高盛美股招股说明书(2025-10-31版)

Subject to Completion. Dated October 30, 2025.GS Finance Corp.$Index-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (expectedto be December 31, 2026) is based on the lesser performing of the Russell 2000®Index and the S&P 500®Index asmeasured from the trade date (expected to be November 26, 2025) to and including the determination date (expected tobe December 28, 2026).If the index return (the percentage change in the final level of the index on the determination date from the initial level of the index) ofeachindex is positive or zero, the return on your notes will be the lesser performing index return, subject tothe maximum settlement amount of at least $1,202.5 (set on the trade date) for each $1,000 face amount of your notes.The initial level for each index will be set on the trade date and will be an intra-day level or the closing level of such indexon the trade date. If the index return ofanyindex is negativeandthe final level ofeachindex isequal toorgreater than90% of its initiallevel, the return on your notes will be the absolute value of the lesser performing index return (e.g.,if the lesserperforming index return is -5%, the return on your notes will be +5%). If the index return ofanyindex is negativeandthe final level ofanyindex isless than90% of its initial level, the return onyour notes will be negative and will equal the lesser performing index returnplus10%.For example, if the lesser performing index return is -10%, you will receive a positive return of 10% on your notes; however, if the lesser performing index return is -11%, you will lose 1% of the value of your notes. Youcould lose a significant portion of the face amount of your notes at maturity. The amount that you will be paid on your notes at maturity is based on the performance of the index with the lowestindex return. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the index return ofeachindex isgreater thanorequal to0% (the final level ofeachindex isgreater thanorequal toits initial level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the lesser performing index return,subject to the maximum settlement amount;•if the index return ofanyindex isless than0%, but the index return ofeachindex isgreaterthanorequalto-10%(the final level ofanyindex isless thanits initial level but the final level ofeachindex isgreaterthanorequal to90%of its initial level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the absolute value of the lesserperforming index return; or•if the index return ofanyindex isless than-10% (the final level ofanyindex islessthan90% of its initial level), thesumof (i) $1,000plus(ii) theproductof (a) thesumof the lesser performing index returnplus10%times(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-10.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $925 and $965 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 following page. Original issue date:expected to be December 2, 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; Conflicts of Interest” onpage PS-21for additional 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, a bank.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 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 prosp