Free Writing Prospectus pursuant to Rule 433 dated March 25, 2026
Registration Statement No. 333-284538
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Leveraged S&P 500® Futures Excess Return Index-Linked Notes due 2031 |
OVERVIEW |
Payment at Maturity: The amount that you will be paid on your notes on the stated maturity date is based on the performance of the underlier as measured from the trade date to and including the determination date as described below.
Interest: The notes do not bear interest.
You should read the accompanying preliminary pricing supplement dated March 18, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.
KEY TERMS |
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Company (Issuer)/Guarantor: |
GS Finance Corp./ The Goldman Sachs Group, Inc. |
Payment amount at maturity (for each $1,000 face amount of your notes): |
• if the final underlier level is greater than the initial underlier level: $1,000 + ($1,000 × the upside participation rate × the underlier return); • if the final underlier level is equal to or less than the initial underlier level, but greater than or equal to the trigger buffer level: $1,000; or • if the final underlier level is less than the trigger buffer level: $1,000 + ($1,000 × the underlier return) |
Underlier: |
the S&P 500® Futures Excess Return Index (current Bloomberg symbol: “SPXFP Index”) |
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The underlier tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500® Index. Generally, the return on an investment in a futures contract is correlated with, but not the same as, the return on buying and holding the securities underlying such contract. |
Reference equity index: |
with respect to the underlier, the S&P 500® Index |
Upside participation rate: |
187.5% |
Trigger buffer level: |
50% of the initial underlier level |
Trigger buffer amount: |
50% |
Trade date: |
April 2, 2026 |
Original issue date: |
April 7, 2026 |
Determination date: |
April 2, 2031 |
Stated maturity date: |
April 7, 2031 |
Initial underlier level: |
set on the trade date and will be an intra-day level or the closing level of the underlier on the trade date |
Final underlier level: |
the closing level of the underlier on the determination date |
Underlier return: |
(the final underlier level - the initial underlier level) ÷ the initial underlier level) |
CUSIP / ISIN: |
40058YLK6 / US40058YLK63 |
Estimated value range: |
$885 to $935 (which is less than the original issue price; see accompanying preliminary pricing supplement) |
Hypothetical Payment Amount At Maturity |
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Hypothetical Final Underlier Level |
Hypothetical Payment |
200.000% |
287.500% |
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175.000% |
240.625% |
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150.000% |
193.750% |
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125.000% |
146.875% |
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100.000% |
100.000% |
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83.000% |
100.000% |
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67.000% |
100.000% |
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50.000% |
100.000% |
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49.999% |
49.999% |
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37.000% |
37.000% |
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25.000% |
25.000% |
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12.000% |
12.000% |
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0.000% |
0.000% |
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This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlier, the terms of the notes and certain risks.
About Your Notes |
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 47, February 2026 S&P 500® Futures Excess Return Index supplement, general terms supplement no. 17,745 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, underlier supplement no. 47, February 2026 S&P 500® Futures Excess Return Index supplement, general terms supplement no. 17,745 and preliminary pricing supplement, and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, underlier supplement no. 47, February 2026 S&P 500® Futures Excess Return Index supplement, general terms supplement no. 17,745 and preliminary pricing supplement if you so request by calling (212) 357-4612.
The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:
SELECTED RISK FACTORS |
An investment in your notes is subject to the risks summarized below. These risks, as well as other risks and considerations, are explained in more detail in the accompanying documents listed above under “About Your Notes”. You should carefully review these risks and considerations as well as the terms of the notes described herein and in such accompanying documents. Your notes are a riskier investment than ordinary debt securities. Also, your notes are not equivalent to investing directly in the underlier stocks (i.e., the stocks comprising the reference equity index). You should carefully consider whether the offered notes are appropriate given your particular circumstances.
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The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales ■ The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Notes ■ The Notes Are Subject to the Credit Risk of the Issuer and the Guarantor ■ You May Lose Your Entire Investment ■ The Return on Your Notes May Change Significantly Despite Only a Small Change in the Underlier Level ■ Your Notes Do Not Bear Interest ■ You Have No Rights in Any Futures Contract Tracked by the Underlier ■ You Have No Shareholder Rights or Rights to Receive Any Underlier Stock ■ The Market Value of Your Notes May be Influenced by Many Unpredictable Factors |
Additional Risks Related to the Underlier ■ Linking to an Equity Futures Contract Is Different From Linking to the Reference Equity Index ■ Negative Roll Yields Will Adversely Affect the Level of the Underlier Over Time and Therefore the Amount Payable on the Notes ■ Futures Contracts Are Not Assets with Intrinsic Value ■ Owning the Notes Is Not the Same as Directly Owning the Underlier Stocks or Futures Contract Directly or Indirectly Tracked by the Underlier ■ Suspension or Disruptions of Market Trading in Stocks or Futures Contracts May Adversely Affect the Value of the Notes Risks Related to Tax ■ The Tax Consequences of an Investment in Your Notes Are Uncertain
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For details about the license agreement between the underlier sponsor and the issuer, see “The Underliers—S&P 500® Futures Excess Return Index” on page S-122 of the accompanying underlier supplement no. 47.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlier, the terms of the notes and certain risks.
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