高盛美股招股说明书(2026-01-14版)

Subject to Completion. January 13, 2026.GS Finance Corp.$Autocallable Contingent Coupon Equity-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. If the closing price ofany of the common stock of Western Digital Corporation, the common stock of MicronTechnology, Inc. or the Class A common stock of Carvana Co. on any observation date isless than75% of itsinitial price, you will not receive a coupon on the applicable payment date.The amount that you will be paid onyour notes is based on the performances of the index stocks. The notes will mature on the stated maturity date(expected to be January 31, 2033), unless automatically called on any observation date commencing in January 2027 toand including December 2032). Your notes will be automatically called if the closing price of each index stock on anysuch observation date isgreater thanorequal toits initial index stock price (set on the trade date (expected to beJanuary 23, 2026) and will be an intra-day price or the closing price of one share of such index stock on the trade date).If your notes are automatically called, you will receive a payment on the next payment date (the fifth business day afterthe relevant observation date) equal to the face amount of your notesplusa coupon (as described below). Observation dates are expected to be the 23rd day of each month (provided that the observation date for January 2033is expected to be January 24, 2033), commencing in February 2026 and ending in January 2033. If on any observationdate the closing price of each index stock isgreater thanorequalto 75% of its initial price, you will receive on theapplicable payment date a coupon for each $1,000 face amount of your notes equal to (i) theproductof $6.875(0.6875% monthly, or up to 8.25% per annum)timesthe number of observation dates that have occurred up to andincluding the relevant observation dateminus(ii) thesumof all coupons previously paid, if any. If your notes have not been automatically called, at maturity, for each $1,000 face amount of your notes you will receive$1,000 plus the final coupon, if any. 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-19.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $885 and $925 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. expected to be January 28, 2026Original issue price:100% of the face amount*Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount Original issue date: * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-0foradditional 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, 2026. 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.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectus is being used in a market-making transaction. 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 determined byreference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads)is expected to be between $885 and $925 per $1,000 face amount, which is less than the original issue price. Thevalue of your notes at any time will reflect many factors and cannot be predicted; however, the price (not includingGS&Co.’s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market,which it is not obligated to do) and the value that GS&Co.