GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. is issuing new securities, likely debt, under its existing shelf registration.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to a previously filed registration statement (File No. 333-284538-03). This filing indicates that GS Finance Corp. is offering securities, likely debt or structured products, under its existing shelf registration. For investors, this means GS Finance Corp. is actively raising capital, which could be used for general corporate purposes, potentially impacting its financial leverage and future profitability.

Why It Matters

This filing signals that GS Finance Corp. is raising capital, which could affect its balance sheet and future earnings, making it important for investors to understand the terms of the offering once they are fully disclosed.

Risk Assessment

Risk Level: medium — The risk level is medium because while the filing itself is procedural, the underlying offering could introduce new debt or financial instruments, potentially altering the company's risk profile.

Analyst Insight

Investors should monitor subsequent filings or press releases from GS Finance Corp. or Goldman Sachs Group Inc. for detailed terms of the securities being offered, including interest rates, maturity dates, and use of proceeds, to assess the potential impact on the company's financial health.

Key Numbers

• 333-284538-03 — GS Finance Corp. File No. (The registration statement under which the securities are being offered.)
• 2026-03-24 — Filing Date (The date the 424B2 prospectus was filed.)

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.
• 333-284538-03 (dollar_amount) — File number for GS Finance Corp.'s registration statement
• 2026-03-24 (dollar_amount) — Filing date of the 424B2

Forward-Looking Statements

• GS Finance Corp. will issue specific terms for the securities offering within the next few weeks. (GS Finance Corp.) — high confidence, target: 2026-04-30

FAQ

Key Financial Figures

• $4,929,000 — rnational Equities GS Finance Corp. $4,929,000 Contingent Income Auto-Callable Securit
• $1,000 — threshold price, you will receive your $1,000 principal amount of your securities plu
• $329 — ormance factor Initial share price: $329.24, which is equal to the closing price
• $164 — upplement Downside threshold price: $164.62, which represents 50.00% of the init
• $29.50 — ide threshold price, (i) the product of $29.50 times the number of coupon observation
• $0.00 — less than the downside threshold price, $0.00 CUSIP / ISIN: 40058YFF4 / US40058YF
• $971 — an Sachs & Co. LLC Estimated value: $971 per security. See page PS-3 for more in
• $110,902.50 — 100% of the principal amount 2.25% ($110,902.50 in total)* 97.75% ($4,818,097.50 in t
• $4,818,097.50 — 2.25% ($110,902.50 in total)* 97.75% ($4,818,097.50 in total) *Morgan Stanley Wealth Mana
• $22.50 — g, will receive a selling concession of $22.50 for each security it sells. It has info
• $5.00 — that it intends to internally allocate $5.00 of the selling concession for each secu
• $29 — n additional amount (initially equal to $29 per $1,000 principal amount). The pri
• $6.5 — 9 initial additional amount: • $6.5 will decline to zero on a straight-line
• $22.5 — g through June 24, 2026; and • $22.5 will decline to zero on a straight-line
• $1,000.00 — aa; The payment due at maturity will be $1,000.00 plus the final contingent quarterly cou

Filing Documents

• gs-20260324.htm (424B2) — 365KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.gif (GRAPHIC) — 3KB
• img262706491_1.jpg (GRAPHIC) — 176KB
• img262706491_2.jpg (GRAPHIC) — 138KB
• img262706491_3.jpg (GRAPHIC) — 49KB
• 0001193125-26-121329.txt ( ) — 970KB
• gs_exfilingfees_htm.xml (XML) — 3KB

From the Filing

424B2 March 2026 Pricing Supplement filed pursuant to Rule 424(b)(2) dated March 20, 2026 / Registration Statement No. 333-284538 STRUCTURED INVESTMENTS Opportunities in International Equities GS Finance Corp. $4,929,000 Contingent Income Auto-Callable Securities Based on the Performance of an American Depositary Share of Taiwan Semiconductor Manufacturing Company Limited due March 23, 2029 Principal at Risk Securities The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The amount that you will be paid on your securities is based on the performance of an American depositary share of Taiwan Semiconductor Manufacturing Company Limited, representing five common shares of Taiwan Semiconductor Manufacturing Company Limited. The securities will mature on the stated maturity date unless they are automatically called on any call observation date. If the final share price is greater than or equal to the downside threshold price, you will receive your $1,000 principal amount of your securities plus a contingent quarterly coupon (as described below). You will not participate in any appreciation of the underlying stock. If the final share price is less than the downside threshold price, you will not receive a coupon payment and you will lose a significant portion or all of your investment. Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater than or equal to the initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon (as described below) then due. The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon observation date, subject to the automatic call feature, if the closing price of the underlying stock is greater than or equal to the downside threshold price, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment. If the closing price of the underlying stock on any coupon observation date is less than the downside threshold price, you will not receive a contingent quarterly coupon payment on the applicable coupon payment date. The securities are for investors who seek to earn a contingent quarterly coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities. FINAL TERMS (continued on page PS-2) Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Underlying stock: an American depository share (“ADS”) of Taiwan Semiconductor Manufacturing Company Limited (current Bloomberg ticker: “TSM UN”), representing five common shares of Taiwan Semiconductor Manufacturing Company Limited Principal amount: $4,929,000 in the aggregate on the original issue date; the aggregate principal amount may be increased if the company, at its sole option, decides to sell an additional amount on a date subsequent to the pricing date. Subject to redemption by the company as provided under “ — Automatic call feature” below, on the stated maturity date, in addition to the final contingent quarterly coupon, if any, the company will pay, for each $1,000 of the outstanding principal amount, an amount, if any, in cash equal to the payment at maturity. Pricing date: March 20, 2026 Original issue date: March 25, 2026 Determination date: the last coupon observation date, March 20, 2029, subject to adjustment as described in the accompanying general terms supplement March 23, 2029, subject to adjustment as described in the accompanying general terms supplement Payment at maturity: • if the final share price is greater than or equal to the downside threshold price, $1,000; or • if the final share price is less than the downside threshold price, $1,000 × the share performance factor Initial share price: $329.24, which is equal to the closing price of the underlying stock on the pricing date Final share price: the closing price of the underlying stock on the determination date, subject to adjustment as described in the accompanying general terms supplement Downside threshold price: $164.62, which represents 50.00% of the initial share price Contingent quarterly coupon: • if the closing price of the underlying stock on the applicable coupon observation date is greater than or equal to the downside threshold price, (i) the product of $29.50 times the number of coupon observation dates that have occurred up to and including the relevant coupon observation date minus (ii) the sum of all contingent quarterly coupons previously paid, if any; or • if the closing price of the underlying stock on

View Full Filing

View this 424B2 filing on SEC EDGAR