GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. just filed a prospectus, likely for a new securities offering.**

AI Summary

This 424B2 filing, submitted on March 24, 2026, by GS Finance Corp. (CIK 0001419828), is a prospectus related to a securities offering. It indicates that GS Finance Corp., a subsidiary of Goldman Sachs Group Inc. (CIK 0000886982), is offering securities under registration statement 333-284538-03. This matters to investors because it signals that GS Finance Corp. is raising capital, which could impact its financial structure and future operations, potentially diluting existing shareholders or increasing debt obligations depending on the nature of the securities offered.

Why It Matters

This filing signals GS Finance Corp. is actively raising capital, which could affect its financial health and the value of its parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The risk level is medium because a new securities offering can introduce dilution for existing shareholders or increase debt, depending on the type of securities.

Analyst Insight

Investors should investigate the specific terms of the securities being offered in this prospectus to understand potential impacts on GS Finance Corp.'s capital structure and the value of Goldman Sachs Group Inc. stock.

Key Numbers

• 2026-03-24 — Filing Date (Date the 424B2 prospectus was filed by GS Finance Corp.)
• 0001419828 — GS Finance Corp. CIK (Unique identifier for GS Finance Corp. as the filer)
• 0000886982 — Goldman Sachs Group Inc. CIK (Unique identifier for the parent company)
• 333-284538-03 — File No. (Registration statement number under which the securities are offered by GS Finance Corp.)

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 of the 424B2
• 333-284538-03 (person) — File number for GS Finance Corp.'s registration statement

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
• $1,191 — amount of your notes equal to at least $1,191 (set on the trade date). If your note
• $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

• bskca286_prelim.htm (424B2) — 549KB
• img127091604_0.jpg (GRAPHIC) — 26KB
• img127091604_1.jpg (GRAPHIC) — 57KB
• img127091604_2.jpg (GRAPHIC) — 55KB
• img127091604_3.jpg (GRAPHIC) — 51KB
• img127091604_4.jpg (GRAPHIC) — 54KB
• img127091604_5.jpg (GRAPHIC) — 55KB
• img127091604_6.jpg (GRAPHIC) — 7KB
• 0001193125-26-121242.txt ( ) — 970KB

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 Basket-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The amount that you will be paid on your notes is based on the performance of an equally weighted basket comprised of the common stock of Bank of America Corporation, the common stock of Capital One Financial Corporation, the common stock of Morgan Stanley and the common stock of Wells Fargo & Company (the basket stocks). Each basket stock has an initial weighting of 25% and an initial weighted value of 25. 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). The initial basket level is 100 and the closing level of the basket on the call observation date and on the determination date (expected to be March 27, 2028), as applicable, will equal the sum of the products , as calculated for each basket stock, of: (i) its closing price on the call observation date or determination date, as applicable, divided by its initial basket stock price (set on the trade date, expected to be March 27, 2026) multiplied by (ii) its initial weighted value. Your notes will be automatically called on the call observation date if the closing level of the basket on such date is greater than or equal to the initial basket level, 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 $1,191 (set on the trade date). If your notes are not automatically called on the call observation date, we will determine your payment at maturity by calculating the basket return, which is the percentage increase or decrease in the closing level of the basket on the determination date (the final basket level) from the initial basket level. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: • if the basket return is positive (the final basket level is greater than the initial basket level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.25 times (c) the basket return; • if the basket return is zero or negative but not below -15% (the final basket level is equal to or less than the initial basket level but not by more than 15%), $1,000; or • if the basket return is negative and is below -15% (the final basket level is less than the initial basket level by more than 15%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the buffer rate of approximately 117.65% times (c) the sum of the basket return plus 15%. You will receive less than the face amount of your notes. Declines in one basket stock may offset increases in the other basket stocks. 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- 22 . 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 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 Prospectus 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

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View this 424B2 filing on SEC EDGAR