GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., filed a Free Writing Prospectus on November 12, 2026, disclosing terms for Market Linked Securities linked to the S&P 500 Index with a stated maturity date expected to be November 21, 2028.

Key Highlights

  • Structure: Principal at risk securities linked to the S&P 500 Index, issued under GS Finance Corp.'s Medium-Term Notes, Series F program and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.
  • Maximum upside return: At least 16.00% of the face amount per security (at least $160.00 per security), with a 100% upside participation rate up to that cap.
  • Buffer amount: 19.05%, with a threshold level set at 80.95% of the initial underlier level; below the threshold, investors face 1-to-1 downside exposure and may lose up to 80.95% of face amount.
  • Contingent absolute return: If the ending level is at or below the starting level but at or above the threshold level, the payment is $1,000 plus $1,000 multiplied by the absolute value of the underlier return.
  • Estimated value at pricing: Expected to be between $925 and $955 per $1,000 face amount, below the original issue price.
  • Underwriting discount: Up to 2.575% of the aggregate face amount; Wells Fargo Securities, LLC is the distribution agent, with a selling concession to Wells Fargo Advisors of 2.00% and a distribution expense fee of 0.075% per $1,000 face amount sold by WFA.
  • CUSIP: 40058MUV8; pricing date expected to be November 16, 2026, with an issue date expected to be November 19, 2026.

Terms and Risk Profile of GS Finance's S&P 500-Linked Buffered Securities

According to the Free Writing Prospectus filed November 12, 2026, GS Finance Corp. is offering Market Linked Securities linked to the S&P 500 Index with a stated maturity date expected to be November 21, 2028. The securities carry a 100% upside participation rate, capped at a maximum upside return of at least 16.00% of face amount ($160.00 per security). The starting level is defined as the closing level of the S&P 500 Index on the expected pricing date of November 16, 2026, and the ending level is the closing level on the expected calculation day of November 16, 2028.

The filing describes three payout scenarios 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 capped return or the actual participation-adjusted gain. If the ending level is at or below the starting level but at or above the threshold level of 80.95% of the initial underlier level, the holder receives $1,000 plus $1,000 multiplied by the absolute value of the underlier return, providing a contingent absolute return feature. If the ending level falls below the threshold level, the filing states investors will have "1-to-1 downside exposure to the decrease in the level of the underlier in excess of the buffer amount" and may lose up to 80.95% of face amount.

The filing notes 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 the filing identifies as less than the original issue price. The securities do not bear interest, and the filing lists multiple risk factors, including credit risk of the issuer and guarantor, the absence of shareholder rights, and uncertainty regarding U.S. federal income tax consequences. The registration statement number is 333-284538.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus on November 12, 2026, setting out the preliminary terms for principal-at-risk notes linked to the S&P 500 Index, maturing November 21, 2028, with a 19.05% buffer, a capped upside of at least 16.00%, and an estimated value below the $1,000 face amount.