GS Finance Corp. Files 424B2 Prospectus for New Securities Offering

TL;DR

**GS Finance Corp. is gearing up to issue new securities, watch for details on terms and impact.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, for an offering under File No. 333-284538-03. This filing indicates that GS Finance Corp. is preparing to issue new securities, likely debt or structured products, to raise capital. For investors, this matters because new offerings can impact the company's capital structure, potentially diluting existing equity holders or increasing debt obligations, which could affect future earnings and stock valuation.

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which could affect its financial leverage and the value of its parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The risk is medium because while new offerings can provide capital, the terms of the securities and their use will determine the ultimate impact on the company and its investors.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) from GS Finance Corp. to understand the specific terms, size, and type of securities being offered, as well as the intended use of proceeds, to assess the potential impact on Goldman Sachs Group Inc.'s financial health.

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company of GS Finance Corp.
• March 24, 2026 (date) — Filing date of the 424B2 prospectus
• 333-284538-03 (string) — File number for the offering

FAQ

Key Financial Figures

• $1,192,000 — ent No. 333-284538 GS Finance Corp. $1,192,000 Autocallable Underlier-Linked Notes d
• $384.74 — h respect to the Russell 2000 Index and $384.74 with respect to the VanEck Semiconducto
• $1,000 — orresponding call payment date for each $1,000 face amount of your notes equal to such
• $971 — he trade date is equal to approximately $971 per $1,000 face amount. For a discussio
• $29 — n additional amount (initially equal to $29 per $1,000 face amount). Prior to Jun

Filing Documents

• gs-20260324.htm (424B2) — 352KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 6KB
• img262706491_1.jpg (GRAPHIC) — 80KB
• img262706491_2.jpg (GRAPHIC) — 58KB
• img262706491_3.jpg (GRAPHIC) — 57KB
• img262706491_4.jpg (GRAPHIC) — 50KB
• img262706491_5.jpg (GRAPHIC) — 6KB
• 0001193125-26-121300.txt ( ) — 808KB
• 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. $1,192,000 Autocallable Underlier-Linked Notes due 2031 guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The notes will mature on the stated maturity date (March 27, 2031) unless they are automatically called on any call observation date commencing on March 22, 2027. Your notes will be automatically called on a call observation date if the closing level of each of the S&P 500 Index, the Russell 2000 Index and the VanEck Semiconductor ETF (ETF) on such date is greater than or equal to its initial level (6,506.48 with respect to the S&P 500 Index, 2,438.451 with respect to the Russell 2000 Index and $384.74 with respect to the VanEck Semiconductor ETF (which in each case is an intra-day level or the closing level of such underlier on the trade date (March 20, 2026))), resulting in a payment on the corresponding call payment date for each $1,000 face amount of your notes equal to such $1,000 face amount plus the product of $1,000 times the applicable call premium amount. The call observation dates, the call payment dates and the applicable call premium amount for each call payment date are specified on page PS- 4 of this pricing supplement. The return on your notes is linked, in part, to the performance of the ETF, and not to that of the index on which the ETF is based. 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 lesser performing underlier (the underlier with the lowest underlier return). The underlier return for each underlier is the percentage increase or decrease in its final level (the closing level of such underlier on the determination date, March 20, 2031) from its initial level. If the final level of each underlier is greater than its initial level, the return on your notes will be positive and will equal the lesser performing underlier return. If the final level of any underlier is equal to or less than its initial level, but the final level of each underlier is greater than or equal to 60% of its initial level, you will receive the face amount of your notes. If the final level of any underlier is less than 60% of its initial level, the return on your notes will be negative and you could receive significantly less than the face amount of your notes. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: • if the final level of each underlier is greater than its initial level, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the lesser performing underlier return; • if the final level of each underlier is greater than or equal to 60% of its initial level but the final level of any underlier is equal to or less than its initial level, $1,000; or • if the final level of any underlier is less than 60% of its initial level, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the lesser performing underlier return. You will receive less than 60% of the face amount of your notes. If the underlier return for any underlier is less than -40%, the percentage of the face amount of your notes you will receive will be based on the performance of the underlier with the lowest underlier return. In such event, you will receive less than 60% 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- 15 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $971 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: 1.125% of the face amount* Net proceeds to the issuer: 98.875% of the face amount * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS- 31 for additional information regarding the fees comprising the underwriting discount. 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. 23,064 dated March 20, 2026. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell

View Full Filing

View this 424B2 filing on SEC EDGAR