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

TL;DR

**GS Finance Corp. just filed a prospectus, likely gearing up to sell more securities.**

AI Summary

This 424B2 filing, submitted on March 23, 2026, by GS Finance Corp. (CIK 0001419828) and The Goldman Sachs Group, Inc. (CIK 0000886982), is a prospectus related to a securities offering under File No. 333-284538. This matters to investors because it signals that GS Finance Corp. is likely raising capital, which could impact its financial structure and future growth prospects, potentially diluting existing shareholders or increasing debt.

Why It Matters

This filing indicates GS Finance Corp. is preparing to issue new securities, which could affect the company's capital structure and the value of existing shares.

Risk Assessment

Risk Level: medium — The filing of a prospectus indicates a potential offering, which can introduce market volatility or dilution risks for current shareholders.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) to understand the specific terms of the new securities offering, including the type of securities, amount, and potential impact on existing shares.

Key Numbers

• 2026-03-23 — Filing Date (Date the 424B2 prospectus was filed by GS Finance Corp.)
• 333-284538 — File No. (Registration statement number under which the securities are being offered.)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• The Goldman Sachs Group, Inc. (company) — Related Filer, parent company
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for The Goldman Sachs Group, Inc.
• 2026-03-23 (dollar_amount) — Filing Date
• 333-284538 (dollar_amount) — File Number for the offering

FAQ

Key Financial Figures

• $1,000 — hen due, the company will pay, for each $1,000 face amount of the notes, an amount in
• $925 — amount / Additional amount end date: $925 to $955 per $1,000 face amount, which i
• $955 — / Additional amount end date: $925 to $955 per $1,000 face amount, which is less t
• $22.792 — n or equal to the coupon trigger level: $22.792 (2.2792% monthly, or the potential for
• $0 — is less than the coupon trigger level: $0 Automatic call feature: The notes w
• $0.000 — 1 60.000% $22.792 2 40.000% $0.000 3 60.000% $22.792 4 30.000%
• $68.376 — $0.000 Total Hypothetical Coupons $68.376 In Scenario 1, the hypothetical closi

Filing Documents

• muca0015prelim.htm (424B2) — 235KB
• img127806135_0.jpg (GRAPHIC) — 4KB
• img127806135_1.jpg (GRAPHIC) — 51KB
• 0001193125-26-119874.txt ( ) — 313KB

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 Equity-Linked Notes due 2027 guaranteed by The Goldman Sachs Group, Inc. Payment at Maturity: The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to the final coupon, if any, is based on the performance of the underlier. You could lose your entire investment in the notes. Coupon Payments: The notes will pay a contingent monthly coupon on a coupon payment date if the closing level of the underlier is greater than or equal to the coupon trigger level on the related coupon observation date. Automatic Call: The notes will be automatically called on a call payment date if the closing level of the underlier is greater than or equal to the initial underlier level on the related call observation date. 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-8. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $ Cash settlement amount: • if the final underlier level is greater than or equal to the trigger buffer level: $1,000; or • if the final underlier level is less than the trigger buffer level: $1,000 + ($1,000 × the underlier return) Underlier: the common stock of Micron Technology, Inc. (current Bloomberg ticker: “MU UW”) Coupon trigger level: 50% of the initial underlier level Trigger buffer level: 50% of the initial underlier level Initial underlier level: set on the trade date and will be 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: 40058YPC0 / US40058YPC02 * 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: $925 to $955 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 % of the face amount 1 % of the face amount 1 See Supplemental Plan of Distribution; Conflicts of Interest for additional information regarding the fees comprising 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 Pricing Supplement No. dated , 2026. Key Terms (continued) Coupon: • if the closing level of the underlier on the related coupon observation date is greater than or equal to the coupon trigger level: $22.792 (2.2792% monthly, or the potential for up to approximately 27.35% per annum); or • if the closing level of the underlier on the related coupon observation date is less than the coupon trigger level: $0 Automatic call feature: The notes will be automatically called if the closing level of the underlier is greater than or equal to the initial underlier level on any call observation date. In that case, the company will pay, for each $1,000 of the outstanding face amount, an amount in cash on the following call payment date equal to $1,000 (along with the coupon then due). Trade date: March 24, 2026 Original issue date: March 27, 2026 Determination date: the last coupon observation date, September 24, 2027* September 29, 2027* Call observation dates: each coupon observation date commencing on September 24, 2026 and ending on August 24, 2027 Call payment dates: the coupon

View Full Filing

View this 424B2 filing on SEC EDGAR