GS Finance Corp. Files 424B2 Prospectus for Securities Offerings

TL;DR

**GS Finance Corp. is prepping new securities offerings, watch for potential dilution or debt changes.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to its ongoing securities offerings under registration statement 333-284538-03. This filing updates investors on the terms of potential new securities, which could impact the company's capital structure and future financial performance. For investors, this means GS Finance Corp. is actively seeking to raise capital, which could be used for various corporate purposes, potentially affecting the value and liquidity of existing securities.

Why It Matters

This filing indicates GS Finance Corp. is preparing to issue new securities, which could dilute existing shareholders or increase the company's debt, impacting its financial health and stock valuation.

Risk Assessment

Risk Level: medium — The filing of a prospectus for new securities offerings introduces market risk related to potential dilution or increased leverage, depending on the type of securities issued.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements or final prospectuses) to understand the specific terms, type, and quantity of securities being offered by GS Finance Corp., as this will determine the actual impact on existing shareholders or debt levels.

Key Numbers

• 333-284538-03 — Registration Statement File No. (Identifies the specific registration statement under which GS Finance Corp. is offering securities.)
• 0001419828 — GS Finance Corp. CIK (Unique identifier for GS Finance Corp. in SEC filings.)
• 0000886982 — Goldman Sachs Group Inc. CIK (Unique identifier for the parent company, 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.
• 333-284538-03 (other) — File number for GS Finance Corp.'s registration statement
• 2026-03-24 (date) — Filing date of the 424B2 prospectus

FAQ

Key Financial Figures

• $5,572,000 — rnational Equities GS Finance Corp. $5,572,000 Contingent Income Callable Securities B
• $1,000 — if any, the company will pay, for each $1,000 of the outstanding principal amount, an
• $968 — an Sachs & Co. LLC Estimated value: $968 per security. See page PS-3 for more in
• $111,440 — 100% of the principal amount 2.00% ($111,440 in total)* 98.00% ($5,460,560 in tota
• $5,460,560 — 2.00% ($111,440 in total)* 98.00% ($5,460,560 in total) *Morgan Stanley Wealth Mana
• $20.00 — g, will receive a selling concession of $20.00 for each security it sells. It has info
• $5.00 — that it intends to internally allocate $5.00 of the selling concession for each secu
• $21.875 — equal to its downside threshold level, $21.875 per security; or • if the inde
• $0.00 — less than its downside threshold level, $0.00 Quarterly coupon observation period:
• $32 — n additional amount (initially equal to $32 per $1,000 principal amount). The pri
• $12 — to the $32 initial additional amount: $12 will decline to zero on a straight-line
• $20 — of pricing through June 24, 2026; and $20 will decline to zero on a straight-line

Filing Documents

• gs-20260324.htm (424B2) — 373KB
• gs_exfilingfees.htm (EX-FILING FEES) — 5KB
• img262706491_0.jpg (GRAPHIC) — 5KB
• img262706491_1.jpg (GRAPHIC) — 296KB
• img262706491_2.jpg (GRAPHIC) — 73KB
• img262706491_3.jpg (GRAPHIC) — 58KB
• img262706491_4.jpg (GRAPHIC) — 57KB
• img262706491_5.jpg (GRAPHIC) — 53KB
• 0001193125-26-121971.txt ( ) — 1220KB
• gs_exfilingfees_htm.xml (XML) — 3KB

From the Filing

424B2 March 2026 Pricing Supplement filed pursuant to Rule 424(b)(2) dated March 20, 2026 / Registration Statement No. 333-284538 STRUCTURED INVESTMENTS Opportunities in U.S. and International Equities GS Finance Corp. $5,572,000 Contingent Income Callable Securities Based on the Value of the Worst-Performing of the S&P 500 Index, the Russell 2000 Index and the Nasdaq-100 Index due March 23, 2028 Principal at Risk Securities The securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The amount that you will be paid on your securities is based on the performance of the worst performing of the S&P 500 Index, the Russell 2000 Index and the Nasdaq-100 Index . We may redeem your securities at our discretion at 100% of their principal amount plus any coupon then due on any coupon payment date on or after June 25, 2026 up to and including the coupon payment date on December 23, 2027 . Unless previously redeemed , (i) if the index closing value of any underlying index is less than its downside threshold level on any index business day during the preceding quarterly coupon observation period, you will not receive a payment on the applicable coupon payment date and (ii) if the index closing value of each underlying index is greater than or equal to its downside threshold level on every index business day during the preceding quarterly coupon observation period, you will receive on the applicable coupon payment date a contingent quarterly coupon. At maturity, if not previously redeemed, (i) if the final index value of each underlying index on the valuation date is greater than or equal to its downside threshold level you will receive the principal amount of your securities plus any contingent quarterly coupon then due and (ii) if the final index value of any underlying index is less than its downside threshold level, you will not receive a contingent quarterly coupon payment and the payment at maturity will be based on the performance of the underlying index with the lowest index performance factor. Investors will not participate in any appreciation of any underlying index. The securities are for investors who seek to earn a contingent quarterly coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and losing a significant portion or all of the principal amount of their securities. FINAL TERMS (continued on page PS-2) Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Underlying indexes (each individually, an underlying index): the S&P 500 Index (current Bloomberg symbol: “SPX Index”), the Russell 2000 Index (current Bloomberg symbol: “RTY Index”) and the Nasdaq-100 Index (current Bloomberg symbol: “NDX Index”) Principal amount: $5,572,000 in the aggregate on the original issue date; the aggregate principal amount may be increased if the company, at its sole option, decides to sell an additional amount on a date subsequent to the pricing date. Subject to redemption by the company as provided under “—Early redemption right” below, on the stated maturity date, in addition to the final contingent quarterly coupon, if any, the company will pay, for each $1,000 of the outstanding principal amount, an amount, if any, in cash equal to the payment at maturity. Pricing date: March 20, 2026 Original issue date: March 25, 2026 Valuation date: the last observation end date, March 20, 2028, subject to adjustment as described in the accompanying general terms supplement March 23, 2028, subject to adjustment as described in the accompanying general terms supplement Payment at maturity: • if the final index value of each underlying index is greater than or equal to its downside threshold level, $1,000; or • if the final index value of any underlying index is less than its downside threshold level, $1,000 × the worst performing index performance factor Initial index value: 6,506.48 with respect to the S&P 500 Index, 2,438.451 with respect to the Russell 2000 Index and 23,898.15 with respect to the Nasdaq-100 Index . The initial index value of each underlying index is the index closing value of such underlying index on the pricing date. Final index value: with respect to each underlying index, the index closing value of such underlying index on the valuation date, subject to adjustment as described in the accompanying general terms supplement Downside threshold level: 3,903.888 with respect to the S&P 500 Index, 1,463.0706 with respect to the Russell 2000 Index and 14,338.89 with respect to the Nasdaq-100 Index , which in each case is equal to 60.00% of such underlying index’s initial index value CUSIP / ISIN: 40058YF64 / US40058YF645 Underwriter: Goldman Sachs & Co. LLC Estimated value: $968 per security. See page PS-3 for more

View Full Filing

View this 424B2 filing on SEC EDGAR