GS Finance Corp. filed a Free Writing Prospectus on November 4, 2026, disclosing terms for Market Linked Securities that are autocallable with a contingent coupon, memory feature, and buffered downside with a multiplier, linked to the lowest performing of four underlying stocks and due November 16, 2028.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer and The Goldman Sachs Group, Inc. is the guarantor, as part of the Medium-Term Notes, Series F program.
  • Four underlying stocks: The securities are linked to the lowest performing of Dell Technologies Inc. (DELL UN), Marvell Technology, Inc. (MRVL UW), Sandisk Corporation (SNDK UW), and ServiceNow, Inc. (NOW UN).
  • Contingent coupon rate: At least $17.542 per $1,000 face amount per calculation day (equivalent to at least approximately 21.05% per annum), payable only if the lowest performing underlying stock closes at or above its coupon threshold price of 50% of its starting price.
  • Automatic call threshold: 85% of each underlying stock's starting price; call eligibility begins at the February 2027 calculation day.
  • Downside multiplier: 2.00, meaning losses below the 50% downside threshold are applied on a leveraged basis.
  • Estimated value at pricing: Between $925 and $955 per $1,000 face amount, according to the filing.
  • Underwriting discount: Up to 2.075% of the face amount; Wells Fargo Securities, LLC is the agent.

Terms and Structure of the GS Finance Autocallable Securities Due November 2028

According to the filing, the securities are structured as principal-at-risk notes with a stated maturity date expected to be November 16, 2028. The pricing date is expected to be November 13, 2026, and the issue date is expected to be November 18, 2026. The CUSIP number disclosed is 40058MR34. The securities are issued under Registration Statement No. 333-284538 and are part of GS Finance Corp.'s Medium-Term Notes, Series F program, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The filing states that monthly calculation days run from December 2026 through the final calculation day expected on November 13, 2028. On each calculation day, a contingent coupon of at least $17.542 per $1,000 face amount is payable if, and only if, the lowest performing underlying stock closes at or above its coupon threshold price, set at 50% of its starting price. The securities include a memory feature: previously unpaid contingent coupons are paid on the next date the coupon condition is met. Automatic call, which pays face amount plus any due coupons, can be triggered from the February 2027 calculation day onward if the lowest performing stock closes at or above 85% of its starting price on a call date.

The filing discloses that if the securities are not called and the lowest performing underlying stock's ending price is below 50% of its starting price at maturity, investors receive $1,000 multiplied by the performance factor of the lowest performing stock multiplied by the 2.00 multiplier, meaning losses are applied on a leveraged basis. The filing states: "you will not participate in any appreciation of any underlying stock, but you will be exposed on a leveraged basis to any decline in the lowest performing underlying stock in excess of 50%." Wells Fargo Securities, LLC acts as agent and may pay WFA a selling concession of 1.5% and a distribution expense fee of 0.075% per $1,000 face amount sold.

What Was Disclosed

GS Finance Corp. disclosed a Free Writing Prospectus dated November 4, 2026, covering the full economic terms, payout structure, call and coupon conditions, underlying stock identities, estimated security value, underwriting fees, and CUSIP for these autocallable market-linked securities due November 16, 2028.