Free Writing Prospectus pursuant to Rule 433 dated July 21, 2026
Registration Statement No. 333-284538
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Leveraged Basket-Linked Notes due
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OVERVIEW |
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 an equally-weighted basket comprised of the common stock (basket stocks) of 6 companies as measured from the trade date to and including the determination date.
The initial basket level is 100 and the final basket level will equal the sum of the products, as calculated for each basket stock, of: (i) its final stock price on the determination date divided by its initial stock price multiplied by (ii) its initial weighted value.
If the final basket level on the determination date is greater than the initial basket level, the return on your notes will be positive and will equal 3 times the basket return, subject to the maximum settlement amount. If the final basket level is less than the initial basket level, the return on your notes will be negative and will equal the basket return.
You should read the accompanying preliminary prospectus supplement dated July 21, 2026, which we refer to herein as the accompanying preliminary prospectus 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: |
40054XRJ9 / US40054XRJ99 |
Company (Issuer): |
GS Finance Corp. |
Guarantor: |
The Goldman Sachs Group, Inc. |
Basket: |
an equally-weighted basket comprised of the 6 basket stocks |
Basket Stocks |
the 6 common stocks listed under “About the Basket” below. |
Basket stock issuer: |
with respect to a basket stock, the issuer of such basket stock as then in effect |
Trade date: |
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Settlement date: |
expected to be the third scheduled business day following the trade date |
Determination date: |
a specified date that is expected to be between 13 and 15 months following the trade date |
Stated maturity date: |
a specified date that is expected to be the second scheduled business day after the determination date |
Hypothetical Payment amount AT Maturity* |
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Hypothetical Final |
Hypothetical Payment Amount at Maturity |
175.000% |
138.040% |
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150.000% |
138.040% |
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125.000% |
138.040% |
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112.680% |
138.040% |
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105.000% |
115.000% |
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103.000% |
109.000% |
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100.000% |
100.000% |
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90.000% |
90.000% |
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75.000% |
75.000% |
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50.000% |
50.000% |
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25.000% |
25.000% |
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0.000% |
0.000% |
* assumes a maximum settlement amount of $1,380.4 |
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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 prospectus supplement and related documents for a more detailed description of the basket, the terms of the notes and certain risks.
Payment amount at maturity (for each $1,000 face amount of your notes) |
● if the basket return is positive (the final basket level is greater than the initial basket level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 3 times (c) the basket return, subject to the maximum settlement amount; or ● if the basket return is zero or negative (the final basket level is equal to or less than the initial basket level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the basket return. |
Initial basket level: |
100 |
Initial weighted value: |
for each of the basket stocks, the product of the initial weight of such basket stock in the basket times the initial basket level. |
Final basket level: |
the closing level of the basket on the determination date |
Closing level of the basket: |
on any trading day, the sum of, for each of the basket stocks: the product of (i) the quotient of (a) the closing price of such basket stock on such trading day divided by (b) the initial stock price of such basket stock times (ii) the initial weighted value of such basket stock |
Initial stock price: |
for a basket stock, set on the trade date and will be an intra-day price or the closing price of one share of such basket stock on the trade date |
Final stock price: |
for each of the basket stocks, the closing price of such basket stock on the determination date |
Maximum settlement amount: |
expected to be between $1,380.4 and $1,446.1 |
Basket return: |
the quotient of (i) the final basket level minus the initial basket level divided by (ii) the initial basket level, expressed as a percentage |
Estimated value range: |
$900 to $930 (which is less than the original issue price; see accompanying preliminary prospectus supplement) |
About the Basket |
The following table lists the basket stocks and related information, including their corresponding Bloomberg tickers, primary listings, initial weights in the basket, initial weighted values and initial stock prices. The initial stock prices will not be determined until the trade date. Each of the basket stock issuers faces its own business risks and other competitive factors. All of those factors may affect the basket return, and, consequently, the amount payable on your notes, if any, on the stated maturity date. Our offering of the notes does not constitute our recommendation or the recommendation of our affiliates to invest in the basket, any basket stock or the notes. You should make your own investigation of the basket stocks and the basket stock issuers and whether to obtain exposure to the basket through an investment in the notes. |
Basket Stock |
Current Bloomberg Ticker |
Type of Security |
Current Primary Listing |
Initial Weight in the Basket |
Initial Weighted Value |
Initial Basket Stock Price (USD) |
Apollo Global Management, Inc. |
APO UN |
Common Stock |
New York Stock Exchange |
approximately 16.667% |
100/6 (approximately 16.667) |
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Ares Management Corporation |
ARES UN |
Class A Common Stock |
New York Stock Exchange |
approximately 16.667% |
100/6 (approximately 16.667) |
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Blackstone Inc. |
BX UN |
Common Stock |
New York Stock Exchange |
approximately 16.667% |
100/6 (approximately 16.667) |
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The Carlyle Group Inc. |
CG UW |
Common Stock |
The Nasdaq Global Select Market |
approximately 16.667% |
100/6 (approximately 16.667) |
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KKR & Co. Inc. |
KKR UN |
Common Stock |
New York Stock Exchange |
approximately 16.667% |
100/6 (approximately 16.667) |
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TPG Inc. |
TPG UW |
Class A Common Stock |
The Nasdaq Global Select Market |
approximately 16.667% |
100/6 (approximately 16.667) |
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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 prospectus supplement and related documents for a more detailed description of the basket, 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 and preliminary prospectus 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 and preliminary prospectus 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 and preliminary prospectus 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:
RISK FACTORS |
An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary prospectus supplement, 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 prospectus supplement 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 prospectus supplement:
Risks Related to Structure, Valuation and Secondary Market Sales
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 prospectus supplement and related documents for a more detailed description of the underlier, the terms of the notes and certain risks.
Risks Related to Conflicts of Interest
Additional Risks Related to the Class A Common Stock of TPG Inc.
Risks Related to Tax
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
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 prospectus supplement and related documents for a more detailed description of the basket, the terms of the notes and certain risks.