GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. is issuing new securities, watch for details on terms and impact.**

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 indicates that GS Finance Corp. is offering securities, likely debt or structured products, under its existing shelf registration. For investors, this means GS Finance Corp. is actively raising capital, which could impact its financial leverage and future profitability, and potentially the parent company's overall risk profile.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect its financial health and the value of its parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The filing itself is routine for capital raising, but the specific terms of the securities offered, not detailed here, could introduce varying levels of risk.

Analyst Insight

Investors should monitor subsequent filings or news releases for specific details on the terms, size, and type of securities being offered by GS Finance Corp. to assess the potential impact on Goldman Sachs Group Inc.'s financials.

Key Numbers

• 333-284538-03 — File Number for GS Finance Corp. (Identifies the specific registration statement under which these securities are being offered.)
• 333-284538 — File Number for Goldman Sachs Group Inc. (Identifies the parent company's related registration statement.)
• 2026-03-24 — Filing Date (The date the 424B2 prospectus was filed, indicating the recency of the offering.)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company of GS Finance Corp.
• 0001419828 (person) — CIK of GS Finance Corp.
• 0000886982 (person) — CIK of Goldman Sachs Group Inc.
• 2026-03-24 (dollar_amount) — Filing Date

Forward-Looking Statements

• GS Finance Corp. will successfully raise capital through this offering. (GS Finance Corp.) — high confidence, target: 2026-06-30
• The terms of the offered securities will be competitive with current market rates. (GS Finance Corp.) — medium confidence, target: 2026-04-30

FAQ

Key Financial Figures

• $885 — pricing date is expected to be between $885 and $915 per $1,000 face amount. For a
• $915 — date is expected to be between $885 and $915 per $1,000 face amount. For a discussio
• $1,000 — xpected to be between $885 and $915 per $1,000 face amount. For a discussion of the es
• $1,000.00 — Proceeds to Issuer (1) Per Security $1,000.00 up to $2.00 $998.00 Total (1) S
• $2.00 — (1) Per Security $1,000.00 up to $2.00 $998.00 Total (1) See “Sup
• $998.00 — er Security $1,000.00 up to $2.00 $998.00 Total (1) See “Supplemental
• $1,517.50 — st 51.75% of the face amount at least $1,517.50 July 9, 2029 at least 56.063% of th
• $1,560.63 — t 56.063% of the face amount at least $1,560.63 October 8, 2029 at least 60.375% of
• $1,603.75 — t 60.375% of the face amount at least $1,603.75 January 7, 2030 at least 64.688% of
• $1,646.88 — t 64.688% of the face amount at least $1,646.88 PS- 2 Market Linked Securities&#x20
• $1,690.00 — st 69.00% of the face amount at least $1,690.00 July 8, 2030 at least 73.313% of th
• $1,733.13 — t 73.313% of the face amount at least $1,733.13 October 7, 2030 at least 77.625% of
• $1,776.25 — t 77.625% of the face amount at least $1,776.25 January 7, 2031 at least 81.938% of
• $1,819.38 — t 81.938% of the face amount at least $1,819.38 April 7, 2031 at least 86.25% of th
• $1,862.50 — st 86.25% of the face amount at least $1,862.50 July 7, 2031 at least 90.563% of th

Filing Documents

• bxca0006_prelim.htm (424B2) — 404KB
• img49292210_0.jpg (GRAPHIC) — 14KB
• img49292210_1.jpg (GRAPHIC) — 17KB
• img49292210_2.jpg (GRAPHIC) — 82KB
• img49292210_3.jpg (GRAPHIC) — 29KB
• img49292210_4.jpg (GRAPHIC) — 127KB
• img49292210_5.jpg (GRAPHIC) — 55KB
• 0001193125-26-121493.txt ( ) — 852KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. Pricing Supplement No. [ ] dated [ ], 2026 (To WFS Product Supplement No. 9 dated January 20, 2026, Prospectus Supplement dated February 14, 2025 and Prospectus dated February 14, 2025) GS Finance Corp. Medium-Term Notes, Series F guaranteed by The Goldman Sachs Group, Inc. Equity Linked Securities Market Linked Securities—Auto-Callable with Contingent Downside Principal at Risk Securities Linked to the Common Stock of Blackstone Inc. due April 6, 2034  Linked to the common stock of Blackstone Inc. (the “underlying stock”)  Unlike ordinary debt securities, the securities do not pay interest, do not repay a fixed amount of principal at maturity and are subject to potential automatic call upon the terms described below. Whether the securities are automatically called for a fixed call premium or, if not automatically called, the maturity payment amount, will depend, in each case, on the stock closing price of the underlying stock on the relevant call date  Automatic Call. If the stock closing price of the underlying stock on any call date is greater than or equal to the call threshold price, the securities will be automatically called for the face amount plus the call premium applicable to that call date. The call threshold price is equal to (i) with respect to the first 20 call dates, 90.00% of the starting price and (ii) with respect to the final call date, 60.00% of the starting price. The call premium applicable to each call date will be a percentage of the face amount that increases for each call date based on a simple (non-compounding) return of at least 17.25% per annum (to be determined on the pricing date). Please see “Terms of the Securities — Call Dates and Call Premiums” below for the call dates and call premiums.  Maturity Payment Amount. If the securities are not automatically called, you will receive a maturity payment amount that will be less than the face amount and you will have 1-to-1 downside exposure to the decrease in the stock closing price of the underlying stock  The downside threshold price is equal to 60.00% of the starting price.  Investors may lose up to 100.00% of the face amount  Any positive return on the securities will be limited to the applicable call premium, even if the stock closing price of the underlying stock on the applicable call date significantly exceeds the starting price. You will not participate in any appreciation of the underlying stock beyond the applicable fixed call premium  All payments on the securities are subject to credit risk, and you will have no ability to pursue the underlying stock issuer for payment; if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, default on their obligations, you could lose some or all of your investment  No periodic interest payments or dividends  No exchange listing; designed to be held to maturity The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $885 and $915 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC (“GS&Co.”) would initially buy or sell your securities, if it makes a market in the securities, see page PS- 10 . The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. 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- 10 . Original Offering Price Underwriting Discount (1)(2) Proceeds to Issuer (1) Per Security $1,000.00 up to $2.00 $998.00 Total (1) See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS- 26 . (2) In addition to the 0.20%, GS&Co. may pay to selected securities dealers a fee of up to 0.05% of the face amount in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. 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 securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations

View Full Filing

View this 424B2 filing on SEC EDGAR