GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. is raising capital, watch for details on what they're selling.**

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 re-offering securities, likely debt instruments, under the previously registered program. For investors, this means GS Finance Corp. is actively raising capital, which could impact its financial leverage and future earnings, and potentially dilute existing equity if the offering includes convertible securities, though this filing alone doesn't specify the exact type or amount of securities.

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which could affect its balance sheet, liquidity, and the overall financial health of its parent, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — While a 424B2 is a standard filing for offering securities, the specific terms of the offering (not detailed here) could introduce market, interest rate, or credit risks.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) to understand the specific terms, amount, and type of securities being offered by GS Finance Corp., as these details will determine the actual impact on the company and its parent, Goldman Sachs Group Inc.

Key Numbers

• 333-284538-03 — File No. for GS Finance Corp. (Identifies the specific registration statement under which the securities are being offered.)
• 333-284538 — File No. for Goldman Sachs Group Inc. (Identifies the specific registration statement under which the parent company's securities are registered.)
• 2026-03-24 — Filing Date (The date the 424B2 prospectus was filed with the SEC.)
• 293171 — Size of 424B2 document (Indicates the length of the primary prospectus document in bytes.)

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.
• 2026-03-24 (dollar_amount) — Filing Date

Forward-Looking Statements

• GS Finance Corp. will issue debt securities to fund operations or investments. (GS Finance Corp.) — medium confidence, target: 2026-12-31

FAQ

Key Financial Figures

• $565,000 — ent No. 333-284538 GS Finance Corp. $565,000 Autocallable Index-Linked Notes due 2
• $1,000 — payment date (March 29, 2027) for each $1,000 face amount of your notes equal to $1,1
• $1,160 — ,000 face amount of your notes equal to $1,160. The amount that you will be paid on
• $964 — he trade date is equal to approximately $964 per $1,000 face amount. For a discussio
• $36 — n additional amount (initially equal to $36 per $1,000 face amount). Prior to Jun

Filing Documents

• gs-20260324.htm (424B2) — 286KB
• gs_exfilingfees.htm (EX-FILING FEES) — 5KB
• img262706491_0.jpg (GRAPHIC) — 6KB
• img262706491_1.jpg (GRAPHIC) — 58KB
• img262706491_2.jpg (GRAPHIC) — 53KB
• img262706491_3.jpg (GRAPHIC) — 57KB
• img262706491_4.jpg (GRAPHIC) — 6KB
• 0001193125-26-121348.txt ( ) — 636KB
• 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. $565,000 Autocallable Index-Linked Notes due 2029 guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The notes will mature on the stated maturity date (March 27, 2029) unless they are automatically called on the call observation date (March 22, 2027). Your notes will be automatically called on the call observation date if the closing level of each of the S&P 500 Index, the Nasdaq-100 Index and the Russell 2000 Index on such date is greater than or equal to its initial level (6,506.48 with respect to the S&P 500 Index, 23,898.15 with respect to the Nasdaq-100 Index and 2,438.451 with respect to the Russell 2000 Index (which in each case is an intra-day level or the closing level of such index on the trade date (March 20, 2026))), resulting in a payment on the call payment date (March 29, 2027) for each $1,000 face amount of your notes equal to $1,160. 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 index (the index with the lowest index return). The index return for each index is the percentage increase or decrease in its final level (the closing level of such index on the determination date, March 20, 2029) from its initial level. If the final level of each index is greater than its initial level, the return on your notes will be positive and will equal 1.25 times the lesser performing index return. If the final level of any index is equal to or less than its initial level, but the final level of each index is greater than or equal to 65% of its initial level, the return on your notes will be the absolute value of the lesser performing index return (e.g., if the lesser performing index return is -10%, the return on your notes will be +10%). If the final level of any index is less than 65% 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. For example, if the lesser performing index return is -35%, you will receive a positive return of 35% on your notes; however, if the lesser performing index return is -36%, you will lose 36% of the value of your notes (a very significant negative change in the return on your notes based on a small negative change in the lesser performing index return). You could receive significantly less than the face amount of your notes at maturity. 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 index is greater than its initial level, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.25 times (c) the lesser performing index return; • if the final level of each index is greater than or equal to 65% of its initial level but the final level of any index is equal to or less than its initial level, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the absolute value of the lesser performing index return; or • if the final level of any index is less than 65% 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 65% of the face amount of your notes. If the index return for any index is less than -35%, the percentage of the face amount of your notes you will receive will be based on the performance of the index with the lowest index return. In such event, you will receive less than 65% 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- 10 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $964 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% of the face amount* Net proceeds to the issuer: 99% of the face amount * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-23 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 g

View Full Filing

View this 424B2 filing on SEC EDGAR