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

TL;DR

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

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 offering securities, likely debt or structured products, to raise capital. For investors, this means the company is actively managing its funding and potentially expanding its operations, which could impact future earnings and the overall financial health of its parent company, Goldman Sachs Group Inc.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which can fund new investments or operations, potentially affecting the profitability and risk profile of its parent, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The filing itself is a standard prospectus, but the underlying offering could introduce new debt or financial instruments, altering the company's risk exposure.

Analyst Insight

Investors should monitor subsequent filings or press releases from GS Finance Corp. or Goldman Sachs Group Inc. for details on the terms of the offering, such as interest rates or specific uses of proceeds, to assess potential impacts on the parent company's financials.

Key Numbers

• 333-284538-03 — File Number for GS Finance Corp. (Identifies the specific registration statement under which the securities are being offered.)
• 333-284538 — File Number for Goldman Sachs Group Inc. (Identifies the specific registration statement for the parent company.)
• 2026-03-24 — Filing Date (Indicates when the prospectus was filed with the SEC.)
• 424B2 — Form Type (Specifies the type of prospectus, indicating a pricing supplement or final prospectus for an 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 complete its securities offering. (GS Finance Corp.) — high confidence, target: 2026-06-30
• The capital raised will be used to support general corporate purposes or specific investment initiatives. (GS Finance Corp.) — medium confidence, target: 2026-12-31

FAQ

Key Financial Figures

• $8,058,000 — ent No. 333-284538 GS Finance Corp. $8,058,000 Autocallable S&P 500 Index-Linked Not
• $1,000 — l payment date (April 7, 2027) for each $1,000 face amount of your notes equal to $1,1
• $1,112.5 — ,000 face amount of your notes equal to $1,112.5. If your notes are not automatically
• $972 — he trade date is equal to approximately $972 per $1,000 face amount. For a discussio
• $23 — n additional amount (initially equal to $23 per $1,000 face amount). Prior to Jun
• $10,000 — trade date Authorized denominations: $10,000 or any integral multiple of $1,000 in e

Filing Documents

• gs-20260324.htm (424B2) — 252KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 6KB
• img262706491_1.jpg (GRAPHIC) — 58KB
• img262706491_2.jpg (GRAPHIC) — 6KB
• 0001193125-26-121545.txt ( ) — 450KB
• 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. $8,058,000 Autocallable S&P 500 Index-Linked Notes due 2028 guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The notes will mature on the stated maturity date (March 23, 2028) unless they are automatically called on the call observation date (April 2, 2027). Your notes will be automatically called on the call observation date if the closing level of the S&P 500 Index on such date is greater than or equal to the initial index level of 6,506.48 (which is an intra-day level or the closing level of the index on the trade date (March 20, 2026)), resulting in a payment on the call payment date (April 7, 2027) for each $1,000 face amount of your notes equal to $1,112.5. If your notes are not automatically called, the amount that you will be paid on your notes on the stated maturity date will be based on the performance of the index as measured from the trade date to and including the determination date (March 20, 2028). If the final index level on the determination date is greater than or equal to the initial index level, the return on your notes will be positive or zero and will equal 1.5 times the index return. If the final index level declines by up to 20% from the initial index level, the return on your notes will be the absolute value of the index return (e.g., if the index return is -10%, the return on your notes will be +10%). If the final index level declines by more than 20% from the initial index level, the return on your notes will be negative. For example, if the index return is -20%, you will receive a positive return of 20% on your notes; however, if the index return is -21%, you will lose 21% of the value of your notes. You could lose your entire investment in the notes. If your notes are not automatically called on the call observation date, we will determine your payment at maturity by calculating the index return, which is the percentage increase or decrease in the final index level from the initial index 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 is positive or zero (the final index level is greater than or equal to the initial index level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.5 times (c) the index return; ● if the index return is negative but not below -20% (the final index level is less than the initial index level, but not by more than 20%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the absolute value of the index return; or ● if the index return is negative and is below -20% (the final index level is less than the initial index level by more than 20%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the index return. You will receive less than 80% of the face amount of your notes. 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- 11 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $972 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: 1.5% of the face amount 1 Net proceeds to the issuer: 98.5% of the face amount 1 This includes a selling concession of up to 1.5%. 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 JPMorgan Placement Agent Pricing Supplement No. 23,222 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. Unl

View Full Filing

View this 424B2 filing on SEC EDGAR