GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. is gearing up to sell more securities, watch for details on what and how much.**

AI Summary

GS Finance Corp. filed a 424B2 prospectus on March 24, 2026, detailing an offering under its parent company, Goldman Sachs Group Inc. This filing is a standard procedure for offering securities, indicating GS Finance Corp. is likely raising capital. For investors, this means potential dilution if new shares are issued, or a new debt instrument that could impact the company's financial leverage and future interest expenses, which could affect the stock's valuation.

Why It Matters

This filing signals GS Finance Corp. is preparing to issue new securities, which could impact the company's capital structure, debt levels, and potentially dilute existing shareholders.

Risk Assessment

Risk Level: medium — The risk is medium because while it's a routine filing, the specifics of the offering (debt vs. equity, amount, terms) are not detailed here and could significantly impact the company's financial health.

Analyst Insight

An investor should monitor subsequent filings (like pricing supplements or final prospectuses) to understand the specific terms, amount, and type of securities being offered by GS Finance Corp., as this will determine the actual impact on the company and its parent, Goldman Sachs Group Inc.

Key Numbers

• 424B2 — Form Type (Indicates a prospectus for a securities offering)
• 333-284538-03 — File No. for GS Finance Corp. (Registration statement under which the securities are offered)
• 333-284538 — File No. for Goldman Sachs Group Inc. (Registration statement under which the securities are offered)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company of GS Finance Corp.
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for Goldman Sachs Group Inc.
• 2026-03-24 (date) — Filing Date

FAQ

Key Financial Figures

• $1,000 — expected to be April 14, 2027) for each $1,000 face amount of your notes equal to at l
• $1,261 — amount of your notes equal to at least $1,261 (set on the trade date). If your note
• $1,522 — (i) the threshold settlement amount of $1,522 for each $1,000 face amount of your not
• $900 — he trade date is expected to be between $900 and $930 per $1,000 face amount. For a
• $930 — date is expected to be between $900 and $930 per $1,000 face amount. For a discussio
• $10,000 — trade date Authorized denominations: $10,000 or any integral multiple of $1,000 in e

Filing Documents

• avgoca15_prelim.htm (424B2) — 451KB
• img52285677_0.jpg (GRAPHIC) — 6KB
• img52285677_1.jpg (GRAPHIC) — 49KB
• img52285677_2.jpg (GRAPHIC) — 6KB
• 0001193125-26-121120.txt ( ) — 538KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus 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 Buffered Equity-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The notes will mature on the stated maturity date (expected to be March 30, 2028) unless they are automatically called on the call observation date (expected to be April 9, 2027). Your notes will be automatically called on the call observation date if the closing price of the common stock of Broadcom Inc. on such date is greater than or equal to the initial index stock price (set on the trade date (expected to be March 27, 2026) and will the closing price of one share of the index stock on the trade date), resulting in a payment on the call payment date (expected to be April 14, 2027) for each $1,000 face amount of your notes equal to at least $1,261 (set on the trade date). If your notes are not automatically called, the amount that you will be paid on your notes on the stated maturity date will be based on the performance of the index stock as measured from the trade date to and including the determination date (expected to be March 27, 2028). If the final index stock price on the determination date is greater than or equal to the initial index stock price, the return on your notes will be positive and you will receive the greater of (i) the threshold settlement amount of $1,522 for each $1,000 face amount of your notes and (ii) the sum of (a) the $1,000 face amount plus (b) the product of (1) $1,000 times (2) the index stock return. The index stock return is the percentage increase or decrease in the final index stock price from the initial index stock price. If the final index stock price declines by up to 25% from the initial index stock price, you will receive the face amount of your notes. If the final index stock price declines by more than 25% from the initial index stock price, the return on your notes will be negative and you will lose approximately 1.3333% of the face amount of your notes for every 1% that the final index stock price has declined below 75% of the initial index stock price. See page S- 3 . You could lose your entire investment in the notes. If your notes are not automatically called on the call observation date, we will determine your payment at maturity by calculating the index stock return, which is the percentage increase or decrease in the final index stock price from the initial index stock price. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: • if the index stock return is positive or zero (the final index stock price is greater than or equal to the initial index stock price), the greater of (i) the threshold settlement amount and (ii) the sum of (a) $1,000 plus (b) the product of (1) $1,000 times (2) the index stock return; • if the index stock return is negative but not below -25% (the final index stock price is less than the initial index stock price, but not by more than 25%), $1,000; or • if the index stock return is negative and is below -25% (the final index stock price is less than the initial index stock price by more than 25%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the buffer rate of approximately 133.33% (see page S- 3 ) times (c) the sum of the index stock return plus 25%. You will receive less than the face amount of your notes. 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- 18 . The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $900 and $930 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: expected to be April 1, 2026 Original issue price: 100% of the face amount 1 Underwriting discount: % of the face amount 1, 2 Net proceeds to the issuer: % of the face amount 1 Accounts of certain national banks, acting as purchase agents for such accounts, have agreed with the purchase agents to pay a purchase price of % of the face amount, and as a result of such agreements, the agents with respect to sales to be made to such accounts will not receive any portion of the underwriting discount. 2 This includes a selling concession of up to 1.5%. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved

View Full Filing

View this 424B2 filing on SEC EDGAR