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

TL;DR

**GS Finance Corp. is issuing new securities, likely debt, under a prospectus filed today.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, for an offering under File No. 333-284538-03. This filing indicates that GS Finance Corp. is offering securities, likely debt, to raise capital. For investors, this means GS Finance Corp. is actively managing its funding structure, which could impact its financial leverage and future profitability, ultimately affecting the parent company, Goldman Sachs Group Inc.'s stock performance.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which can influence its financial health and, by extension, the stability and growth prospects of its parent, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The filing of a prospectus for new securities introduces market and interest rate risks, as the terms of the offering and its reception by investors can impact the company's financial standing.

Analyst Insight

Investors should monitor subsequent filings for details on the terms of the offering (e.g., interest rates, maturity dates) to assess the potential impact on GS Finance Corp.'s financial health and, by extension, Goldman Sachs Group Inc.'s valuation.

Key Numbers

• 333-284538-03 — File Number (Identifies the specific registration statement for GS Finance Corp.'s securities offering.)
• 2026-03-24 — Filing Date (Indicates when the 424B2 prospectus was officially submitted to the SEC.)
• 0001419828 — CIK for GS Finance Corp. (Unique identifier for GS Finance Corp. in SEC filings.)
• 0000886982 — CIK for Goldman Sachs Group Inc. (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 (dollar_amount) — File number for GS Finance Corp.'s offering
• 0001419828 (dollar_amount) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will successfully raise capital through this offering. (GS Finance Corp.) — medium confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $752,000 — ent No. 333-284538 GS Finance Corp. $752,000 Callable Contingent Coupon Index-Link
• $9.875 — the applicable payment date a coupon of $9.875 (0.9875% monthly, or the potential for
• $1,000 — al for up to 11.85% per annum) for each $1,000 face amount of your notes. If the closi
• $985 — he trade date is equal to approximately $985 per $1,000 face amount. For a discussio
• $15 — n additional amount (initially equal to $15 per $1,000 face amount). Prior to Jun
• $0 — is less than its coupon trigger level, $0 The coupon paid on any coupon payment

Filing Documents

• gs-20260324.htm (424B2) — 365KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 6KB
• img262706491_1.jpg (GRAPHIC) — 51KB
• img262706491_2.jpg (GRAPHIC) — 53KB
• img262706491_3.jpg (GRAPHIC) — 57KB
• img262706491_4.jpg (GRAPHIC) — 7KB
• 0001193125-26-121458.txt ( ) — 706KB
• 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. $752,000 Callable Contingent Coupon Index-Linked Notes due 2028 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 Dow Jones Industrial Average , the Nasdaq-100 Index , and the EURO STOXX 50 Index. The notes will mature on the stated maturity date (February 25, 2028), unless we redeem them. We may redeem your notes at 100% of their face amount plus any coupon then due on any payment date (the 25th day of each month, commencing in April 2026 and ending on the stated maturity date) on or after the payment date in June 2026 up to the payment date in January 2028. If we do not redeem your notes, if the closing level of each index is greater than or equal to 65% of its initial level (45,577.47 with respect to the Dow Jones Industrial Average , 23,898.15 with respect to the the Nasdaq-100 Index and 5,501.28 with respect to the EURO STOXX 50 Index (which in each case is an intra-day level or the closing level of such index on the trade date (March 20, 2026))) on an observation date (the fifth scheduled trading day for all indices prior to each payment date), you will receive on the applicable payment date a coupon of $9.875 (0.9875% monthly, or the potential for up to 11.85% per annum) for each $1,000 face amount of your notes. If the closing level of any index on a observation date is less than 65% 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 index (the index with the lowest index return). The index return for each index is the percentage increase or decrease in the final level of such index on the determination date (the final observation date, February 17, 2028) 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 index return of each index is greater than or equal to -30% (the final level of each index is greater than or equal to 65% of its initial level), $1,000 plus the final coupon of $9.875; or • if the index return of each index is greater than or equal to -35% (the final level of each index is greater than or equal to 65% of its initial level) but the index return of any index is less than -30% (the final level of any index is less than 70% of its initial level), the sum of (i) $1,000 plus (ii) the product of (a) the lesser performing index return times (b) $1,000 plus (iii) the final coupon (you will receive between 65% and 69.99% of the face amount of your notes and the final coupon) ; or • if the index return of any index is less than -30% (the final level of any index is less than 70% of its initial level), the sum of (i) $1,000 plus (ii) the product of (a) the lesser performing index return times (b) $1,000. You will receive less than 70% 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- 12 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $985 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: 0.725% of the face amount* Net proceeds to the issuer: 99.275% of the face amount * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-28 for additional information regarding the fees comprising the underwriting discount. 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. 23,009 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 abo

View Full Filing

View this 424B2 filing on SEC EDGAR