高盛美股招股说明书(2025-10-10版)

Subject to Completion. Dated October 9, 2025. GS Finance Corp. $ Digital Equity-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. The notes (CUSIP: 40058QJN0) do not bear interest.The amount that you will be paid on your notes on the statedmaturity date (expected to be November 3, 2028) is based on the performance of the Class A common stock of VertivHoldings Co as measured from the trade date (expected to be October 31, 2025) to and including the determinationdate (expected to be October 31, 2028). If the final index stock price on the determination date isgreater thanorequal tothe initial index stock price (set on thetrade date and will be an intra-day price or the closing price of one share of the index stock on the trade date), you willreceive the maximum settlement amount of $1,266.5 for each $1,000 face amount of your notes. If the final index stockprice isless thanthe initial index stock price, you will receive the face amount of your notes. To determine your payment at maturity, we will calculate the index stock return, which is the percentage increase ordecrease in the final index stock price from the initial index stock price. At maturity, for each $1,000 face amount ofyour notes, you will receive an amount in cash equal to: ●if the index stock return ispositiveorzero(the final index stock price isgreater thanorequal tothe initial indexstock price), the maximum settlement amount; or●if the index stock return isnegative(the final index stock price isless thanthe initial index stock price), $1,000. 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-17. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $890 and $920 per $1,000 face amount. For a discussion of the estimated value and the price at whichGoldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the followingpage. Original issue date:expected to be November 5,2025Original issue price:100% of the face amount Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount * See “Supplemental Plan of Distribution” on page S-32 for additional information regarding the fees comprising theunderwriting 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 DepositInsurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, abank.Goldman Sachs & Co. LLC Prospectus Supplement No.dated, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decideto sell additional notes after the date of this prospectus supplement, at issue prices and with underwriting discounts andnet proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investmentin 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 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, thisprospectus is being used in a market-making transaction. Estimated Value of Your Notes The 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)is expected to be between $890 and $920 per $1,000 face amount, which is less than the original issue price. Thevalue of your notes at any time will reflect many factors and cannot be predicted; however, the price (not includingGS&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 isequal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (initiallyequal to $per $1,000 face amount). Prior to, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sellyour notes (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-currentestimated value of your notes (as determined by reference to GS&Co.’s pricing models) plus (b) any remainingadditional amount (the additional amount will decline t