高盛美股招股说明书(2026-02-05版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricingsupplement 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 February 4, 2026.GS Finance Corp. $ iSharesBitcoin Trust ETF-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc.® The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (expectedto be March 4, 2031) is based on the performance of the iShares® Bitcoin Trust ETF (ETF) as measured from the tradedate (expected to be February 27, 2026) to and including the determination date (expected to be February 27, 2031). If the final ETF level on the determination date isgreater thanthe initial ETF level (set on the trade date and will be anintra-day level or the closing level of the ETF on the trade date), the return on your notes will be positive and will equalthe ETFreturn, subject to the maximum settlement amount of $1,820 for each $1,000 face amount of your notes. If the final ETF level isequal toorless thanthe initial ETF level, you will receive the face amount of your notes.To determine your payment at maturity, we will calculate the ETF return, which is the percentage increase or decrease inthe final ETF level from the initial ETF level. At maturity, for each $1,000 face amount of your notes, you will receive anamount in cash equal to: ●if the ETF return ispositive(the final ETF level isgreater thanthe initial ETF level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the ETF return, subject to the maximum settlement amount; or●if the ETF return iszeroornegative(the final ETF level isequal toorless thanthe initial ETF level), $1,000Investors should be knowledgeable about the risks associated with cryptocurrencies and digital assets because the ETFseeks to reflect generally the performance of the price of bitcoin and therefore the notes involve significant risks ininvestments tracking cryptocurrencies.Bitcoin has historically exhibited high price volatility relative to more By purchasing the notes, you are deemed to represent to Goldman Sachs that you are not subject to the laws ofany non-U.S. jurisdiction prohibiting the purchase or ownership of notes of this type. 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-10. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $885 and $935 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 page. Original issue date:expected to be March 4, 2026Underwriting discount:% of the face amount* Original issue price:100% of the face amountNet proceeds to the issuer: * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-25 for additional information regarding thefees 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 Goldman Sachs & Co. LLC Pricing Supplement No.dated 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 innotes 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, this Estimated Value of Your Notes The estimated value of yournotes 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) isexpected to be between $885 and $935 per $1,000 face amount, which is less than the original issue price. The value ofyour notes at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.’scustomary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, which it is notobligate