GS Finance Corp. & Goldman Sachs Offer New Securities

TL;DR

**Goldman Sachs is issuing new securities, likely to raise capital.**

AI Summary

This 424B2 filing from March 24, 2026, indicates that GS Finance Corp. (CIK: 0001419828) and its parent, Goldman Sachs Group Inc. (CIK: 0000886982), are offering new securities under a previously filed registration statement (File No. 333-284538). This matters to investors because it signals that Goldman Sachs is likely raising capital, which could be used for various corporate purposes like funding operations, investments, or debt repayment, potentially impacting future earnings and stock valuation.

Why It Matters

This filing signals Goldman Sachs is raising capital, which could fund growth initiatives or strengthen its balance sheet, potentially affecting its stock price and future profitability.

Risk Assessment

Risk Level: medium — The filing itself is administrative, but the underlying offering of new securities could dilute existing shareholders or increase debt, posing a medium risk.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) to understand the specific terms, amount, and type of securities being offered, as this will clarify the potential impact on dilution or debt levels.

Key Numbers

• 0001419828 — GS Finance Corp. CIK (Unique identifier for GS Finance Corp.)
• 0000886982 — Goldman Sachs Group Inc. CIK (Unique identifier for Goldman Sachs Group Inc.)
• 333-284538 — Registration Statement File No. (The primary registration statement for the securities offering)

Key Players & Entities

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

Forward-Looking Statements

• Goldman Sachs will use the capital raised to fund new investments or strengthen its balance sheet. (Goldman Sachs Group Inc.) — medium confidence, target: 2026-12-31

FAQ

Key Financial Figures

• $1,000 — at case, the company will pay, for each $1,000 of the outstanding face amount, an amou
• $1,100 — cash on the call payment date equal to $1,100. Cash settlement amount: subject to
• $925 — amount / Additional amount end date: $925 to $955 per $1,000 face amount, which i
• $955 — / Additional amount end date: $925 to $955 per $1,000 face amount, which is less t
• $1,100.00 — 10% of the face amount of your notes or $1,100.00 for each $1,000 of the face amount of y

Filing Documents

• spxen050_prelim.htm (424B2) — 161KB
• img9202597_0.jpg (GRAPHIC) — 4KB
• img9202597_1.gif (GRAPHIC) — 22KB
• img9202597_2.jpg (GRAPHIC) — 26KB
• 0001193125-26-121180.txt ( ) — 236KB

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 2029 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 $1,100. 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: 125% Trigger buffer level: 65% 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: 40058YPY2 / US40058YPY22 * 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: $925 to $955 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. Key Terms (continued) Trade date: April 1, 2026 Original issue date: April 6, 2026 Determination date: April 2, 2029* April 5, 2029* Call observation date: April 1, 2027* Call payment date: April 6, 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 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 amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay for such note

View Full Filing

View this 424B2 filing on SEC EDGAR