高盛美股招股说明书(2026-01-13版)

The information in this preliminary prospectus supplement is not complete and may be changed. Thispreliminary prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities inany jurisdiction where the offer or sale is not permitted. Subject to Completion. Dated January 12, 2026.GS Finance Corp.$ Autocallable Fixed Coupon Equity-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. Unless your notes are automatically called, you will receive on the applicable monthly coupon payment date (expectedto be the dates specified on page S-5 of this prospectus supplement) a coupon for each $1,000 face amount of yournotes equal to $13 (1.3% monthly, or up to 15.6% per annum). The notes will mature on the stated maturity date(expected to be January 31, 2028), unless they are automatically called on any monthly call observation date (expectedto be the dates, commencing in July 2026, specified on page S-4 of this prospectus supplement), and the return on Your notes will be automatically called if the closing price of each index stock on any call observation date isgreaterthanorequal toits initial price (set on the trade date, expected to be January 27, 2026, and will be an intra-day price orthe closing price of one share of such index stock on the trade date). the coupon payment date immediately following the relevant call observation date) equal to the face amount of yournotes plus the coupon then due. The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to thefinal coupon, will depend on whether a trigger event has occurred. A trigger event will occur if the closing price of all ofthe index stocks are less than their respective initial price on the determination date (expected to be January 24, 2028). price, you will receive the face amount of your note, regardless of the performance of the other index stocks.If atrigger event hasoccurred, at maturity you will receive an amount based on the performance of the index stock with the lowest index stock return (the percentage increase or decrease in the closing price of such index stock on thedetermination date from its initial price).This amount will not exceed the face amount of your note and could besignificantly less than the face amount of your note. At maturity, for each $1,000 face amount of your notes, in addition to the final coupon you will receive an amount incash equal to: •if atrigger event hasnot occurred, $1,000; or•if atrigger event hasoccurred, either: oif the index stock return of each index stock isgreater thanorequal to-50% (the final price of each index stockisgreater than or equal to50% of its initial price), $1,000; oroif the index stock return ofany index stock isless than-50% (the final price ofany index stock isless than50%of its initial price), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b)the lesser performing index 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-20. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $925 and $965 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 following Original issue date:expected to be January 29, 2026 Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-39 for additional information 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 thecontrary is a criminal offense.The notes are not bank deposits and are not insured by the Federal Deposit Goldman Sachs & Co. LLC The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We maydecide to sell additional notes after the date of this prospectus supplement, at issue prices and with underwritingdiscounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on 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 Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as d