GS Finance Corp. & Goldman Sachs File Prospectus for New Securities

TL;DR

**Goldman Sachs is prepping a new securities offering, watch for details.**

AI Summary

GS Finance Corp. and its parent, The Goldman Sachs Group, Inc., filed a 424B2 prospectus on March 24, 2026, for an offering under File No. 333-284538. This filing indicates they are preparing to offer new securities, likely debt or equity, to raise capital. For investors, this means potential dilution if equity is offered, or increased debt obligations, which could impact the stock's valuation and future earnings.

Why It Matters

This filing signals that GS Finance Corp. and Goldman Sachs are preparing to raise capital, which could impact existing shareholders through dilution or increased leverage.

Risk Assessment

Risk Level: medium — The filing itself is procedural, but the underlying offering could introduce market risk depending on the type and size of securities issued.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) to understand the specific terms of the securities being offered, such as type (debt or equity), amount, and pricing, to assess potential impact on their investment.

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• The Goldman Sachs Group, Inc. (company) — Parent company and co-filer of the 424B2 prospectus
• March 24, 2026 (date) — Filing date of the 424B2 prospectus
• 333-284538 (dollar_amount) — File number for the registration statement

FAQ

Key Financial Figures

• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $885 — amount / Additional amount end date: $885 to $925 per $1,000 face amount, which i
• $925 — / Additional amount end date: $885 to $925 per $1,000 face amount, which is less t

Filing Documents

• sx5ee992_auto_prelim.htm (424B2) — 150KB
• img116929760_0.jpg (GRAPHIC) — 4KB
• img116929760_1.jpg (GRAPHIC) — 58KB
• img116929760_2.jpg (GRAPHIC) — 57KB
• 0001193125-26-121100.txt ( ) — 316KB

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. $ Leveraged EURO STOXX 50 Index-Linked Notes due 2032 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. • If the final underlier level is equal to or less than the initial underlier level, but not by more than the trigger 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 trigger 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 initial underlier level. You could lose your entire investment in the notes. 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-5. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $ 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); • if the final underlier level is equal to or less than the initial underlier level, but 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 EURO STOXX 50 Index (current Bloomberg symbol: “SX5E Index”) Upside participation rate: 179% Trigger buffer level: 70% of the initial underlier level Trigger buffer amount: 30% Trade date: April 1, 2026 Original issue date: April 6, 2026 Determination date: April 1, 2032* April 6, 2032* 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: 40058YQP0 / US40058YQP06 * 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: $885 to $925 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 In addition to the %, the underwriting discount paid by us also includes a structuring fee of up to % of the face amount. See Supplemental Plan of Distribution; Conflicts of Interest. 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. 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 am

View Full Filing

View this 424B2 filing on SEC EDGAR