GS Finance Corp. Files 424B2 Prospectus for Future Securities Offerings

TL;DR

**GS Finance Corp. just updated its shelf registration, clearing the way for future capital raises.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to a previously filed registration statement (File No. 333-284538-03). This filing updates the terms for potential future offerings of securities, allowing GS Finance Corp. to raise capital. For investors, this means GS Finance Corp. has the flexibility to issue new debt or equity, which could impact the supply and demand dynamics of its existing securities and potentially dilute current shareholders if equity is issued.

Why It Matters

This filing allows GS Finance Corp. to raise capital in the future, which could fund operations, acquisitions, or other corporate purposes, but also potentially dilute existing shareholders if new equity is issued.

Risk Assessment

Risk Level: medium — The filing itself is administrative, but future offerings could introduce market risk through dilution or increased debt.

Analyst Insight

Investors should monitor future announcements from GS Finance Corp. for specific details on any new security offerings, as these could impact the value of existing shares or bonds.

Key Numbers

• 2026-03-24 — Filing Date (Date the 424B2 prospectus was filed by GS Finance Corp.)
• 333-284538-03 — File No. (Registration statement number for GS Finance Corp. under which this prospectus was filed.)
• 00014193125-26-121678 — SEC Accession No. (Unique identifier for this specific filing.)

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 (string) — File number for GS Finance Corp.'s registration statement
• 0001419828 (string) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will likely issue new securities within the next 12-24 months to capitalize on market conditions or fund operations. (GS Finance Corp.) — medium confidence, target: 2028-03-24

FAQ

Key Financial Figures

• $1,625,000 — ent No. 333-284538 GS Finance Corp. $1,625,000 Autocallable S&P 500 Index-Linked Not
• $1,000 — at case, the company will pay, for each $1,000 of the outstanding face amount, an amou
• $1,131.4 — cash on the call payment date equal to $1,131.4. Cash settlement amount: subject to
• $973 — amount / Additional amount end date: $973 per $1,000 face amount, which is less t
• $22 — l issue price. The additional amount is $22 and the additional amount end date is J
• $1,131.40 — 14% of the face amount of your notes or $1,131.40 for each $1,000 of the face amount of y

Filing Documents

• gs-20260324.htm (424B2) — 162KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 58KB
• img262706491_2.jpg (GRAPHIC) — 58KB
• 0001193125-26-121678.txt ( ) — 428KB
• 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. $1,625,000 Autocallable 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 at maturity, if they have not been automatically called, is based on the performance of the underlier. You could lose your entire investment in the notes. Automatic Call: The notes will be automatically called on the call payment date if the closing level of the underlier is greater than or equal to the initial underlier level on the call observation date. Interest: The notes do not bear interest. 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: $1,625,000 Automatic call feature: The notes will be automatically called if the closing level of the underlier is greater than or equal to the 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 $1,131.4. Cash settlement amount: • 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 greater than or equal to the trigger buffer level but the final underlier level is equal to or less than the initial underlier level: $1,000; or • if the final underlier level is less than the trigger buffer level: $1,000 + ($1,000 × the underlier return) Underlier: the S&P 500 Index (current Bloomberg symbol: “SPX Index”) Upside participation rate: 150% Trigger buffer level: 80% of the initial underlier level Initial underlier level: 6,506.48, which is 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: 40058YNS7 / US40058YNS71 * 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: $973 per $1,000 face amount, which is less than the original issue price. The additional amount is $22 and the additional amount end date is June 19, 2026. 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 1.5% of the face amount 98.5% 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 JPMorgan (Placement Agent) Pricing Supplement No. 23,355 dated March 20, 2026. Key Terms (continued) Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: March 20, 2028* March 23, 2028* Call observation date: April 2, 2027* Call payment date: April 7, 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. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making transaction. About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally gu

View Full Filing

View this 424B2 filing on SEC EDGAR