高盛美股招股说明书(2026-02-24版)

Subject to Completion. Dated February 23, 2026.GS Finance Corp. $ Leveraged Equity-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes (CUSIP: 40058XRG1) do not bear interest.The amount that you will be paid on your notes on the statedmaturity date (expected to be March 9, 2028) is based on the performance of the common stock of Take-TwoInteractive Software, Inc. as measured from the initial index stock price (set on the trade date (expected to be March 4,2026) and will be an intra-day price or the closing price of one share of the index stock on the trade date) to the finalindex stock price set on the determination date (expected to be March 6, 2028).If the index stock return (the percentage change in the final index stock price from the initial index stock price) is positiveorzero, the return on your notes will be positive or zero and will be equal to 1.5 times the index stock return,subject to the maximum settlement amount of $1,427.5 for each $1,000 face amount of your notes.If the index stock return isnegativeand the final index stock price isequal toorgreater than80% of the initial index stock price, the return on your notes will be equal to the absolute value of the index stock return (e.g., if the index stockreturn is -5%, your return will be +5%).If the index stock return isnegativeand the final index stock price isless than80% of the initial index stock price, the return on your notes will be negative and will equal the index stock returnplus20%.You could lose a significantportion of the face amount of your notes.For example, if the index stock return is -20%, you will receive a positive return of 20% on your notes; however, if the index stock return is -21%, you will lose 1% of the value of your notes. You could receive significantlyless than the face amount of your notes at maturity.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 ispositiveorzero(the final index stock price isgreater thanorequal tothe initial index stock price), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.5 times (c) the index stock return,subject to the maximum settlement amount;●if the index stock return isnegativebut notbelow-20% (the final index stock price isless thanthe initial index stockprice, but not by more than 20%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the absolutevalue of the index stock return; or●if the index stock return isnegativeand isbelow-20% (the final index stock price isless thanthe initial index stockprice by more than 20%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b)thesum ofthe indexstock returnplus20%.You will receive less than the face amount of your notes.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-12.The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $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 March 9, 2026Original issue price:100% of the face amount Underwritingdiscount:% of the face amount*Net proceeds to the issuer:% of the face amount * See “Supplemental Plan of Distribution” on page S-32 for additional information regarding the fees comprising theunderwriting discount.Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of 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 may decideto sell additional notes after the date of this prospectus 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 investmentin 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 Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectus is being used in a market-making transaction. Estimated Value of Your Notes Th