GS Finance Corp. Files 424B2 for New Securities Offering

TL;DR

**GS Finance Corp. is issuing new securities 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 GS Finance Corp. is actively raising capital, which could be used for various corporate purposes like funding operations, investments, or debt repayment, potentially impacting future earnings and stock performance.

Why It Matters

This filing shows GS Finance Corp. is raising capital, which could fund growth or manage debt, directly affecting its financial health and future stock value.

Risk Assessment

Risk Level: medium — While a capital raise can be positive, the specific terms and use of proceeds are not detailed here, introducing some uncertainty for investors.

Analyst Insight

Investors should monitor subsequent filings or press releases from GS Finance Corp. for details on the specific terms of the securities being offered (e.g., type, amount, interest rate) and the intended use of proceeds, as this will clarify the impact on the company's financials.

Key Numbers

• 2026-03-24 — Filing Date (Indicates when the prospectus supplement was filed with the SEC.)
• 333-284538 — Registration Statement File No. (Identifies the underlying registration statement under which these securities are being offered.)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company of GS Finance Corp. and co-filer
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for Goldman Sachs Group Inc.
• 2026-03-24 (dollar_amount) — Filing date
• 333-284538 (dollar_amount) — File number for the registration statement

Forward-Looking Statements

• GS Finance Corp. will use the proceeds from this offering to fund general corporate purposes. (GS Finance Corp.) — 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
• $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

• mofca551_auto_prelim.htm (424B2) — 393KB
• img152632653_0.jpg (GRAPHIC) — 4KB
• img152632653_1.jpg (GRAPHIC) — 175KB
• 0001193125-26-121259.txt ( ) — 642KB

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 Goldman Sachs Momentum Builder Focus ER Index-Linked Notes due 2033 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 index. Automatic Call: The notes will be automatically called on an annual call payment date if the closing level of the index is greater than or equal to the applicable call level on the related call observation date. The call level increases the longer the notes are outstanding. 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-12. 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 index is greater than or equal to the applicable call level on any 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 following call payment date equal to $1,000 + ($1,000 × the applicable call premium amount). Cash settlement amount: • if the final index level is greater than the initial index level: $1,000 + ($1,000 × the upside participation rate × the index return); or • if the final index level is equal to or less than the initial index level: $1,000 Index: the Goldman Sachs Momentum Builder Focus ER Index (current Bloomberg symbol: “GSMBFC5 Index”) The index measures the performance of a “base index,” which is composed of up to nine underlying indices that provide exposure to focused U.S. equities, other developed market equities, developed market fixed income assets, emerging market equities and commodities, as well as a money market position that accrues interest at a rate equal to the federal funds rate. The base index rebalances on each index business day based on the historical returns of these underlying assets in order to create a portfolio generating the highest historical returns, subject to a set of predefined rules and constraints, including a realized volatility limit and minimum and maximum asset and asset class weights. The overall amount of exposure the index provides to this base index may also be reduced and allocated to non-interest bearing cash positions based on the application of (i) a realized volatility control of 5% and (ii) a momentum risk control feature. The overall goal of the index is to provide exposure to a daily rebalancing of the combination of underlying assets with the strongest historical returns with realized volatility lower than the volatility limit while limiting the index’s overall volatility level and reducing exposure to assets that have exhibited the weakest price momentum. The daily base index return is subject to a deduction equal to the return on the federal funds rate and, in addition, the entire index is subject to a deduction of 0.65% per annum (accruing daily). The net effect of the deduction for the federal funds rate on the base index and the 0.65% deduction on the full index means that any aggregate exposure to the return-based money market position or the non-interest bearing cash positions will reduce the index performance on a pro rata basis by 0.65%. A very significant portion of the index has been, and may be in the future, allocated to the return-based money market position and the non-interest bearing cash positions. For more information about the index, including its fees and deductions, see “Index Summary”. 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 1 % of the face amount 1 % of the face amount 1 The original issue price will be % for certain investors; see Supplement

View Full Filing

View this 424B2 filing on SEC EDGAR