GS Finance Corp. & Goldman Sachs File 424B2 for Securities Offering

TL;DR

**GS Finance Corp. and Goldman Sachs are offering new securities, watch for details on terms.**

AI Summary

This 424B2 filing, dated March 24, 2026, indicates that GS Finance Corp. and its parent company, Goldman Sachs Group Inc., are offering securities under a previously filed registration statement (File No. 333-284538). This matters to investors because it signals that GS Finance Corp. is actively raising capital, likely through debt or equity offerings, which can impact the company's financial structure and future growth prospects. The filing details the administrative information for these offerings, including CIKs 0001419828 and 0000886982, and their shared business address at 200 West Street, New York, NY.

Why It Matters

This filing signals that GS Finance Corp. is actively raising capital, which could dilute existing shareholders or increase debt, impacting the company's financial health and future returns.

Risk Assessment

Risk Level: medium — The risk is medium because while capital raising can fuel growth, the specific terms of the offering (e.g., interest rates, dilution) are not detailed here and could negatively impact existing investors.

Analyst Insight

Investors should monitor subsequent filings (e.g., pricing supplements) for the specific terms of the securities being offered, such as interest rates, maturity dates, or share counts, to assess potential impact on existing holdings or future investment decisions.

Key Numbers

• 0001419828 — GS Finance Corp. CIK (Unique identifier for GS Finance Corp. in SEC filings.)
• 0000886982 — Goldman Sachs Group Inc. CIK (Unique identifier for Goldman Sachs Group Inc. in SEC filings.)
• 2026-03-24 — Filing Date (The date the 424B2 prospectus was filed and accepted by the SEC.)
• 333-284538 — Registration Statement File No. (The file number for the overarching registration statement under which these securities are being offered.)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company and co-filer of the registration statement
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for Goldman Sachs Group Inc.
• 2026-03-24 (date) — Filing Date and Accepted Date of the 424B2
• 333-284538 (dollar_amount) — File Number for the underlying registration statement

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms of its securities offering within the next quarter. (GS Finance Corp.) — high confidence, target: 2026-06-24
• The capital raised will be used to fund general corporate purposes or specific investment initiatives. (GS Finance Corp.) — medium confidence, target: 2026-12-31

FAQ

Key Financial Figures

• $21,720,000 — ent No. 333-284538 GS Finance Corp. $21,720,000 Autocallable Buffered S&P 500 Index-L
• $1,000 — l payment date (April 7, 2027) for each $1,000 face amount of your notes equal to $1,1
• $1,101 — ,000 face amount of your notes equal to $1,101. If your notes are not automatically
• $1,202 — (i) the threshold settlement amount of $1,202 for each $1,000 face amount of your not
• $974 — he trade date is equal to approximately $974 per $1,000 face amount. For a discussio
• $21 — n additional amount (initially equal to $21 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) — 254KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 6KB
• img262706491_1.jpg (GRAPHIC) — 58KB
• img262706491_2.jpg (GRAPHIC) — 6KB
• 0001193125-26-121568.txt ( ) — 452KB
• 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. $21,720,000 Autocallable Buffered 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, resulting in a payment on the call payment date (April 7, 2027) for each $1,000 face amount of your notes equal to $1,101. 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 and you will receive the greater of (i) the threshold settlement amount of $1,202 for each $1,000 face amount of your notes and (ii) the sum of (a) the $1,000 face amount plus (a) the product of (1) $1,000 times (2) 1.5 times (3) 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 declines by up to 15% from the initial index level, you will receive the face amount of your notes. If the final index level declines by more than 15% from the initial index level, the return on your notes will be negative and you will lose approximately 1.1765% of the face amount of your notes for every 1% that the final index level has declined below 85% of the initial index level. See page PS- 3 . You could lose a significant portion of the face amount of your notes. If your notes are not automatically called on the call observation date, 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 greater of (i) the threshold settlement amount and (ii) the sum of (a) $1,000 plus (b) the product of (1) $1,000 times (2) 1.5 times (3) the index return; ● if the index return is negative but not below -15% (the final index level is less than the initial index level, but not by more than 15%), $1,000; or ● if the index return is negative and is below -15% (the final index level is less than the initial index level by more than 15%), the sum of (i) $1,000 plus (ii) the product of (a) the buffer rate of approximately 117.65% (see page PS- 3 ) times (b) the sum of the index return plus 15% times (c) $1,000. You will receive less than 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 $974 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 Net proceeds to the issuer: 98.5% 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 JPMorgan Placement Agent Pricing Supplement No. 23,224 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

View Full Filing

View this 424B2 filing on SEC EDGAR