GS Finance Corp. Files Prospectus for New Securities Offering

TL;DR

**GS Finance Corp. is issuing new securities; watch for offering details.**

AI Summary

This 424B2 filing, submitted on March 23, 2026, by GS Finance Corp. and Goldman Sachs Group Inc., is a prospectus related to an offering under File No. 333-284538. It indicates that GS Finance Corp. (CIK: 0001419828) is offering securities, with Goldman Sachs Group Inc. (CIK: 0000886982) acting as a co-filer. This matters to investors because it signals that GS Finance Corp. is raising capital, which could impact its financial structure and future growth prospects, potentially diluting existing shareholders or increasing debt obligations depending on the nature of the securities offered.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect its financial health and the value of existing shares depending on the terms of the offering.

Risk Assessment

Risk Level: medium — The filing itself is administrative, but the underlying offering could introduce financial risks or opportunities depending on the terms of the securities.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) to understand the specific terms, type, and quantity of securities being offered by GS Finance Corp. to assess potential impact on their investment.

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Co-filer of the 424B2 prospectus
• 2026-03-23 (date) — Filing Date
• 333-284538 (string) — File Number for the offering
• 0001419828 (string) — CIK for GS Finance Corp.
• 0000886982 (string) — CIK for Goldman Sachs Group Inc.

FAQ

Key Financial Figures

• $1,775,000 — ent No. 333-284538 GS Finance Corp. $1,775,000 Autocallable Equity-Linked Notes due
• $27.40 — ual to the initial index stock price of $27.40 (which is an intra-day price or the clo
• $1,000 — payment date (March 24, 2027) for each $1,000 face amount of your notes equal to $1,3
• $1,320 — ,000 face amount of your notes equal to $1,320. If your notes are not automatically
• $944 — he trade date is equal to approximately $944 per $1,000 face amount. For a discussio
• $28 — n additional amount (initially equal to $28 per $1,000 face amount). Prior to Jun
• $27 — tock price Initial index stock price: $27.40, which is an intra-day price or the

Filing Documents

• gs-20260323.htm (424B2) — 448KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img261782970_0.jpg (GRAPHIC) — 6KB
• img261782970_1.jpg (GRAPHIC) — 59KB
• img261782970_2.jpg (GRAPHIC) — 6KB
• 0001193125-26-119771.txt ( ) — 647KB
• gs_exfilingfees_htm.xml (XML) — 3KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 GS Finance Corp. $1,775,000 Autocallable Equity-Linked Notes due 2029 guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The notes will mature on the stated maturity date (March 22, 2029) unless they are automatically called on the call observation date (March 19, 2027). Your notes will be automatically called on the call observation date if the closing price of the Class A common stock of Toast, Inc. on such date is greater than or equal to the initial index stock price of $27.40 (which is an intra-day price or the closing price of the index stock on the trade date (March 19, 2026)), resulting in a payment on the call payment date (March 24, 2027) for each $1,000 face amount of your notes equal to $1,320. If your notes are not automatically called, the amount that you will be paid on your notes on the stated maturity date will be based on the performance of the index stock as measured from the trade date to and including the determination date (March 19, 2029). If the final index stock price on the determination date is greater than or equal to the initial index stock price, the return on your notes will be positive or zero and will equal 1.25 times the index stock return. If the final index stock price declines by up to 40% from the initial index stock price, the return on your notes will be the absolute value of the index stock return (e.g., if the index stock return is -10%, the return on your notes will be +10%). If the final index stock price declines by more than 40% from the initial index stock price, the return on your notes will be negative. For example, if the index stock return is -40%, you will receive a positive return of 40% on your notes; however, if the index stock return is -41%, you will lose 41% of the value of your notes (a very significant negative change in the return on your notes based on a small negative change in the index stock return). You could lose your entire investment in the notes. If your notes are not automatically called on the call observation date, we will determine your payment at maturity by calculating the index stock return, which is the percentage increase or decrease in the final index stock price from the initial index stock price. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: • if the index stock return is positive or zero (the final index stock price is greater than or equal to the initial index stock price), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.25 times (c) the index stock return; • if the index stock return is negative but not below -40% (the final index stock price is less than the initial index stock price, but not by more than 40%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the absolute value of the index stock return; or • if the index stock return is negative and is below -40% (the final index stock price is less than the initial index stock price by more than 40%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the index stock return. You will receive less than 60% of the face amount of your notes. 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 S- 17 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $944 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: March 24, 2026 Original issue price: 100% of the face amount Underwriting discount: 2% of the face amount* Net proceeds to the issuer: 98% of the face amount *In addition to the 2%, the underwriting discount paid by us also includes a structuring fee of up to 0.8% of the face amount. See “Supplemental Plan of Distribution” on page S-34. 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 Prospectus Supplement No. 23,145 dated March 19, 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 prospectus supplement, at issue prices and with underwriting discounts and net proceeds t

View Full Filing

View this 424B2 filing on SEC EDGAR