GS Finance Corp. Files Prospectus for New Securities Offering

TL;DR

**GS Finance Corp. is issuing new securities, watch for details on the offering.**

AI Summary

This 424B2 filing, dated March 24, 2026, indicates that GS Finance Corp. (CIK 0001419828) and its parent, Goldman Sachs Group Inc. (CIK 0000886982), are offering securities under a prospectus. This matters to investors because it signals that GS Finance Corp. is actively raising capital, potentially to fund operations, expand, or refinance existing debt, which could impact the company's financial leverage and future earnings.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect its financial health and future growth prospects, directly impacting shareholder value.

Risk Assessment

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

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. for the specific terms of the securities offering, as these details will determine the impact on the company's financial structure and potential returns.

Key Numbers

• 333-284538 — File Number for Goldman Sachs Group Inc. (Identifies the registration statement under which the securities are offered.)
• 333-284538-03 — File Number for GS Finance Corp. (Identifies the registration statement under which the securities are offered by GS Finance Corp.)
• 2026-03-24 — Filing Date (Indicates when the prospectus was filed with the SEC.)
• 15:05:36 — Accepted Time (The exact time the filing was accepted by the SEC.)
• 554339 — Size of 424B2 document (Indicates the length of the primary prospectus document in bytes.)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company of GS Finance Corp. and co-filer
• March 24, 2026 (date) — Filing date of the 424B2 prospectus
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for Goldman Sachs Group Inc.

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms (e.g., interest rates, maturity dates) of the new securities offering within the next few weeks. (GS Finance Corp.) — high confidence, target: 2026-04-30

FAQ

Key Financial Figures

• $3,156,000 — ent No. 333-284538 GS Finance Corp. $3,156,000 Autocallable Buffered Basket-Linked N
• $1,000 — l payment date (April 7, 2027) for each $1,000 face amount of your notes equal to $1,2
• $1,219.5 — ,000 face amount of your notes equal to $1,219.5. If your notes are not automatically
• $959 — he trade date is equal to approximately $959 per $1,000 face amount. For a discussio
• $36 — n additional amount (initially equal to $36 per $1,000 face amount). Prior to Jun
• $409.00 M — he Nasdaq Stock Market LLC 25% 25 $409.00 Microsoft Corporation MSFT UW Common
• $381.87 — he Nasdaq Stock Market LLC 25% 25 $381.87 Palo Alto Networks, Inc. PANW UW
• $162.95 — he Nasdaq Stock Market LLC 25% 25 $162.95 Snowflake Inc. SNOW UN Common Sto
• $168.02 — New York Stock Exchange 25% 25 $168.02 Face amount: $3,156,000 in the aggreg
• $10,000 — rade date. Authorized denominations : $10,000 or any integral multiple of $1,000 in e

Filing Documents

• gs-20260324.htm (424B2) — 541KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 26KB
• img262706491_1.jpg (GRAPHIC) — 60KB
• img262706491_2.jpg (GRAPHIC) — 56KB
• img262706491_3.jpg (GRAPHIC) — 56KB
• img262706491_4.jpg (GRAPHIC) — 55KB
• img262706491_5.jpg (GRAPHIC) — 7KB
• 0001193125-26-121581.txt ( ) — 1000KB
• 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. $3,156,000 Autocallable Buffered Basket-Linked Notes due 2028 guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The amount that you will be paid on your notes is based on the performance of an equally weighted basket comprised of the common stock (the basket stocks) of 4 companies. For a full list of the basket stocks, see page S-3. Each basket stock has an initial weighting of 25% and an initial weighted value of 25. 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). The initial basket level is 100 and the closing level of the basket on the call observation date and on the determination date (March 20, 2028), as applicable, will equal the sum of the products , as calculated for each basket stock, of: (i) its closing price on the call observation date or determination date, as applicable, divided by its initial basket stock price (set on the trade date, March 20, 2026) multiplied by (ii) its initial weighted value. Your notes will be automatically called on the call observation date if the closing level of the basket on such date is greater than or equal to the initial basket level, resulting in a payment on the call payment date (April 7, 2027) for each $1,000 face amount of your notes equal to $1,219.5. If your notes are not automatically called on the call observation date, we will determine your payment at maturity by calculating the basket return, which is the percentage increase or decrease in the closing level of the basket on the determination date (the final basket level) from the initial basket level. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: • if the basket return is positive (the final basket level is greater than the initial basket level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.25 times (c) the basket return; • if the basket return is zero or negative but not below -15% (the final basket level is equal to or less than the initial basket level but not by more than 15%), $1,000; or • if the basket return is negative and is below -15% (the final basket level is less than the initial basket level by more than 15%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the buffer rate of approximately 117.65% times (c) the sum of the basket return plus 15%. You will receive less than the face amount of your notes. Declines in one basket stock may offset increases in the other basket stocks. 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 S- 22 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $959 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 Prospectus Supplement No. 23,227 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 prospectus 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 ar

View Full Filing

View this 424B2 filing on SEC EDGAR