高盛美股招股说明书(2025-11-03版)

Subject to Completion. Dated October 31, 2025. The Goldman Sachs Group, Inc.Fixed Rate Notes due 2035 We will pay you interest on your notes at the interest rate from and including the original issue date to but excluding the stated maturitydate. Interest will be paid on each interest payment date.The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense.The notes are not bank deposits and are not insured by the Federal Deposit Insurance 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 original issue price set forth above does not include accrued interest, if any. Interest on the notes will accrue from theoriginal issue date and must be paid by the purchaser if the notes are delivered after the original issue date. In addition tooffers and sales at the original issue price, the underwriters may offer the notes from time to time for sale in one or moretransactions at market prices prevailing at the time of sale, at prices related to market prices or at negotiated prices. The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay forsuch notes. Goldman Sachs may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother affiliate of Goldman Sachs may use this prospectus in a market-making transaction in the notes after their initialsale.Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus isbeing used in a market-making transaction. About Your Prospectus The notes are part of the Medium-Term Notes, Series N program of The Goldman Sachs Group, Inc. This prospectusincludes this pricing supplement and the accompanying documents listed below. This pricing supplement constitutes asupplement to the documents listed below, does not set forth all of the terms of your notes and should be read inconjunction with such documents: •Prospectus supplement dated February 14, 2025 •Prospectus dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your notes. We have not authorized anyone to provide any information or to make any representations other than those contained inor incorporated by reference in this pricing supplement and the accompanying documents listed above. We take noresponsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. Thispricing supplement and the accompanying documents listed above are an offer to sell only the notes offered hereby, butonly under circumstances and in jurisdictions where it is lawful to do so. The information contained in this pricingsupplement and the accompanying documents listed above is current only as of the respective dates of such documents. We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of the offerednotes has the terms described below. Please note that in this pricing supplement, references to “The Goldman SachsGroup, Inc.”, “we”, “our” and “us” mean only The Goldman Sachs Group, Inc. and do not include any of its subsidiaries oraffiliates. The notes will be issued under the senior debt indenture, dated as of July 16, 2008, as amended, between usand The Bank of New York Mellon, as trustee. Also, in this pricing supplement, references to “holders” mean TheDepository Trust Company (DTC) or its nominee and not indirect owners who own beneficial interests in notes throughparticipants in DTC. Please review the special considerations that apply to indirect owners in the accompanyingprospectus, under “Legal Ownership and Book-Entry Issuance”. This pricing supplement summarizes specific terms that will apply to your notes. The terms of the notes described heresupplement those described in the accompanying documents listed above and, if the terms described here areinconsistent with those described there, the terms described here are controlling. Terms used but not defined in thispricing supplement have the meanings given them in the accompanying prospectus or accompanying prospectussupplement, unless the context requires otherwise. The notes will be issued in book-entry form and represented by master global note, dated July 1, 2020. ADDITIONAL INFORMATION ABOUT THE NOTES We will issue the notes as a master global note registered in the name of DTC, or its nominee. The sale of the notes willsettle in