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 or structured products, 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, potentially affecting the value of its parent company's stock.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which can affect its financial health and the overall risk profile of its parent, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The offering of new securities can introduce additional debt or dilution, potentially increasing financial risk for the issuer and its parent company.

Analyst Insight

Investors should monitor subsequent filings for details on the specific terms of the securities being offered by GS Finance Corp., such as interest rates, maturity dates, or equity conversion features, to assess the potential impact on Goldman Sachs Group Inc.'s financial statements.

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 — 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 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 (string) — File number for GS Finance Corp.'s registration statement
• 0001419828 (string) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will successfully raise capital through this offering. (GS Finance Corp.) — high confidence, target: 2026-12-31
• The offering will primarily consist of debt instruments or structured products. (GS Finance Corp.) — medium confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $9.65 — he trade date is expected to be between $9.65 and $9.95 per $10 face amount. For a di
• $9.95 — ate is expected to be between $9.65 and $9.95 per $10 face amount. For a discussion o
• $10 — ected to be between $9.65 and $9.95 per $10 face amount. For a discussion of the es

Filing Documents

• spxd0052_prelim.htm (424B2) — 279KB
• img154785094_0.jpg (GRAPHIC) — 26KB
• img154785094_1.jpg (GRAPHIC) — 77KB
• img154785094_2.jpg (GRAPHIC) — 58KB
• img154785094_3.jpg (GRAPHIC) — 7KB
• 0001193125-26-121982.txt ( ) — 511KB

From the Filing

424B2 Filed pursuant to Rule 424(b)(2) / Registration Statement No. 333-284538 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing 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. $ Airbag In-Digital Securities Linked to the S&P 500 Index due guaranteed by The Goldman Sachs Group, Inc. Investment Description The amount you will be paid on your securities is based on the performance of S&P 500 Index. The securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. If the closing level of the index on the determination date (the final index level) is greater than or equal to the downside threshold, then the return on your securities will be positive and equal the digital return. If the final index level is less than the downside threshold, the return on your securities will be negative and you will lose approximately 1.1111% of the face amount of your securities for every 1.00% decline in the level of the index beyond the downside threshold. You could lose your entire investment in the securities. Investing in the securities involves significant risks. You may lose a significant portion or all of your investment. The contingent repayment of principal applies only at maturity. Any payment on the securities, including any repayment of principal, is subject to the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. Features Key Dates* o Digital Return Feature – At maturity, if the final index level is greater than or equal to the downside threshold, the securities provide a return equal to the digital return. o Contingent Repayment of Principal at Maturity with Potential for Full Downside Market Exposure – At maturity, if the final index level is less than the downside threshold, you will receive less than the face amount of your securities, if anything, and you will lose approximately 1.1111% of the face amount of your securities for each 1% decline in the level of the index from the initial index level to the final index level in excess of the threshold percentage. You may lose your entire investment. The contingent repayment of principal applies only if you hold the securities to maturity. Any payment on the securities, including any repayment of principal, is subject to the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc. Trade date March 25, 2026 Original issue date March 30, 2026 Determination date** August 31, 2027 September 3, 2027 *Expected. **Subject to postponement. Notice to investors: the securities are a riskier investment than ordinary debt securities. GS Finance Corp. is not necessarily obligated to repay the face amount of the securities at maturity, and the securities may have the full downside market risk of an investment in the index. This market risk is in addition to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. You should not purchase the securities if you do not understand or are not comfortable with the significant risks involved in investing in the securities. 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- 12 . Key Terms Index Bloomberg Symbol Initial Index Level Digital Return Downside Threshold Threshold Percentage Downside Gearing CUSIP ISIN S&P 500 Index SPX between 13.70% and 15.70% 90.00% of the initial index level 10.00% approximately 1.1111 36273Y232 US36273Y2321 The estimated value of your securities at the time the terms of your securities are set on the trade date is expected to be between $9.65 and $9.95 per $10 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC would initially buy or sell your securities, if it makes a market in the securities, see page PS-2. Original issue price Underwriting discount Net proceeds to the issuer 100.00% of the face amount 0% of the face amount* 100% of the face amount *Goldman Sachs & Co. LLC will sell the securities to UBS Financial Services Inc., the selling agent, at 100.00% of the face amount of the securities. UBS Financial Services Inc. will sell the securities to fee-based advisory accounts for which it is an investment advisor and will not receive any underwriting discount or any sales commission relating to these sales. 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 pricing supplement. Any representation to the contrary is a criminal offense. The securities are not bank deposits and are not insured by the Federal Deposit In

View Full Filing

View this 424B2 filing on SEC EDGAR