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

TL;DR

**GS Finance Corp. is issuing new securities, likely debt, to raise capital.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to its registration statement 333-284538-03. This filing indicates that GS Finance Corp. is offering new securities, likely debt, under an existing shelf registration. For investors, this means GS Finance Corp. is raising capital, which could be used to fund operations, expand business, or refinance existing debt, potentially impacting the company's financial leverage and future profitability.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect its debt levels and financial flexibility, ultimately influencing its ability to generate returns for shareholders.

Risk Assessment

Risk Level: medium — While a prospectus filing itself isn't inherently high-risk, the nature of the securities offered (e.g., debt) could increase the company's leverage, posing a medium risk.

Analyst Insight

Investors should monitor subsequent filings to understand the specific terms of the securities offered (e.g., interest rates, maturity dates for debt) and assess the potential impact on GS Finance Corp.'s financial health and the parent company, Goldman Sachs Group Inc.

Key Numbers

• 0001419828 — CIK for GS Finance Corp. (Unique identifier for GS Finance Corp. in SEC filings)
• 0000886982 — CIK for Goldman Sachs Group Inc. (Unique identifier for Goldman Sachs Group Inc. in SEC filings)
• 2026-03-24 — Filing Date (Date the 424B2 prospectus was filed)
• 333-284538-03 — File No. for GS Finance Corp. (Registration statement number under which the securities are being offered)

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 use the capital raised from this offering to fund general corporate purposes. (GS Finance Corp.) — medium confidence, target: 2027-03-24

FAQ

Key Financial Figures

• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $1,212 B — um upside settlement amount: at least $1,212 Buffer level: 80% of the initial underl
• $900 — amount / Additional amount end date: $900 to $930 per $1,000 face amount, which i
• $930 — / Additional amount end date: $900 to $930 per $1,000 face amount, which is less t
• $1,000 M — y Terms and Assumptions Face amount $1,000 Maximum upside settlement amount $1,212

Filing Documents

• spxdu510_prelim.htm (424B2) — 156KB
• img259597092_0.jpg (GRAPHIC) — 4KB
• img259597092_1.jpg (GRAPHIC) — 58KB
• 0001193125-26-121662.txt ( ) — 244KB

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. $ Buffered 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 or equal to the initial underlier level, the return on your notes will be positive or zero and will equal the underlier return, subject to the maximum upside settlement amount. • If the final underlier level is less than the initial underlier level, but not by more than the buffer amount, the return on your notes will be positive and will equal the absolute value of the underlier return (e.g., if the underlier return is -10.00%, the return on your notes will be +10.00%). • If the final underlier level is less than the initial underlier level by more than the buffer amount, the return on your notes will be negative and you will lose 1.25% of the face amount of your notes for every 1% that the final underlier level has declined below the buffer level. You could lose your entire investment in the notes. For example, if the underlier return is -20%, you will receive a positive return of 20% on your notes; however, if the underlier return is -21%, you will lose 1.25% of the value of your notes. You could lose your entire investment in the notes. 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-5. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $ 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 or equal to the initial underlier level: $1,000 + ($1,000 × the underlier return), subject to the maximum upside settlement amount; • if the final underlier level is less than the initial underlier level, but greater than or equal to the buffer level: $1,000 + ($1,000 × the absolute underlier return); or • if the final underlier level is less than the buffer level: $1,000 + ($1,000 × the buffer rate × (the underlier return + the buffer amount)) Underlier: the S&P 500 Index (current Bloomberg symbol: “SPX Index”) Maximum upside settlement amount: at least $1,212 Buffer level: 80% of the initial underlier level Buffer amount: 20% Buffer rate: the initial underlier level ÷ the buffer level, which quotient equals 125% Initial underlier level: set on the trade date and will be 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 Absolute underlier return: the absolute value of the underlier return, expressed as a percentage (e.g., a -10.00% underlier return will equal a +10.00% absolute underlier return) Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058YQF2 / US40058YQF24 * 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: $900 to $930 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 1 1.5% of the face amount 1 98.5% of the face amount 1 Accounts of certain national banks, acting as purchase agents for such accounts, have agreed with the purchase agents to pay a purchase price of % of the face amount, and as a result of such agreements, the agents with respect to sales to be made to such accounts will not receive any portion of the underwriting discount. Neither the Securities and Exch

View Full Filing

View this 424B2 filing on SEC EDGAR