GS Finance Corp. filed a Free Writing Prospectus on November 4, 2026, disclosing terms for Leveraged Buffered Basket-Linked Notes tied to an equally-weighted basket of 10 common stocks, with an expected trade date of November 16, 2026, and stated maturity of November 21, 2028.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the full and unconditional guarantor under the Medium-Term Notes, Series F program.
  • Basket composition: An equally-weighted basket of 10 stocks, each carrying a 10% initial weight, including Boeing, Boston Scientific, lululemon, McDonald's, Netflix, Newmont, NIKE, PepsiCo, Pfizer, and Uber.
  • Upside leverage and cap: If the basket return is positive, the payment equals 1.25 times the basket return, subject to a maximum settlement amount of at least $1,320 per $1,000 face amount.
  • Buffer protection: If the final basket level declines by up to 10%, investors receive the full face amount; losses apply only beyond that 10% buffer.
  • Downside risk: If the basket declines by more than 10%, the return equals the basket return plus 10%, meaning investors "could lose a significant portion of the face amount."
  • Estimated value at issuance: The estimated value range is $925 to $955 per $1,000 face amount, which the filing notes "is less than the original issue price."
  • No interest payments: According to the filing, "The notes do not bear interest."

Terms and Structure of GS Finance Corp.'s Buffered Basket-Linked Notes

According to the filing, GS Finance Corp. is offering Leveraged Buffered Basket-Linked Notes under Registration Statement No. 333-284538. The notes carry CUSIP 40058MSL3 and ISIN US40058MSL36. The expected trade date is November 16, 2026, with an original issue date of November 19, 2026. The determination date is expected to be November 16, 2028, and the stated maturity date November 21, 2028. The filing states the notes do not bear interest, and their payoff at maturity depends entirely on the performance of the basket between the trade date and the determination date.

The basket is equally weighted across 10 stocks, each assigned an initial weight of 10% and an initial weighted value of 10. The 10 basket stocks, as listed in the filing, are: The Boeing Company (BA), Boston Scientific Corporation (BSX), lululemon athletica inc. (LULU), McDonald's Corporation (MCD), Netflix, Inc. (NFLX), Newmont Corporation (NEM), NIKE, Inc. (NKE), PepsiCo, Inc. (PEP), Pfizer Inc. (PFE), and Uber Technologies, Inc. (UBER). The filing notes that initial stock prices will not be set until the trade date.

The filing discloses that if the final basket level is greater than the initial basket level of 100, investors receive $1,000 plus 1.25 times the basket return applied to $1,000, up to the maximum settlement amount of at least $1,320. If the basket declines by no more than 10%, investors receive $1,000. If the decline exceeds 10%, investors receive $1,000 plus the product of $1,000 and the basket return plus 10%, which the filing states could result in losing "a significant portion of the face amount." The estimated value range of $925 to $955 is described as less than the original issue price, and the filing attributes this to pricing models used by GS&Co.

What Was Disclosed

GS Finance Corp. disclosed a Free Writing Prospectus covering terms for 2-year Leveraged Buffered Basket-Linked Notes, including the 10-stock equally-weighted basket, a 1.25x upside leverage factor, a 10% downside buffer, a maximum settlement amount of at least $1,320, and an estimated value range of $925 to $955 per $1,000 face amount.