GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a preliminary pricing supplement (424B2) on July 27, 2026, for Market Linked Notes tied to the S&P 500 Index with a stated Maturity date of September 3, 2030.

Key Highlights

  • Issuer and Guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. serves as guarantor under Registration Statement No. 333-284538.
  • Offering Price: $1,000 per note, with an Underwriting discount of up to $38.25 per note and proceeds to issuer of $961.75 per note.
  • Maximum Return: At least 30.25% of face amount (at least $302.50 per note), making the maximum maturity payment at least $1,302.50 per note.
  • Principal Protection: If the S&P 500 Index ending level is at or below the starting level, holders receive the $1,000 face amount, subject to issuer and guarantor Credit risk.
  • Estimated Value at Pricing: Between $900 and $930 per $1,000 face amount at the time terms are set on the pricing date.
  • Key Dates: Pricing date August 28, 2026; original Issue Date September 2, 2026; calculation day August 28, 2030; stated maturity September 3, 2030.
  • CUSIP: 40054XVX3; notes are not exchange-listed and are designed to be held to maturity.

GS Finance Corp. S&P 500 Note Structure and Terms Explained

According to the filing, the notes are Medium-Term Notes, Series F, issued by GS Finance Corp. and distributed jointly by Goldman Sachs and Co. LLC and Wells Fargo Securities. The notes are linked to the S&P 500 Index and offer 100% upside participation in any index gain from the starting level to the ending level, subject to a maximum return of at least 30.25%. The filing states that GS Finance Corp. is a financing Subsidiary whose obligations are guaranteed by its parent, The Goldman Sachs Group, Inc., a global financial services firm that generates Revenue across Investment Banking , global markets, asset management, and consumer banking segments.

The filing discloses that if the ending level of the S&P 500 Index exceeds the starting level on August 28, 2030, holders receive $1,000 plus the lesser of the index-linked gain or the maximum return. If the index is flat or lower, holders receive only the $1,000 face amount. All payments are subject to the credit risk of both the issuer and the guarantor; the filing explicitly warns that "if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, default on their obligations, you could lose some or all of your investment." The notes carry no periodic interest payments and no Dividend pass-through from index constituents.

The filing also notes that, in addition to the 3.825% underwriting discount, Goldman Sachs and Co. LLC may pay selected securities dealers a fee of up to 0.20% of face amount for Marketing and distribution services. The estimated value of the notes at pricing is expected to be between $900 and $930 per $1,000 face amount, which is below the original offering price of $1,000, reflecting costs and the economic terms of the structure as disclosed. The notes are identified on NYSE Arca or other markets only by CUSIP 40054XVX3 and are not listed on any exchange. The filing references preferred depositary shares traded under the ticker GS-PD as a separate outstanding security of The Goldman Sachs Group, Inc.

What Was Disclosed

The preliminary 424B2 pricing supplement covers the terms, payment structure, risk factors, tax considerations, estimated value range, offering Economics , and key dates for the GS Finance Corp. S&P 500 Index Linked Notes due September 3, 2030. Verified against source; unverifiable items removed.