高盛美股招股说明书(2026-02-25版)

Subject to Completion. Dated February 24, 2026.GS Finance Corp.$Leveraged Buffered S&P 500Index-Linked Notes due 2028guaranteed byThe Goldman Sachs Group, Inc.® Payment at Maturity:The amount that you will be paid on your notes on the stated maturity date is based on the performance of theunderlier as measured from the trade date to and including the determination date. •If the final underlier level on the determination date is greater than the initial underlier level, the return on your notes will be positiveand will equal the upside participation ratetimesthe underlierreturn, subject to the maximum settlement amount.•If the final underlier level isequal to orless thanthe initial underlier level, but not by more than the buffer amount, you will receive theface amount of your notes.•If the final underlier level isless thanthe initial underlier level by more than the buffer amount, the return on your notes will benegative and you will lose approximately 1.1111% of the face amount of your notes for every 1% that the final underlier level hasdeclined below the buffer level.You could lose your entire investment in the notes.Interest:The notes do not bear interest. The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GSFinance Corp. and The Goldman Sachs Group, Inc. See page PS-5.Key Terms Our estimated value of thenotes on trade date / Additionalamount / Additional amountend date:$9.25 to $9.55 per $10 face amount, which is less than the original issue price. The additional amountis $and the additional amount end date is. See “The Estimated Value of Your Notes At theTime the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original Issue Price OfYour Notes.” Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank.Goldman Sachs & Co. LLC Pricing Supplement No.dated, 2026. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide tosell 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, thisprospectus is being used in a market-making transaction. About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanyingdocuments listed below. This pricing supplement constitutes a supplement to the documents listed below, does not setforth all of the terms of your notes and therefore should be read in conjunction with such documents: •General terms supplement no. 17,745 dated January 20, 2026•Underlier supplement no. 47 dated December 23, 2025•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. We have not authorized anyone to provide any information or to make any representations other than those contained inor incorporated by reference in this pricing supplement and the accompanying documents listed above. We take noresponsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. Thispricing supplement and the accompanying documents listed above are an offer to sell only the notes offered hereby, butonly under circumstances and in jurisdictions where it is lawful to do so. The information contained in this pricingsupplement and the accompanying documents listed above is current only as of the respective dates of such documents. We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of the offerednotes has the terms described below. Please note that in this