GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

**GS Finance Corp. is gearing up to issue new securities, watch for details on the offering.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to a previously filed registration statement (File No. 333-284538-03). This filing updates investors on the terms of a securities offering, likely debt or structured products, under its existing shelf registration. For investors, this means GS Finance Corp. is actively raising capital, which can impact its financial leverage and future profitability, making it important to understand the specific terms of the offering once they are fully disclosed.

Why It Matters

This filing indicates GS Finance Corp. is preparing to issue new securities, which could affect its capital structure and the value of existing debt or equity.

Risk Assessment

Risk Level: medium — The risk level is medium because while it's a routine filing for a large financial institution, the specific terms of the offering, which are not fully detailed here, could introduce new risks or opportunities.

Analyst Insight

Investors should monitor subsequent filings or press releases from GS Finance Corp. for specific details on the type, size, and terms of the securities being offered, as this will determine the impact on their investment.

Key Numbers

• 333-284538-03 — File No. for GS Finance Corp. (Identifies the specific registration statement this 424B2 relates to.)
• 333-284538 — File No. for Goldman Sachs Group Inc. (Identifies the specific registration statement for the parent company.)
• 2026-03-24 — Filing Date (The date the 424B2 prospectus was filed with the SEC.)
• 186568 — 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.
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for Goldman Sachs Group Inc.
• 2026-03-24 (dollar_amount) — Filing Date

Forward-Looking Statements

• GS Finance Corp. will proceed with a securities offering in the near future. (GS Finance Corp.) — high confidence, target: 2026-06-24

FAQ

Key Financial Figures

• $1,500,000 — ent No. 333-284538 GS Finance Corp. $1,500,000 S&P 500 Index-Linked Notes due 2028
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $1,117.50 — #x201d;) Maximum settlement amount: $1,117.50 Trade date: March 20, 2026 Origin
• $976 — amount / Additional amount end date: $976 per $1,000 face amount, which is less t
• $6.5 — l issue price. The additional amount is $6.5 and the additional amount end date is J
• $1,000 M — y Terms and Assumptions Face amount $1,000 Maximum settlement amount $1,117.50 N
• $1,095.28 b — with a projected payment at maturity of $1,095.28 based on an investment of $1,000. PS- 8

Filing Documents

• gs-20260324.htm (424B2) — 182KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 56KB
• img262706491_2.jpg (GRAPHIC) — 58KB
• 0001193125-26-121622.txt ( ) — 445KB
• 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. $1,500,000 S&P 500 Index-Linked Notes due 2028 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 underlier return, subject to the maximum settlement amount. • If the final underlier level is equal to or less than the initial underlier level, you will receive 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: $1,500,000 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 underlier return), subject to the maximum settlement amount; or • if the final underlier level is equal to or less than the initial underlier level: $1,000 Underlier: the S&P 500 Index (current Bloomberg symbol: “SPX Index”) Maximum settlement amount: $1,117.50 Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: March 20, 2028* March 23, 2028* Initial underlier level: 6,506.48, 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: 40058YLF7 / US40058YLF78 * 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: $976 per $1,000 face amount, which is less than the original issue price. The additional amount is $6.5 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 1.75% of the face amount 98.25% 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. 23,275 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 accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listed below, does not set forth all of the terms of your notes and therefore should be read in conjunction with such documents: • General terms supplement no. 17,745 dated January 20, 2026 • Underlier supplement no. 47 dated December 23, 2025 • Prospectus supplement dated February 14, 2025 • Prospectus d

View Full Filing

View this 424B2 filing on SEC EDGAR