高盛美股招股说明书(2026-01-26版)

supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or saleis not permitted. Subject to Completion. Dated January 23, 2026.GS Finance Corp. $ Autocallable Contingent Coupon Index-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. If the closing level of any of the Nasdaq-100®observation date isless than65%of its initial level, you will not receive a coupon on the applicable paymentdate. The amount that you will be paid on your notes is based on the performances of the indices.The notes will mature on the stated maturity date (expected to be January 26, 2029), unless automatically called on any observationdate commencing in April 2026 to and including October 2028. Your notes will be automatically called if the closinglevel of each index on any such observation date isgreater thanorequal toits initial level (set on the trade date(expected to be January 23, 2026) and will be an intra-day level or the closing level of such index on the trade date). Ifyour notes are automatically called, you will receive a payment on the next payment date (the third 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 January, April, July and October, commencing in April 2026and ending in January 2029. If on any observation date the closing level of each index isgreater than or equal to65%of its initial level, you will receive on the applicable payment date a coupon for each $1,000 face amount of your notesequal to $27.875 (2.7875% quarterly, or the potential for up to 11.15% per annum). 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 performance of the index with the lowest index return. The index return for eachindex is the percentage increase or decrease in the closing level of such index on the determination date (the final At maturity, for each $1,000 face amount of your notes you will receive an amount in cash equal to: ●if the index return of each index isgreater thanorequal to-30% (the final level of each index isgreater thanorequal to70% of its initial level), $1,000 plus the final coupon;●if the index return of each index isgreater thanorequal to-35% (the final level of each index isgreater thanorequal to65% of its initial level) but the index return of any index isless than-30% (the final level of any index islessthan70% of its initial level), thesumof (i) $1,000plus(ii) theproduct of(a) the lesser performing index returntimes(b) $1,000plus(iii) the final coupon(you will receive between 65% and 69.99% of the face amount of yournotes and the final coupon); or●if the index return ofany index is less than -35% (the final level ofany index isless than65% of its initial level), thesumof (i) $1,000 plus (ii) theproduct of(a) the lesser performing index returntimes(b) $1,000.You will receive 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 PS-11. 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 $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 following Original issue date: Net proceeds to the issuer:% of the face amount Underwriting discount: * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution; Conflicts of Interest”on page S-26 for additional 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 Deposit 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 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 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