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

TL;DR

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

AI Summary

GS Finance Corp. filed a 424B2 prospectus on March 24, 2026, under the registration statement 333-284538-03, indicating a new offering of securities. This filing is a preliminary step for GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., to potentially raise capital. For investors, this matters because new offerings can dilute existing shares or signal the company's need for funding, which could impact the stock's value depending on the terms and use of proceeds.

Why It Matters

This filing signals GS Finance Corp.'s intent to issue new securities, which could impact the supply and demand dynamics of its stock and potentially dilute existing shareholders.

Risk Assessment

Risk Level: medium — The filing itself is procedural, but the potential offering could introduce market risk through dilution or changes in capital structure.

Analyst Insight

Investors should monitor subsequent filings (like pricing supplements) to understand the specific terms, size, and type of securities being offered by GS Finance Corp. to assess potential impact on existing shares.

Key Numbers

• 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)
• 2026-03-24 — Filing Date (Date the 424B2 was filed and accepted)
• 333-284538-03 — File No. for GS Finance Corp. (Registration statement number under which the securities will be offered)

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
• 333-284538-03 (dollar_amount) — File number for GS Finance Corp.'s registration statement

Forward-Looking Statements

• GS Finance Corp. will proceed with a new securities offering. (GS Finance Corp.) — high confidence, target: Within 6 months of filing date

FAQ

Key Financial Figures

• $1,000 — orresponding call payment date for each $1,000 face amount of your notes equal to such
• $1,430 — n or equal to 90% of its initial level, $1,430; • if the final level of any 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

• wodrs228_prelim.htm (424B2) — 289KB
• img187410625_0.jpg (GRAPHIC) — 6KB
• img187410625_1.jpg (GRAPHIC) — 58KB
• img187410625_2.jpg (GRAPHIC) — 51KB
• img187410625_3.jpg (GRAPHIC) — 57KB
• img187410625_4.jpg (GRAPHIC) — 6KB
• 0001193125-26-122237.txt ( ) — 536KB

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. $ Autocallable Index-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The notes will mature on the stated maturity date (expected to be April 21, 2031) unless they are automatically called on any call observation date commencing on April 14, 2027. Your notes will be automatically called on a call observation date if the closing level of each of the S&P 500 Index, the Dow Jones Industrial Average and the Russell 2000 Index on such date is greater than or equal to 90% of its initial level (set on the trade date (expected to be April 14, 2026) and will be an intra-day level or the closing level of such index on the trade date), resulting in a payment on the corresponding call payment date for each $1,000 face amount of your notes equal to such $1,000 face amount plus 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 PS- 5 of this pricing supplement. The amount that you will be paid on your notes at maturity, if they have not been auto matically called , is based on the performance of the lesser performing index (the index with the lowest index return). The index return for each index is the percentage increase or decrease in its final level (the closing level of such index on the determination date, expected to be April 14, 2031) 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 final level of each index is greater than or equal to 90% of its initial level, $1,430; • if the final level of any index is less than 90% of its initial level but the final level of each index is greater than or equal to 70% of its initial level, $1,000; or • if the final level of any index is less than 70% of its initial level, the sum of (i) $1,000 plus (ii) the product of (a) the lesser performing index return times (b) $1,000. You will receive less than 70% of the face amount of your notes. If the index return for any index is less than -30%, the percentage of the face amount of your notes you will receive will be based on the performance of the index with the lowest index return. In such event, you will receive less than 70% of the face amount of your notes. 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 . 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 17, 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; Conflicts of Interest” on page PS- 23 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. dated , 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 issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay for such notes. GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwi

View Full Filing

View this 424B2 filing on SEC EDGAR