高盛美股招股说明书(2026-01-30版)

Subject to Completion. Dated January 28, 2026 The Goldman Sachs Group, Inc. Callable Fixed Rate Notes due 2031 We will pay you interest on your notes at a rate of 4.35% per annum from and including the original issue date(expected to be February 13, 2026) to but excluding the stated maturity date (expected to be January 29, 2031).Interest will be paid on each interest payment date (expected to be February 13 of each year and the stated maturitydate). The first such payment will be made on the first interest payment date (expected to be February 13, 2027). In addition, we may redeem the notes at our option, in whole but not in part, on each redemption date(expected to be each February 13, May 13, August 13 and November 13 on or after February 13, 2027), upon atleast five business days’ prior notice, at a redemption price equal to 100% of the outstanding principal amountplus accrued and unpaid interest to but excluding the redemption date. Initial price to public*Underwriting discount*Proceeds, before expenses, to The Goldman Sachs Group, Inc. The initial price to public will vary between% and 100% for certain investors; see “Supplemental Plan of Distribution” on pagePS-7. The initial price to public set forth above does not include accrued interest, if any. Interest on the notes will accrue fromthe original issue date and must be paid by the purchaser if the notes are delivered after the original issue date. Inaddition to offers and sales at the initial price to public, the underwriters may offer the notes from time to time for sale inone or more transactions at market prices prevailing at the time of sale, at prices related to market prices or atnegotiated prices. The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay forsuch notes. 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 Insurance Corporation or anyother governmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother affiliate of Goldman Sachs may use this prospectus in a market-making transaction in the notes after their initialsale.Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus isbeing used in a market-making transaction. Goldman Sachs & Co. LLC InspereX LLC About Your Prospectus The notes are part of the Medium-Term Notes, Series N program of The Goldman Sachs Group, Inc. This prospectusincludes this pricing supplement and the accompanying documents listed below. This pricing supplement constitutes asupplement to the documents listed below and should be read in conjunction with such documents: •Prospectus supplement dated February 14, 2025•Prospectus dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your notes. SPECIFIC TERMS OF THE NOTES Please note that in this section entitled “Specific Terms of the Notes”, references to “The Goldman Sachs Group,Inc.”, “we”, “our” and “us” mean only The Goldman Sachs Group, Inc. and do not include any of its subsidiaries oraffiliates. Also, in this section, references to “holders” mean The Depository Trust Company (DTC) or its nomineeand not indirect owners who own beneficial interests in notes through participants in DTC. Please review the specialconsiderations that apply to indirect owners in the accompanying prospectus, under “Legal Ownership and Book-Entry Issuance”. This pricing supplement no.dated February, 2026 (pricing supplement) and the accompanying prospectus datedFebruary 14, 2025 (accompanying prospectus), relating to the notes, should be read together. Because the notes arepart of a series of our debt securities called Medium-Term Notes, Series N, this pricing supplement and theaccompanying prospectus should also be read with the accompanying prospectus supplement, dated February 14,2025 (accompanying prospectus supplement). Terms used but not defined in this pricing supplement have themeanings given them in the accompanying prospectus or accompanying prospectus supplement, unless the contextrequires otherwise.The notes are part of a separate series of our debt securities under our Medium-Term Notes, Series N program governed by our Senior Debt Indenture, dated as of July 16, 2008, as amended, between us and The Bank of NewYork Mellon, as trustee. This pricing supplement summarizes specific terms that will apply to your notes. The terms ofthe notes described here supplement those d