GS Finance Corp. filed a Free Writing Prospectus on October 29, 2026, disclosing terms of Performance Leveraged Upside Securities (PLUS) based on an equally weighted basket of 10 underlying stocks, with a stated maturity date expected to be December 10, 2027.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor, according to the filing.
  • Leverage factor: The filing states a leverage factor of 150.00%, applied to any positive basket return at maturity.
  • Maximum payment at maturity: At least $1,365.00 per $1,000 stated principal amount (at least 136.50% of stated principal), to be set on the pricing date.
  • Estimated value range: $900 to $960 per PLUS, which the filing notes "is less than the original issue price."
  • Basket composition: Ten equally weighted underlying stocks at 10.00% each, including Amazon.com, NVIDIA, Northrop Grumman, Linde, Coherent Corp., Corning, MP Materials, RBC Bearings, Rocket Lab, and Space Exploration Technologies.
  • Key dates: Pricing expected on or about November 13, 2026; original issue date expected November 18, 2026; valuation date expected December 7, 2027.
  • CUSIP / ISIN: 40058MML9 / US40058MML99, as disclosed in the filing.

GS Finance PLUS: Structure, Basket, and Principal Risk

According to the filing, the PLUS are unsecured notes issued under GS Finance Corp.'s Medium-Term Notes, Series F program and do not bear interest. Payment at maturity for each $1,000 stated principal amount depends entirely on the performance of an equally weighted basket of 10 stocks measured from the pricing date through the valuation date expected on December 7, 2027. If the final basket value exceeds the initial basket value of 100, investors receive $1,000 plus a leveraged upside payment equal to $1,000 multiplied by the 150.00% leverage factor and the basket percent increase, subject to the maximum payment at maturity of at least $1,365.00.

If the final basket value is equal to or less than the initial basket value, the filing states investors receive $1,000 multiplied by the basket performance factor, meaning losses are possible. The filing explicitly warns: "If the final basket value is less than the initial basket value, you will lose a portion of your investment." The filing further notes that "declines in one or more underlying stocks may offset increases in the other underlying stocks." The estimated value range of $900 to $960 per PLUS is disclosed as being less than the original issue price of $1,000.

The basket includes the common stock or ordinary shares of Amazon.com, Inc., Coherent Corp., Corning Incorporated, Linde plc, MP Materials Corp., Northrop Grumman Corporation, NVIDIA Corporation, RBC Bearings Incorporated, Rocket Lab Corporation, and the Class A common stock of Space Exploration Technologies Corp., each carrying a 10.00% weighting. The filing notes this document should be read alongside the preliminary pricing supplement dated October 28, 2026, general terms supplement no. 17,745 dated January 20, 2026, and prospectus and prospectus supplement each dated February 14, 2025.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus disclosing the preliminary terms of PLUS notes linked to a 10-stock equally weighted basket, with a 150.00% leverage factor on upside, a maximum payment of at least $1,365.00 per $1,000 note, and full principal at risk on the downside.