高盛美股招股说明书(2025-10-22版)

Subject to Completion. October 21, 2025.GS Finance Corp.$Autocallable Variable Coupon Equity-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not pay a fixed coupon and may pay only the minimum coupon amount on a payment date.Theamount that you will be paid on your notes is based on the performances of the Class C capital stock of Alphabet Inc.,the common stock of Amazon.com, Inc., the Class A common stock of Meta Platforms, Inc. (formerly Facebook, Inc.)and the common stock of UnitedHealth Group Incorporated.The notes will mature on the stated maturity date (expectedto be October 31, 2030), unless automatically called on any observation date, commencing in October 2026 to andincluding September 2030. Your notes will be automatically called if the closing price of each index stock on any suchobservation date isgreater thanorequal toits initial price (set on the trade date (expected to be October 24, 2025) andwill be an intra-day price or the closing price of one share of such index stock on the trade date). If your notes areautomatically called, you will receive a payment on the next payment date (the fifth business day after the relevantobservation date) equal to the face amount of your notesplusa coupon (as described below). Observation dates are expected to be the 24th day of each month, commencing in November 2025 and ending inOctober 2030. If the closing price ofeachindex stock on an observation date isgreater thanorequalto 81.8% of itsinitial price, you will receive on the applicable payment date a coupon of $6.667 (0.6667% monthly, or the potential forup to approximately 8% per annum) for each $1,000 face amount of your notes (the maximum coupon amount). If theclosing price ofanyindex stock on an observation date isless than81.8% of its initial price, you will receive on theapplicable payment date a coupon of $0.209 (0.0209% monthly, or the potential for up to approximately 0.25% perannum) for each $1,000 face amount of your notes (the minimum coupon amount). At maturity, for each $1,000 face amount of your notes you will receive $1,000 plus the final coupon. 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-19.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $885 and $935 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. expected to be October 29, 2025Original issue price:100% of the face amount* Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-38foradditional information regarding the fees 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 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 your notes 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 $885 and $935 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, whichit is not obligated to do) and the value t