高盛美股招股说明书(2025-11-19版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction wherethe offer or sale is not permitted. Subject to Completion. Dated November 18, 2025.GS Finance Corp.$Autocallable Contingent Coupon Index-Linked Notes due 2028guaranteed byThe Goldman Sachs Group, Inc. Payment at Maturity:The amount that you will be paid on your notes at maturity, if they have not been automatically called, in additionto the final coupon, if any, is based on the performance of the underlier with the lowest underlier return.You could lose your entireinvestment in the notes. greater thanorequal toits coupon trigger level on the related coupon observation date.Automatic Call:The notes will be automatically called on a call payment date if the closing level of each underlier isgreater thanor equal toits initial underlier level on the related call observation 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.Youshould read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GSFinance Corp. and The Goldman Sachs Group, Inc. See page PS-8. Key Terms Our estimated value of thenotes on trade date / Additionalamount / Additional amountend date:$925 to $955 per $1,000 face amount, which is less than the original issue price. The additionalamount is $and the additional amount end date isNotes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original IssuePrice Of Your Notes.” 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 Goldman Sachs & Co. LLC Pricing Supplement No.dated The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide tosell 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 in 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, this About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanyingdocuments listed below. This pricing supplement constitutes a supplement to the documents listed below, does not set •General terms supplement no. 17,744 dated October 20, 2025 •Underlier supplement no. 46 dated September 22, 2025 •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, but 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 “GS Finance Corp.”, “we”,“our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to “The GoldmanSachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiariesor affiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc. together with its consolidatedsubsidiaries and affiliates, including us. The notes will be issued under the senior debt indenture, dated as of October 10, The notes will be issued in book-entry form and represented by master note no. 3, dated March 22, 2021. HYPOTHETICAL EXAMPLES The following examples are provided for purposes of illustration onl