GS Finance Corp. & Goldman Sachs File Prospectus for New Securities

TL;DR

**GS Finance Corp. and Goldman Sachs just filed a prospectus for a new securities offering.**

AI Summary

This 424B2 filing, submitted on March 24, 2026, by GS Finance Corp. and The Goldman Sachs Group, Inc., is a prospectus related to a securities offering. It indicates that GS Finance Corp. is issuing securities under a registration statement (File No. 333-284538-03), with The Goldman Sachs Group, Inc. acting as a co-registrant (File No. 333-284538). This matters to investors because it signals that GS Finance Corp. is raising capital, which could be used for various corporate purposes, potentially impacting future earnings or dilution, depending on the nature of the securities being offered.

Why It Matters

This filing signals that GS Finance Corp. is preparing to issue new securities, which could affect the company's capital structure and potentially dilute existing shareholders or increase its debt obligations.

Risk Assessment

Risk Level: medium — The risk level is medium because while a prospectus itself isn't inherently risky, the underlying securities offering could introduce dilution or increased debt, depending on the terms.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements or final prospectuses) to understand the specific terms, type, and quantity of securities being offered by GS Finance Corp., as this will determine the potential impact on existing shares or debt structure.

Key Numbers

• 0001419828 — CIK for GS Finance Corp. (Unique identifier for GS Finance Corp. in SEC filings)
• 0000886982 — CIK for The Goldman Sachs Group, Inc. (Unique identifier for The Goldman Sachs Group, Inc. in SEC filings)
• 2026-03-24 — Filing Date (Date the 424B2 prospectus was filed with the SEC)
• 333-284538-03 — GS Finance Corp. File No. (Registration statement number under which GS Finance Corp. is offering securities)
• 333-284538 — Goldman Sachs Group Inc. File No. (Registration statement number under which The Goldman Sachs Group, Inc. is a co-registrant)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• The Goldman Sachs Group, Inc. (company) — Co-registrant for the securities offering
• 2026-03-24 (date) — Filing Date and Accepted Date of the 424B2
• 333-284538-03 (dollar_amount) — File Number for GS Finance Corp.'s registration statement
• 333-284538 (dollar_amount) — File Number for The Goldman Sachs Group, Inc.'s registration statement

Forward-Looking Statements

• GS Finance Corp. will proceed with a securities offering based on this prospectus. (GS Finance Corp.) — high confidence, target: 2026-06-24

FAQ

Key Financial Figures

• $1,010,000 — ent No. 333-284538 GS Finance Corp. $1,010,000 Autocallable Contingent Coupon Equity
• $172.70 — ter than or equal to its initial price ($172.70 with respect to the common stock of NVI
• $724.93 — the common stock of NVIDIA Corporation, $724.93 with respect to the common stock of EMC
• $593.66 — e common stock of EMCOR Group, Inc. and $593.66 with respect to the Class A common stoc
• $1,000 — plicable payment date a coupon for each $1,000 face amount of your notes equal to (i)
• $15.417 — your notes equal to (i) the product of $15.417 (1.5417% monthly, or the potential for
• $976 — he trade date is equal to approximately $976 per $1,000 face amount. For a discussio
• $16 — n additional amount (initially equal to $16 per $1,000 face amount). Prior to Jun
• $0 — is less than its coupon trigger price, $0 The coupon paid on any coupon payment

Filing Documents

• gs-20260324.htm (424B2) — 569KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 14KB
• img262706491_1.jpg (GRAPHIC) — 50KB
• img262706491_2.jpg (GRAPHIC) — 48KB
• img262706491_3.jpg (GRAPHIC) — 51KB
• img262706491_4.jpg (GRAPHIC) — 7KB
• 0001193125-26-121638.txt ( ) — 905KB
• 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. $1,010,000 Autocallable Contingent Coupon Equity-Linked Notes due 2029 guaranteed by The Goldman Sachs Group, Inc. If the closing price of any of the common stock of NVIDIA Corporation, the common stock of EMCOR Group, Inc. or the Class A common stock of Meta Platforms, Inc. (formerly Facebook, Inc.) on any observation date is less than 60% of its initial price, you will not receive a coupon on the applicable payment date. The amount that you will be paid on your notes is based on the performances of the index stocks. The notes will mature on the stated maturity date (March 23, 2029), unless automatically called on any observation date commencing in March 2027 to and including February 2029. Your notes will be automatically called if the closing price of each index stock on any such observation date is greater than or equal to its initial price ($172.70 with respect to the common stock of NVIDIA Corporation, $724.93 with respect to the common stock of EMCOR Group, Inc. and $593.66 with respect to the Class A common stock of Meta Platforms, Inc. (formerly Facebook, Inc.) (which in each case is an intra-day price or the closing price of one share of such index stock on the trade date (March 20, 2026))). If your notes are automatically called, you will receive a payment on the next payment date (the third business day after the relevant observation date) equal to the face amount of your notes plus a coupon (as described below). Observation dates are the 20th day of each month, commencing in April 2026 and ending in March 2029. If on any observation date the closing price of each index stock is greater than or equal to 60% of its initial price, you will receive on the applicable payment date a coupon for each $1,000 face amount of your notes equal to (i) the product of $15.417 (1.5417% monthly, or the potential for up to approximately 18.5% per annum) times the number of observation dates that have occurred up to and including the relevant observation date minus (ii) the sum of all coupons previously paid, if any. The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to the final coupon, if any, is based on the performance of the index stock with the lowest index stock return. The index stock return for each index stock is the percentage increase or decrease in the closing price of such index stock on the determination date (the final observation date, March 20, 2029) from its initial 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 of each index stock is greater than or equal to -40% (the final price of each index stock is greater than or equal to 60% of its initial price), the sum of (i) $1,000 plus (ii) a coupon calculated as described above; • if the index stock return of any index stock is less than -40% (the final price of any index stock is less than 40% of its initial price), the sum of (i) $1,000 plus (ii) the product of (a) the lesser performing index stock return times (b) $1,000. You will receive less than 60% of the face amount of your notes and no coupon. If the index stock return for any index stock is less than -40%, the percentage of the face amount of your notes you will receive will be based on the performance of the index stock with the lowest index stock return. In such event, you will receive less than 60% of the face amount of your notes and no coupon. 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- 0 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $976 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: 0% of the face amount* Net proceeds to the issuer: % of the face amount * In addition, the underwriting discount paid by us also includes a structuring fee of up to 0.8% of the face amount. See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS- 41 . 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

View Full Filing

View this 424B2 filing on SEC EDGAR