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

TL;DR

**GS Finance Corp. is gearing up to issue new securities, likely debt, under a recent prospectus.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, for an offering under registration statement 333-284538-03. This filing indicates that GS Finance Corp. is preparing to issue new securities, likely debt, to raise capital. For investors, this means potential dilution if equity-linked or an increase in debt obligations, which could impact the parent company's financial health and future earnings.

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which could affect its financial structure and the risk profile for investors in its parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The offering of new securities, especially debt, can increase a company's leverage and potentially impact its credit rating and future profitability.

Analyst Insight

Investors should monitor subsequent filings for details on the type, amount, and terms of the securities being offered by GS Finance Corp., as this will clarify the potential impact on Goldman Sachs Group Inc.'s financial statements and risk profile.

Key Numbers

• 2026-03-24 — Filing Date (Date the 424B2 prospectus was filed by GS Finance Corp.)
• 333-284538-03 — Registration Statement File No. (The specific registration statement under which the securities are being offered by GS Finance Corp.)
• 0001419828 — GS Finance Corp. CIK (Unique identifier for GS Finance Corp. with the SEC.)
• 0000886982 — Goldman Sachs Group Inc. CIK (Unique identifier for the parent company, Goldman Sachs Group Inc., with the SEC.)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company of GS Finance Corp.
• 2026-03-24 (date) — Filing Date of the 424B2 prospectus
• 333-284538-03 (dollar_amount) — File number for the registration statement
• 0001419828 (dollar_amount) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will successfully issue new securities to raise capital. (GS Finance Corp.) — high confidence, target: 2026-06-30
• The new securities offering will primarily consist of debt instruments. (GS Finance Corp.) — medium confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $1,000 — plus an amount equal to the product of $1,000 times the applicable call premium amoun
• $885 — he trade 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

Filing Documents

• induc001_prelim.htm (424B2) — 241KB
• img265541960_0.jpg (GRAPHIC) — 6KB
• img265541960_1.jpg (GRAPHIC) — 51KB
• img265541960_2.jpg (GRAPHIC) — 6KB
• 0001193125-26-121494.txt ( ) — 331KB

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. GS Finance Corp. $ Leveraged Callable Dow Jones Industrial Average -Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The notes will mature on the stated maturity date (expected to be April 3, 2031), unless we redeem them. We may redeem your notes at 100% of their face amount plus an amount equal to the product of $1,000 times the applicable call premium amount on any quarterly call payment date beginning in April 2027 and ending in January 2031. The call payment dates and applicable call premium amount for each call payment date are specified on page PS-4 of this pricing supplement. If we do not redeem your notes, the amount that you will be paid on your notes on the stated maturity date is based on the performance of the Dow Jones Industrial Average as measured from the trade date (expected to be March 31, 2026) to and including the determination date (expected to be March 31, 2031). If the final index level on the determination date is greater than the initial index level (set on the trade date and will be an intra-day level or the closing level of the index on the trade date), the return on your notes will be positive and will equal at least 1.1265 (set on the trade date) times the index return. The index return is the percentage increase or decrease in the final index level from the initial index level. If the final index level is equal to or less than the initial index level, you will receive the face amount of your notes. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: • if the index return is positive (the final index level is greater than the initial index level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) at least 1.1265 (set on the trade date) times (c) the index return; or • if the index return is zero or negative (the final index level is equal to or less than the initial index level), $1,000. 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- 9 . The estimated value of your notes at the time the terms of your notes are set on the trade 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 would initially buy or sell your notes, if it makes a market in the notes, see the following page. Original issue date: expected to be April 3, 2026 Original issue price: 100% of the face amount Underwriting discount: 2.5% of the face amount Net proceeds to the issuer: 97.5% 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 Citigroup Global Markets Inc. Pricing Supplement No. dated , 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. Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is expected to be between $885 and $915 per $1,000 face amount, which is less than the original issue price. The value of your notes at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.’s customary bid and ask

View Full Filing

View this 424B2 filing on SEC EDGAR