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

TL;DR

**GS Finance Corp. is issuing new securities, watch for details on terms and use of proceeds.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, for an offering under File No. 333-284538-03. This filing indicates that GS Finance Corp. is offering securities, likely debt or structured products, to investors. For shareholders, this matters because it shows GS Finance Corp. is actively raising capital, which can impact its financial leverage and ability to fund operations or new ventures, potentially affecting the parent company's overall risk profile and future earnings.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect its financial health and the value of its parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The offering itself isn't inherently high risk, but the specific terms and use of proceeds, not detailed here, could introduce risk to investors.

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. or Goldman Sachs Group Inc. for specific details on the type, amount, and terms of the securities being offered, as well as the intended use of proceeds, to assess potential impact on the parent company's financials.

Key Numbers

• 2026-03-24 — Filing Date (Indicates when the prospectus was filed with the SEC.)
• 333-284538-03 — File No. (Identifies the specific registration statement under which the 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 of GS Finance Corp.
• March 24, 2026 (date) — Filing date of the 424B2 prospectus
• 333-284538-03 (dollar_amount) — File number for the offering
• 0001419828 (dollar_amount) — CIK for GS Finance Corp.
• 0000886982 (dollar_amount) — CIK for Goldman Sachs Group Inc.

Forward-Looking Statements

• GS Finance Corp. will likely issue specific terms for the securities offered under File No. 333-284538-03 in a subsequent filing or announcement. (GS Finance Corp.) — high confidence, target: 2026-04-24

FAQ

Key Financial Figures

• $387,000 — ent No. 333-284538 GS Finance Corp. $387,000 Autocallable Equity-Linked Notes due
• $195.38 — ual to the initial index stock price of $195.38 (which is an intra-day price or the clo
• $1,000 — payment date (March 25, 2027) for each $1,000 face amount of your notes equal to $1,1
• $1,197.5 — ,000 face amount of your notes equal to $1,197.5. If your notes are not automatically
• $955 — he trade date is equal to approximately $955 per $1,000 face amount. For a discussio
• $45 — n additional amount (initially equal to $45 per $1,000 face amount). Prior to Jun
• $195 — tock price Initial index stock price: $195.38, which is an intra-day price or the

Filing Documents

• gs-20260324.htm (424B2) — 443KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 6KB
• img262706491_1.jpg (GRAPHIC) — 84KB
• img262706491_2.jpg (GRAPHIC) — 6KB
• 0001193125-26-121620.txt ( ) — 676KB
• 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. $387,000 Autocallable Equity-Linked Notes due 2029 guaranteed by The Goldman Sachs Group, Inc. The notes (CUSIP: 40058YAE2) do not bear interest. The notes will mature on the stated maturity date (March 23, 2029) unless they are automatically called on the call observation date (March 22, 2027). Your notes will be automatically called on the call observation date if the closing price of the common stock of Salesforce, Inc. on such date is greater than or equal to the initial index stock price of $195.38 (which is an intra-day price or the closing price of the index stock on the trade date (March 20, 2026)), resulting in a payment on the call payment date (March 25, 2027) for each $1,000 face amount of your notes equal to $1,197.5. 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 stock as measured from the trade date to and including the determination date (March 20, 2029). If the final index stock price on the determination date is greater than or equal to the initial index stock price, the return on your notes will be positive or zero and will equal 1.5 times the index stock return. If the final index stock price declines by up to 30% from the initial index stock price, the return on your notes will be the absolute value of the index stock return (e.g., if the index stock return is -10%, the return on your notes will be +10%). If the final index stock price declines by more than 30% from the initial index stock price, the return on your notes will be negative. For example, if the index stock return is -30%, you will receive a positive return of 30% on your notes; however, if the index stock return is -31%, you will lose 31% of the value of your notes (a very significant negative change in the return on your notes based on a small negative change in the index stock return). 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 stock return, which is the percentage increase or decrease in the final index stock price from the initial index stock price. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: • if the index stock return is positive or zero (the final index stock price is greater than or equal to the initial index stock price), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.5 times (c) the index stock return; • if the index stock return is negative but not below -30% (the final index stock price is less than the initial index stock price, but not by more than 30%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the absolute value of the index stock return; or • if the index stock return is negative and is below -30% (the final index stock price is less than the initial index stock price by more than 30%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the index stock return. You will receive less than 70% 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 S- 17 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $955 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: 3.2% of the face amount* Net proceeds to the issuer: 96.8% of the face amount * See “Supplemental Plan of Distribution” on page S-34 for additional information regarding the fees comprising the underwriting discount. 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 Prospectus Supplement No. 22,926 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 amo

View Full Filing

View this 424B2 filing on SEC EDGAR