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

TL;DR

**GS Finance Corp. is issuing new securities, watch for terms.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, for an offering under registration statement 333-284538-03. This filing indicates that GS Finance Corp. is preparing to issue new securities, likely debt, to raise capital. For investors, this means GS Finance Corp. is actively managing its funding, which could impact its financial leverage and future earnings, making it important to understand the terms of these new securities.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect its debt levels and financial flexibility, directly impacting the valuation of its parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The risk is medium because while raising capital can be beneficial, the specific terms of the new securities (interest rates, maturity, etc.) are not detailed in this filing and could impact the company's financial health.

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. or Goldman Sachs Group Inc. for the specific terms of the new securities offering, as these details will determine the impact on the company's financial health and potential returns.

Key Numbers

• 333-284538-03 — Registration Statement File No. (Identifies the specific registration under which GS Finance Corp. is offering securities.)
• 2026-03-24 — Filing Date (Indicates when the prospectus was officially submitted to 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.
• 2026-03-24 (date) — Filing date of the 424B2 prospectus
• 333-284538-03 (dollar_amount) — Registration statement file number for GS Finance Corp.
• 0001419828 (dollar_amount) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms (e.g., interest rate, maturity) of the new securities offering. (GS Finance Corp.) — high confidence, target: Within 30 days of 2026-03-24

FAQ

Key Financial Figures

• $1,000 — at case, the company will pay, for each $1,000 of the outstanding face amount, an amou
• $1,132.5 — cash on the call payment date equal to $1,132.5. Cash settlement amount: subject to
• $885 — amount / Additional amount end date: $885 to $925 per $1,000 face amount, which i
• $925 — / Additional amount end date: $885 to $925 per $1,000 face amount, which is less t
• $1,132.50 — 25% of the face amount of your notes or $1,132.50 for each $1,000 of the face amount of y

Filing Documents

• woen0001_prelim.htm (424B2) — 222KB
• img180967146_0.jpg (GRAPHIC) — 4KB
• img180967146_1.jpg (GRAPHIC) — 53KB
• img180967146_2.jpg (GRAPHIC) — 53KB
• img180967146_3.jpg (GRAPHIC) — 57KB
• img180967146_4.jpg (GRAPHIC) — 58KB
• 0001193125-26-121645.txt ( ) — 535KB

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. $ Autocallable Index-Linked Notes due 2031 guaranteed by The Goldman Sachs Group, Inc. Payment at Maturity: The amount that you will be paid on your notes at maturity, if they have not been automatically called, is based on the performance of the underlier with the lowest underlier return. Automatic Call: The notes will be automatically called on the call payment date if the closing level of each underlier is greater than or equal to its initial underlier level on the call observation date. Interest: The notes do not bear interest. The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date. 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-8. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $ Automatic call feature: The notes will be automatically called if the closing level of each underlier is greater than or equal to its initial underlier level on the call observation date. In that case, the company will pay, for each $1,000 of the outstanding face amount, an amount in cash on the call payment date equal to $1,132.5. Cash settlement amount: • if the final underlier level of each underlier is greater than its initial underlier level: $1,000 + ($1,000 × the upside participation rate × the lesser performing underlier return); or • if the final underlier level of any underlier is equal to or less than its initial underlier level: $1,000 Underliers: the Nasdaq-100 Index (current Bloomberg symbol: “NDX Index”), the Russell 2000 Index (current Bloomberg symbol: “RTY Index”) and the S&P 500 Index (current Bloomberg symbol: “SPX Index”) Upside participation rate: 100% Initial underlier level: with respect to an underlier, an intra-day level or the closing level of such underlier on the trade date Final underlier level: with respect to an underlier, the closing level of such underlier on the determination date* Underlier return: with respect to an underlier: (its final underlier level - its initial underlier level) ÷ its initial underlier level Lesser performing underlier return: the underlier return of the lesser performing underlier (the underlier with the lowest underlier return) Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058YQL9 / US40058YQL91 * 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: $885 to $925 per $1,000 face amount, which is less than the original issue price. The additional amount is $ and the additional amount end date is . 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 % of the face amount % 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. dated , 2026. Key Terms (continued) Trade date: March 27, 2026 Original issue date: April 1, 2026 Determination date: March 27, 2031* April 1, 2031* Call observation date: March 29, 2027* Call payment date: April 1, 2027* * subject to adjustment as described in the accompanying general terms supplement PS- 2 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. I

View Full Filing

View this 424B2 filing on SEC EDGAR