GS Finance Corp. filed a Free Writing Prospectus on October 29, 2026, disclosing the terms of Contingent Income Auto-Callable Securities linked to the worst-performing of the S&P 500 Index, the Russell 2000 Index, and the Nasdaq-100 Index, with a stated maturity date expected to be November 9, 2028.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor, according to the filing.
  • Contingent quarterly coupon: At least $26.75 per $1,000 principal amount per quarter, payable only if each underlying index closes at or above its downside threshold level on the applicable coupon observation date.
  • Downside threshold: 75.00% of each underlying index's initial index value, as set on the pricing date.
  • Automatic call feature: Securities are called if each 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 states "is less than the original issue price."
  • CUSIP / ISIN: 40058MMH8 / US40058MMH87.
  • Expected pricing and issue dates: Pricing expected on or about November 6, 2026; original issue date expected to be November 12, 2026.

Terms and Structure of GS Finance's Worst-of Index-Linked Notes

According to the filing, the securities are unsecured notes issued under GS Finance Corp.'s Medium-Term Notes, Series F program and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The payment on the securities is 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 investors will not participate in any appreciation of any underlying index.

The filing discloses that on each coupon observation date, a contingent quarterly coupon of at least $26.75 per $1,000 is paid only if every underlying index closes at or above 75.00% of its initial index value. If any index falls below that level, no coupon is paid for that period. The automatic call feature activates on any call observation date - beginning February 8, 2027 and running through August 7, 2028 - if each index closes at or above its initial index value, resulting in repayment of principal plus the coupon then due, with no further payments afterward.

At maturity on the expected date of November 9, 2028, the filing states that if any underlying index's final index value is below its downside threshold level, the payment will equal $1,000 multiplied by the worst performing index performance factor, exposing investors to loss of a "significant portion or all of the principal amount." The filing describes the securities as intended for investors who seek above-market contingent income in exchange for accepting this downside risk. The registration statement, including a preliminary pricing supplement dated October 28, 2026, has been filed with the SEC under Registration Statement No. 333-284538.

What Was Disclosed

GS Finance Corp. disclosed the key terms of a structured note offering linked to the worst-performing of three major equity indexes, including coupon conditions, call mechanics, a 75.00% downside threshold, an estimated value range of $925 to $985, and an expected maturity of November 9, 2028.