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

TL;DR

**GS Finance Corp. is prepping to issue 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. This filing is a standard procedure for offering new securities, indicating that GS Finance Corp. is likely preparing to issue new debt or other financial products. For investors, this means potential new investment opportunities from GS Finance Corp. and a way for the company to raise capital, which could impact its financial structure and future growth prospects.

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which could affect its balance sheet and future financial performance, potentially influencing the stock price of its parent, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: low — A 424B2 filing is a routine prospectus for offering securities and doesn't inherently indicate high risk, though the terms of the actual offering would determine specific risks.

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. or Goldman Sachs Group Inc. for details on the specific terms, size, and type of securities being offered, as this will provide more concrete information on the capital raise and its potential impact.

Key Numbers

• 333-284538-03 — File No. for GS Finance Corp. (Identifies the specific registration statement for GS Finance Corp.'s securities offering.)
• 333-284538 — File No. for Goldman Sachs Group Inc. (Identifies the specific registration statement for Goldman Sachs Group Inc.'s securities offering.)
• 2026-03-24 — Filing Date (The date the 424B2 prospectus was filed with the SEC.)

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
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for Goldman Sachs Group Inc.

Forward-Looking Statements

• GS Finance Corp. will issue new debt securities. (GS Finance Corp.) — medium confidence, target: Within 6 months of filing

FAQ

Key Financial Figures

• $996,000 — ent No. 333-284538 GS Finance Corp. $996,000 Autocallable Index-Linked Notes due 2
• $1,000 — at case, the company will pay, for each $1,000 of the outstanding face amount, an amou
• $921 — amount / Additional amount end date: $921 per $1,000 face amount, which is less t
• $37.75 — l issue price. The additional amount is $37.75 and the additional amount end date is J
• $1,114.00 — .4% of the face amount of your notes or $1,114.00 for each $1,000 of the face amount of y
• $1,228.00 — .8% of the face amount of your notes or $1,228.00 for each $1,000 of the face amount of y

Filing Documents

• gs-20260324.htm (424B2) — 190KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 51KB
• img262706491_2.jpg (GRAPHIC) — 57KB
• img262706491_3.jpg (GRAPHIC) — 57KB
• 0001193125-26-121688.txt ( ) — 523KB
• 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. $996,000 Autocallable 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 at maturity, if they have not been automatically called, is based on the performance of the underlier with the lowest underlier return. You could lose your entire investment in the notes. Automatic Call: The notes will be automatically called on an annual call payment date if the closing level of each underlier is greater than or equal to its initial underlier level on the related 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-7. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $996,000 Automatic call feature: The notes will be automatically called if the closing level of each underlier is greater than or equal to its initial underlier level on any 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 following call payment date equal to $1,000 + ($1,000 × the applicable call premium amount). Cash settlement amount: • if the final underlier level of each underlier is greater than or equal to its initial underlier level: $1,000 + ($1,000 × the maturity date premium amount); • if the final underlier level of each underlier is greater than or equal to its trigger buffer level but the final underlier level of any underlier is less than its initial underlier level: $1,000; or • if the final underlier level of any underlier is less than its trigger buffer level: $1,000 + ($1,000 × the lesser performing underlier return) Underliers: the Dow Jones Industrial Average (current Bloomberg symbol: “INDU Index”), the Russell 2000 Index (current Bloomberg symbol: “RTY Index”) and the EURO STOXX 50 Index (current Bloomberg symbol: “SX5E Index”) Trigger buffer level: for each underlier, 60% of its initial underlier level Maturity date premium amount: 57.00% Initial underlier level: 45,577.47 with respect to the Dow Jones Industrial Average , 2,438.451 with respect to the Russell 2000 Index and 5,501.28 with respect to the EURO STOXX 50 Index. The initial underlier level of each underlier is an intra-day level or the closing level of such underlier on the trade date Final underlier level: with respect to an underlier, the closing level of such underlier on the determination date* Underlier return: with respect to an underlier: (its final underlier level - its initial underlier level) ÷ its initial underlier level Lesser performing underlier return: the underlier return of the lesser performing underlier (the underlier with the lowest underlier return) Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058YGA4 / US40058YGA47 * 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: $921 per $1,000 face amount, which is less than the original issue price. The additional amount is $37.75 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 4.125% of the face amount 1 95.875% of the face amount 1 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 guaranteed by, a bank. Goldman Sachs & Co. LLC Pricing Supplement No. 23,129 dated March 20, 2026. Key Terms (continued) Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: March 20, 2031* March 27, 2031* Call observation dates* Call payment dates* Call premium amount March 22, 2027 March 29, 2027 11.4% March 20, 2028 March 27, 2028 22.8% March 20, 2029 March 27, 2029 34.2% March 20, 2030 March 27, 2030 45.6% * subjec

View Full Filing

View this 424B2 filing on SEC EDGAR