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

TL;DR

**GS Finance Corp. is prepping a new securities offering, watch for details on terms and impact.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, for a new securities offering under registration statement 333-284538-03. This filing indicates GS Finance Corp. is preparing to issue new securities, likely debt or structured products, to raise capital. For investors, this matters because new offerings can dilute existing equity if convertible, or increase the company's debt load, impacting its financial health and future earnings potential.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could impact its balance sheet and future financial performance, potentially affecting the value of its parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The risk level is medium because while a prospectus filing itself isn't inherently risky, the details of the actual offering (not yet fully disclosed) could introduce significant risks related to debt, dilution, or market conditions.

Analyst Insight

Investors should monitor subsequent filings for the specific terms of the offering, such as the amount, interest rate, and maturity, to assess its potential impact on GS Finance Corp.'s financial health and, by extension, Goldman Sachs Group Inc.'s stock.

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.)
• 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 GS Finance Corp.'s registration statement

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
• The new offering will primarily consist of debt instruments or structured products, consistent with GS Finance Corp.'s typical activities. (GS Finance Corp.) — medium confidence, target: N/A

FAQ

Key Financial Figures

• $6,765,000 — ent No. 333-284538 GS Finance Corp. $6,765,000 Autocallable Contingent Coupon ETF-Li
• $582.06 — ter than or equal to its initial level ($582.06 with respect to the Invesco QQQ Trust S
• $455.89 — to the Invesco QQQ Trust SM , Series 1, $455.89 with respect to the State Street SPDR D
• $242.22 — Jones Industrial Average ETF Trust and $242.22 with respect to the iShares Russell 200
• $1,000 — plicable payment date a coupon for each $1,000 face amount of your notes equal to: (i)
• $10.534 — your notes equal to: (i) the product of $10.534 (1.0534% monthly, or the potential for
• $989 — he trade date is equal to approximately $989 per $1,000 face amount. For a discussio
• $7 — n additional amount (initially equal to $7 per $1,000 face amount). Prior to Sep
• $0 — is less than its coupon trigger level, $0 PS- 3 The coupon paid on any coupon

Filing Documents

• gs-20260324.htm (424B2) — 451KB
• gs_exfilingfees.htm (EX-FILING FEES) — 5KB
• img262706491_0.jpg (GRAPHIC) — 6KB
• img262706491_1.jpg (GRAPHIC) — 57KB
• img262706491_2.jpg (GRAPHIC) — 50KB
• img262706491_3.jpg (GRAPHIC) — 57KB
• img262706491_4.jpg (GRAPHIC) — 6KB
• 0001193125-26-121658.txt ( ) — 795KB
• 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. $6,765,000 Autocallable Contingent Coupon ETF-Linked Notes due 2028 guaranteed by The Goldman Sachs Group, Inc. If the closing level of any of the Invesco QQQ Trust SM , Series 1, the State Street SPDR Dow Jones Industrial Average ETF Trust or the iShares Russell 2000 ETF (each, an ETF) on any monthly coupon observation date is less than 80% of its initial level, 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 ETFs. The notes will mature on the stated maturity date (March 23, 2028), unless automatically called on any quarterly call observation date (the coupon observation dates occurring in March, June, September and December of each year, commencing in September 2026 to and including December 2027). Your notes will be automatically called if the closing level of each ETF on any such call observation date is greater than or equal to its initial level ($582.06 with respect to the Invesco QQQ Trust SM , Series 1, $455.89 with respect to the State Street SPDR Dow Jones Industrial Average ETF Trust and $242.22 with respect to the iShares Russell 2000 ETF (which in each case is an intra-day level or the closing level of such ETF 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 call observation date) equal to the face amount of your notes plus a coupon (as described below). The return on your notes is linked to the performance of each ETF, and in each case not to that of the index on which such ETF is based. Coupon observation dates are the 20th day of each month, commencing in April 2026 and ending in March 2028. If on any coupon observation date the closing level of each ETF is greater than or equal to 80% of its initial level, 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 $10.534 (1.0534% monthly, or the potential for up to approximately 12.64% per annum) times the number of coupon observation dates that have occurred up to and including the relevant coupon 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 ETF with the lowest ETF return. The ETF return for each ETF is the percentage increase or decrease in the closing level of such ETF on the determination date (the final coupon observation date, March 20, 2028) from its initial level. At maturity, for each $1,000 face amount of your notes you will receive an amount in cash equal to: ● if the ETF return of each ETF is greater than or equal to -20% (the final level of each ETF is greater than or equal to 80% of its initial level), $1,000 plus a coupon calculated as described above; ● if the ETF return of each ETF is greater than or equal to -30% (the final level of each ETF is greater than or equal to 70% of its initial level) but the ETF return of any ETF is less than -20% (the final level of any ETF is less than 80% of its initial level), $1,000 (you will not receive a coupon) ; or ● if the ETF return of any ETF is less than -30% (the final level of any ETF is less than 70% of its initial level), the sum of (i) $1,000 plus (ii) the product of (a) the lesser performing ETF return times (b) $1,000. You will receive less than 70% of the face amount of your notes and no coupon. If the ETF return for any ETF is less than -30%, the percentage of the face amount of your notes you will receive will be based on the performance of the ETF with the lowest ETF return. In such event, you will receive less than 70% 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 PS-13. The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $989 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: 0.4% of the face amount Net proceeds to the issuer: 99.6% 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 no

View Full Filing

View this 424B2 filing on SEC EDGAR