高盛美股招股说明书(2025-07-16版)

Subject to Completion. Dated July 15, 2025. GS Finance Corp.$ 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 One Financial Corporation, the common stock of Morgan Stanley and the common stock of Wells Fargo & Company(the basket stocks). Each basket stock has an initial weighting of 25% and an initial weighted value of 25. The notes will mature on the stated maturity date (expected to be July 22, 2027), unless they are automatically called on the callobservation date (expected to be July 31, 2026). The initial basket level is 100 and the closing level of the basket on the call observation date and on the determinationdate (expected to be July 19, 2027), as applicable, will equal thesumof theproducts, as calculated for each basketstock, of: (i) its closing price on the call observation date or determination date, as applicable,dividedby (ii) its initialbasket stock price (set on the trade date, expected to be July 18, 2025)multipliedby (iii) its initial weighted value. If your notes arenotautomatically called on the call observation date, we will determine your payment at maturity bycalculating the basket return, which is the percentage increase or decrease in the closing level of the basket on thedetermination 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 ispositive(the final basket level isgreater thanthe initial basket level), thesumof (i) $1,000 plus(ii) theproductof (a) $1,000times(b) 1.25times(c) the basket return;•if the basket return is zero ornegativebutnot below-15% (the final basket level is equal to orless thanthe initialbasket level but not by more than 15%), $1,000; or •if the basket return isnegativeand isbelow-15% (the final basket level isless thanthe initial basket level by morethan 15%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the buffer rate of approximately117.65%times(c) thesum ofthe basket returnplus15%.You will receive less than the face amount of yournotes. You should read the disclosure herein to better understand the terms and risks of your investment, includingthe credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-22.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $900 and $930 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 followingOriginal issue date:expected to be July 23, 2025Original issue price:100% of the face amount Underwriting discount:% of the face amountAccounts of certain national banks, acting as purchase agents for such accounts, have agreed with the purchase Net proceeds to the issuer:% of the face amountagents to pay a purchase price of% of the face amount, and as a result of such agreements, the agents with respectto sales to be made to such accounts will not receive any portion of the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapprovedof these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to thecontrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Prospectus Supplement No.dated GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother 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 otherwise in the confirmation of sale, this Estimated Value of Your NotesThe estimated value of yournotes at the time the terms of your notes are set on the trade date (as determined byreference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) GS&Co.’s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market,which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (initially equalper $1,000 face amount). determined by reference to such pricing models.About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this prospectus supplement and theaccompanying documents listed below. This prospectus supplement constitutes a supplement to the documents listedbelow, does not set forth all of the terms of your notes a