GS Finance Corp. Files 424B2 Prospectus for Future Offerings

TL;DR

**GS Finance Corp. just updated its shelf registration, keeping its options open for future capital raises.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to its existing registration statement 333-284538-03. This filing is a routine update for offering securities, indicating that GS Finance Corp. is maintaining its ability to raise capital. For investors, this means the company is keeping its financial options open, which can be a sign of stability and preparedness for future growth or operational needs, without signaling any immediate, specific capital raise.

Why It Matters

This filing ensures GS Finance Corp. can efficiently raise capital in the future, providing financial flexibility for its operations and growth strategies.

Risk Assessment

Risk Level: low — This is a routine administrative filing that doesn't indicate any immediate financial distress or significant new risks.

Analyst Insight

Investors should view this as a standard procedural update, not an immediate call to action. It confirms GS Finance Corp.'s ongoing financial flexibility but doesn't signal an imminent offering or change in company fundamentals.

Key Numbers

• 333-284538-03 — Registration Statement File No. (Identifies the specific registration statement this prospectus supplements.)
• 2026-03-24 — Filing Date (The date the 424B2 prospectus was filed with the SEC.)

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

FAQ

Key Financial Figures

• $10 — ing such call observation date for each $10 face amount of your notes equal to the
• $9.50 — he trade date is expected to be between $9.50 and $9.80 per $10 face amount. For a di
• $9.80 — ate is expected to be between $9.50 and $9.80 per $10 face amount. For a discussion o
• $1,000 — hat may be purchased by any investor is $1,000. PS- 2 Investor Suitability The n
• $11.00 — 027 April 7, 2027 10.00% - 11.00% $11.00 - $11.10 June 28, 2027 June 30, 202
• $11.10 — il 7, 2027 10.00% - 11.00% $11.00 - $11.10 June 28, 2027 June 30, 2027 12.50
• $11.25 — 027 June 30, 2027 12.50% - 13.75% $11.25 - $11.375 September 27, 2027 Septem
• $11.375 — e 30, 2027 12.50% - 13.75% $11.25 - $11.375 September 27, 2027 September 29, 20
• $11.50 — September 29, 2027 15.00% - 16.50% $11.50 - $11.65 December 27, 2027 December
• $11.65 — r 29, 2027 15.00% - 16.50% $11.50 - $11.65 December 27, 2027 December 29, 2027
• $11.75 — December 29, 2027 17.50% - 19.25% $11.75 - $11.925 March 27, 2028 March 30,
• $11.925 M — r 29, 2027 17.50% - 19.25% $11.75 - $11.925 March 27, 2028 March 30, 2028 20.00%
• $12.00 — 28 March 30, 2028 20.00% - 22.00% $12.00 - $12.20 * the applicable call return
• $12.20 — h 30, 2028 20.00% - 22.00% $12.00 - $12.20 * the applicable call return will be

Filing Documents

• spxc0542_prelim.htm (424B2) — 307KB
• img45282945_0.jpg (GRAPHIC) — 26KB
• img45282945_1.gif (GRAPHIC) — 1KB
• img45282945_2.gif (GRAPHIC) — 1KB
• img45282945_3.jpg (GRAPHIC) — 58KB
• img45282945_4.jpg (GRAPHIC) — 7KB
• 0001193125-26-121630.txt ( ) — 436KB

From the Filing

424B2 Filed pursuant to Rule 424(b)(2) / Registration Statement No. 333-284538 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. GS Finance Corp. $ Trigger Autocallable Notes Linked to the S&P 500 Index due guaranteed by The Goldman Sachs Group, Inc. Investment Description The amount you will be paid on your notes is based on the performance of S&P 500 Index. The notes are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The notes will mature on the stated maturity date unless they are automatically called on any call observation date (quarterly, including the determination date). Your notes will be automatically called if the closing level of the index on any call observation date is greater than or equal to the autocall barrier, resulting in a payment on the applicable call payment date following such call observation date for each $10 face amount of your notes equal to the face amount per note plus the product of $10 times the applicable call return, and no further payments will be owed to you under the notes. The call return increases the longer the notes are outstanding. If the notes are not automatically called and the closing level of the index on the determination date (the final index level) is greater than or equal to the downside threshold, you will receive the face amount of your notes at maturity. If, however, the notes are not automatically called and the final index level is less than the downside threshold, you will receive less than the face amount of your notes, resulting in a percentage loss on your investment equal to the percentage change in the index from the trade date to the determination date (the index return) and you could lose all of your investment. Investing in the notes involves significant risks. You may lose a significant portion or all of your investment and will not receive any coupon during the term of the notes. Higher call returns are generally associated with a greater risk of loss and a greater risk that the notes will not be automatically called. The contingent repayment of principal applies only at maturity. Any payment on the notes, including any repayment of principal, is subject to the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. Features Key Dates* O Automatic Call Feature – Your notes will be automatically called and you will receive the face amount of your notes plus the product of $10 times the applicable call return on the related call payment date if the closing level of the index is greater than or equal to the autocall barrier on a call observation date. The call return increases the longer the notes are outstanding. If the notes were previously automatically called, no further payments will be owed to you under the notes. O Contingent Repayment of Principal at Maturity with Potential for Full Downside Market Exposure – At maturity, if the notes have not been automatically called and the final index level is greater than or equal to the downside threshold, you will receive a payment equal to the face amount of your notes. If, however, the final index level is less than the downside threshold, you will receive less than the face amount of your notes, if anything, resulting in a percentage loss on your investment equal to the index return. You may lose your entire investment. The contingent repayment of principal applies only if you hold the notes to maturity. Any payment on the notes, including any repayment of principal, is subject to the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. Trade date March 27, 2026 Original issue date March 31, 2026 Call observation dates** Quarterly (beginning after 12 months) (see page PS-5) Determination date** March 27, 2028 March 30, 2028 *Expected. **Subject to postponement. Notice to investors: the notes are a riskier investment than ordinary debt securities. GS Finance Corp. is not necessarily obligated to repay the face amount of the notes at maturity, and the notes may have the same downside market risk as the index. This market risk is in addition to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. You should not purchase the notes if you do not understand or are not comfortable with the significant risks involved in investing in the 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 PS- 11 . Key Terms Index Bloomberg Symbol Initial Index Level Autocall Barrier Downside Threshold Call Return* CUSIP ISIN S&P 500 Index S&P Index 100.00% of the initial index level

View Full Filing

View this 424B2 filing on SEC EDGAR