高盛美股招股说明书(2025-10-14版)

Subject to Completion. Dated October 10, 2025.GS Finance Corp. $Leveraged Buffered Basket-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc.The notes (CUSIP: 40058QKC2) do not bear interest.The amount that you will be paid on your notes on the stated maturity date (expected to be October 26, 2027) is based on the performance of a weighted basket comprised of theS&P 500®Index (41% weighting), the iShares®MSCI EAFE ETF (23% weighting), the S&P MidCap 400®Index (15%weighting), the Russell 2000®Index (12% weighting) and the iShares®MSCI Emerging Markets ETF (9% weighting) asmeasured from the trade date (expected to be October 21, 2025) to and including the determination date (expected tobe October 21, 2027). The return on your notes is linked, in part, to the performances of each of the iShares®MSCI EAFE ETF and theiShares®MSCI Emerging Markets ETF, and in each case not to that of the index on which such ETF is based. The initial basket level is 100 and the final basket level will equal thesumof the products, as calculated for each basketunderlier, of: (i) its final basket underlier level on the determination datedividedby its initial basket underlier level (seton the trade date and will be an intra-day level or the closing level of the basket underlier on the trade date)multipliedby(ii) its initial weighted value. If the final basket level on the determination date is greater than the initial basket level,the return on your notes will be positive and will equal the participation rate of 1.5 times the basket return, subject to themaximum upside settlement amount of $1,211 for each $1,000 face amount of your notes.If the final basket leveldeclines by up to 10% from the initial basket level, the return on your notes will be the absolute value of the basketreturn (e.g.,if the basket return is -5%, the return on your notes will be +5%). If the final basket level declines by more than 10% from the initial basket level, the return on your notes will benegative and will equal the basket returnplus10%.See page PS-4.You could lose a significant portion of theface amount of your notes. To determine your payment at maturity, we will calculate the basket return, which is the percentage increase ordecrease in 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) $1,000plus(ii) theproductof (a) $1,000times(b) theparticipation rate times (c) the basket return, subject to the maximumupside settlement amount;●if the basket return iszeroornegativebutnot below-10% (the final basket level isequalto orless thanthe initialbasket level but not by more than 10%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) theabsolute value of the basket return; or●if the basket return isnegativeand isbelow-10% (the final basket level isless thanthe initial basket level by morethan 10%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) thesumof the basket returnplus10%.You will receive less than the face amount of your notes. Declines in one basket underlier may offset increases in the other basket underliers. Due to the unequalweighting of each basket underlier, the performance of the basket underliers with greater weights will have asignificantly larger impact on the return on your notes than the performances of the basket underliers withlesser weights.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-15.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 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 October 24, 2025Original issue price:100% of the face amountUnderwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-35for additional information regarding thefees comprising 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 DepositInsurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, abank. Goldman Sachs & Co. LLC Pricing Supplement No.dated, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initia