高盛美股招股说明书(2026-01-16版)

Subject to Completion. Dated January 15, 2026.GS Finance Corp.$Autocallable Contingent Coupon Equity-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. If the closing price of the Class A common stock of AppLovin Corporation on any observation date is less than50% of the initial index stock price (set on the trade date (expected to be January 26, 2026) and will be an intra-day price or the closing price of one share of the index stock on the trade date), you will not receive a couponon the applicable payment date.The amount that you will be paid on your notes is based on the performance of theindex stock. The notes will mature on the stated maturity date (expected to be January 31, 2029), unless automaticallycalled on any observation date commencing in July 2026 to and including October 2028. Your notes will beautomatically called if the closing price of the index stock on any such observation date isgreater thanorequal totheinitial index stock price. If your notes are automatically called, you will receive a payment on the next payment date(expected to be each date specified as such on page S-4 of this prospectus supplement) equal to the face amount ofyour notes plus a coupon (as described below). Observation dates are expected to be each date specified as such on page S-4 of this prospectus supplement,commencing in April 2026 and ending in January 2029. If on any observation date the closing price of the index stock isgreater than or equal to 50% of the initial index stock price, you will receive on the applicable payment date a couponfor each $1,000 face amount of your notes equal to (i) theproductof $51.375 (5.1375% quarterly, or up to 20.55% perannum)timesthe number of observation dates that have occurred up to and including the relevant observation dateminus(ii) thesumof all coupons previously paid, if any. The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to thefinal coupon, if any, is based on the index stock return. The index stock return is the percentage increase or decreasein the closing price of the index stock on the determination date (the final observation date, expected to be January 26,2029) from the initial index stock price. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the index stock return isgreater thanorequal to-50% (the final index stock price isgreater than or equal to50%of the initial index stock price), $1,000 plus a coupon calculated as described above; or•if the index stock return isless than-50% (the final index stock price isless than50% of the initial index stockprice), thesumof (i) $1,000plus(ii) theproductof (a) the index stock returntimes(b)$1,000.You will receiveless than50% of the face amount of your notes and no coupon. If the index stock return is less than -50%, the percentage of the face amount of your notes you will receive willbe based on the index stock return. In such event, you will receive less than 50% of the face amount of yournotes and no coupon. 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-21. The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to bebetween $925 and $955 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 January 29, 2026Original issue price:100% of the face amount Underwriting discount:% of the face amountNet proceeds to the issuer:% of the face amountNeither 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, abank.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 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) onyour investment in 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 Co