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

TL;DR

**GS Finance Corp. is issuing new securities, likely to fund operations or investments.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, for an offering under File No. 333-284538-03. This filing indicates that GS Finance Corp. is offering securities, likely debt or structured products, to raise capital. For investors, this means GS Finance Corp. is actively managing its funding structure, which could impact its financial stability and ability to pursue future growth initiatives, ultimately affecting the parent company's stock value.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which can be used for operations, investments, or to refinance existing debt, impacting its financial health and the broader Goldman Sachs Group.

Risk Assessment

Risk Level: medium — The offering itself isn't inherently high-risk, but the specific terms of the securities (not detailed here) could introduce varying levels of risk to investors.

Analyst Insight

Investors should monitor subsequent filings or news from GS Finance Corp. or Goldman Sachs Group Inc. for details on the specific terms of the securities offered and how the raised capital will be utilized, as this will determine the actual impact on the companies.

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 under which GS Finance Corp. is offering securities.)
• 0001419828 — CIK (Central Index Key for GS Finance Corp.)
• 0000886982 — CIK (Central Index Key for GOLDMAN SACHS GROUP INC.)

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 (dollar_amount) — File number for GS Finance Corp.'s offering
• 0001419828 (dollar_amount) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will successfully raise capital through this offering. (GS Finance Corp.) — high confidence, target: 2026-06-30
• The proceeds from this offering will be used to support general corporate purposes or refinance existing debt. (GS Finance Corp.) — medium confidence, target: 2026-12-31

FAQ

Key Financial Figures

• $4,507,000 B — ent No. 333-284538 GS Finance Corp. $4,507,000 Buffered Digital Equity-Linked Notes due
• $4,507,000 — Group, Inc. Aggregate face amount: $4,507,000 Cash settlement amount: On the stat
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $1,198 B — #x201d;) Maximum settlement amount: $1,198 Buffer level: 75% of the initial underl
• $281 — l 7, 2027* Initial underlier level: $281.99, which is the closing level of the u
• $980 — amount / Additional amount end date: $980 per $1,000 face amount, which is less t
• $15 — l issue price. The additional amount is $15 and the additional amount end date is J
• $1,000 M — y Terms and Assumptions Face amount $1,000 Maximum settlement amount $1,198 Buff

Filing Documents

• gs-20260324.htm (424B2) — 158KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 53KB
• img262706491_2.jpg (GRAPHIC) — 49KB
• 0001193125-26-121778.txt ( ) — 406KB
• 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. $4,507,000 Buffered Digital Equity-Linked Notes due 2027 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 or equal to the buffer level, you will receive the maximum settlement amount. • If the final underlier level is less than the buffer level, the return on your notes will be negative and you will lose approximately 1.3333% of the face amount of your notes for every 1% that the final underlier level has declined below the buffer level. You could lose your entire investment in the notes. 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-5. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $4,507,000 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 or equal to the buffer level: the maximum settlement amount; 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 common stock of Constellation Energy Corporation (current Bloomberg ticker: “CEG UW”) Maximum settlement amount: $1,198 Buffer level: 75% of the initial underlier level Buffer amount: 25% Buffer rate: the initial underlier level ÷ the buffer level, which quotient equals approximately 133.33% Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: April 2, 2027* April 7, 2027* Initial underlier level: $281.99, 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: 40058YK92 / US40058YK926 * 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: $980 per $1,000 face amount, which is less than the original issue price. The additional amount is $15 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% of the face amount 99% 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. 23,229 dated March 20, 2026. 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 guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanying documents listed below. This pricing supplement constitutes a supplement to the documents list

View Full Filing

View this 424B2 filing on SEC EDGAR