GS Finance Corp. Files 424B2 Prospectus, Goldman Sachs Guarantees

TL;DR

**GS Finance Corp. is issuing new debt/equity, backed by Goldman Sachs.**

AI Summary

This 424B2 filing, submitted on March 23, 2026, by GS Finance Corp. and The Goldman Sachs Group Inc., is a prospectus related to a securities offering. It updates information for potential investors, indicating that GS Finance Corp. (CIK 0001419828) is offering securities under a registration statement (File No. 333-284538-03) guaranteed by The Goldman Sachs Group Inc. (CIK 0000886982). This matters to investors because it signals that GS Finance Corp. is actively raising capital, potentially to fund operations or new ventures, and The Goldman Sachs Group Inc.'s guarantee adds a layer of security to these new offerings.

Why It Matters

This filing indicates GS Finance Corp. is issuing new securities, backed by Goldman Sachs, which could impact the company's capital structure and future growth prospects.

Risk Assessment

Risk Level: medium — While Goldman Sachs' guarantee reduces risk, the specific terms of the securities and their impact on existing shareholders are not detailed in this summary filing.

Analyst Insight

Investors should review the full prospectus to understand the specific terms, risks, and potential returns of the securities being offered by GS Finance Corp., especially given the guarantee from The Goldman Sachs Group Inc.

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• The Goldman Sachs Group Inc. (company) — Guarantor of the securities offered by GS Finance Corp.
• March 23, 2026 (date) — Filing and acceptance date of the 424B2
• 0001419828 (person|company|dollar_amount) — CIK for GS Finance Corp.
• 0000886982 (person|company|dollar_amount) — CIK for The Goldman Sachs Group Inc.
• 333-284538-03 (person|company|dollar_amount) — File number for GS Finance Corp.'s registration statement
• 333-284538 (person|company|dollar_amount) — File number for The Goldman Sachs Group Inc.'s registration statement

FAQ

Key Financial Figures

• $3,562,000 — ent No. 333-284538 GS Finance Corp. $3,562,000 Autocallable Variable Coupon Equity-L
• $305.73 — ter than or equal to its initial price ($305.73 with respect to the Class C capital sto
• $178.56 — Class C capital stock of Alphabet Inc., $178.56 with respect to the common stock of NVI
• $606.70 — the common stock of NVIDIA Corporation, $606.70 with respect to the Class A common stoc
• $205.27 — rms, Inc. (formerly Facebook, Inc.) and $205.27 with respect to the common stock of Adv
• $6.459 — the applicable payment date a coupon of $6.459 (0.6459% monthly, or the potential for
• $1,000 — approximately 7.75% per annum) for each $1,000 face amount of your notes (the maximum
• $0.209 — the applicable payment date a coupon of $0.209 (0.0209% monthly, or the potential for
• $949 — he trade date is equal to approximately $949 per $1,000 face amount. For a discussio
• $12.5 — n additional amount (initially equal to $12.5 per $1,000 face amount). Prior to Jun

Filing Documents

• gs-20260323.htm (424B2) — 508KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img261782970_0.gif (GRAPHIC) — 5KB
• img261782970_1.jpg (GRAPHIC) — 57KB
• img261782970_2.jpg (GRAPHIC) — 50KB
• img261782970_3.jpg (GRAPHIC) — 51KB
• img261782970_4.jpg (GRAPHIC) — 61KB
• img261782970_5.jpg (GRAPHIC) — 7KB
• 0001193125-26-119872.txt ( ) — 927KB
• 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. $3,562,000 Autocallable Variable Coupon Equity-Linked Notes due 2031 guaranteed by The Goldman Sachs Group, Inc. The notes do not pay a fixed coupon and may pay only the minimum coupon amount on a payment date. The amount that you will be paid on your notes is based on the performances of the Class C capital stock of Alphabet Inc., the common stock of NVIDIA Corporation, the Class A common stock of Meta Platforms, Inc. (formerly Facebook, Inc.) and the common stock of Advanced Micro Devices, Inc. The notes will mature on the stated maturity date (March 26, 2031), unless automatically called on any observation date, commencing in March 2027 to and including February 2031. Your notes will be automatically called if the closing price of each index stock on any such observation date is greater than or equal to its initial price ($305.73 with respect to the Class C capital stock of Alphabet Inc., $178.56 with respect to the common stock of NVIDIA Corporation, $606.70 with respect to the Class A common stock of Meta Platforms, Inc. (formerly Facebook, Inc.) and $205.27 with respect to the common stock of Advanced Micro Devices, Inc. (which in each case is an intra-day price or the closing price of one share of such index stock on the trade date (March 19, 2026))). If your notes are automatically called, you will receive a payment on the next payment date (the fifth business day after the relevant observation date) equal to the face amount of your notes plus a coupon (as described below). Observation dates are the 19th day of each month, commencing in April 2026 and ending in March 2031. If the closing price of each index stock on an observation date is greater than or equal to 70% of its initial price, you will receive on the applicable payment date a coupon of $6.459 (0.6459% monthly, or the potential for up to approximately 7.75% per annum) for each $1,000 face amount of your notes (the maximum coupon amount). If the closing price of any index stock on an observation date is less than 70% of its initial price, you will receive on the applicable payment date a coupon of $0.209 (0.0209% monthly, or the potential for up to approximately 0.25% per annum) for each $1,000 face amount of your notes (the minimum coupon amount). At maturity, for each $1,000 face amount of your notes you will receive $1,000 plus the 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 S- 19 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $949 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: 3.85% of the face amount Net proceeds to the issuer: 96.15% 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 Prospectus Supplement No. 22,933 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 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 after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making transaction. Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is equal to approximately $949 per $1,000 face amount, which is less than the original issue price. The value of your notes at any time will reflect many factors and cann

View Full Filing

View this 424B2 filing on SEC EDGAR