GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. is gearing up to sell more securities, watch for details on what and how much.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to its existing shelf registration statement (File No. 333-284538-03). This filing indicates that GS Finance Corp. is offering or intends to offer securities, likely debt or equity, under the previously filed registration. For investors, this means GS Finance Corp. is actively raising capital, which could impact its financial leverage and future earnings, making it important to understand the terms of these new securities once they are fully disclosed.

Why It Matters

This filing signals GS Finance Corp. is preparing to issue new securities, which could dilute existing shareholders or increase the company's debt burden, impacting its financial health.

Risk Assessment

Risk Level: medium — The filing itself is procedural, but the underlying offering of securities carries inherent risks related to market conditions, interest rates, and the specific terms of the new securities.

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. for the specific terms of the securities being offered, as these details will determine the impact on the company's financials and existing shareholders.

Key Numbers

• 333-284538-03 — GS Finance Corp. File No. (Identifies the specific shelf registration statement under which the securities are being offered.)
• 2026-03-24 — Filing Date (Indicates when the 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.
• 333-284538-03 (dollar_amount) — File number for GS Finance Corp.'s shelf registration statement
• 2026-03-24 (dollar_amount) — Filing date of the 424B2 prospectus

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms (e.g., interest rate, maturity, amount) of the securities offering soon. (GS Finance Corp.) — high confidence, target: 2026-04-24

FAQ

Key Financial Figures

• $375,000 — ent No. 333-284538 GS Finance Corp. $375,000 Index-Linked Notes due 2031 guarant
• $1,000 — . On the stated maturity date, for each $1,000 face amount of your notes, you will rec
• $925 — he trade date is equal to approximately $925 per $1,000 face amount. For a discussio
• $62.5 — n additional amount (initially equal to $62.5 per $1,000 face amount). Prior to Mar

Filing Documents

• gs-20260324.htm (424B2) — 276KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 26KB
• img262706491_1.jpg (GRAPHIC) — 80KB
• img262706491_2.jpg (GRAPHIC) — 53KB
• img262706491_3.jpg (GRAPHIC) — 62KB
• img262706491_4.jpg (GRAPHIC) — 6KB
• 0001193125-26-121282.txt ( ) — 690KB
• gs_exfilingfees_htm.xml (XML) — 3KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 GS Finance Corp. $375,000 Index-Linked Notes due 2031 guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The amount that you will be paid on your notes on the stated maturity date (March 25, 2031) is based on the lesser performing of the S&P 500 Futures Excess Return Index and the Nasdaq-100 Futures Excess Return Index as measured from the trade date (March 20, 2026) to and including the determination date (March 20, 2031). The S&P 500 Futures Excess Return Index tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500 Index, and the Nasdaq-100 Futures Excess Return Index tracks the performance of E-mini Nasdaq-100 futures contracts, not the Nasdaq-100 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. In addition, limited historical information regarding the performance of the Nasdaq-100 Futures Excess Return Index is available, which may make it difficult for you to make an informed decision with respect to an investment in the notes. If the final level of each index on the determination date is greater than or equal to its initial level (526.41 with respect to the S&P 500 Futures Excess Return Index and 635.8176 with respect to the Nasdaq-100 Futures Excess Return Index (which in each case is an intra-day level or the closing level of such index on the trade date)), the return on your notes will be positive or zero and will equal the participation rate of 2.42 times the index return of the lesser performing index. If the final level of any index is less than its initial level, but the final level of each index is greater than or equal to 70% of its initial level, you will receive the face amount of your notes. If the final level of any index is less than 70% of its initial level, the return on your notes will be negative. The amount that you will be paid on your notes at maturity is based on the performance of the index with the lowest index return. The index return for each index is the percentage increase or decrease in the final level of such index from its initial level. On the stated maturity date, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: • if the index return of each index is greater than or equal to 0% (the final level of each index is greater than or equal to its initial level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the participation rate times (c) the lesser performing index return; • if the index return of any index is less than 0%, but the index return of each index is greater than or equal to -30% (the final level of any index is less than its initial level but the final level of each index is greater than or equal to 70% of its initial level), $1,000; or • if the index return of any index is less than -30% (the final level of any index is less than 70% of its initial level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the lesser performing index return. You will receive less than 70% of the face amount of your notes. 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- 11 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $925 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: March 25, 2026 Original issue price: 100% of the face amount Underwriting discount: 1.25% of the face amount Net proceeds to the issuer: 98.75% of the face amount 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. 23,071 dated March 20, 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 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 notes. GS Finance Corp. m

View Full Filing

View this 424B2 filing on SEC EDGAR