GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. is issuing new securities, likely to raise capital.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to its Act 33 registration statement. This filing indicates that GS Finance Corp. is offering securities, likely debt or equity, under a previously filed registration statement (File No. 333-284538-03). For investors, this means GS Finance Corp. is actively raising capital, which could be used for general corporate purposes, potentially impacting its financial leverage and future growth prospects.

Why It Matters

This filing signals that GS Finance Corp. is raising capital, which could affect its balance sheet, liquidity, and ability to fund operations or investments.

Risk Assessment

Risk Level: medium — The risk level is medium because while a prospectus filing itself isn't inherently risky, the specifics of the offering (e.g., type of security, interest rates, use of proceeds) could introduce new financial risks or dilute existing shareholder value.

Analyst Insight

Investors should review the full prospectus (gs-20260324.htm) to understand the specific terms of the securities being offered by GS Finance Corp., including interest rates, maturity dates, and any associated risks, before making investment decisions.

Key Numbers

• 333-284538-03 — GS Finance Corp. File No. (Identifies the specific registration statement under which the securities are being offered.)
• 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, Goldman Sachs Group Inc.)

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

Forward-Looking Statements

• GS Finance Corp. will successfully complete its securities offering. (GS Finance Corp.) — medium confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $1,000,000 — ent No. 333-284538 GS Finance Corp. $1,000,000 Callable Contingent Coupon Underlier-
• $16 — the applicable payment date a coupon of $16 (1.6% monthly, or the potential for up
• $1,000 — ial for up to 19.2% per annum) for each $1,000 face amount of your notes. If the closi
• $983 — he trade date is equal to approximately $983 per $1,000 face amount. For a discussio
• $17 — n additional amount (initially equal to $17 per $1,000 face amount). Prior to Jul
• $0 — is less than its coupon trigger level, $0 The coupon paid on any coupon payment

Filing Documents

• gs-20260324.htm (424B2) — 432KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.gif (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 57KB
• img262706491_2.jpg (GRAPHIC) — 57KB
• img262706491_3.jpg (GRAPHIC) — 50KB
• img262706491_4.jpg (GRAPHIC) — 7KB
• 0001193125-26-121457.txt ( ) — 773KB
• 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. $1,000,000 Callable Contingent Coupon Underlier-Linked Notes due 2032 guaranteed by The Goldman Sachs Group, Inc. The notes do not pay a fixed coupon and may pay no coupon on a payment date. The amount that you will be paid on your notes is based on the performances of the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF (ETF). The notes will mature on March 25, 2032, unless we redeem them. The return on your notes is linked, in part, to the performance of the ETF, and not to that of the index on which the ETF is based. We may redeem your notes at 100% of their face amount plus any coupon then due on any payment date (the third business day after the relevant observation date) commencing with the payment date relating to the observation date in September 2026 and ending with the payment date relating to the observation date in February 2032. If we do not redeem your notes, on each observation date (20th day of each month (provided that the observation date for March 2032 is March 22, 2032), commencing in April 2026 and ending in March 2032), if the closing level of each underlier is greater than or equal to 75% of its initial level (2,438.451 with respect to the Russell 2000 Index, 12,031.58 with respect to the Nasdaq-100 Technology Sector Index, and 384.74 with respect to the VanEck Semiconductor ETF, which is an intra-day level or the closing level of such underlier on the trade date (March 20, 2026)), you will receive on the applicable payment date a coupon of $16 (1.6% monthly, or the potential for up to 19.2% per annum) for each $1,000 face amount of your notes. If the closing level of any underlier on a coupon observation date is less than 75% of its initial level, you will not receive a coupon on the applicable payment date. If we do not redeem your notes, the amount that you will be paid on your notes at maturity, in addition to the final coupon, if any, is based on the performance of the lesser performing underlier (the underlier with the lowest underlier return). The underlier return for each underlier is the percentage increase or decrease in the final level of such underlier on the determination date (the final coupon observation date, March 22, 2032) from its initial level. At maturity, for each $1,000 face amount of your notes you will receive an amount in cash equal to: • if the underlier return of each underlier is greater than or equal to -25% (the final level of each underlier is greater than or equal to 75% of its initial level), $1,000 plus the final coupon of $16; or • if the underlier return of each underlier is greater than or equal to -40% (the final level of each underlier is greater than or equal to 60% of its initial level), but the underlier return of any underlier is less than -25% (the final level of any underlier is less than 75% of its initial level), $1,000 (you will not receive a coupon) ; or • if the underlier return of any underlier is less than -40% (the final level of any underlier is less than 60% of its initial level), the sum of (i) $1,000 plus (ii) the product of (a) the lesser performing underlier return times (b) $1,000. You will receive less than 60% of the face amount of your notes and you will not receive a final coupon. 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- 14 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $983 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: 0.5% of the face amount Net proceeds to the issuer: 99.5% 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. 22,959 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 ne

View Full Filing

View this 424B2 filing on SEC EDGAR