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

TL;DR

**GS Finance Corp. is issuing new securities, likely debt, under its existing shelf registration.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to its existing shelf registration statement (File No. 333-284538-03). This filing indicates that GS Finance Corp. is offering new securities, likely debt, under its previously established program. For investors, this means GS Finance Corp. is actively raising capital, which could impact its financial leverage and future earnings, and potentially dilute existing equity if the offering includes convertible securities, though this filing doesn't specify the type of security.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect its balance sheet, interest expenses, and overall financial health, impacting the parent company, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The risk is medium because while it's a routine offering, the specific terms of the securities (interest rates, maturity, covenants) are not detailed here and could impact the company's financial stability.

Analyst Insight

Investors should monitor subsequent filings (e.g., pricing supplements) to understand the specific terms, size, and use of proceeds for the securities offered by GS Finance Corp., as these details will determine the impact on its financial health and the parent company, Goldman Sachs Group Inc.

Key Numbers

• 333-284538-03 — GS Finance Corp. File No. (Identifies the specific registration statement under which the securities are being offered.)
• 2026-03-24 — Filing Date (Indicates when the prospectus was officially submitted to 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 and Accepted Date of the 424B2
• 333-284538-03 (dollar_amount) — File Number for GS Finance Corp.'s registration statement
• 0001419828 (dollar_amount) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will issue new debt securities to fund its operations or refinance existing debt. (GS Finance Corp.) — high confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $1,100,000 — ent No. 333-284538 GS Finance Corp. $1,100,000 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
• $981 — amount / Additional amount end date: $981 per $1,000 face amount, which is less t
• $19 — l issue price. The additional amount is $19 and the additional amount end date is J
• $1,172.50 — 25% of the face amount of your notes or $1,172.50 for each $1,000 of the face amount of y
• $1,215.625 — 25% of the face amount of your notes or $1,215.625 for each $1,000 of the face amount of y

Filing Documents

• gs-20260324.htm (424B2) — 207KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 57KB
• img262706491_2.jpg (GRAPHIC) — 57KB
• img262706491_3.jpg (GRAPHIC) — 58KB
• 0001193125-26-121689.txt ( ) — 550KB
• 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. $1,100,000 Autocallable Index-Linked Notes due 2030 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 a quarterly 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: $1,100,000 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 Nasdaq-100 Technology Sector Index (current Bloomberg symbol: “NDXT Index”), the Russell 2000 Index (current Bloomberg symbol: “RTY Index”) and the S&P 500 Index (current Bloomberg symbol: “SPX Index”) Trigger buffer level: for each underlier, 70% of its initial underlier level Maturity date premium amount: 69.00% Initial underlier level: 12,031.58 with respect to the Nasdaq-100 Technology Sector Index, 2,438.451 with respect to the Russell 2000 Index and 6,506.48 with respect to the S&P 500 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: 40058YJ86 / US40058YJ860 * 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: $981 per $1,000 face amount, which is less than the original issue price. The additional amount is $19 and the additional amount end date is July 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 0.75% of the face amount 99.25% 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 Pricing Supplement No. 23,192 dated March 20, 2026. Key Terms (continued) Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: March 20, 2030* March 25, 2030* Call observation dates* Call payment dates* Call premium amount March 29, 2027 April 1, 2027 17.25% June 21, 2027 June 24, 2027 21.5625% September 20, 2027 September 23, 2027 25.875% December 20, 2027 December 23, 2027 30.1875% March 20, 2028 March 23, 2028 34.5% June 20, 2028 June 23, 2028 38.8125% September 20, 2028 September 25, 2028 43.125% Dec

View Full Filing

View this 424B2 filing on SEC EDGAR