GS Finance Corp. Files 424B2 Prospectus for New Securities Offering

TL;DR

**GS Finance Corp. just filed a prospectus for a new securities offering, likely raising capital.**

AI Summary

GS Finance Corp. filed a 424B2 prospectus on March 23, 2026, which is a final prospectus for a securities offering. This filing indicates that GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., is offering new securities to the public. For investors, this means the company is raising capital, which could be used for various corporate purposes, potentially impacting future growth or debt levels, and could dilute existing shareholder value if the securities are equity-linked.

Why It Matters

This filing signals that GS Finance Corp. is actively raising capital, which could affect its financial structure and future performance, potentially impacting the value of its parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The risk is medium because while raising capital can be positive, the specifics of the offering (e.g., type of security, use of proceeds) are not detailed in this summary, which could lead to dilution or increased debt.

Analyst Insight

An investor should investigate the full 424B2 prospectus document (wonrs642_prelim.htm) to understand the specific terms of the securities being offered, including the type of security, offering size, and intended use of proceeds, to assess potential impact on GS Finance Corp. and Goldman Sachs Group Inc. stock.

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company of GS Finance Corp.
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for Goldman Sachs Group Inc.
• 2026-03-23 (dollar_amount) — Filing Date

FAQ

Key Financial Figures

• $35.25 — the applicable payment date a coupon of $35.25 (3.525% quarterly, or the potential for
• $1,000 — ial for up to 14.1% per annum) for each $1,000 face amount of your notes. A quarterly
• $925 — he trade date is expected to be between $925 and $955 per $1,000 face amount. For a
• $955 — date is expected to be between $925 and $955 per $1,000 face amount. For a discussio
• $0 — is less than its coupon trigger level, $0 PS- 3 The coupon paid on any coupon

Filing Documents

• wonrs642_prelim.htm (424B2) — 365KB
• img112295695_0.jpg (GRAPHIC) — 6KB
• img112295695_1.jpg (GRAPHIC) — 84KB
• img112295695_2.jpg (GRAPHIC) — 87KB
• img112295695_3.jpg (GRAPHIC) — 79KB
• img112295695_4.jpg (GRAPHIC) — 7KB
• 0001193125-26-119762.txt ( ) — 730KB

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. $ Autocallable Contingent Coupon Index-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not pay a fixed coupon and may pay no coupon on a payment date. The amount that you will be paid on your notes is based on the performances of the Russell 2000 Index, the S&P 500 Index and the Nasdaq-100 Index . The notes will mature on the stated maturity date (expected to be March 23, 2029), unless automatically called on any observation end date commencing in June 2026 to and including December 2028. Your notes will be automatically called if the closing level of each index on any such observation end date is greater than or equal to its initial index level set on March 20, 2026 (2,438.451 with respect to the Russell 2000 Index, 6,506.48 with respect to the S&P 500 Index and 23,898.15 with respect to the Nasdaq-100 Index (which in each case is the closing level of such index on March 20, 2026 and may be higher or lower than the closing level of such index on the trade date (March 23, 2026)). If your notes are automatically called, you will receive a payment on the next payment date (expected to be the third business day after the relevant observation end date) equal to the face amount of your notes plus any coupon then due (as described below). Unless previously automatically called , if the closing level of each index is greater than or equal to 70% of its initial level on every trading day during the related quarterly observation period, you will receive on the applicable payment date a coupon of $35.25 (3.525% quarterly, or the potential for up to 14.1% per annum) for each $1,000 face amount of your notes. A quarterly observation period is, with respect to a payment date, the period from but excluding the second preceding observation end date (or the trade date, in the case of the first quarterly observation period) to and including the immediately preceding observation end date. Observation end dates are expected to be the 20th day of each March, June, September and December, commencing in June 2026 and ending in March 2029. If the closing level of any index on any trading day during the related quarterly observation period is less than 70% of its initial level, you will not receive a coupon on the applicable payment date. The amount that you will be paid on your notes at maturity, if the notes have not been automatically called, in addition to the final coupon, if any, is based on the performance of the lesser performing index (the index with the lowest index return). The index return for each index is the percentage increase or decrease in the final level of such index on the determination date (the final observation end date, expected to be March 20, 2029) from its initial level. At maturity, for each $1,000 face amount of your notes you will receive, in addition to any coupon payment then due, an amount in cash equal to: • if the index return of each index is greater than or equal to -40% (the final level of each index is greater than or equal to 60% of its initial level), $1,000; or • if the index return of any index is less than -40% (the final level of any index is less than 60% of its initial level), the sum of (i) $1,000 plus (ii) the product of (a) the lesser performing index return times (b) $1,000. You will receive less than 60% of the face amount of your notes and you will not receive a final coupon. 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- 13 . The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $925 and $955 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page. Original issue date: expected to be March 26, 2026 Original issue price: 100% of the face amount Underwriting discount: % of the face amount Net proceeds to the issuer: % of the face amount 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. LL

View Full Filing

View this 424B2 filing on SEC EDGAR