GS Finance Corp., with The Goldman Sachs Group, Inc. as guarantor, filed a Free Writing Prospectus on November 4, 2026, disclosing the terms of Market Linked Securities linked to the S&P 500 Index with a stated maturity date expected to be November 16, 2028, under Registration Statement No. 333-284538.

Key Highlights

  • Upside participation rate: 150%, capped at a maximum return of at least 20.50% of the face amount per security (at least $205.00 per security).
  • Downside buffer: A buffer amount of 15%, with a threshold level set at 85% of the starting level; losses below the threshold are applied on a leveraged basis using a multiplier of approximately 1.1765.
  • Estimated value at pricing: Between $925 and $955 per $1,000 face amount, according to the filing.
  • Underwriting discount: Up to 2.575% of the face amount; Wells Fargo Securities, LLC is the distribution agent, with a selling concession of 2.00% available to Wells Fargo Advisors.
  • Key expected dates: Pricing date November 13, 2026; issue date November 18, 2026; calculation day November 13, 2028; maturity November 16, 2028.
  • CUSIP: 40058MQZ4; securities are part of GS Finance Corp.'s Medium-Term Notes, Series F program.
  • No interest payments: The filing states that "Your Securities Do Not Bear Interest."

Terms and Structure of the GS Finance Corp. S&P 500-Linked Securities

According to the filing, GS Finance Corp. is the issuer and The Goldman Sachs Group, Inc. is the guarantor of these principal-at-risk securities linked to the S&P 500 Index. The securities are distributed through Wells Fargo Securities, LLC under GS Finance Corp.'s Medium-Term Notes, Series F program. The filing states that the securities are "fully and unconditionally guaranteed" by The Goldman Sachs Group, Inc.

The filing describes a three-scenario payout structure at maturity for each $1,000 face amount. If the ending level exceeds the starting level, the holder receives $1,000 plus the lesser of the leveraged gain (underlier return multiplied by the 150% upside participation rate) or the maximum return. If the ending level is at or below the starting level but at or above the threshold level (85% of the starting level), the holder receives $1,000. If the ending level falls below the threshold level, the holder receives $1,000 plus the product of $1,000, the sum of the underlier return and the 15% buffer amount, and the multiplier of approximately 1.1765, meaning the holder "will lose some, and possibly all, of the face amount," according to the filing.

The filing discloses that the estimated value of the securities at the pricing date is expected to be between $925 and $955 per $1,000 face amount, which is less than the original issue price, a discrepancy the filing attributes to pricing models used by GS&Co. The filing also notes that GS&Co. may pay an additional fee of up to 0.20% of the aggregate face amount to selected securities dealers for marketing and other services. The filing identifies multiple risk factors, including credit risk of the issuer and guarantor, potential total loss of investment, and uncertain tax consequences.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus dated November 4, 2026, setting out the preliminary terms of S&P 500-linked, principal-at-risk securities due November 16, 2028, including payout mechanics, a maximum return of at least 20.50%, a 15% downside buffer, and an estimated value of $925 to $955 per $1,000 face amount.