高盛美股招股说明书(2025-10-16版)

Subject to Completion. Dated October 15, 2025. GS Finance Corp.$ Bearish Autocallable Absolute Return S&P 500Index-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc.® The notes do not bear interest.Unless your notes are automatically called, the amount that you will be paid on yournotes on the stated maturity date (expected to be February 4, 2027) is based on the performance of the S&P 500®Index as measured from and including the trade date (expected to be October 31, 2025) to and including thedetermination date (expected to be February 1, 2027).Your notes will be automatically called if, on any call observation date (each trading day from but excluding the original issue date to but excluding the determination date), the closing level of the index decreases by more than 20% from theinitial index level (set on the trade date and will be an intra-day level or the closing level of the index on the trade date).If your notes are automatically called, the return on your notes will be zero and you will receive a payment on thecorresponding call payment date (the third business day after the call observation date) equal to the face amount ofyour notes.If your notes arenotautomatically called and the index return (the increase or decrease in the final index level on the determination date from the initial index level) isgreater thanorequal to0%, the return on your notes at maturity will bepositive and you will receive at least $1,035 (set on the trade date) for each $1,000 face amount of your notes.If theindex returnisless than0% butgreater thanorequal to-20%, the return on your notes at maturity will be positive andwill equal the absolute value of the index return (e.g., if the index return is -10%, your return will be +10%). If the indexreturn isless than-20%, the return on your notes at maturity will be zero and you will receive $1,000 for each $1,000face amount of your notes.If your notes arenotautomatically called and the index return is positive, the returnon your notes will be limited to at least 3.5%. If the index return is negative, the return on your notes will notexceed 20%, even if the index return is less than -20%. If the index return isless than-20%, at maturity you willonly receive the face amount of your notes.By purchasing these notes, you primarily are taking the bearish view that the value of the index will decline such that the final index level will beless thanthe initial index level butgreater thanorequal to80% of theinitial index level. You are also taking that view that, even if the value of the index increases, the final indexlevel will not begreater thanat least 103.5% of the initial index level.If your notes arenotautomatically called, at maturity, for each $1,000 face amount of your notes you will receive an •if the index return isgreater thanorequal to0%, at least $1,035; •if the index return isless than0% butgreater thanorequal to-20%, thesum of(i) $1,000plus(ii) theproduct of(a)$1,000times(b) the absolute value of the index return; or•if the index return isless than-20%, $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 PS-11. The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to bebetween $925 and $955 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 amountUnderwriting discount:% of the face amount*Net proceeds to theissuer:% of the face amount* In addition, the underwriting discount paid by us also includes a structuring fee of up to% of the face amount. See “Supplemental Plan of Distribution; Conflicts of Interest” on page S-20. 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 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, Goldma