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

TL;DR

**GS Finance Corp. just filed a prospectus for new securities, likely debt, under Goldman Sachs' umbrella.**

AI Summary

This 424B2 filing, submitted on March 24, 2026, by GS Finance Corp. and Goldman Sachs Group Inc., is a prospectus related to a previously filed registration statement (File No. 333-284538). It indicates that GS Finance Corp. (CIK: 0001419828) is offering securities, likely debt or structured products, under the guarantee of its parent, Goldman Sachs Group Inc. (CIK: 0000886982). This matters to investors because it outlines the terms of new securities being offered, which can impact the company's capital structure and future financial obligations, potentially affecting the value of existing shares or bonds.

Why It Matters

This filing details the terms of new securities being offered by GS Finance Corp., which could affect the company's debt levels, interest expenses, and overall financial health, influencing investor perception and stock valuation.

Risk Assessment

Risk Level: medium — The filing itself is a standard prospectus, but the underlying offering of new securities introduces market and credit risk for investors in those new securities, and potential dilution or increased leverage for existing equity holders.

Analyst Insight

Investors should review the full prospectus once available to understand the specific terms, interest rates, and risks of the new securities being offered by GS Finance Corp., especially if they hold existing debt or equity in Goldman Sachs Group Inc. to assess potential impacts on the capital structure.

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 was filed and accepted by the SEC)
• 333-284538 — Registration Statement File No. (The primary registration statement under which these securities are offered)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company and co-filer, likely guarantor of the securities
• March 24, 2026 (date) — Filing date of the 424B2
• 333-284538 (dollar_amount) — File number for the underlying registration statement

Forward-Looking Statements

• GS Finance Corp. will issue new debt or structured products in the near future. (GS Finance Corp.) — high confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $1,000 — plicable payment date a coupon for each $1,000 face amount of your notes equal to (i)
• $10.084 — your notes equal to (i) the product of $10.084 (1.0084% monthly, or the potential for
• $925 — he trade date is expected to be between $925 and $955 per $1,000 face amount. For a
• $955 — date is expected to be between $925 and $955 per $1,000 face amount. For a discussio
• $0 — is less than its coupon trigger level, $0 The coupon paid on any coupon payment

Filing Documents

• woru2029_prelim.htm (424B2) — 438KB
• img245881740_0.jpg (GRAPHIC) — 6KB
• img245881740_1.jpg (GRAPHIC) — 57KB
• img245881740_2.jpg (GRAPHIC) — 53KB
• img245881740_3.jpg (GRAPHIC) — 50KB
• img245881740_4.jpg (GRAPHIC) — 6KB
• 0001193125-26-121676.txt ( ) — 678KB

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 Contingent Coupon Underlier-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. If the closing level of any of the EURO STOXX 50 Index, the Nasdaq-100 Index or the VanEck Semiconductor ETF (ETF) on any observation date is less than 60% 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 underliers. The notes will mature on the stated maturity date (expected to be April 12, 2029), unless automatically called on any observation date commencing in October 2026 to and including March 2029. Your notes will be automatically called if the closing level of each underlier on any such observation date is greater than or equal to its initial level (set on the trade date, expected to be April 7, 2026, and will be an intra-day level or the closing level of such underlier on the trade date). 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). The return on your notes is linked, in part, to the performance of the ETF, and not to that of the index on which the ETF is based. Observation dates are expected to be the 7th day of each month (provided that the coupon observation date for April 2029 is expected to be April 9, 2029), commencing in May 2026 and ending in April 2029. If on any observation date the closing level of each underlier is greater than or equal to 60% 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 $10.084 (1.0084% monthly, or the potential for up to approximately 12.1% 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 underlier with the lowest underlier return. The underlier return for each underlier is the percentage increase or decrease in the closing level of such underlier on the determination date (the final observation date, expected to be April 9, 2029) 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 underlier return of each underlier is greater than or equal to -40% (the final level of each underlier is greater than or equal to 60% of its initial level), $1,000 plus a coupon calculated as described above; ● if the underlier return of any underlier is less than -40% (the final level of any underlier is less than 60% of its initial level) but the underlier return of each underlier is greater than or equal to -50% (the final level of each underlier is greater than or equal to 50% of its initial level), $1,000 (you will not receive a coupon) ; or ● if the underlier return of any underlier is less than -50% (the final level of any underlier is less than 50% of its initial level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the lesser performing underlier return. You will receive less than 50% of the face amount of your notes and no coupon. If the underlier return for any underlier is less than -50%, the percentage of the face amount of your notes you will receive will be based on the performance of the underlier with the lowest underlier return. In such event, you will receive less than 50% 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- 14 . The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $925 and $955 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: expected to be April 10, 2026 Original issue price: 100% of the face amount Underwriting discount: % of the face amount* Net proceeds to the issuer: % of the face amount * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-32 for addition

View Full Filing

View this 424B2 filing on SEC EDGAR