GS Finance Corp. filed a Free Writing Prospectus on November 13, 2026, disclosing terms of Contingent Income Auto-Callable Securities linked to the worst-performing of the S&P 500, Russell 2000, and Nasdaq-100 indexes, with a stated maturity date expected to be November 24, 2028.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor, with the securities forming part of the Medium-Term Notes, Series F program.
  • Pricing and issuance dates: The securities are expected to price on or about November 20, 2026, with an original issue date expected to be November 25, 2026.
  • Contingent quarterly coupon: At least $25.00 per $1,000 principal amount per coupon period, payable only if each underlying index closes at or above its downside threshold level on the applicable coupon observation date; otherwise $0.00.
  • Downside threshold: Set at 70.00% of each underlying index's initial index value, applicable both for coupon payments and principal protection at maturity.
  • Automatic call feature: Securities are called if each underlying index closes at or above its initial index value on any call observation date, returning $1,000 per $1,000 principal plus the coupon then due.
  • Estimated value range: $925 to $985 per security, which the filing notes "is less than the original issue price."
  • CUSIP / ISIN: 40058MW46 / US40058MW462.

Structure and Payment Terms of the GS Finance Auto-Callable Securities

According to the filing, the securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. under Registration Statement No. 333-284538. The payment at maturity and the quarterly coupons are both determined by the performance of the worst-performing of three underlying indexes: the S&P 500 Index (Bloomberg symbol: "SPX Index"), the Russell 2000 Index (Bloomberg symbol: "RTY Index"), and the Nasdaq-100 Index (Bloomberg symbol: "NDX Index").

The filing states that on each coupon observation date, if the index closing value of each underlying index is greater than or equal to its downside threshold level (70.00% of the initial index value), the holder receives at least $25.00 per $1,000 of principal. If any underlying index closes below that threshold on the observation date, no coupon is paid for that period. At maturity, if the final index value of any underlying index is below the downside threshold, the filing indicates the payment will equal $1,000 multiplied by the worst-performing index performance factor, exposing investors to the possibility of losing a significant portion or all of their principal. The filing's hypothetical payment table illustrates that if the worst-performing index finishes at 50.000% of its initial value, the payment at maturity is 50.000% of the stated principal amount.

Call observation dates begin February 22, 2027, and run through August 21, 2028, with the valuation date expected to be November 20, 2028. The filing specifies that investors will not participate in any appreciation of any underlying index, and that no payments will be made after a call payment date if the securities are automatically called early. The filing describes the target investor as one who seeks "a contingent quarterly coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and losing a significant portion or all of the principal amount of their securities based on the performance of the worst performing underlying index."

What Was Disclosed

GS Finance Corp. disclosed, via a Free Writing Prospectus dated November 13, 2026, the key terms of auto-callable structured notes due November 24, 2028, linked to three major U.S. equity indexes, with an estimated value range of $925 to $985 per security and principal at risk below the 70.00% downside threshold.