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Market Linked Notes — Autocallable with Principal Return at Maturity Notes Linked to the Lowest Performing of the Class A Common Stock of Alphabet Inc., the Common Stock of Tesla, Inc., the Common Stock of Netflix, Inc. and the Common Stock of Oracle Corporation due May 5, 2031 |
Summary of Terms |
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Company (Issuer) and Guarantor: |
GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor) |
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Market measures: |
the Class A common stock of Alphabet Inc. (current Bloomberg ticker: “GOOGL UW”), the common stock of Tesla, Inc. (current Bloomberg ticker: “TSLA UW”), the common stock of Netflix, Inc. (current Bloomberg ticker: “NFLX UW”) and the common stock of Oracle Corporation (current Bloomberg ticker: “ORCL UW”) |
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Hypothetical Payout Profile*/**
* assumes a call premium for such call settlement date equal to the lowest possible call premium that may be determined on the pricing date ** not all call dates reflected; reflects only the first, ninth and final call dates for illustrative purposes only Any positive return on the notes will be limited to the applicable call premium, even if the stock closing price of the lowest performing underlying stock on the applicable call date significantly exceeds its starting price. You will not participate in any appreciation of any underlying stock beyond the applicable call premium. If the notes are not automatically called, you will not receive any positive return on the notes. You should read the accompanying preliminary pricing supplement dated April 24, 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. 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: The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $885 and $915 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
Pricing date: |
expected to be April 30, 2026 |
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Issue date: |
expected to be May 5, 2026 |
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Final calculation day: |
expected to be April 30, 2031 |
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Stated maturity date: |
expected to be May 5, 2031 |
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Starting price: |
with respect to an underlying stock, the stock closing price of such underlying stock on the pricing date |
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Ending price: |
with respect to an underlying stock, the stock closing price of such underlying stock on the final calculation day |
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Performance factor: |
with respect to an underlying stock on any call date, its stock closing price on such day divided by its starting price (expressed as a percentage) |
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Lowest performing underlying stock: |
for any call date, the underlying stock with the lowest performance factor on that day |
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Automatic call: |
if the stock closing price of the lowest performing underlying stock on any call date is greater than or equal to its starting price, the notes will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per note in U.S. dollars equal to the face amount plus the call premium applicable to the relevant call date. The last call date is the final calculation day, and payment upon an automatic call on the final calculation day, if applicable, will be made on the stated maturity date. |
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Call dates and call premiums: |
the actual call premium and payment per note upon an automatic call that is applicable to each call date will be determined on the pricing date and will be at least the values specified in the table below |
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Call settlement date: |
three business days after the applicable call date; provided that the call settlement date for the last call date is the stated maturity date |
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Payment amount at maturity (for each $1,000 face amount of your notes) |
If the notes are not automatically called, then on the stated maturity date you will be entitled to receive a cash payment per note in U.S. dollars equal to the maturity payment amount. The “maturity payment amount” per note will equal $1,000. |
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Underwriting discount: |
up to 3.325% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the notes. WFS will receive the underwriting discount of up to 3.325% of the aggregate face amount of the notes sold. The agent may resell the notes to Wells Fargo Advisors (“WFA”) at the original issue price of the notes less a concession of 2.00% of the aggregate face amount of the notes. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a note WFA sells. |
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CUSIP: |
40059DJX6 |
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Tax consequences: |
See “Supplemental Discussion of U.S. Federal Income Tax Considerations” in the accompanying preliminary pricing supplement |
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* In addition, in respect of certain notes sold in this offering, GS&Co. may pay a fee of up to 0.30% of the aggregate face amount of the notes sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the notes to other securities dealers.
The notes have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement.
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 underlying stocks, the terms of the notes and certain risks.