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

TL;DR

**GS Finance Corp. is issuing new securities, likely to fund operations or refinance debt.**

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 or structured products, to raise capital. For investors, this means GS Finance Corp. is actively managing its funding and capital structure, which can impact its financial stability and ability to generate future returns.

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which can affect its liquidity, debt levels, and overall financial health, directly impacting the value of its parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The risk level is medium because while raising capital can be beneficial, the specific terms and use of proceeds from the offering are not detailed in this summary filing, introducing uncertainty.

Analyst Insight

An investor should monitor subsequent filings or press releases from GS Finance Corp. or Goldman Sachs Group Inc. for details on the specific securities being offered, their terms, and the intended use of proceeds to assess the impact on the company's financial health.

Key Numbers

• 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 Goldman Sachs Group Inc. in SEC filings)
• 2026-03-24 — Filing Date (Date the 424B2 prospectus was filed)

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 (string) — File number for the offering

Forward-Looking Statements

• GS Finance Corp. will issue new debt or structured products to investors. (GS Finance Corp.) — high confidence, target: 2026-03-31
• The capital raised will be used to support general corporate purposes or refinance existing obligations. (GS Finance Corp.) — medium confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $10,122,000 — ent No. 333-284538 GS Finance Corp. $10,122,000 Autocallable Goldman Sachs Momentum B
• $1,000 — at case, the company will pay, for each $1,000 of the outstanding face amount, an amou
• $909 — amount / Additional amount end date: $909 per $1,000 face amount, which is less t
• $53.5 — l issue price. The additional amount is $53.5 and the additional amount end date is J

Filing Documents

• gs-20260324.htm (424B2) — 403KB
• gs_exfilingfees.htm (EX-FILING FEES) — 5KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 50KB
• img262706491_2.jpg (GRAPHIC) — 378KB
• 0001193125-26-121523.txt ( ) — 1098KB
• 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. $10,122,000 Autocallable Goldman Sachs Momentum Builder Focus ER Index-Linked Notes due 2033 guaranteed by The Goldman Sachs Group, Inc. Payment at Maturity: The amount that you will be paid on your notes at maturity, if they have not been automatically called, is based on the performance of the index. Automatic Call: The notes will be automatically called on an annual call payment date if the closing level of the index is greater than or equal to the call level on the related call observation date. 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-12. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $10,122,000 Automatic call feature: The notes will be automatically called if the closing level of the index is greater than or equal to the call level on any call observation date. In that case, the company will pay, for each $1,000 of the outstanding face amount, an amount in cash on the following call payment date equal to $1,000 + ($1,000 × the applicable call premium amount). Cash settlement amount: • if the final index level is greater than the initial index level: $1,000 + ($1,000 × the upside participation rate × the index return); or • if the final index level is equal to or less than the initial index level: $1,000 Index: the Goldman Sachs Momentum Builder Focus ER Index (current Bloomberg symbol: “GSMBFC5 Index”) The index measures the performance of a “base index,” which is composed of up to nine underlying indices that provide exposure to focused U.S. equities, other developed market equities, developed market fixed income assets, emerging market equities and commodities, as well as a money market position that accrues interest at a rate equal to the federal funds rate. The base index rebalances on each index business day based on the historical returns of these underlying assets in order to create a portfolio generating the highest historical returns, subject to a set of predefined rules and constraints, including a realized volatility limit and minimum and maximum asset and asset class weights. The overall amount of exposure the index provides to this base index may also be reduced and allocated to non-interest bearing cash positions based on the application of (i) a realized volatility control of 5% and (ii) a momentum risk control feature. The overall goal of the index is to provide exposure to a daily rebalancing of the combination of underlying assets with the strongest historical returns with realized volatility lower than the volatility limit while limiting the index’s overall volatility level and reducing exposure to assets that have exhibited the weakest price momentum. The daily base index return is subject to a deduction equal to the return on the federal funds rate and, in addition, the entire index is subject to a deduction of 0.65% per annum (accruing daily). The net effect of the deduction for the federal funds rate on the base index and the 0.65% deduction on the full index means that any aggregate exposure to the return-based money market position or the non-interest bearing cash positions will reduce the index performance on a pro rata basis by 0.65%. A very significant portion of the index has been, and may be in the future, allocated to the return-based money market position and the non-interest bearing cash positions. For more information about the index, including its fees and deductions, see “Index Summary”. Our estimated value of the notes on trade date / Additional amount / Additional amount end date: $909 per $1,000 face amount, which is less than the original issue price. The additional amount is $53.5 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 3.75% of the face amount 96.25% 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. 23,026 dated March 23, 2026. Key Terms (continued)

View Full Filing

View this 424B2 filing on SEC EDGAR