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

TL;DR

**GS Finance Corp. is prepping a new securities offering, likely debt, under Goldman Sachs's umbrella.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, for a new securities offering under registration statement 333-284538-03. This filing indicates that GS Finance Corp. is preparing to issue new securities, likely debt, to raise capital. For investors, this matters because new debt offerings can impact the company's financial leverage and future interest expenses, potentially affecting the profitability and risk profile of the parent company, Goldman Sachs.

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which could affect Goldman Sachs's balance sheet and future earnings through increased debt or equity dilution.

Risk Assessment

Risk Level: medium — The offering itself isn't inherently high-risk, but the specifics of the securities (interest rates, maturity, amount) could introduce moderate risk to the issuer and parent company.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) to understand the specific terms, size, and impact of the new securities offering on Goldman Sachs's financial health and leverage.

Key Numbers

• 333-284538-03 — Registration Statement File No. (Identifies the specific registration under which the securities will be offered.)
• 2026-03-24 — Filing Date (Indicates when the prospectus was officially submitted to the SEC.)
• 0001419828 — GS Finance Corp. CIK (Unique identifier for GS Finance Corp. in SEC filings.)
• 0000886982 — Goldman Sachs Group Inc. CIK (Unique identifier for the parent company in SEC filings.)

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 registration statement
• 0001419828 (string) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will issue new debt securities. (GS Finance Corp.) — medium confidence, target: 2026-06-30
• The offering will be primarily targeted at institutional investors. (GS Finance Corp.) — medium confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $1,000 — expected to be April 14, 2027) for each $1,000 face amount of your notes equal to at l
• $1,178 — amount of your notes equal to at least $1,178 (set on the trade date). If your note
• $900 — he trade date is expected to be between $900 and $930 per $1,000 face amount. For a
• $930 — date is expected to be between $900 and $930 per $1,000 face amount. For a discussio
• $10,000 — trade date Authorized denominations: $10,000 or any integral multiple of $1,000 in e

Filing Documents

• gldca004_prelim.htm (424B2) — 298KB
• img196997621_0.jpg (GRAPHIC) — 6KB
• img196997621_1.jpg (GRAPHIC) — 49KB
• img196997621_2.jpg (GRAPHIC) — 6KB
• 0001193125-26-121359.txt ( ) — 386KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. GS Finance Corp. $ Autocallable Buffered SPDR Gold Trust-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The notes will mature on the stated maturity date (expected to be March 30, 2028) unless they are automatically called on the call observation date (expected to be April 9, 2027). Your notes will be automatically called on the call observation date if the closing level of the SPDR Gold Trust (ETF) on such date is greater than or equal to the initial ETF level (set on the trade date and will be an intra-day level or the closing level of the ETF on the trade date (expected to be March 27, 2026)), resulting in a payment on the call payment date (expected to be April 14, 2027) for each $1,000 face amount of your notes equal to at least $1,178 (set on the trade date). If your notes are not automatically called, the amount that you will be paid on your notes on the stated maturity date will be based on the performance of the ETF as measured from the trade date to and including the determination date (expected to be March 27, 2028). If the final ETF level on the determination date is greater than the initial ETF level, the return on your notes will be positive and will equal the participation rate of 1.25 times the ETF return. The ETF return is the percentage increase or decrease in the final ETF level from the initial ETF level. If the final ETF level declines by up to 10% from the initial ETF level, you will receive the face amount of your notes. If the final ETF level declines by more than 10% from the initial ETF level, the return on your notes will be negative and you will lose approximately 1.1111% of the face amount of your notes for every 1% that the final ETF level has declined below 90% of the initial ETF level. See page PS-3. You could lose your entire investment in the notes. If your notes are not automatically called on the call observation date, at maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: ● if the ETF return is positive (the final ETF level is greater than the initial ETF level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the participation rate times (c) ETF return; or ● if the ETF return is zero or negative but not below -10% (the final ETF level is equal to or less than the initial ETF level, but not by more than 10%), $1,000; or ● if the ETF return is negative and is below -10% (the final ETF level is less than the initial ETF level by more than 10%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the buffer rate of approximately 111.11% (see page PS-3) times (c) the sum of the ETF return plus 10%. You will receive less than 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 expected to be between $900 and $930 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: expected to be April 1, 2026 Original issue price: 100% of the face amount 1 Underwriting discount: % of the face amount 1, 2 Net proceeds to the issuer: % of the face amount 1 Accounts of certain national banks, acting as purchase agents for such accounts, have agreed with the purchase agents to pay a purchase price of % of the face amount, and as a result of such agreements, the agents with respect to sales to be made to such accounts will not receive any portion of the underwriting discount. 2 This includes a selling concession of up to 1.5%. 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 JPMorgan Placement Agent Pricing Supplement No. dated , 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 pricin

View Full Filing

View this 424B2 filing on SEC EDGAR