Goldman Sachs to Offer $1.5B in 4.875% Notes Due 2029

TL;DR

**GS is issuing $1.5B in new debt, watch how they use it.**

AI Summary

Goldman Sachs Group Inc. is offering $1.5 billion in fixed-rate notes due January 2029, with an interest rate of 4.875% per annum. This move allows Goldman Sachs to raise capital for general corporate purposes, which could include funding operations, investments, or debt repayment. For investors, this means Goldman Sachs is taking on more debt, which could impact its financial leverage and future earnings, making it important to monitor how this capital is deployed.

Why It Matters

This offering allows Goldman Sachs to secure significant funding, impacting its balance sheet and future financial flexibility, which could influence its stock performance.

Risk Assessment

Risk Level: medium — Issuing new debt increases the company's leverage, which can be a medium risk if not managed effectively or if interest rates rise significantly.

Analyst Insight

Investors should monitor Goldman Sachs's upcoming earnings reports to see how the $1.5 billion raised is allocated and if it contributes to revenue growth or debt reduction, as this will impact future stock performance.

Key Numbers

• $1.5B — Aggregate Principal Amount (The total amount of capital Goldman Sachs is raising through this offering.)
• 4.875% — Interest Rate (The annual interest rate Goldman Sachs will pay on these notes until maturity.)
• January 2029 — Maturity Date (The date when the principal amount of the notes will be repaid by Goldman Sachs.)

Key Players & Entities

• Goldman Sachs Group Inc. (company) — the filer and issuer of the notes
• $1.5 billion (dollar_amount) — the aggregate principal amount of the notes being offered
• January 2029 (date) — the maturity date of the fixed-rate notes
• 4.875% (dollar_amount) — the annual interest rate of the notes

Forward-Looking Statements

• Goldman Sachs's debt-to-equity ratio will slightly increase due to this offering. (Goldman Sachs Group Inc.) — medium confidence, target: Q1 2024 earnings report

FAQ

Key Financial Figures

• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $1,105 B — #x201d;) Maximum settlement amount: $1,105 Buffer level: 90% of the initial underl
• $900 — amount / Additional amount end date: $900 to $930 per $1,000 face amount, which i
• $930 — / Additional amount end date: $900 to $930 per $1,000 face amount, which is less t
• $1,000 M — y Terms and Assumptions Face amount $1,000 Maximum settlement amount $1,105 Buff

Filing Documents

• spxmk169auto_prelim.htm (424B2) — 144KB
• img257197890_0.jpg (GRAPHIC) — 4KB
• img257197890_1.jpg (GRAPHIC) — 55KB
• img257197890_2.jpg (GRAPHIC) — 58KB
• 0001193125-26-119180.txt ( ) — 308KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. GS Finance Corp. $ Buffered Digital S&P 500 Index-Linked Notes due 2027 guaranteed by The Goldman Sachs Group, Inc. 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 March 20, 2026 (the date the initial underlier level was set) to and including the determination date. • If the final underlier level on the determination date is greater than or equal to the buffer level, you will receive the maximum settlement amount. • If the final underlier level is less than the buffer level, the return on your notes will be negative and you will lose approximately 1.1111% of the face amount of your notes for every 1% that the final underlier level has declined below the buffer level. You could lose your entire investment in the notes. Interest: The notes do not bear interest. The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date. You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-5. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $ Cash settlement amount: On the stated maturity date, the company will pay, for each $1,000 face amount of the notes, an amount in cash equal to: • if the final underlier level is greater than or equal to the buffer level: the maximum settlement amount; or • if the final underlier level is less than the buffer level: $1,000 + ($1,000 × the buffer rate × (the underlier return + the buffer amount)) Underlier: the S&P 500 Index (current Bloomberg symbol: “SPX Index”) Maximum settlement amount: $1,105 Buffer level: 90% of the initial underlier level Buffer amount: 10% Buffer rate: the initial underlier level ÷ the buffer level, which quotient equals approximately 111.11% Trade date: March 23, 2026 Original issue date: March 26, 2026 Determination date: April 5, 2027* April 8, 2027* Initial underlier level: 6,506.48, which is the closing level of the underlier on March 20, 2026 and may be higher or lower than 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 Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058YP97 / US40058YP974 * subject to adjustment as described in the accompanying general terms supplement Our estimated value of the notes on trade date / Additional amount / Additional amount end date: $900 to $930 per $1,000 face amount, which is less than the original issue price. The additional amount is $ and the additional amount end date is . See “The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original Issue Price Of Your Notes.” Original issue price Underwriting discount Net proceeds to the issuer 100% of the face amount 1 1% of the face amount 1 99% of the face amount 1 Accounts of certain national banks, acting as purchase agents for such accounts, have agreed with the purchase agents to pay a purchase price of % of the face amount, and as a result of such agreements, the agents with respect to sales to be made to such accounts will not receive any portion of the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLC JPMorgan (Placement Agent) Pricing Supplement No. dated , 2026. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend

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