GS Finance Corp. filed a Free Writing Prospectus on November 6, 2026, disclosing preliminary terms for Callable S&P 500 Index-Linked Notes due November 24, 2031, issued under its Medium-Term Notes, Series F program and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Key Highlights

  • CUSIP/ISIN: 40058MTP3 / US40058MTP31, with a trade date expected to be November 19, 2026, and a stated maturity date expected to be November 24, 2031.
  • No interest payments: According to the filing, "the notes do not bear interest."
  • Estimated value range: The filing disclosed an estimated value range of $885 to $915 per $1,000 face amount, which the filing notes "is less than the original issue price."
  • Call premium schedule: The company may redeem the notes on any of 16 call payment dates, with applicable call premium amounts ranging from at least 10.7% (November 24, 2027) to at least 50.825% (August 22, 2031), to be set on the trade date.
  • Upside participation rate: The filing specifies a 100% upside participation rate, with payment at maturity tracking the full positive underlier return if the S&P 500 Index rises from the initial to the final level.
  • Principal protection at maturity (if not redeemed): If the final underlier level is equal to or less than the initial underlier level, holders receive $1,000 per $1,000 face amount at maturity.
  • Registration statement: The offering was filed under Registration Statement No. 333-284538.

Terms and Structure of GS Finance Corp.'s November 2026 Index-Linked Notes

GS Finance Corp., a financing subsidiary of The Goldman Sachs Group, Inc. (NYSE:GS), disclosed the preliminary terms of these structured notes through a Free Writing Prospectus pursuant to Rule 433. The notes are linked to the S&P 500 Index (Bloomberg symbol: "SPX Index") and are part of the Medium-Term Notes, Series F program. The settlement date is expected to be November 24, 2026, five days after the anticipated trade date. The initial underlier level will be determined on the trade date as either an intra-day level or the closing level of the S&P 500 Index on that date.

At maturity, if not previously redeemed, holders receive the face amount plus the full percentage gain in the S&P 500 Index if that gain is positive, applied to $1,000. If the index has not risen, holders receive only the $1,000 face amount per note, with no additional return. The company retains the right to redeem the notes in whole, but not in part, on any of the 16 scheduled call payment dates between November 24, 2027, and August 22, 2031. Upon any such redemption, holders would receive $1,000 plus the applicable call premium amount for that date, as set on the trade date. The filing emphasizes that the call premium received on a redemption date "does not reflect the actual performance of the underlier."

The filing identifies multiple risk factors specific to this structure, including that the estimated value at issuance ($885 to $915) is below the original issue price, that the notes are subject to the credit risk of both GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor, and that for U.S. federal income tax purposes the notes "will be treated as debt instruments subject to special rules governing contingent payment debt instruments." The offering documents incorporated by reference include preliminary pricing supplement dated November 6, 2026, general terms supplement no. 17,745 dated January 20, 2026, underlier supplement no. 50 dated September 23, 2026, and a prospectus supplement and prospectus both dated February 14, 2025.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus on November 6, 2026, setting out preliminary terms for S&P 500 Index-Linked Notes maturing November 24, 2031, with an estimated value of $885 to $915 per $1,000 face amount, a callable structure with 16 potential redemption dates, and no interest payments.