GS Finance Corp. Files Prospectus for New Securities Offering

TL;DR

**Goldman Sachs' finance arm is prepping a new securities offering.**

AI Summary

This 424B2 filing from GS Finance Corp. and The Goldman Sachs Group, Inc. on March 24, 2026, is a prospectus related to a securities offering. While the specific terms of the offering aren't detailed here, it indicates that GS Finance Corp., a subsidiary of Goldman Sachs, is preparing to issue new securities. This matters to investors because new offerings can dilute existing shares, impact the company's debt levels, or signal future strategic moves, potentially affecting the stock's value.

Why It Matters

This filing signals that GS Finance Corp., a Goldman Sachs entity, is preparing to raise capital, which could impact the company's financial structure and future growth prospects.

Risk Assessment

Risk Level: medium — The filing itself is procedural, but the underlying offering could introduce new financial risks or opportunities depending on its terms.

Analyst Insight

Investors should monitor subsequent filings or news from GS Finance Corp. and The Goldman Sachs Group, Inc. for the specific terms of the securities offering, as these details will determine the actual impact on the stock.

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• The Goldman Sachs Group, Inc. (company) — Parent company of GS Finance Corp. and co-filer
• March 24, 2026 (date) — Filing date of the 424B2
• 0001419828 (other) — CIK for GS Finance Corp.
• 0000886982 (other) — CIK for The Goldman Sachs Group, Inc.

FAQ

Key Financial Figures

• $5,424,000 — No. 333-284538 Z GS Finance Corp. $5,424,000 Autocallable Variable Coupon Equity-L
• $201.33 — ter than or equal to its initial price ($201.33 with respect to the common stock of Adv
• $422.90 — stock of Advanced Micro Devices, Inc., $422.90 with respect to the common stock of Mic
• $275.59 — ommon stock of Micron Technology, Inc., $275.59 with respect to the common stock of Uni
• $367.96 — of UnitedHealth Group Incorporated and $367.96 with respect to the common stock of Tes
• $1,000 — plicable payment date a coupon for each $1,000 face amount of your notes equal to (i)
• $6.417 — your notes equal to (i) the product of $6.417 (0.6417% monthly, or the potential for
• $0.209 — the applicable payment date a coupon of $0.209 (0.0209% monthly, or the potential for
• $940 — he trade date is equal to approximately $940 per $1,000 face amount. For a discussio
• $20 — n additional amount (initially equal to $20 per $1,000 face amount). Prior to Jun

Filing Documents

• gs-20260324.htm (424B2) — 572KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.gif (GRAPHIC) — 5KB
• img262706491_1.jpg (GRAPHIC) — 94KB
• img262706491_2.jpg (GRAPHIC) — 78KB
• img262706491_3.jpg (GRAPHIC) — 96KB
• img262706491_4.jpg (GRAPHIC) — 94KB
• img262706491_5.jpg (GRAPHIC) — 7KB
• 0001193125-26-121283.txt ( ) — 1187KB
• gs_exfilingfees_htm.xml (XML) — 3KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 Z GS Finance Corp. $5,424,000 Autocallable Variable Coupon Equity-Linked Notes due 2031 guaranteed by The Goldman Sachs Group, Inc. The notes do not pay a fixed coupon and may pay only the minimum coupon amount on a payment date. The amount that you will be paid on your notes is based on the performances of the common stock of Advanced Micro Devices, Inc., the common stock of Micron Technology, Inc., the common stock of UnitedHealth Group Incorporated and the common stock of Tesla, Inc. The notes will mature on the stated maturity date (March 27, 2031), unless automatically called on any observation date, commencing in March 2027 to and including February 2031. Your notes will be automatically called if the closing price of each index stock on any such observation date is greater than or equal to its initial price ($201.33 with respect to the common stock of Advanced Micro Devices, Inc., $422.90 with respect to the common stock of Micron Technology, Inc., $275.59 with respect to the common stock of UnitedHealth Group Incorporated and $367.96 with respect to the common stock of Tesla, Inc. (which in each case is an intra-day price or the closing price of one share of such index stock on the trade date (March 20, 2026))). If your notes are automatically called, you will receive a payment on the next payment date (the fifth business day after the relevant observation date) equal to the face amount of your notes plus a coupon (as described below). Observation dates are the 20th day of each month, commencing in April 2026 and ending in March 2031. If on any observation date the closing price of each index stock is greater than or equal to 80% of its initial price, you will receive on the applicable payment date a coupon for each $1,000 face amount of your notes equal to (i) the product of $6.417 (0.6417% monthly, or the potential for up to approximately 7.7% per annum) times the number of observation dates that have occurred up to and including the relevant observation date minus (ii) the sum of all coupons previously paid (the maximum coupon amount). If the closing price of any index stock on an observation date is less than 80% of its initial price, you will receive on the applicable payment date a coupon of $0.209 (0.0209% monthly, or the potential for up to approximately 0.25% per annum) for each $1,000 face amount of your notes (the minimum coupon amount). At maturity, for each $1,000 face amount of your notes you will receive $1,000 plus the final coupon. 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- 19 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $940 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 24, 2026 Original issue price: 100% of the face amount Underwriting discount: 4% of the face amount Net proceeds to the issuer: 96% 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 Prospectus Supplement No. 22,885 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 prospectus 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. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making transaction. Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is equal to approximately $940 per $1,000 face am

View Full Filing

View this 424B2 filing on SEC EDGAR