GS Finance Corp. Files 424B2 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. (CIK: 0001419828) and its parent, Goldman Sachs Group Inc. (CIK: 0000886982), is a prospectus related to a securities offering. While the specific terms of the offering aren't detailed in this summary, it indicates that GS Finance Corp. is actively raising capital or issuing new securities. For investors, this matters because new offerings can dilute existing shares, impact the company's debt levels, or signal strategic financial moves, potentially affecting the stock's future value.

Why It Matters

This filing signals that GS Finance Corp., backed by Goldman Sachs, is preparing to issue new securities, which could affect the company's capital structure and potentially dilute existing shareholders or increase its financial leverage.

Risk Assessment

Risk Level: medium — The risk level is medium because while a prospectus itself isn't inherently risky, the underlying offering could introduce dilution or alter the company's financial risk profile depending on its terms.

Analyst Insight

A smart investor would monitor subsequent filings (like pricing supplements or final prospectuses) to understand the specific terms of the offering, including the type and amount of securities, and assess its potential impact on existing shares or the company's financial health.

Key Numbers

• 424B2 — Form Type (Indicates a prospectus for a securities offering)
• 0001193125-26-119895 — SEC Accession No. (Unique identifier for this specific filing)
• 333-284538 — File No. (Registration statement number for Goldman Sachs Group Inc.)
• 333-284538-03 — File No. (Registration statement number for GS Finance Corp.)

Key Players & Entities

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

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms (e.g., amount, type, price) of its securities offering. (GS Finance Corp.) — high confidence, target: 2026-04-23

FAQ

Key Financial Figures

• $1,000 — at case, the company will pay, for each $1,000 of the outstanding face amount, an amou
• $1,103.2 — the call payment date equal to between $1,103.2 and $1,121.1. Cash settlement amount:
• $1,121.1 — ment date equal to between $1,103.2 and $1,121.1. Cash settlement amount: subject to
• $945 — amount / Additional amount end date: $945 to $975 per $1,000 face amount, which i
• $975 — / Additional amount end date: $945 to $975 per $1,000 face amount, which is less t
• $1,103.20 — 32% of the face amount of your notes or $1,103.20 for each $1,000 of the face amount of y

Filing Documents

• spxc0539prelim.htm (424B2) — 159KB
• img240069632_0.jpg (GRAPHIC) — 4KB
• img240069632_1.gif (GRAPHIC) — 23KB
• img240069632_2.jpg (GRAPHIC) — 58KB
• 0001193125-26-119895.txt ( ) — 278KB

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 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 at maturity, if they have not been automatically called, is based on the performance of the underlier. You could lose your entire investment in the notes. Automatic Call: The notes will be automatically called on the call payment date if the closing level of the underlier is greater than or equal to the initial underlier level on the call observation date. Interest: The notes do not bear interest. 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: $ 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 the 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 call payment date equal to between $1,103.2 and $1,121.1. Cash settlement amount: • if the final underlier level is greater than the initial underlier level: $1,000 + ($1,000 × the upside participation rate × the underlier return); • if the final underlier level is greater than or equal to the trigger buffer level but the final underlier level is equal to or less than the initial underlier 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 S&P 500 Index (current Bloomberg symbol: “SPX Index”) Upside participation rate: 150% Trigger buffer level: 70% 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: 40058YPR7 / US40058YPR70 * 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: $945 to $975 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 % 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 Pricing Supplement No. dated , 2026. Key Terms (continued) Trade date: Original issue date: expected to be the third scheduled business day following the trade date Determination date: a specified date expected to be approximately 24 months following the trade date* a specified date expected to be the second scheduled business day following the determination date* Call observation date: a specified date expected to be between 12 and 14 months following the trade date* Call payment date: a specified date expected to be the second scheduled business day following the call observation date* * subject to adjustment as described in the accompanying general terms supplement PS- 2 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 p

View Full Filing

View this 424B2 filing on SEC EDGAR