高盛美股招股说明书(2025-11-21版)

Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-284538The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. Subject To Completion, dated November 21, 2025Pricing Supplement No. [ ] dated [ ], 2025(To WFS Product Supplement No. 7 dated October 20, 2025,Prospectus Supplement dated February 14, 2025and Prospectus dated February 14, 2025) GS Finance Corp. Medium-Term Notes, Series Fguaranteed by The Goldman Sachs Group, Inc.Equity Linked Securities Market Linked Securities—Auto-Callable with Leveraged Upside Participation andContingent DownsidePrincipal at Risk Securities Linked to the Lowest Performing of the Class C Common Stock of Dell Technologies Inc., the Common Stock of NVIDIA Corporation and the Common Stock of Intel Corporationdue November 30, 2028 ▪Linked to thelowest performingof the Class C common stock of Dell Technologies Inc., the common stock of NVIDIA Corporation and thecommon stock of Intel Corporation (each referred to as an “underlying stock”)▪Unlike ordinary debt securities, the securities do not pay interest, do not repay a fixed amount of principal at maturity and are subject to potential automatic call upon the terms described below. Whether the securities are automatically called for a fixed call premium or, if notautomatically called, the maturity payment amount to be paid at maturity, will depend, in each case, on the performance of the lowestperforming underlying stock on the call date or the calculation day, as applicable. The lowest performing underlying stock on the call date orcalculation day is the underlying stock that has the lowest underlying stock return on that day.▪ Automatic Call.If the stock closing price of the lowest performing underlying stock on the call date isgreater thanorequal toits starting price,the securities will be automatically called for the face amount plus a call premium of 50.00% of the face amount. ▪Maturity Payment Amount.If the securities are not automatically called, you will receive a maturity payment amount that may be greater than,equal to or less than the face amount of the securities, depending on the performance of the lowest performing underlying stock on thecalculation day from its starting price to its ending price. The maturity payment amount will reflect the following terms:▪ If the stock closing price of the lowest performing underlying stock on the calculation day increases, you will receive the face amount plus apositive return equal to at least 425% of the percentage increase in the stock closing price of the lowest performing underlying stock on thecalculation day from its starting price (to be determined on the pricing date)▪ If the stock closing price of the lowest performing underlying stock on the calculation day remains flat or decreases, but the decrease is notmore than the threshold amount of 50%, you will receive the face amount ▪If the stock closing price of the lowest performing underlying stock on the calculation day decreases by more than the threshold amount, youwill receive less than the face amount and have 1-to-1 downside exposure to the decrease in the price of the lowest performing underlyingstock Investors may lose up to 100% of the face amount ▪If the securities are automatically called, the positive return on the securities will be limited to the call premium, even if the stock closing price ofthe lowest performing underlying stock on the call date significantly exceeds its starting price. If the securities are automatically called, you willnot have the opportunity to participate in any appreciation of any underlying stock at the upside participation rate.▪ Your return on the securities will depend solely on the performance of the underlying stock that is the lowest performing underlying stock on thecall date or calculation day, as applicable. You will not benefit in any way from the performance of the better performing underlying stocks.Therefore, you will be adversely affected if any underlying stock performs poorly, even if the other underlying stocks perform favorably▪All payments on the securities are subject to credit risk, and you will have no ability to pursue any underlying stock issuer for payment; if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, default on their obligations, you could lose some or all of yourinvestment No exchange listing; designed to be held to maturity ▪ The estimated value of your securities at the time the terms of your securities are set on the pricing date isexpected to be between $925 and $955 per $1,000 face amount. For a discussion of the estimated value and theprice at which Goldman Sachs & Co. LLC (“GS&Co.”) would initially buy or sell your securities, if it makes a marketin the securities, see page PS-9