GS Finance Corp. filed a Free Writing Prospectus on October 29, 2026, offering Contingent Income Auto-Callable Securities linked to the Class A common stock of Alphabet Inc., with a stated maturity date of November 9, 2029.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. serves as the guarantor on an unconditional basis.
  • Underlying stock: The securities are linked to the Class A common stock of Alphabet Inc. (Bloomberg ticker: "GOOGL UW").
  • Downside threshold: Set at 70.00% of the initial share price; principal is at risk if the final share price falls below this level.
  • Contingent quarterly coupon: At least $27.5 per $1,000 principal amount on each qualifying coupon payment date, with $0.00 paid if the underlying stock closes below the downside threshold price on the relevant observation date.
  • Estimated value range: $910 to $970 per $1,000 original issue price, as stated in the filing.
  • CUSIP / ISIN: 40058MMF2 / US40058MMF22.
  • Expected pricing date: On or about November 6, 2026, with an original issue date expected to be November 12, 2026.

Structure and Terms of the Alphabet-Linked Auto-Callable Notes

According to the filing, the securities are unsecured notes forming part of GS Finance Corp.'s Medium-Term Notes, Series F program, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are structured as principal-at-risk instruments, meaning investors may lose a significant portion or all of their investment if the final share price of Alphabet Inc.'s Class A common stock falls below the downside threshold price of 70.00% of the initial share price on the determination date, expected to be November 6, 2029.

The filing describes an automatic call feature: if, on any call observation date beginning February 8, 2027 and ending August 6, 2029, the closing price of the underlying stock is greater than or equal to the initial share price, the securities will be automatically called. Upon a call, investors receive $1,000 per $1,000 principal amount plus the contingent quarterly coupon then due, with no further payments made after the applicable call payment date. The filing states that investors "will not participate in any appreciation of the underlying stock."

Twelve coupon observation dates are scheduled quarterly from February 8, 2027 through November 6, 2029. The contingent quarterly coupon of at least $27.5 per $1,000 is paid only when the underlying stock closes at or above the downside threshold price on the relevant observation date. If the stock closes below that threshold, the coupon for that period is $0.00. The filing notes the estimated value range of $910 to $970 is less than the original issue price, a point addressed in the accompanying preliminary pricing supplement dated October 28, 2026.

What Was Disclosed

GS Finance Corp. disclosed the terms of Contingent Income Auto-Callable Securities linked to Alphabet Inc. Class A shares, including coupon conditions, an automatic call mechanism, a 70.00% downside threshold, an estimated value range of $910 to $970, and associated principal risk at stated maturity of November 9, 2029.