GS Finance Corp. filed a Free Writing Prospectus on November 4, 2026, disclosing terms for Auto-Callable Trigger PLUS notes linked to the TOPIX index, with a stated maturity date expected to be November 18, 2032, and an automatic call observation date expected to be November 22, 2027.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer, with The Goldman Sachs Group, Inc. serving as guarantor on the unsecured notes.
  • Automatic call payment: If called on the call observation date (expected November 22, 2027), holders would receive at least $1,172.50 per $1,000 principal amount.
  • Leverage factor: If not called and the final index value exceeds the initial index value at maturity, the upside return is calculated at a leverage factor of 175.00%.
  • Downside threshold: The downside threshold level is set at 70.00% of the initial index value; below that level, investors receive a payment based solely on the index performance factor, risking significant or total loss of principal.
  • Estimated value: The filing states an estimated value range of $875 to $935 per security, which the filing notes "is less than the original issue price."
  • CUSIP / ISIN: 40058MSP4 / US40058MSP40, part of GS Finance Corp.'s Medium-Term Notes, Series F program.
  • Underlying index: TOPIX (Bloomberg symbol: "TPX Index"), a Japanese equity benchmark.

Terms and Structure of the TOPIX-Linked Notes

According to the filing, these principal-at-risk securities are unsecured notes issued by GS Finance Corp. and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. under the Medium-Term Notes, Series F program. The notes are linked to TOPIX, a broad Japanese equity index, and are designed to provide exposure to international equity performance. The filing indicates the notes are expected to price on or about November 13, 2026, with an original issue date expected to be November 18, 2026.

The filing describes an automatic call feature: if, on the call observation date expected to be November 22, 2027, the index closing value is greater than or equal to the initial index value, the securities would be automatically called and investors would receive at least $1,172.50 for each $1,000 principal amount on the call payment date expected to be November 26, 2027. The filing states that "no further payments would be made on the securities following an automatic call" and that investors "will not participate in any appreciation of the underlying index" after a call.

If the securities are not called and reach their stated maturity date expected to be November 18, 2032, the filing outlines three scenarios. If the final index value exceeds the initial index value, investors receive $1,000 plus a leveraged upside payment calculated as $1,000 multiplied by the 175.00% leverage factor and the index percent increase. If the final index value is at or below the initial index value but at or above the 70.00% downside threshold, investors receive $1,000. If the final index value falls below the 70.00% threshold, investors receive a payment based on the index performance factor, which the filing warns could result in the loss of "all or a significant portion of the principal amount." The filing identifies credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. as a material consideration for investors.

What Was Disclosed

GS Finance Corp. disclosed the preliminary terms of Auto-Callable Trigger PLUS notes linked to TOPIX, including key dates, the automatic call payment of at least $1,172.50 per $1,000 principal, a 175.00% leverage factor for upside scenarios at maturity, a 70.00% downside threshold, and an estimated value range of $875 to $935 per security.