GS Finance Corp. Files Prospectus for New Securities Offering

TL;DR

**GS Finance Corp. is prepping a new securities offering.**

AI Summary

This 424B2 filing, submitted on March 24, 2026, by GS Finance Corp. and The Goldman Sachs Group Inc., is a prospectus related to the offering of securities under File No. 333-284538. This filing indicates that GS Finance Corp. is likely raising capital through a new securities offering, which could impact the company's debt levels or share count, and thus potentially affect the value of existing shares for investors.

Why It Matters

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

Risk Assessment

Risk Level: medium — The filing of a prospectus indicates a potential capital raise, which can introduce dilution for existing shareholders or increase debt, creating medium-level risk.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) to understand the terms of the new securities offering, including the type of security, amount, and potential impact on existing shares or debt structure.

Key Numbers

• 333-284538 — Registration Statement File Number (Under which the securities are being offered)
• 2026-03-24 — Filing Date (When the 424B2 was submitted to the SEC)
• 460685 — Size in bytes (Of the main 424B2 HTML document)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• The Goldman Sachs Group Inc. (company) — Co-filer of the 424B2 prospectus
• March 24, 2026 (date) — Filing date of the 424B2
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for The Goldman Sachs Group Inc.

Forward-Looking Statements

• GS Finance Corp. will proceed with a new securities offering. (GS Finance Corp.) — high confidence, target: 2026-12-31

FAQ

Key Financial Figures

• $757,000 — ent No. 333-284538 GS Finance Corp. $757,000 Callable Contingent Coupon Underlier-
• $69.08 — ith respect to the Nasdaq-100 Index and $69.08 with respect to the Global X Copper Min
• $14.584 — the applicable payment date a coupon of $14.584 (1.4584% monthly, or the potential for
• $1,000 — approximately 17.5% per annum) for each $1,000 face amount of your notes. If the closi
• $934 — he trade date is equal to approximately $934 per $1,000 face amount. For a discussio
• $66 — n additional amount (initially equal to $66 per $1,000 face amount). Prior to Jun
• $0 — is less than its coupon trigger level, $0 The coupon paid on any coupon payment

Filing Documents

• gs-20260324.htm (424B2) — 450KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.gif (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 51KB
• img262706491_2.jpg (GRAPHIC) — 53KB
• img262706491_3.jpg (GRAPHIC) — 53KB
• img262706491_4.jpg (GRAPHIC) — 7KB
• 0001193125-26-122161.txt ( ) — 782KB
• 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. $757,000 Callable Contingent Coupon Underlier-Linked Notes due 2029 guaranteed by The Goldman Sachs Group, Inc. The notes do not pay a fixed coupon and may pay no coupon on a payment date. The amount that you will be paid on your notes is based on the performances of the Dow Jones Industrial Average , the Nasdaq-100 Index and the Global X Copper Miners ETF (ETF). The notes will mature on March 26, 2029, unless we redeem them. The return on your notes is linked, in part, to the performance of the ETF, and not to that of the index on which the ETF is based. We may redeem your notes at 100% of their face amount plus any coupon then due on any payment date (the 25th day of each month (provided that the payment date in March 2029 is March 26, 2029), commencing in April 2026 and ending on the stated maturity date) on or after the payment date in June 2026 up to the payment date in February 2029. If we do not redeem your notes, if the closing level of each underlier is greater than or equal to 70% of its initial level (45,577.47 with respect to the Dow Jones Industrial Average , 23,898.15 with respect to the Nasdaq-100 Index and $69.08 with respect to the Global X Copper Miners ETF, which is an intra-day level or the closing level of such underlier on the trade date (March 20, 2026)) on a coupon observation date (the fifth scheduled trading day for all underliers prior to each payment date), you will receive on the applicable payment date a coupon of $14.584 (1.4584% monthly, or the potential for up to approximately 17.5% per annum) for each $1,000 face amount of your notes. If the closing level of any underlier on a coupon observation date is less than 70% of its initial level, you will not receive a coupon on the applicable payment date. If we do not redeem your notes, the amount that you will be paid on your notes at maturity, in addition to the final coupon, if any, is based on the performance of the lesser performing underlier (the underlier with the lowest underlier return). The underlier return for each underlier is the percentage increase or decrease in the final level of such underlier on the determination date (the final coupon observation date, March 19, 2029) from its initial level. At maturity, for each $1,000 face amount of your notes you will receive an amount in cash equal to: • if the underlier return of each underlier is greater than or equal to -30% (the final level of each underlier is greater than or equal to 70% of its initial level), $1,000 plus the final coupon of $14.584; or • if the underlier return of each underlier is greater than or equal to -40% (the final level of each underlier is greater than or equal to 60% of its initial level), but the underlier return of any underlier is less than -30% (the final level of any underlier is less than 70% of its initial level), $1,000 (you will not receive a coupon) ; or • if the underlier return of any underlier is less than -40% (the final level of any underlier is less than 60% of its initial level), the sum of (i) $1,000 plus (ii) the product of (a) the lesser performing underlier return times (b) $1,000. You will receive less than 60% of the face amount of your notes and you will not receive a final coupon. 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- 14 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $934 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: March 25, 2026 Original issue price: 100% of the face amount Underwriting discount: 1% of the face amount* Net proceeds to the issuer: 99% of the face amount * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS- 32 f or 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. 23,081 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 is

View Full Filing

View this 424B2 filing on SEC EDGAR