GS Finance Corp. filed a Free Writing Prospectus on November 12, 2026, describing Contingent Income Auto-Callable Securities linked to the Class A common stock of Alphabet Inc., with a stated maturity date expected to be November 26, 2029.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor, according to the filing.
  • Underlying stock: The securities are based on the Class A common stock of Alphabet Inc. (Bloomberg ticker: "GOOGL UW").
  • Contingent quarterly coupon: At least $25.00 per $1,000 principal amount per quarter if the closing price on the observation date is at or above the downside threshold price, or $0.00 if below, as the filing states.
  • Downside threshold price: Set at 60.00% of the initial share price.
  • Automatic call feature: Securities will be automatically called if the closing price on any call observation date is greater than or equal to the initial share price, with the first call observation date on February 22, 2027.
  • Estimated value range: $910 to $970 per $1,000 original issue price, which the filing notes "is less than the original issue price."
  • CUSIP / ISIN: 40058MW53 / US40058MW538, with pricing expected on or about November 20, 2026.

Structure and Payment Terms of the GS Finance Alphabet-Linked Securities

According to the filing, the securities are unsecured notes issued under GS Finance Corp.'s Medium-Term Notes, Series F program and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The original issue date is expected to be November 25, 2026, and the stated maturity date is expected to be November 26, 2029. The initial share price will be the closing price of Alphabet Inc.'s Class A common stock on the pricing date, expected on or about November 20, 2026.

The filing describes two possible outcomes at maturity. If the final share price is greater than or equal to the downside threshold price (60.00% of the initial share price), the holder receives $1,000 plus the final coupon for each $1,000 of stated principal. If the final share price is below the downside threshold price, the holder receives $1,000 multiplied by the share performance factor (final share price divided by initial share price), which the filing notes could result in losing "a significant portion or all of your investment." The filing states that holders "will not participate in any appreciation of the underlying stock."

Coupon payments are contingent and quarterly. The filing specifies 12 coupon observation dates running from February 22, 2027 through November 20, 2029. The securities may be automatically called beginning February 22, 2027, through August 20, 2029, on any call observation date where the closing price meets or exceeds the initial share price. The registration statement referenced is No. 333-284538, and the accompanying preliminary pricing supplement is dated November 11, 2026.

What Was Disclosed

GS Finance Corp. disclosed a Free Writing Prospectus for principal-at-risk auto-callable securities linked to Alphabet Inc.'s Class A common stock, maturing November 26, 2029, with a contingent quarterly coupon of at least $25.00 per $1,000 and an estimated value range of $910 to $970.