GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. is updating its offering documents to sell more securities.**

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 updates information for potential investors regarding the offering of securities, likely debt instruments, under their existing shelf registration. For investors, this means GS Finance Corp. is actively raising capital, which could impact its financial leverage and future earnings, making it important to understand the terms of these new securities.

Why It Matters

This filing indicates GS Finance Corp. is preparing to issue new securities, which could affect its capital structure and the value of existing debt or equity.

Risk Assessment

Risk Level: medium — The filing itself is routine, but the underlying offering of securities introduces market and credit risk for potential investors.

Analyst Insight

Investors should review the full 424B2 document to understand the specific terms, interest rates, and maturity dates of the securities being offered by GS Finance Corp. to assess potential impact on their holdings or investment decisions.

Key Numbers

• 0001419828 — CIK for GS Finance Corp. (Unique identifier for GS Finance Corp. with the SEC)
• 0000886982 — CIK for GOLDMAN SACHS GROUP INC (Unique identifier for GOLDMAN SACHS GROUP INC with the SEC)
• 2026-03-24 — Filing Date (Date the 424B2 was filed with the SEC)
• 160892 — Size of 424B2 document (Indicates the length of the primary prospectus document in bytes)
• 436671 — Size of complete submission text file (Total size of the entire filing submission 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.
• March 24, 2026 (date) — Filing date of the 424B2
• 333-284538-03 (dollar_amount) — File number for GS Finance Corp.'s registration statement
• 333-284538 (dollar_amount) — File number for GOLDMAN SACHS GROUP INC's registration statement

Forward-Looking Statements

• GS Finance Corp. will proceed with an offering of securities based on this prospectus. (GS Finance Corp.) — high confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $1,585,000 — ent No. 333-284538 GS Finance Corp. $1,585,000 Leveraged Buffered MSCI EAFE Index-Li
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $1,280.20 — #x201d;) Maximum settlement amount: $1,280.20 Upside participation rate: 150% B
• $992 — amount / Additional amount end date: $992 per $1,000 face amount, which is less t
• $8 — l issue price. The additional amount is $8 and the additional amount end date is S
• $1,280.20 B — te 150% Maximum settlement amount $1,280.20 Buffer level 90% of the initial underli

Filing Documents

• gs-20260324.htm (424B2) — 157KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 62KB
• img262706491_2.jpg (GRAPHIC) — 57KB
• 0001193125-26-121412.txt ( ) — 426KB
• 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. $1,585,000 Leveraged Buffered MSCI EAFE 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 the initial underlier level, the return on your notes will be positive and will equal the upside participation rate times the underlier return, subject to the maximum settlement amount. • If the final underlier level is equal to or less than the initial underlier level, but not by more than the buffer amount, you will receive the face amount of your notes. • If the final underlier level is less than the initial underlier level by more than the buffer amount, the return on your notes will be negative and you will lose 1% of the face amount of your notes for every 1% that the final underlier level has declined below the buffer level. You could lose a significant portion of the face amount of your 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: $1,585,000 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 the initial underlier level: $1,000 + ($1,000 × the upside participation rate × the underlier return), subject to the maximum settlement amount; • if the final underlier level is equal to or less than the initial underlier level, but greater than or equal to the buffer level: $1,000; 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 MSCI EAFE Index (current Bloomberg symbol: “MXEA Index”) Maximum settlement amount: $1,280.20 Upside participation rate: 150% Buffer level: 90% of the initial underlier level Buffer amount: 10% Buffer rate: 100% Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: September 20, 2027* September 23, 2027* Initial underlier level: 2,840.61, which is an intra-day level or 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: 40058YJR4 / US40058YJR45 * 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: $992 per $1,000 face amount, which is less than the original issue price. The additional amount is $8 and the additional amount end date is September 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 0% of the face amount 100% 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 Pricing Supplement No. 23,213 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 sal

View Full Filing

View this 424B2 filing on SEC EDGAR