GS Finance Corp. Files 424B2 Prospectus, Signals Capital Raise

TL;DR

**GS Finance Corp. just updated its prospectus, likely prepping for a new securities offering.**

AI Summary

This 424B2 filing from GS Finance Corp. and Goldman Sachs Group Inc. on March 24, 2026, is a prospectus related to a previously filed registration statement (File No. 333-284538). It updates information for potential investors regarding securities offerings, likely debt or equity, under the existing shelf registration. This matters to investors because it signals that GS Finance Corp. and its parent, Goldman Sachs, are actively preparing to raise capital, which could impact the company's financial structure and future growth prospects.

Why It Matters

This filing indicates GS Finance Corp., a subsidiary of Goldman Sachs, is updating its offering documents, suggesting it's preparing to issue new securities to raise capital. This could dilute existing shareholders or increase debt, impacting the stock's valuation.

Risk Assessment

Risk Level: medium — The filing itself is administrative, but the underlying action of raising capital can introduce risks like dilution or increased leverage, making it a medium risk.

Analyst Insight

Investors should monitor for subsequent filings (like pricing supplements or final prospectuses) to understand the terms of any new securities offering, as this will clarify potential dilution or debt implications for GS Finance Corp. and Goldman Sachs Group Inc.

Key Numbers

• 333-284538 — Registration Statement File No. (The primary registration statement under which this prospectus supplement is filed, indicating a broader offering program.)
• 0001193125-26-121410 — SEC Accession No. (Unique identifier for this specific 424B2 filing, allowing for direct retrieval of the document.)
• 149928 — Size of 424B2 document (Indicates the length of the primary prospectus document in bytes, suggesting the level of detail provided.)
• 2026-03-24 — Filing Date (The date the prospectus was officially filed with the SEC, marking its public availability.)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company and co-filer of the registration statement
• 2026-03-24 (date) — Filing Date and Accepted Date of the 424B2
• 333-284538 (dollar_amount) — File Number for the underlying registration statement

Forward-Looking Statements

• GS Finance Corp. will proceed with a new securities offering in the near future. (GS Finance Corp.) — high confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $42,616,000 B — ent No. 333-284538 GS Finance Corp. $42,616,000 Buffered Digital S&P 500 Index-Linked Not
• $42,616,000 — Group, Inc. Aggregate face amount: $42,616,000 Cash settlement amount: On the stat
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $1,100.50 B — #x201d;) Maximum settlement amount: $1,100.50 Buffer level: 90% of the initial underl
• $978 — amount / Additional amount end date: $978 per $1,000 face amount, which is less t
• $17 — l issue price. The additional amount is $17 and the additional amount end date is J
• $1,000 M — y Terms and Assumptions Face amount $1,000 Maximum settlement amount $1,100.50 B

Filing Documents

• gs-20260324.htm (424B2) — 146KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 55KB
• img262706491_2.jpg (GRAPHIC) — 58KB
• 0001193125-26-121410.txt ( ) — 409KB
• 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. $42,616,000 Buffered Digital S&P 500 Index-Linked Notes due 2027 guaranteed by The Goldman Sachs Group, Inc. Payment at Maturity: The amount that you will be paid on your notes on the stated maturity date is based on the performance of the underlier as measured from the trade date to and including the determination date. • If the final underlier level on the determination date is greater than or equal to the buffer level, you will receive the maximum settlement amount. • If the final underlier level is less than the buffer 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 underlier level has declined below the buffer level. You could lose your entire investment in the notes. Interest: The notes do not bear interest. 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-5. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $42,616,000 Cash settlement amount: On the stated maturity date, the company will pay, for each $1,000 face amount of the notes, an amount in cash equal to: • if the final underlier level is greater than or equal to the buffer level: the maximum settlement amount; or • if the final underlier level is less than the buffer level: $1,000 + ($1,000 × the buffer rate × (the underlier return + the buffer amount)) Underlier: the S&P 500 Index (current Bloomberg symbol: “SPX Index”) Maximum settlement amount: $1,100.50 Buffer level: 90% of the initial underlier level Buffer amount: 10% Buffer rate: the initial underlier level ÷ the buffer level, which quotient equals approximately 111.11% Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: April 2, 2027* April 7, 2027* Initial underlier level: 6,506.48, which is the closing level of the underlier on the trade date Final underlier level: the closing level of the underlier on the determination date* Underlier return: (the final underlier level - the initial underlier level) ÷ the initial underlier level Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058YK35 / US40058YK355 * subject to adjustment as described in the accompanying general terms supplement Our estimated value of the notes on trade date / Additional amount / Additional amount end date: $978 per $1,000 face amount, which is less than the original issue price. The additional amount is $17 and the additional amount end date is June 19, 2026. See “The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original Issue Price Of Your Notes.” Original issue price Underwriting discount Net proceeds to the issuer 100% of the face amount 1% of the face amount 99% 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 JPMorgan (Placement Agent) Pricing Supplement No. 23,223 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 pricing 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. About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listed below, does not

View Full Filing

View this 424B2 filing on SEC EDGAR