高盛美股招股说明书(2025-10-17版)

pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdictionwhere the offer or sale is not permitted.Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538Subject to Completion. Dated October 17, 2025. GS Finance Corp. $ AutocallableS&P 500®Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be October 28, 2030) unless they are automatically called on any call observation date commencing in April 2026. Your notes will beautomatically called on a call observation date if the closing level of the S&P 500® Futures 40% VT Adaptive Response6% Decrement Index (USD) ER on such date isgreater thanorequal to95% of the initial underlier level (set on the tradedate (expected to be October 23, 2025) and will be the closing level of the index on the trade date), resulting in a paymenton the corresponding call payment date equal to (i) the face amount of your notesplus(ii) theproductof $1,000timestheapplicable call premium amount. The call observation dates, call payment dates and applicable call premium amount foreach call payment date are specified on page PS-7 of this pricing supplement.The index attempts to provide exposure to the S&P 500® Futures Excess Return Index with a rules-based overlay thatadjusts exposure to the S&P 500®Futures Excess Return Index on a daily basis. The objective of these rules, takencollectively, is to create an index that provides for volatility-adjusted exposure to the S&P 500®Futures Excess ReturnIndex, coupled with further adjustments based on calendar-based signals and price patterns, subject to a maximumexposure of 500% and a maximum daily change in leverage of 100%. In addition, the index is subject to a daily decrementof 6.0% per annum.The S&P 500®Futures Excess Return Index tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500®Index. Generally, the return on an investment in a futures contract is correlated with, but not the same as, the returnon buying and holding the securities underlying such contract.The index is subject to risks associated with the use of significant leverage. Investors should be aware that the use of leverage will magnify and accelerate any negative performance of the index. The index is also subject to acap on the maximum daily change in leverage of 100%, which may result in the index leveraging up more slowlyin the event of a market rally, and/or deleveraging more slowly in the event of a market sell-off, compared to anidentical index that does not cap the amount of daily leverage change.In addition, a per annum deduction that is a fixed 6.0% of the index level, also known as a decrement, is deducted daily, even when the index is not fully invested. The deduction of the decrement has the effect of offsettingpositive returns, and worsening negative returns, on the performance of the index, and the inclusion of thedecrement means the index will trail the performance of an identical index without such a decrement feature. Inaddition, the index may be significantly uninvested in the S&P 500®Futures Excess Return Index on any givenday, and, in that case, will realize only a portion of any gains in the appreciation of the S&P 500®Futures ExcessReturn Index or the E-mini S&P 500 futures contracts on that day and any uninvested portion will earn no return.The index attempts to provide exposure to the S&P 500®Futures Excess Return Index. The S&P 500®FuturesExcess Return Index tracks futures contracts on the S&P 500®Index and is likely to underperform the total returnperformance of the S&P 500®Index because of an implicit financing cost.The description above is only a summary. For a more detailed description of the index, see “Index Summary” beginning on page PS-3.If your notes arenotautomatically called, the amount that you will be paid on your notes on the stated maturity date will be based on the performance of the index as measured from the trade date to and including the determination date(expected to be October 23, 2030).If the final underlier level on the determination date isgreater thanorequal to95% of the initial underlier level, the return on your notes will be positive and you will receive the maximum settlement amount of $1,957.50 for each $1,000 faceamount of your notes.If the final underlier level declines by up to 40% from the initial underlier level, you will receive the face amount of your If the final underlier level declines by more than 40% from the initial underlier level, the return on your notes will be negative. You could lose your entire investment in the notes.The return on your notes is capped. If the notes are automatically called, the maximum payment you would receive for each $1,000 face amount of your notes is equal to (i) $1,000plus(ii) theproductof $1,000timesthe applica