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

TL;DR

**GS Finance Corp. is gearing up to sell new securities, likely impacting Goldman Sachs's funding.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026. This filing is a standard procedure for offering securities, indicating that GS Finance Corp. is preparing to issue new financial products under its existing shelf registration (File No. 333-284538-03). For investors, this means potential new investment opportunities from GS Finance Corp. and could impact the company's capital structure or funding costs, which in turn affects the profitability and valuation of its parent, Goldman Sachs Group Inc.

Why It Matters

This filing signals that GS Finance Corp. is preparing to raise capital, which could affect its financial leverage and the availability of new investment products for investors.

Risk Assessment

Risk Level: low — A 424B2 filing is a routine prospectus supplement for an existing shelf registration, indicating a planned offering rather than an immediate, high-risk event.

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. or Goldman Sachs Group Inc. for details on the specific terms (e.g., interest rates, maturity dates, use of proceeds) of the securities being offered, as this could present new investment opportunities or impact the parent company's financial health.

Key Numbers

• 333-284538-03 — GS Finance Corp. File No. (Identifies the specific registration statement under which the securities will be offered.)
• 2026-03-24 — Filing Date (The date the 424B2 prospectus was filed with the SEC.)

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 of GS Finance Corp.
• 0000886982 (person) — CIK of Goldman Sachs Group Inc.
• 2026-03-24 (date) — Filing date of the 424B2 prospectus
• 333-284538-03 (person) — File number for GS Finance Corp.'s registration statement

Forward-Looking Statements

• GS Finance Corp. will issue new debt or equity securities. (GS Finance Corp.) — high confidence, target: Within 3-6 months of filing date

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

• spxfe252_auto_prelim.htm (424B2) — 191KB
• img402611_0.jpg (GRAPHIC) — 4KB
• img402611_1.jpg (GRAPHIC) — 59KB
• img402611_2.jpg (GRAPHIC) — 53KB
• 0001193125-26-121136.txt ( ) — 353KB

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 S&P 500 Futures Excess Return 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-6. 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 S&P 500 Futures Excess Return Index (current Bloomberg symbol: “SPXFP Index”) The underlier tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500 Index. Generally, the return on an investment in a futures contract is correlated with, but not the same as, the return on buying and holding the securities underlying such contract. Upside participation rate: 213.5% 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: 40058YQN5 / US40058YQN57 * 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

View Full Filing

View this 424B2 filing on SEC EDGAR