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

TL;DR

**GS Finance Corp. is issuing new securities, likely impacting its capital structure.**

AI Summary

GS Finance Corp. filed a 424B2 prospectus on March 24, 2026, which is a final prospectus for a securities offering. This filing indicates that GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., is offering new securities under registration statement 333-284538-03. For investors, this means GS Finance Corp. is raising capital, which could dilute existing shareholders or increase the company's debt, impacting future earnings and stock valuation.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could affect its financial structure and potentially dilute existing shareholders or increase debt obligations.

Risk Assessment

Risk Level: medium — The offering of new securities can introduce dilution for existing shareholders or increase the company's debt burden, posing a medium risk to current investors.

Analyst Insight

Investors should investigate the specifics of the securities being offered in the full prospectus to understand potential dilution, debt implications, and the use of proceeds before making investment decisions.

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 the registration statement under which securities are offered

FAQ

Key Financial Figures

• $1,000 — orresponding call payment date for each $1,000 face amount of your notes equal to (i)
• $885 — he trade date is expected to be between $885 and $935 per $1,000 face amount. For a
• $935 — date is expected to be between $885 and $935 per $1,000 face amount. For a discussio

Filing Documents

• ewbca005_prelim.htm (424B2) — 581KB
• img124380965_0.jpg (GRAPHIC) — 26KB
• img124380965_1.jpg (GRAPHIC) — 56KB
• img124380965_2.jpg (GRAPHIC) — 49KB
• img124380965_3.jpg (GRAPHIC) — 56KB
• img124380965_4.jpg (GRAPHIC) — 50KB
• img124380965_5.jpg (GRAPHIC) — 58KB
• img124380965_6.jpg (GRAPHIC) — 57KB
• img124380965_7.jpg (GRAPHIC) — 7KB
• 0001193125-26-121964.txt ( ) — 1077KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. GS Finance Corp. $ Leveraged Autocallable Basket-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The amount that you will be paid on your notes is based on the performance of an equally weighted basket comprised of the common stock of Amazon.com, Inc., the common stock of Broadcom Inc., the common stock of Microsoft Corporation, the common stock of NVIDIA Corporation and the common stock of Oracle Corporation (the basket stocks). Each basket stock has an initial weighting of 20% and an initial weighted value of 20. The notes will mature on the stated maturity date (expected to be April 3, 2031), unless they are automatically called on any call observation date commencing on March 29, 2027. The initial basket level is 100 and the closing level of the basket on any call observation date and on the determination date (expected to be March 27, 2031), as applicable, will equal the sum of the products , as calculated for each basket stock, of: (i) its closing price on the applicable call observation date or determination date, as applicable, divided by its initial basket stock price (set on the trade date, expected to be March 27, 2026, and will be an intra-day price or the closing price of one share of such basket stock on the trade date) multiplied by (ii) its initial weighted value. Your notes will be automatically called on a call observation date if the closing level of the basket on such date is greater than or equal to the initial basket level, resulting in a payment on the corresponding call payment date for each $1,000 face amount of your notes equal to (i) $1,000 plus (ii) the product of $1,000 times the applicable call premium amount. The call observation dates, the call payment dates and the applicable call premium amount for each call payment date are specified on page S- 5 of this prospectus supplement. If your notes are not automatically called on any call observation date, we will calculate the basket return, which is the percentage increase or decrease in the closing level of the basket on the determination date (the final basket level) from the initial basket level. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: • if the basket return is positive or zero (the final basket level is greater than or equal to the initial basket level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.5 times (c) the basket return; • if the basket return is negative but not below -40% (the final basket level is less than the initial basket level, but not by more than 40%), $1,000; or • if the basket return is negative and is below -40% (the final basket level is less than the initial basket level, by more than 40%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the basket return. You will receive less than 60% of the face amount of your notes. Declines in one basket stock may offset increases in the other basket stocks. 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 S- 21 . The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $885 and $935 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page. Original issue date: expected to be April 1, 2026 Original issue price: 100% of the face amount* Underwriting discount: % of the face amount* Net proceeds to the issuer: % of the face amount * The original issue price will be % for certain investors; see “Supplemental Plan of Distribution” on page S- 43 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 Prospectus Supplement No. dated , 2026. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to se

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View this 424B2 filing on SEC EDGAR