GS Finance Corp. Files 424B2 Prospectus for Securities Offering

TL;DR

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

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, under File No. 333-284538-03. This filing indicates that GS Finance Corp. is offering securities, likely debt instruments, as part of a larger shelf registration. For investors, this means GS Finance Corp. is actively raising capital, which could impact its financial leverage and future earnings, and potentially the value of its parent company, Goldman Sachs Group Inc. (CIK: 0000886982).

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which could affect its financial structure and the overall risk profile of its parent, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — While a prospectus filing itself isn't high risk, the underlying offering could increase the company's debt burden or dilute existing equity, depending on the type of securities.

Analyst Insight

Investors should monitor subsequent filings (e.g., 8-K) for specific terms of the offering, such as the amount, interest rate, or type of securities, to assess potential impact on GS Finance Corp. and Goldman Sachs Group Inc.'s financials.

Key Numbers

• 333-284538-03 — File Number (Identifies the specific registration statement for GS Finance Corp.'s offering.)
• 2026-03-24 — Filing Date (Indicates when the prospectus was officially submitted to the SEC.)
• 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 the parent company in SEC filings.)

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 complete its securities offering. (GS Finance Corp.) — high confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $470,000 B — ent No. 333-284538 GS Finance Corp. $470,000 Buffered S&P 500 Index-Linked Notes due 2
• $470,000 — Group, Inc. Aggregate face amount: $470,000 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
• $1,135 B — ) Maximum upside settlement amount: $1,135 Buffer level: 90% of the initial underl
• $982 — amount / Additional amount end date: $982 per $1,000 face amount, which is less t
• $18 — l issue price. The additional amount is $18 and the additional amount end date is J
• $1,000 M — y Terms and Assumptions Face amount $1,000 Maximum upside settlement amount $1,135

Filing Documents

• gs-20260324.htm (424B2) — 158KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 58KB
• 0001193125-26-121856.txt ( ) — 344KB
• 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. $470,000 Buffered S&P 500 Index-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 initial underlier level, the return on your notes will be positive or zero and will equal the underlier return, subject to the maximum upside settlement amount. • If the final underlier level is less than the initial underlier level, but not by more than the buffer amount, the return on your notes will be positive and will equal the absolute value of the underlier return (e.g., if the underlier return is -5.00%, the return on your notes will be +5.00%). • If the final underlier level is less than the initial underlier level by more than the buffer amount, the return on your notes will be negative and you will lose 1% of the face amount of your notes for every 1% that the final underlier level has declined below the buffer level. You could lose a significant portion of the face amount of your notes. For example, if the underlier return is -10%, you will receive a positive return of 10% on your notes; however, if the underlier return is -11%, you will lose 1% of the value of your notes. You could receive significantly less than the face amount of your notes at maturity. 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: $470,000 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 initial underlier level: $1,000 + ($1,000 × the underlier return), subject to the maximum upside settlement amount; • if the final underlier level is less than the initial underlier level, but greater than or equal to the buffer level: $1,000 + ($1,000 × the absolute underlier return); 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 S&P 500 Index (current Bloomberg symbol: “SPX Index”) Maximum upside settlement amount: $1,135 Buffer level: 90% of the initial underlier level Buffer amount: 10% Buffer rate: 100% Initial underlier level: 6,506.48, which is an intra-day level or 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 Absolute underlier return: the absolute value of the underlier return, expressed as a percentage (e.g., a -5.00% underlier return will equal a +5.00% absolute underlier return) Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058YH88 / US40058YH880 * 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: $982 per $1,000 face amount, which is less than the original issue price. The additional amount is $18 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 0.725% of the face amount 1 99.275% 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. 23,160 dated March 20, 2026. Key Terms (continued) Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: Apr

View Full Filing

View this 424B2 filing on SEC EDGAR