GS Finance Corp., with The Goldman Sachs Group, Inc. as guarantor, filed a Free Writing Prospectus on November 4, 2026, disclosing terms for principal-at-risk, autocallable securities linked to the common stock of Micron Technology, Inc., due November 9, 2028.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor under its Medium-Term Notes, Series F program.
  • Underlying stock: The common stock of Micron Technology, Inc. (Bloomberg ticker: "MU UW") serves as the market measure.
  • Contingent coupon rate: At least $13.792 per $1,000 face amount per calculation day, equivalent to at least approximately 16.55% per annum, set on the pricing date.
  • Downside threshold and coupon threshold: Both set at 60% of the starting price.
  • Estimated value at pricing: Expected to be between $925 and $955 per $1,000 face amount.
  • Underwriting discount: Up to 2.075% of the face amount; Wells Fargo Securities, LLC is the distribution agent.
  • Maturity date: Expected to be November 9, 2028, with a final calculation day expected on November 6, 2028.

Structure and Payment Terms of the Micron-Linked Securities

According to the filing, the securities are structured as autocallable, principal-at-risk notes linked to Micron Technology, Inc., a major semiconductor memory manufacturer. The pricing date is expected to be November 6, 2026, and the issue date is expected to be November 12, 2026. The registration statement number is 333-284538, and the CUSIP for the securities is 40058MQE1.

The filing states that contingent coupon payments of at least $13.792 per $1,000 face amount are made on each contingent coupon payment date, but only if the closing price of Micron stock on the related monthly calculation day is greater than or equal to the coupon threshold price, which is 60% of the starting price. The filing further discloses a memory feature: if one or more calculation days produced no coupon because the stock closed below the threshold, those previously unpaid amounts are paid on the next date when the stock closes at or above the threshold, without interest on unpaid amounts.

Automatic call provisions apply beginning with the February 2027 calculation day. If Micron's closing price on any eligible call date equals or exceeds the starting price, the securities are redeemed and holders receive the face amount plus any final and previously unpaid contingent coupon payments. Call dates run monthly from February 2027 through October 2028, inclusive. At maturity, if the securities have not been called and the ending price is below the 60% downside threshold, holders receive $1,000 multiplied by the performance factor, which the filing states could mean a loss of more than 40%, and possibly all, of the face amount.

What Was Disclosed

GS Finance Corp. disclosed the full term sheet for principal-at-risk autocallable notes linked to Micron Technology common stock, including coupon mechanics, call schedule, downside risk conditions, estimated value range of $925 to $955 per $1,000 face amount, and an underwriting discount of up to 2.075%.