GS Finance Corp. filed a Free Writing Prospectus on November 6, 2026, disclosing terms for Enhanced Buffered Jump Securities linked to the S&P 500 Index, with a stated maturity date expected to be February 25, 2028, and an expected pricing date on or about November 19, 2026.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor of the securities.
  • Upside payment: At least $110.00 per $1,000 stated principal amount (at least 11.00%) if the final index value is greater than or equal to the buffer level.
  • Buffer level: Set at 90.00% of the initial index value, providing a 10.00% buffer amount.
  • Downside factor: Approximately 1.1111, meaning investors lose approximately 1.1111% of stated principal for every 1% decline beyond the buffer amount; full loss of investment is possible.
  • Estimated value range: $910 to $970 per security at the time terms are set, which the filing states is less than the original issue price of $1,000.
  • CUSIP / ISIN: 40058MSZ2 / US40058MSZ22.
  • No interest payments: The securities do not bear interest and are principal-at-risk securities.

Terms and Structure of the GS Finance Corp. Enhanced Buffered Jump Securities

According to the filing, GS Finance Corp. is offering Enhanced Buffered Jump Securities based on the value of the S&P 500 Index (Bloomberg symbol: "SPX Index"). The securities are part of GS Finance Corp.'s Medium-Term Notes, Series F program and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The expected pricing date is on or about November 19, 2026, with an expected original issue date of November 24, 2026. The valuation date is expected to be February 22, 2028, and the stated maturity date is expected to be February 25, 2028.

The filing discloses that if the final index value at the valuation date is greater than or equal to the buffer level, which is set at 90.00% of the initial index value, investors receive $1,000 plus the upside payment of at least $110.00 per security. If the final index value falls below the buffer level, the filing states that investors "will lose approximately 1.1111% of the stated principal amount for every 1% decline in the final index value from the initial index value beyond the buffer amount," and may lose their entire investment. The downside factor is defined as the initial index value divided by the buffer level, stated to be approximately 1.1111.

The filing notes that the estimated value range of the securities at the time terms are set is $910 to $970, which it describes as less than the original issue price. The filing also identifies risk factors including credit risk of the issuer and guarantor, the limitation on potential return, the absence of interest payments, and tax-related considerations including potential FATCA withholding. The filing directs investors to the preliminary pricing supplement dated November 6, 2026, and related documents for complete terms and risk descriptions.

What Was Disclosed

GS Finance Corp. disclosed a Free Writing Prospectus for Enhanced Buffered Jump Securities linked to the S&P 500 Index, maturing February 25, 2028, with a fixed upside payment of at least 11.00%, a 10.00% downside buffer, and an estimated value range below the $1,000 issue price.