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

TL;DR

**GS Finance Corp. is issuing new securities; watch for details on use of proceeds and potential dilution.**

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 new securities under registration statement 333-284538. This matters to investors because it signals that GS Finance Corp. is actively raising capital, which could be used for various corporate purposes like funding operations, investments, or debt repayment, potentially impacting future earnings and stock performance.

Why It Matters

This filing shows GS Finance Corp. is raising capital, which could dilute existing shares or fund growth, directly impacting shareholder value.

Risk Assessment

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

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) to understand the specific terms of the securities being offered, including potential dilution for equity holders or interest rates for debt, before making any investment decisions.

Key Numbers

• 2026-03-24 — Filing Date (Indicates when the prospectus was filed with the SEC.)
• 333-284538 — Registration Statement File No. (Identifies the overarching registration statement under which these securities are being offered.)
• 0001419828 — GS Finance Corp. CIK (Unique identifier for GS Finance Corp. in SEC filings.)
• 0000886982 — Goldman Sachs Group Inc. CIK (Unique identifier for the parent company in SEC filings.)

Key Players & Entities

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

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms (e.g., type of security, offering size, pricing) of this new securities offering. (GS Finance Corp.) — high confidence, target: 2026-04-24
• The capital raised from this offering will be used to support general corporate purposes or specific investment initiatives by Goldman Sachs Group Inc. (Goldman Sachs Group Inc.) — medium confidence, target: 2026-06-24

FAQ

Key Financial Figures

• $500,000 — ent No. 333-284538 GS Finance Corp. $500,000 Leveraged Buffered MSCI EAFE Index-Li
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $985 — amount / Additional amount end date: $985 per $1,000 face amount, which is less t
• $15 — l issue price. The additional amount is $15 and the additional amount end date is J

Filing Documents

• gs-20260324.htm (424B2) — 151KB
• gs_exfilingfees.htm (EX-FILING FEES) — 5KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 56KB
• img262706491_2.jpg (GRAPHIC) — 57KB
• 0001193125-26-121611.txt ( ) — 413KB
• 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. $500,000 Leveraged Buffered MSCI EAFE Index-Linked Notes due 2030 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 upside participation rate times the underlier return. • If the final underlier level is equal to or less than the initial underlier level, but not by more than the buffer amount, you will receive the face amount of your notes. • If the final underlier level is less than the initial underlier level by more than the buffer amount, the return on your notes will be negative and you will lose 1% of the face amount of your notes for every 1% that the final underlier level has declined below the buffer level. You could lose a significant portion of 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: $500,000 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 upside participation rate × the underlier return); • if the final underlier level is equal to or less than the initial underlier level, but greater than or equal to the buffer level: $1,000; or • if the final underlier level is less than the buffer level: $1,000 + ($1,000 × the buffer rate × (the underlier return + the buffer amount)) Underlier: the MSCI EAFE Index (current Bloomberg symbol: “MXEA Index”) Upside participation rate: 123.15% Buffer level: 80% of the initial underlier level Buffer amount: 20% Buffer rate: 100% Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: March 20, 2030* March 25, 2030* Initial underlier level: 2,840.61, 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: 40058YHX3 / US40058YHX31 * 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: $985 per $1,000 face amount, which is less than the original issue price. The additional amount is $15 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 0.65% of the face amount 99.35% 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. 23,183 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

View Full Filing

View this 424B2 filing on SEC EDGAR