GS Finance Corp. Files 424B2 for New Securities Offering

TL;DR

**GS Finance Corp. is gearing up for a new securities offering, watch for details on what they're selling.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 23, 2026, for a new securities offering under File No. 333-284538-03. This filing indicates that GS Finance Corp. is preparing to issue new securities, likely debt or structured products, to raise capital. For investors, this matters because new offerings can dilute existing equity or increase the company's debt load, potentially impacting future earnings and stock valuation, especially for the parent company, Goldman Sachs Group Inc.

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which could affect the financial structure and future performance of both GS Finance Corp. and its parent, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The risk is medium because while a new offering can provide capital, the specific terms and use of proceeds are not yet detailed, which could introduce unforeseen risks or benefits.

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. or Goldman Sachs Group Inc. for details on the type, size, and terms of the securities being offered, as this will clarify the potential impact on the parent company's financials.

Key Numbers

• 2026-03-23 — Filing Date (Date the 424B2 prospectus was filed by GS Finance Corp.)
• 333-284538-03 — File Number (Unique identifier for GS Finance Corp.'s securities offering)

Key Players & Entities

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

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms of its new securities offering within the next 3-6 months. (GS Finance Corp.) — medium confidence, target: 2026-09-23

FAQ

Key Financial Figures

• $2,097,000 — ent No. 333-284538 GS Finance Corp. $2,097,000 Leveraged Buffered S&P 500 Index-Link
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $1,206 — #x201d;) Maximum settlement amount: $1,206 Upside participation rate: 125% B
• $972 — amount / Additional amount end date: $972 per $1,000 face amount, which is less t
• $23 — l issue price. The additional amount is $23 and the additional amount end date is J
• $1,206 B — te 125% Maximum settlement amount $1,206 Buffer level 85% of the initial underli

Filing Documents

• gs-20260323.htm (424B2) — 154KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img261782970_0.jpg (GRAPHIC) — 4KB
• img261782970_1.jpg (GRAPHIC) — 62KB
• img261782970_2.jpg (GRAPHIC) — 58KB
• 0001193125-26-119847.txt ( ) — 425KB
• 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. $2,097,000 Leveraged Buffered S&P 500 Index-Linked Notes due 2028 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 the trade date to and including the determination date. • If the final underlier level on the determination date is greater than the initial underlier level, the return on your notes will be positive and will equal the upside participation rate times the underlier return, subject to the maximum settlement amount. • If the final underlier level is equal to or less than the initial underlier level, but not by more than the buffer amount, you will receive the face amount of your notes. • If the final underlier level is less than the initial underlier level by more than the buffer amount, the return on your notes will be negative and you will lose 1% of the face amount of your notes for every 1% that the final underlier level has declined below the buffer level. You could lose a significant portion of the face amount of your notes. Interest: The notes do not bear interest. 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: $2,097,000 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 the initial underlier level: $1,000 + ($1,000 × the upside participation rate × the underlier return), subject to the maximum settlement amount; • if the final underlier level is equal to or less than the initial underlier level, but greater than or equal to the buffer level: $1,000; 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: $1,206 Upside participation rate: 125% Buffer level: 85% of the initial underlier level Buffer amount: 15% Buffer rate: 100% Trade date: March 19, 2026 Original issue date: March 24, 2026 Determination date: March 20, 2028* March 23, 2028* Initial underlier level: 6,606.49, which is 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* Underlier return: (the final underlier level - the initial underlier level) ÷ the initial underlier level Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058YAS1 / US40058YAS19 * 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: $972 per $1,000 face amount, which is less than the original issue price. The additional amount is $23 and the additional amount end date is June 18, 2026. 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 1.75% of the face amount 98.25% 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. LLC Citigroup Global Markets Inc. Pricing Supplement No. 22,938 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 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 in part on the issue price you pay for such notes. GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note afte

View Full Filing

View this 424B2 filing on SEC EDGAR