GS Finance Corp. filed a Free Writing Prospectus on November 6, 2026, disclosing terms for Market Linked Securities that are auto-callable with a fixed coupon and contingent downside, linked to the lowest performing of three major equity indexes and due November 19, 2029.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor under its Medium-Term Notes, Series F program.
  • Three underliers: The securities are linked to the S&P 500 Index, the Russell 2000 Index, and the Nasdaq-100 Index, with payouts determined by the lowest performing of the three.
  • Coupon rate: At least $6.00 per $1,000 face amount per month, equivalent to at least 7.20% per annum, set on the pricing date expected to be November 13, 2026.
  • Downside threshold: 75% of each underlier's starting level; if the lowest performing underlier falls below this level at maturity, investors lose principal proportionally, potentially losing all of it.
  • Estimated value at pricing: Between $925 and $955 per $1,000 face amount, below the original offering price.
  • Underwriting discount: Up to 2.325% of aggregate face amount, with Wells Fargo Securities, LLC acting as distribution agent.
  • CUSIP: 40058MRW0, with an expected issue date of November 18, 2026, and stated maturity of November 19, 2029.

Structure and Principal Risks of the GS Finance Auto-Callable Securities

According to the filing, the securities are structured so that monthly coupon payments of at least $6.00 per $1,000 face amount will be made on the 18th of each month beginning in December 2026 through the stated maturity date in November 2029. The filing states that any positive return on the securities is limited to the sum of these coupon payments and that investors "will not participate in any appreciation of any underlier." Automatic call provisions begin with the May 2027 call date, and the securities may be called monthly thereafter if the lowest performing underlier closes at or above its starting level on the applicable call date.

The filing discloses several structural risks specific to this product. Because payouts at maturity are determined solely by the lowest performing underlier among the three indexes, investors face greater potential for loss than if the securities were tied to a single index. The filing notes explicitly that "if the ending level of the lowest performing underlier on the final calculation day is less than its downside threshold level," the maturity payment equals $1,000 multiplied by that underlier's performance factor, meaning principal loss can be substantial. The filing also states that investors are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. as guarantor.

The filing further notes that the estimated value of the securities at pricing is expected to be between $925 and $955 per $1,000 face amount, a figure determined by reference to pricing models used by GS&Co. and which is less than the original offering price. The underwriting discount of up to 2.325% is payable to Wells Fargo Securities, LLC, the distribution agent, which may resell securities to Wells Fargo Advisors at a concession of 1.75% of aggregate face amount, plus a distribution expense fee of 0.075% per $1,000 face amount sold by that entity.

What Was Disclosed

GS Finance Corp. disclosed the preliminary terms of auto-callable structured notes linked to three equity indexes, maturing November 19, 2029, with a monthly coupon of at least 7.20% per annum, a 75% downside threshold, full principal-at-risk below that threshold, and an estimated value below the offering price at issuance.