高盛美股招股说明书(2025-07-23版)

The Goldman Sachs Group, Inc.Payment at Maturity:The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to the final coupon, if any, is based on the performance of the underlier.You could lose your entire investment in the Coupon Payments:The notes will pay a contingent quarterly coupon on a coupon payment date if the closing level of the underlierisgreater thanorequal tothe coupon trigger level on the related coupon observation date. Automatic Call:The notes will be automatically called on a call payment date if the closing level of the underlier isgreater thanorequal tothe initial underlier level on the related call observation date. You should read the disclosure herein to better understand the terms and risks of your investment, including the creditrisk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-8. Key TermsCompany (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc.Aggregate face amount:$250,000 Cash settlement amount:subject to the automatic call feature, on the stated maturity date, in addition to any coupon thendue, the company will pay, for each $1,000 face amount of the notes, an amount in cash equal to: •if the final underlier level is greater than or equal to the trigger buffer level: $1,000;or•if the final underlier level is less than the trigger buffer level: governmental agency, nor are they obligations of, or guaranteed by, a bank.Goldman Sachs & Co. LLC Pricing Supplement No. 19,330 dated July 21, 2025. •if the closing level of the underlier on the related coupon observation date is greater than orequal to the coupon trigger level: $71 (7.1% quarterly, or the potential for up to 28.40% perannum);or•if the closing level of the underlier on the related coupon observation date is less than the 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 initialsale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this •Prospectus supplement dated February 14, 2025•Prospectus dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your notes.We have not authorized anyone to provide any information or to make any representations other than those containedin or incorporated by reference in this pricing supplement and the accompanying documents listed above. We take noresponsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of theoffered notes has the terms described below. Please note that in this pricing supplement, references to “GS FinanceCorp.”, “we”, “our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to“The Goldman Sachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do notinclude its subsidiaries or affiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc.together with its consolidated subsidiaries and affiliates, including us. The notes will be issued under the senior debtindenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York PS-3 hypothetical closing levels of the underlier on a coupon observation date could have on the coupon payable, if any, onthe related coupon payment date and (ii) the impact that the various hypothetical closing levels of the underlier on thedetermination date could have on the cash settlement amount at maturity assuming all other variables remain constantand are not intended to predict the closing levels of the underlier. number of factors that are not reflected in the examples below, such as interest rates, the volatility of the underlier, thecreditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as Notes purchased on original issue date at the face amount and held to a call payment date or the stated maturity dateFor these reasons, the actual performance of the underlier over the life of your notes, the actual underlier level on any date, may bear little relation to the hypothetical examples shown below or to the historical underlier levels shownelsewhere in this pricing supplement. Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. coupon