高盛美股招股说明书(2026-01-12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 January 9, 2026.GS Finance Corp.$Autocallable Goldman Sachs Momentum BuilderFocus ER Index-Linked Notesdue 2033guaranteed byThe Goldman Sachs Group, Inc.® Automatic Call:The notes will be automatically called on an annual call payment date if the closing level of the index isgreater thanorequal tothe applicable call level on the related call observation date. The call level increases the longer the notes are outstanding.Interest:The notes do not bear interest. 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.You should 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-12. Key Terms subject to the automatic call feature, on the stated maturity date, the company will pay, for each $1,000face amount of the notes, an amount in cash equal to:•if the final index level is greater than the initial index level: $1,000 + ($1,000 × the upside participation •if the final index level is equal to or less than the initial index level: $1,000the Goldman Sachs Momentum BuilderFocus ER Index (current Bloomberg symbol: “GSMBFC5® Index”)The index measures the performance of a “base index,” which is composed of up to nine underlying indices that provide exposure to focused U.S. equities, other developed market equities, developedmarket fixed income assets, emerging market equities and commodities, as well as a money marketposition that accrues interest at a rate equal to the federal funds rate. The base index rebalances oneach index business day based on the historical returns of these underlying assets in order to create aportfolio generating the highest historical returns, subject to a set of predefined rules and constraints,including a realized volatility limit and minimum and maximum asset and asset class weights. The overallamount of exposure the index provides to this base index may also be reduced and allocated to non-interest bearing cash positions based on the application of (i) a realized volatility control of 5% and (ii) amomentum risk control feature.The overall goal of the index is to provide exposure to a daily rebalancing of the combination of underlying assets with the strongest historical returns with realized volatility lower than the volatility limitwhile limiting the index’s overall volatility level and reducing exposure to assets that have exhibited theweakest price momentum.The daily base index return is subject to a deduction equal to the return on the federal funds rate and, in addition, the entire index is subject to a deduction of 0.65% per annum (accruing daily).The net effect of the deduction for the federal funds rate on the base index and the 0.65% deduction on significant portion of the index has been, and may be in the future, allocated to the return-basedmoney market position and the non-interest bearing cash positions.For more information about the index, including its fees and deductions, see “Index Summary”. notes on trade date / Additionalamount / Additional amount end$850 to $890 per $1,000 face amount, which is less than the original issue price. The additional amountis $and the additional amount end date is. See “The Estimated Value of Your Notes At theTime the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original Issue Price Of YourNotes.” Original issue price100% of the face amount 1The original issue price will be% for certain investors; see "Supplemental Plan of Distribution; Conflicts of Interest" for additionalinformation regarding the fees comprising the underwriting discount.Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. The notesare not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, norare they obligations of, or guaranteed by, a bank.Goldman Sachs & Co. LLC Pricing Supplement No.dated, 2026. 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 noteswill 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 additi