GS Finance Corp., with The Goldman Sachs Group, Inc. as guarantor, filed a Free Writing Prospectus on November 2, 2026, disclosing terms of Market Linked Notes tied to the S&P 500 Index with a stated maturity date expected to be November 29, 2030.

Key Highlights

  • Principal protection at maturity: If the ending level of the S&P 500 Index is less than or equal to the starting level, holders receive $1,000 per $1,000 face amount, according to the filing.
  • Capped upside: The maximum return is at least 35.15% of the face amount ($351.50 per note), with a 100% upside participation rate, as disclosed.
  • Estimated value below issue price: The estimated value of the notes at the pricing date is expected to be between $900 and $930 per $1,000 face amount, per the filing.
  • Key dates: The pricing date is expected to be November 24, 2026, the issue date November 30, 2026, and the calculation day November 25, 2030.
  • Underwriting discount: Wells Fargo Securities, LLC will receive an underwriting discount of up to 3.825% of the aggregate face amount of the notes sold.
  • CUSIP: The notes carry CUSIP 40058MLN6 and are part of GS Finance Corp.'s Medium-Term Notes, Series F program.
  • No interest payments: The filing states that the notes do not bear interest.

GS Finance Corp. Discloses Terms for S&P 500-Linked Principal Return Notes

According to the Free Writing Prospectus filed November 2, 2026, under Registration Statement No. 333-284538, GS Finance Corp. is the issuer and The Goldman Sachs Group, Inc. serves as guarantor of the notes. The notes are linked to the S&P 500 Index and are described in the filing as "Market Linked Notes - Upside Participation to a Cap and Principal Return at Maturity." The filing states that the notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

The payment structure at maturity, for each $1,000 face amount, works as follows according to the filing: if the ending level of the S&P 500 Index exceeds the starting level, investors receive $1,000 plus the lesser of the product of $1,000 multiplied by the underlier return and upside participation rate, or the maximum return. If the ending level is less than or equal to the starting level, investors receive $1,000. The filing notes that "if the ending level is less than the starting level, you will not receive any positive return on the notes."

The filing discloses that Wells Fargo Securities, LLC is the distribution agent. Wells Fargo Advisors may receive a selling concession of 2.75% of the aggregate face amount and a distribution expense fee of 0.075% for each $1,000 face amount sold. Additionally, GS&Co. may pay a fee of up to 0.20% of the aggregate face amount to selected securities dealers for certain notes sold. The filing identifies multiple risk factors, including that the notes are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., that the notes do not bear interest, and that the potential for the value of the notes to increase is limited by the maximum return cap.

What Was Disclosed

GS Finance Corp. and guarantor The Goldman Sachs Group, Inc. disclosed the summary terms of S&P 500-linked notes due November 29, 2030, including a principal return feature at maturity, a maximum return of at least 35.15%, an estimated value of $900-$930 per $1,000 face amount, and an underwriting discount of up to 3.825%.