PD's broader structured note issuance program, linked here specifically to META UW performance.

What Was Disclosed

This preliminary pricing supplement covers the key economic terms, payment mechanics, automatic call schedule, and risk disclosures for GS Finance Corp.'s autocallable notes linked to Meta Platforms stock, with final terms to be set on the August 14, 2026 trade date. Verified against source; unverifiable items removed.