GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. is issuing new securities; watch for details on type and terms.**

AI Summary

This 424B2 filing, submitted on March 24, 2026, by GS Finance Corp. and its parent company, Goldman Sachs Group Inc., is a prospectus related to a previously filed registration statement (File No. 333-284538). It indicates that GS Finance Corp. is offering securities, likely debt or equity, under this filing. For investors, this means GS Finance Corp. is raising capital, which could impact its financial leverage or provide funds for new initiatives, potentially affecting future earnings and stock valuation.

Why It Matters

This filing signals that GS Finance Corp. is actively raising capital, which could dilute existing shareholders if equity is issued, or increase debt obligations if bonds are offered, impacting the company's financial structure.

Risk Assessment

Risk Level: medium — The risk level is medium because while a prospectus indicates a capital raise, the specific terms (e.g., debt vs. equity, interest rates, dilution) are not detailed in this summary, making the exact impact on investors uncertain.

Analyst Insight

An investor should monitor subsequent filings or press releases for specific details on the type, amount, and terms of the securities being offered by GS Finance Corp. to assess potential impact on their investment.

Key Numbers

• 0001419828 — CIK for GS Finance Corp. (Unique identifier for GS Finance Corp. in SEC filings)
• 0000886982 — CIK for Goldman Sachs Group Inc. (Unique identifier for Goldman Sachs Group Inc. in SEC filings)
• 0001193125-26-121135 — SEC Accession No. (Unique identifier for this specific filing)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company and co-filer
• 2026-03-24 (date) — Filing and acceptance date of the 424B2
• 333-284538 (dollar_amount) — File number for the underlying registration statement

Forward-Looking Statements

• GS Finance Corp. will issue new securities to raise capital. (GS Finance Corp.) — high confidence, target: 2026-03-24

FAQ

Key Financial Figures

• $1,000 — at case, the company will pay, for each $1,000 of the outstanding face amount, an amou
• $1,113.5 — the call payment date equal to at least $1,113.5. Cash settlement amount: subject to
• $900 — amount / Additional amount end date: $900 to $930 per $1,000 face amount, which i
• $930 — / Additional amount end date: $900 to $930 per $1,000 face amount, which is less t
• $1,113.50 — 35% of the face amount of your notes or $1,113.50 for each $1,000 of the face amount of y

Filing Documents

• spxc0540_auto_prelim.htm (424B2) — 162KB
• img159646631_0.jpg (GRAPHIC) — 4KB
• img159646631_1.jpg (GRAPHIC) — 60KB
• img159646631_2.jpg (GRAPHIC) — 58KB
• 0001193125-26-121135.txt ( ) — 333KB

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 at least $1,113.5. 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 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 buffer level: $1,000 + ($1,000 × the buffer rate × (the underlier return + the buffer amount)) Underlier: the S&P 500 Index (current Bloomberg symbol: “SPX Index”) Upside participation rate: 200% Buffer level: 90% of the initial underlier level Buffer amount: 10% Buffer rate: the initial underlier level ÷ the buffer level, which quotient equals approximately 111.11% Initial underlier level: set on the trade date and will be 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: 40058YQ96 / US40058YQ964 * 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: $900 to $930 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 1 1.5% of the face amount 1 98.5% 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. 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 JPMorgan (Placement Agent) Pricing Supplement No. dated , 2026. Key Terms (continued) Trade date: March 27, 2026 Original issue date: April 1, 2026 Determination date: March 27, 2028* March 30, 2028* Call observation date: April 9, 2027* Call payment date: April 14, 2027* * 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 ini

View Full Filing

View this 424B2 filing on SEC EDGAR