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

TL;DR

**GS Finance Corp. is selling new securities, watch for details on what and how much.**

AI Summary

GS Finance Corp. filed a 424B2 prospectus on March 24, 2026, which is a final prospectus for a securities offering. This filing, under registration statement 333-284538-03, indicates that GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., is offering new securities. For investors, this means potential dilution if new shares are issued, but also an opportunity for the company to raise capital for operations or investments, which could impact future growth and profitability.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect the company's financial structure and potentially dilute existing shareholders if equity is issued, or increase debt obligations.

Risk Assessment

Risk Level: medium — The risk is medium because while capital raising can be positive, the specifics of the offering (debt vs. equity, terms) are not detailed in this high-level filing, leaving uncertainty about the impact on existing shareholders.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) from GS Finance Corp. to understand the specific type, amount, and terms of the securities being offered, as this will determine the impact on existing shareholders or debt holders.

Key Numbers

• 2026-03-24 — Filing Date (Indicates when the 424B2 prospectus was filed by GS Finance Corp.)
• 333-284538-03 — File No. (Specific registration statement under which GS Finance Corp. is offering securities.)
• 0001193125-26-121522 — SEC Accession No. (Unique identifier for this specific filing on the SEC's EDGAR system.)

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 and acceptance date of the 424B2
• 333-284538-03 (dollar_amount) — File number for GS Finance Corp.'s registration statement
• 0001419828 (dollar_amount) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms and size of its securities offering within the next few weeks. (GS Finance Corp.) — high confidence, target: 2026-04-30

FAQ

Key Financial Figures

• $290,000 — ent No. 333-284538 GS Finance Corp. $290,000 Equity-Linked Notes due 2029 guaran
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $1,240 — #x201d;) Maximum settlement amount: $1,240 Trade date: March 20, 2026 Origin
• $205 — 23, 2029* Initial underlier level: $205.37, which is an intra-day level or the
• $955 — amount / Additional amount end date: $955 per $1,000 face amount, which is less t
• $20 — l issue price. The additional amount is $20 and the additional amount end date is J
• $1,000 M — y Terms and Assumptions Face amount $1,000 Maximum settlement amount $1,240 Neit

Filing Documents

• gs-20260324.htm (424B2) — 194KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 57KB
• img262706491_2.jpg (GRAPHIC) — 56KB
• 0001193125-26-121522.txt ( ) — 456KB
• 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. $290,000 Equity-Linked Notes due 2029 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 underlier return, subject to the maximum settlement amount. • 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-5. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $290,000 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 underlier return), subject to the maximum settlement amount; or • if the final underlier level is equal to or less than the initial underlier level: $1,000 Underlier: the common stock of Amazon.com, Inc. (current Bloomberg ticker: “AMZN UW”) Maximum settlement amount: $1,240 Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: March 20, 2029* March 23, 2029* Initial underlier level: $205.37, 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: 40058YH54 / US40058YH542 * 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: $955 per $1,000 face amount, which is less than the original issue price. The additional amount is $20 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 2.5% of the face amount 1 97.5% of the face amount 1 See Supplemental Plan of Distribution; Conflicts of Interest 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. 23,157 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 forth all of the terms of your notes and therefore should be read in conjunction with such documents: • General terms supplement no. 17,745 dated January 20

View Full Filing

View this 424B2 filing on SEC EDGAR