GS Finance Corp. Files Prospectus for New Securities Offering

TL;DR

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

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. (CIK: 0001419828) is offering securities under a registration statement (File No. 333-284538-03), with The Goldman Sachs Group, Inc. (CIK: 0000886982) also listed as a filer. This matters to investors because it signals that GS Finance Corp. is raising capital, which could impact its financial structure and future growth prospects, potentially diluting existing shareholders or increasing debt obligations depending on the nature of the securities offered.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect its financial health and the value of existing shares depending on the terms of the offering.

Risk Assessment

Risk Level: medium — The risk level is medium because a new securities offering can lead to dilution for existing shareholders or increased debt, but also provides capital for growth.

Analyst Insight

Investors should monitor subsequent filings for the specific terms of the securities offering to assess potential dilution or impact on the company's financial leverage before making investment decisions.

Key Numbers

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

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• The Goldman Sachs Group, Inc. (company) — Also listed as a Filer in the 424B2 prospectus
• 2026-03-24 (date) — Filing Date and Accepted Date of the 424B2
• 0001419828 (person|company|dollar_amount) — CIK for GS Finance Corp.
• 0000886982 (person|company|dollar_amount) — CIK for The Goldman Sachs Group, Inc.
• 333-284538-03 (person|company|dollar_amount) — File Number for GS Finance Corp.'s registration statement
• 333-284538 (person|company|dollar_amount) — File Number for The Goldman Sachs Group, Inc.'s registration statement

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms (e.g., type of security, offering price, quantity) of its new securities offering. (GS Finance Corp.) — high confidence, target: 2026-04-24
• The capital raised from this offering will be used to fund general corporate purposes or specific investment initiatives. (GS Finance Corp.) — medium confidence, target: 2026-09-30

FAQ

Key Financial Figures

• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $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

Filing Documents

• spxfe253_prelim.htm (424B2) — 190KB
• img208285974_0.jpg (GRAPHIC) — 4KB
• img208285974_1.jpg (GRAPHIC) — 59KB
• img208285974_2.jpg (GRAPHIC) — 53KB
• 0001193125-26-121674.txt ( ) — 352KB

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. $ Leveraged Buffered S&P 500 Futures Excess Return 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 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 the initial underlier level, the return on your notes will be positive and will equal the upside participation rate times the underlier return. • If the final underlier level is equal to or less than the initial underlier level, but not by more than the buffer amount, you will receive the face amount of your notes. • 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% of the face amount of your notes for every 1% that the final underlier level has declined below the buffer level. You could lose a significant portion of the face amount of your 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-6. 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 the initial underlier level: $1,000 + ($1,000 × the upside participation rate × the underlier return); • if the final underlier level is equal to or less than the initial underlier level, but greater than or equal to the buffer level: $1,000; 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 Futures Excess Return Index (current Bloomberg symbol: “SPXFP Index”) The underlier tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500 Index. Generally, the return on an investment in a futures contract is correlated with, but not the same as, the return on buying and holding the securities underlying such contract. Upside participation rate: 168% Buffer level: 80% of the initial underlier level Buffer amount: 20% Buffer rate: 100% Trade date: April 8, 2026 Original issue date: April 13, 2026 Determination date: April 8, 2031* April 11, 2031* Initial underlier level: set on the trade date and will be an intra-day level or 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 Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058YQQ8 / US40058YQQ88 * 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 1 % of the face amount 1 % of the face amount 1 The original issue price will be % for certain investors; see Supplemental Plan of Distribution; Conflicts of Interest for additional information regarding the fees comprising the underwriting discount. 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

View Full Filing

View this 424B2 filing on SEC EDGAR