Form FWP GOLDMAN SACHS GROUP INC Filed by: GOLDMAN SACHS GROUP INC
Free Writing Prospectus pursuant to Rule 433 dated April 27, 2026
Registration Statement No. 333-284538
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Buffered Nasdaq-100 Index®-Linked Notes due |
OVERVIEW |
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The notes do not bear interest. The amount that you will be paid on your notes on the stated maturity date is based on the performance of the Nasdaq-100 Index® as measured from the initial underlier level to the final underlier level on the determination date.
If the underlier return (the percentage change in the final underlier level from the initial underlier level) is positive or zero, the return on your notes will be zero and you will receive $1,000 for each $1,000 face amount of your notes.
If the underlier return is negative and the final underlier level is equal to or greater than 60% of the initial underlier level, the return on your notes will be equal to the downside participation rate of 2.21 times the absolute value of the underlier return (e.g., if the underlier return is -10%, your return will be +22.1%).
If the underlier return is negative and the final underlier level is less than 60% of the initial underlier level, the return on your notes will be negative and will equal the underlier return plus 40%. You could lose a significant portion of the face amount of your notes.
For example, if the underlier return is -40%, you will receive a positive return of 88.4% on your notes; however, if the underlier return is -41%, you will lose 1% of the value of your notes. You could receive significantly less than the face amount of your notes at maturity.
By purchasing this note, you primarily are taking the bearish view that the value of the underlier will decline such that the final underlier level will be less than the initial underlier level but equal to or greater than 60% of the initial underlier level.
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.
KEY TERMS |
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CUSIP/ISIN: |
40059DJW8 / US40059DJW83 |
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Company (Issuer): |
GS Finance Corp. |
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Guarantor: |
The Goldman Sachs Group, Inc. |
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Underlier: |
the Nasdaq-100 Index® (current Bloomberg symbol: “NDX Index”) |
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Trade date: |
expected to be May 5, 2026 |
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Settlement date: |
expected to be May 8, 2026 |
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Determination date: |
expected to be August 7, 2028 |
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Stated maturity date: |
expected to be August 10, 2028 |
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Hypothetical Payment Amount At Maturity |
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Hypothetical Final |
Hypothetical Payment Amount at Maturity |
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175.000% |
100.000% |
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150.000% |
100.000% |
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125.000% |
100.000% |
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110.000% |
100.000% |
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100.000% |
100.000% |
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95.000% |
111.050% |
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75.000% |
155.250% |
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65.000% |
177.350% |
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60.000% |
188.400% |
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50.000% |
90.000% |
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25.000% |
65.000% |
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10.000% |
50.000% |
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0.000% |
40.000% |
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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.
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Payment amount at maturity (for each $1,000 face amount of your notes): |
• if the underlier return is positive or zero (the final underlier level is greater than or equal to the initial underlier level), $1,000; • if the underlier return is negative but not below -40% (the final underlier level is less than the initial underlier level, but not by more than 40%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the downside participation rate times (c) the absolute value of the underlier return; or • if the underlier return is negative and is below -40% (the final underlier level is less than the initial underlier level by more than 40%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the sum of the underlier return plus 40%. |
Initial underlier level: |
to be determined 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 |
Downside participation rate: |
221% |
Underlier return: |
the quotient of (i) the final underlier level minus the initial underlier level divided by (ii) the initial underlier level, expressed as a percentage |
Estimated value range: |
$925 to $955 (which is less than the original issue price; see accompanying preliminary pricing supplement) |
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. 48, 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. 48, 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. 48, 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:
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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RISK FACTORS |
An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,745, accompanying underlier supplement no. 48, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Additional Risk Factors Specific to Your Notes” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,745, “Additional Risk Factors Specific to the Notes” in the accompanying underlier supplement no. 48, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales
Additional Risks Related to the Underlier
Risks Related to Tax
The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,745:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
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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Risks Related to Tax
The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 48:
Additional Risks Relating to Securities Linked to Underliers that are Equity Indices
The following risk factors are discussed in greater detail in the accompanying prospectus supplement:
The following risk factors are discussed in greater detail in the accompanying prospectus:
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements
For details about the license agreement between the underlier sponsor and the issuer, see “The Underliers — Nasdaq-100 Index®” on page S-66 of the accompanying underlier supplement no. 48.
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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