高盛美股招股说明书(2025-10-21版)

Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-284538The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offeror sale is not permitted. Subject To Completion, dated October 20, 2025Pricing Supplement No. [ ] dated [ ], 2025(To WFS Product Supplement No. 6 dated February 14, 2025,Prospectus Supplement dated February 14, 2025and Prospectus dated February 14, 2025)GS Finance Corp. Medium-Term Notes, Series Fguaranteed by The Goldman Sachs Group, Inc.Equity Linked Notes Market Linked Notes—Auto-Callable with Upside Participation and Principal Return atMaturity Notes Linked to the Lowest Performing of the Common Stock of Netflix, Inc., the Class A Common Stock ofAlphabet Inc.,the Common Stock of Microsoft Corporation, the Common Stock of NVIDIA Corporation andthe Class A Common Stock of Meta Platforms, Inc. (formerly Facebook, Inc.) due October 25, 2029▪ Linked to thelowest performingof the common stock of Netflix, Inc., the Class A common stock of Alphabet Inc., the common stockof Microsoft Corporation, the common stock of NVIDIA Corporation and the Class A common stock of Meta Platforms, Inc. (formerlyFacebook, Inc.) (each referred to as an “underlying stock”)▪ Unlike ordinary debt securities, the notes do not pay interest and are subject to potential automatic call upon the terms describedbelow. Whether the notes are automatically called for a fixed call premium or, if not automatically called, the maturity payment amountto be paid at maturity, will depend, in each case, on the performance of the lowest performing underlying stock on the call date or thecalculation day, as applicable. The lowest performing underlying stock on the call date or calculation day is the underlying stock thathas the lowest underlying stock return on that day.▪ Automatic Call.If the stock closing price of the lowest performing underlying stock on the call date isgreater thanorequal toitsstarting price, the notes will be automatically called for the face amount plus a call premium of at least 15.60% of the face amount (tobe determined on the pricing date).▪ Maturity Payment Amount.If the notes are not automatically called, you will receive a maturity payment amount that may be greaterthan or equal to the face amount of the notes, depending on the performance of the lowest performing underlying stock on thecalculation day from its starting price to its ending price. The maturity payment amount will reflect the following terms:▪If the stock closing price of the lowest performing underlying stock on the calculation day increases, you will receive the face amount plus a positive return equal to 100% of the percentage increase in the stock closing price of the lowest performing underlying stockon the calculation day from its starting price▪If the stock closing price of the lowest performing underlying stock on the calculation day remains flat or decreases, you will receive the face amount, but you will not receive any positive return on your investment ▪If the notes are automatically called, the positive return on the notes will be limited to the call premium, even if the stock closing price ofthe lowest performing underlying stock on the call date significantly exceeds its starting price. If the notes are automatically called, youwill not have the opportunity to participate in any appreciation of any underlying stock at the upside participation rate.▪Your return on the notes will dependsolelyon the performance of the underlying stock that is the lowest performing underlying stock on the call date or calculation day, as applicable. You will not benefit in any way from the performance of the better performingunderlying stocks. Therefore, you will be adversely affected if any underlying stock performs poorly, even if the other underlying stocksperform favorably▪All payments on the notes are subject to credit risk, and you will have no ability to pursue any underlying stock issuer for payment; if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, default on their obligations, you could lose some orall of your investment▪ The estimated value of your notes at the time the terms of your notes are set on the pricing date is expectedto be between $900 and $930 per $1,000 face amount. For a discussion of the estimated value and the priceat which Goldman Sachs & Co. LLC (“GS&Co.”) would initially buy or sell your notes, if it makes a market inthe notes, see page PS-9. The notes have more complex features than conventional debt securities and involve risks not associatedwith conventional debt securities. You should read the disclosure herein to better understand the terms andrisks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.See page PS-9. See “Supplemental Plan