高盛美股招股说明书(2025-10-30版)

Subject to Completion. Dated October 29, 2025.GS Finance Corp. $ Leveraged Buffered Index-Linked Notesguaranteed byThe Goldman Sachs Group, Inc. This document relates to two separate offerings.Each note is linked to the performance of one index (either the S&P500®Index or the Russell 2000®Index). Each note has its own terms (set forth in the table below), which will be set onthe trade date (expected to be November 21, 2025).The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (expected to be May 25, 2028) is based on the performance of the applicable index as measured from the trade date to andincluding the determination date (expected to be May 22, 2028).If the final level of the applicable index on the determination date isgreater thanits initial level (set on the trade date and will be an intra-day level or the closing level of such index on the trade date), the return on your notes will be positiveand will equal the applicable participation ratetimesthe index return of the applicable index (the percentage increase ordecrease in the final level of the applicable index from its initial level), subject to the applicable maximum settlementamount.If the final level of the applicable index isequal toorless thanits initial level butgreater thanorequal toits applicable buffer level, you will receive the face amount of your notes.If the final level of the applicable index isless thanits applicable buffer level, the return on your notes will be negative and will equal the index return of the applicable indexplusthe applicable buffer amount.You could lose a significantportion of the face amount of your notes.At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: if the final level of the applicable index isgreater thanits initial level, thesumof (i) $1,000plus(ii) theproductof (a) ●$1,000times(b) the applicable participation ratetimes(c) the index return of the applicable index, subject to theapplicable maximum settlement amount;if the final level of the applicable index isequal toorless thanits initial level, but greater than or equal to its ●applicable buffer level, $1,000; orif the final level of the applicable index isless thanits applicable buffer level, thesumof (i) $1,000plus(ii) the ●productof (a) thesum ofthe index return of the applicable indexplusthe applicable buffer amounttimes(b)$1,000.You will receive less than the face amount of your notes. 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-17.The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be in the estimated value range set forth above. For a discussion of the estimated value and the price at which Goldman Sachs &Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page. *The original issue price will be between% and 100% and the underwriting discount will be between% and% forcertain investors; see “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-27for additional informationregarding the fees comprising the underwriting discount specific to each offering of notes.Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of 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, a bank.Goldman Sachs & Co. LLC Pricing Supplement Nos.anddated, 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 pricing supplement, at issue prices and with underwriting discounts and netproceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment innotes 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. Two Separate Offerings of Notes This pricing supplement relates to two separate offerings of notes.Each note is linked to one, and only one, index.You may participate in any of the two offerings or, at your election, in both of the offerings. This pricing supplementdoes not, however, allow you to purchase a not