GS Finance Corp. filed a Free Writing Prospectus on November 2, 2026, disclosing two separate offerings of Buffered Index-Linked Notes tied to the S&P 500 Index and the Russell 2000 Index, with trade dates expected on November 20, 2026, and stated maturity dates expected on November 25, 2031.

Key Highlights

  • Two separate offerings: One note is linked to the S&P 500 Index (CUSIP 40058MPM4) and one to the Russell 2000 Index (CUSIP 40058MPL6), each with its own terms.
  • S&P 500 note cap: The maximum settlement amount is at least $1,780 per $1,000 face amount, reflecting a cap level of at least 178% of the initial underlier level.
  • Russell 2000 note cap: The maximum settlement amount is at least $2,050 per $1,000 face amount, reflecting a cap level of at least approximately 205% of the initial underlier level.
  • Buffer protection: Both notes carry a buffer level of 85% of the initial underlier level and a buffer amount of 15%, meaning principal is returned in full if the final underlier level is at or above 85% of the initial level.
  • Estimated value below issue price: According to the filing, the estimated value range for both notes is $885 to $935, which the filing states "is less than the original issue price."
  • Issuer and guarantor: The notes are unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.
  • No interest payments: The filing states that "the notes do not bear interest."

Structure and Terms of the Two Note Offerings from GS Finance Corp.

According to the filing, GS Finance Corp. is offering two tranches of Buffered Index-Linked Notes under its Medium-Term Notes, Series F program, guaranteed by The Goldman Sachs Group, Inc. Each note is linked to a single underlier: either the S&P 500 Index (Bloomberg symbol: "SPX Index") or the Russell 2000 Index (Bloomberg symbol: "RTY Index"). Both tranches share a participation rate of 100%, a buffer level of 85% of the initial underlier level, and a buffer amount of 15%. The trade date for both is expected to be November 20, 2026, with settlement expected on November 25, 2026, and a determination date expected on November 20, 2031.

The filing describes the payout structure at maturity for each $1,000 face amount. If the final underlier level exceeds the initial level, the investor receives $1,000 plus the product of $1,000, the participation rate, and the underlier return, subject to the applicable maximum settlement amount. If the final level is equal to or below the initial level but at or above the buffer level of 85%, the investor receives $1,000. If the final level falls below the buffer level, the return is negative and equals the underlier return plus the 15% buffer amount, meaning "you could lose a significant portion of the face amount of your notes," as the filing states.

The filing discloses that the estimated value range for both notes is $885 to $935 per $1,000 face amount, below the original issue price, and directs investors to the accompanying preliminary pricing supplement dated October 30, 2026, for further detail. The registration statement number cited is 333-284538. Investors are also directed to review the general terms supplement no. 17,745 dated January 20, 2026, underlier supplement no. 50 dated September 23, 2026, and prospectus supplement and prospectus each dated February 14, 2025.

What Was Disclosed

GS Finance Corp. disclosed the key terms of two Buffered Index-Linked Note offerings linked to the S&P 500 and Russell 2000 indexes, including cap levels, buffer levels, estimated value ranges, CUSIP numbers, and expected trade and maturity dates, with The Goldman Sachs Group, Inc. as guarantor.