高盛美股招股说明书(2026-01-15版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement isnot 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 January 14, 2026. GS Finance Corp. Contingent Income Buffered Auto-Callable Securities Based on the Performance of the Class BCommon Stock of NIKE, Inc. due January 20, 2027 Principal at Risk Securities The securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.Theamount that you will be paid on your securities is based on the performance of the Class B common stock of NIKE, Inc. The securitiesmay be automatically called on any call observation date. Unless previously automatically called, on each coupon observation date (i) if the closing price of the underlying stock isless thanthebuffer price,you will not receive a payment on the applicable coupon payment dateand (ii) if the closing price of the underlyingstock isgreater thanorequal tothe buffer price, you will receive on the applicable coupon payment date a contingent monthly coupon equal tothe initial share price, resulting in a payment on the applicable call payment date equal to the principal amount of yoursecuritiesplusthe contingent monthly coupon then due. No payments will be made after the call payment date. At maturity, if not previously automatically called, (i) if the final share price isgreater thanorequal tothe buffer price you will receivethe principal amount of your securities plus the contingent monthly coupon then due and (ii) if the final share price isless thanthebuffer price, you will lose 1.25% of the stated principal amount for every 1% decline in the final share price from the initial share pricebeyond the buffer amount and you will not receive a contingent monthly coupon payment. Under these circumstances, the payment at The securities are for investors who seek to earn a contingent monthly coupon in exchange for the risk of receiving few or nocontingent monthly coupons if the securities are automatically called and, if not automatically called, losing all or a portion of theprincipal amount of their securities at maturity. Your investment in the securities involves certain risks, including the credit risk of GS Finance Corp. and The GoldmanSachs Group, Inc. See page PS-12.You should read the disclosure herein to better understand the terms and risks of yourinvestment. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense. The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLC The issue price, underwriting discount and net proceeds listed on the cover page relate to the securities we sell initially. We maydecide to sell additional securities after the date of this pricing 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 investment in GS Finance Corp. may use this prospectus in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC or anyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a security after its initial sale. About Your Securities The securities are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully andunconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and theaccompanying documents listed below. This pricing supplement constitutes a supplement to the documents listed below, •General terms supplement no. 17,744 dated October 20, 2025 •Prospectus supplement dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. In addition,some of the terms or features described in the listed documents may not apply to your securities. We refer to the securities we are offering by this pricing supplement as the “offered securities” or the “securities”. Each of theoffered securities has the terms described in this pricing supplement. Please note that in this pricing supplement, referencesto “GS Finance Corp.”, “we”, “our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates,references to “The Goldman Sachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do not Please note that, for purposes of this pricing supplement, references in the general terms supplement no. 17,744 to“underlier(s)”, “indices”, “exchange-traded fund(