GS Finance Corp. Files 424B2 Prospectus for Capital Raising

TL;DR

**GS Finance Corp. just filed a prospectus, signaling they're ready to raise capital.**

AI Summary

GS Finance Corp. filed a 424B2 prospectus on March 24, 2026, detailing an offering under their existing shelf registration (File No. 333-284538-03). This filing is a routine update for their debt or equity offerings, indicating they are preparing to raise capital. For investors, this means GS Finance Corp. (a subsidiary of Goldman Sachs Group Inc.) is maintaining its ability to access capital markets, which is generally a positive sign for liquidity and growth, but the specific terms of any offering are not yet disclosed.

Why It Matters

This filing shows GS Finance Corp. is keeping its options open to raise capital, which can fund operations, investments, or debt repayment, impacting its financial health and future growth prospects.

Risk Assessment

Risk Level: low — This is a routine prospectus filing, not an announcement of a specific offering, so it carries minimal immediate risk.

Analyst Insight

Investors should note that GS Finance Corp. is maintaining its ability to raise capital. While this filing doesn't announce a specific offering, it's a procedural step that allows them to do so in the future. Keep an eye out for subsequent filings (like pricing supplements) that would detail any actual debt or equity issuance, as those would have a more direct impact on the stock.

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 the parent company with the SEC)
• 2026-03-24 — Filing Date (Date the 424B2 prospectus was filed)
• 333-284538-03 — File No. for GS Finance Corp. (Registration statement number under which the offering is made)

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 (dollar_amount) — File number for GS Finance Corp.'s registration statement

FAQ

Key Financial Figures

• $2,646,000 — ent No. 333-284538 GS Finance Corp. $2,646,000 Leveraged S&P 500 Futures Excess Retu
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $956 — amount / Additional amount end date: $956 per $1,000 face amount, which is less t
• $44 — l issue price. The additional amount is $44 and the additional amount end date is J

Filing Documents

• gs-20260324.htm (424B2) — 229KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 52KB
• img262706491_2.jpg (GRAPHIC) — 53KB
• 0001193125-26-121449.txt ( ) — 480KB
• 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. $2,646,000 Leveraged S&P 500 Futures Excess Return Index-Linked Notes due 2031 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. • If the final underlier level is equal to or less than the initial underlier level, you will receive 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-6. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $2,646,000 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); or • if the final underlier level is equal to or less than the initial underlier level: $1,000 Underlier: the S&P 500 Futures Excess Return Index (current Bloomberg symbol: “SPXFP Index”) The underlier tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500 Index. Generally, the return on an investment in a futures contract is correlated with, but not the same as, the return on buying and holding the securities underlying such contract. Upside participation rate: 128% Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: March 20, 2031* March 25, 2031* Initial underlier level: 526.41, 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: 40058YL83 / US40058YL833 * 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: $956 per $1,000 face amount, which is less than the original issue price. The additional amount is $44 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 0.8% of the face amount 99.2% 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. 23,268 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 set fort

View Full Filing

View this 424B2 filing on SEC EDGAR