高盛美股招股说明书(2025-12-10版)

Subject to Completion. Dated December 9, 2025.GS Finance Corp.$Autocallable Basket-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The amount that you will be paid on your notes is based on the performance of anequally weighted basket comprised of the common stock of Advanced Micro Devices, Inc., the Class A common stock ofAppLovin Corporation, the common stock of Astera Labs, Inc., the common stock of Intel Corporation and the commonstock of Western Digital Corporation (the basket stocks). Each basket stock has an initial weighting of 20% and an initialweighted value of 20.The notes will mature on the stated maturity date (expected to be December 27, 2030), unless they are automatically called on any call observation date commencing on December 21, 2026. The initial basket level is 100 and the closing level of the basket on any call observation date and on the determinationdate (expected to be December 19, 2030), as applicable, will equal thesumof theproducts, as calculated for eachbasket stock, of: (i) its closing price on the applicable call observation date or determination date, as applicable,dividedby its initial basket stock price (set on the trade date, expected to be December 19, 2025, and will be an intra-day priceor the closing price of one share of such basket stock on the trade date)multipliedby (ii) its initial weighted value. Your notes will be automatically called on a call observation date if the closing level of the basket on such date isgreaterthanorequal tothe initial basket level, resulting in a payment on the corresponding call payment date for each $1,000face amount of your notes equal to (i) $1,000plus(ii) theproductof $1,000timesthe applicable call premium amount.The call observation dates, the call payment dates and the applicable call premium amount for each call payment dateare specified on page S-5 of this prospectus supplement.If your notes are not automatically called on any call observation date, we will calculate the basket return, which is the percentage increase or decrease in the closing level of the basket on the determination date (the final basket level) fromthe initial basket level. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equalto: •if the basket return ispositiveorzero(the final basket level isgreater thanorequal tothe initial basket level), thesumof (i) $1,000plus(ii) theproduct of(a) $1,000times(b) the basket return; •if the basket return isnegativebut not below -50% (the final basket level isless thanthe initial basket level, but notby more than 50%), $1,000; or•if the basket return isnegativeand is below -50% (the final basket level isless thanthe initial basket level, by morethan 50%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the basket return.You will receive lessthan 50% of the face amount of your notes. Declines in one basket stock may offset increases in the other basket stocks. 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 S-22.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $850 and $890 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 followingpage. Original issue date:expected to be December 24,2025Original issue price:100% of the face amount* * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-45 foradditional 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 Prospectus 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 prospectus supplement, at issue prices and with underwriting discounts andnet proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investmentin notes 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.U