GS Finance Corp. Files 424B2 Prospectus, Signaling New Securities Offering

TL;DR

**GS Finance Corp. is issuing new securities, watch for potential dilution or debt impact on Goldman Sachs.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026. This filing is a supplement to a previous registration statement (333-284538-03) and indicates that GS Finance Corp. is offering new securities. For investors, this means GS Finance Corp. is likely raising capital, which could dilute existing shares or increase debt, impacting the stock's valuation and future earnings potential.

Why It Matters

This filing indicates GS Finance Corp. is likely issuing new securities, which could impact the valuation of its parent company, Goldman Sachs Group Inc., and potentially dilute existing shareholder value or increase debt obligations.

Risk Assessment

Risk Level: medium — The issuance of new securities can introduce dilution for existing shareholders or increase the company's debt burden, posing a moderate risk to current investors.

Analyst Insight

Investors should monitor the details of the new securities offering once they become available to assess potential dilution or debt impact on Goldman Sachs Group Inc. and its subsidiaries. This could be an opportunity to buy if the capital raise is for growth, or a signal to hold/sell if it's to cover losses.

Key Numbers

• 424B2 — Form Type (Indicates a prospectus for a new securities offering)
• 2026-03-24 — Filing Date (The date the prospectus was filed, indicating the timing of the offering)
• 333-284538-03 — File No. (The specific registration statement this prospectus supplements)
• 0001419828 — CIK (Unique identifier for GS Finance Corp.)
• 0000886982 — CIK (Unique identifier for Goldman Sachs Group Inc.)

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 (dollar_amount) — File number for GS Finance Corp.'s registration statement
• 0001419828 (dollar_amount) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will successfully raise capital through this new securities offering. (GS Finance Corp.) — medium confidence, target: 2026-06-30
• The new securities offering may lead to a slight dilution of existing shares for Goldman Sachs Group Inc. shareholders. (Goldman Sachs Group Inc.) — medium confidence, target: 2026-09-30

FAQ

Key Financial Figures

• $6,750,000 B — ent No. 333-284538 GS Finance Corp. $6,750,000 Buffered Digital S&P 500 Index-Linked Not
• $6,750,000 — Group, Inc. Aggregate face amount: $6,750,000 Cash settlement amount: On the stat
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $1,087.50 B — #x201d;) Maximum settlement amount: $1,087.50 Buffer level: 85% of the initial underl
• $982 — amount / Additional amount end date: $982 per $1,000 face amount, which is less t
• $13 — l issue price. The additional amount is $13 and the additional amount end date is J
• $1,000 M — y Terms and Assumptions Face amount $1,000 Maximum settlement amount $1,087.50 B

Filing Documents

• gs-20260324.htm (424B2) — 146KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 54KB
• img262706491_2.jpg (GRAPHIC) — 58KB
• 0001193125-26-121614.txt ( ) — 407KB
• 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. $6,750,000 Buffered Digital S&P 500 Index-Linked Notes due 2027 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 March 19, 2026 (the date the initial underlier level was set) to and including the determination date. • If the final underlier level on the determination date is greater than or equal to the buffer level, you will receive the maximum settlement amount. • If the final underlier level is less than the buffer 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 underlier level has declined below the buffer level. You could lose your entire investment in the 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: $6,750,000 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 or equal to the buffer level: the maximum settlement amount; 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 S&P 500 Index (current Bloomberg symbol: “SPX Index”) Maximum settlement amount: $1,087.50 Buffer level: 85% of the initial underlier level Buffer amount: 15% Buffer rate: the initial underlier level ÷ the buffer level, which quotient equals approximately 117.65% Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: April 2, 2027* April 7, 2027* Initial underlier level: 6,606.49, which is the closing level of the underlier on March 19, 2026 and is higher than 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: 40058YNB4 / US40058YNB47 * 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: $982 per $1,000 face amount, which is less than the original issue price. The additional amount is $13 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 1% of the face amount 99% 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. 23,338 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 a market-making transaction. About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompany

View Full Filing

View this 424B2 filing on SEC EDGAR