高盛美股招股说明书(2025-09-17版)

Payment at Maturity:The amount that you will be paid on your notes at maturity, if they have not been automatically called, inaddition to the final coupon, if any, is based on the performance of the underlier.You could lose your entire investment in thenotes.Coupon Payments:The notes will pay a contingent monthly coupon on a coupon payment date if the closing level of the underlier isgreater 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 thanor equal 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 credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-8. Key Terms Our estimated value of thenotes on trade date /Additional amount /Additional amount end date:$984 per $1,000 face amount, which is less than the original issue price. The additional amount is$16 and the additional amount end date is January 14, 2026. See “The Estimated Value of YourNotes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the OriginalIssue Price Of Your Notes.” Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank.Goldman Sachs & Co. LLC Pricing Supplement No. 19,940 dated September 15, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We maydecide to sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discountsand net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on yourinvestment 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 orany 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, thisprospectus is being used in a market-making transaction. About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully andunconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement andthe accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listedbelow, does not set forth all of the terms of your notes and therefore should be read in conjunction with suchdocuments: •General terms supplement no. 17,741 dated February 14, 2025•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.This pricing supplement and the accompanying documents listed above are an offer to sell only the notes offeredhereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in thispricing supplement and the accompanying documents listed above is current only as of the respective dates of suchdocuments. 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, Th