高盛美股招股说明书(2026-03-11版)

Subject to Completion. Dated March 10, 2026.GS Finance Corp.$Autocallable Index-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be March 27, 2029)unless they are automatically called on the call observation date (expected to be March 22, 2027). Your notes will beautomatically called on the call observation date if the closing level of each of the S&P 500®Index,the Nasdaq-100Index®and the Russell 2000®Index on such date isgreater thanorequal toits initial level (set on the trade date and willbe an intra-day level or the closing level of such index on the trade date (expected to be March 20, 2026)), resulting in apayment on the call payment date (expected to be March 29, 2027) for each $1,000 face amount of your notes equal to$1,160. The amount that you will be paid on your notes at maturity,if they have not been automatically called, is based on theperformance of the lesser performing index (the index with the lowest index return). The index return for each index isthe percentage increase or decrease in its final level (the closing level of such index on the determination date, expectedto be March 20, 2029) from its initial level. If the final level of each index isgreater thanits initial level, the return on yournotes will be positive and will equal 1.25timesthe lesser performing index return. If the final level ofany index isequaltoorless thanits initial level, but the final level of each index isgreater thanorequal to65% of its initial level, the returnon your notes will be the absolute value of the lesser performing index return (e.g., if the lesser performing index returnis -10%, the return on your notes will be +10%).If the final level ofany index islessthan65% of its initial level, thereturn on your notes will be negative and you could receive significantly less than the face amount of yournotes. For example, if the lesser performing index return is -35%, you will receive a positive return of 35% on yournotes; however, if the lesser performing index return is -36%, you will lose 36% of the value of your notes (avery significant negative change in the return on your notes based on a small negative change in the lesserperforming index return). You could receive significantly less 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 final level of each index isgreater thanits initial level, thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 1.25times(c) the lesser performing index return;•if the final level of each index isgreater thanorequal to65% of its initial level but the final level ofany index isequaltoorless thanits initial level, thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the absolute value ofthe lesser performing index return; or•if the final level ofany index isless than65% of its initial level, thesumof (i) $1,000plus(ii) theproductof (a)$1,000times(b) the lesser performing index return.You will receive less than 65% of the face amount of yournotes. If the index return forany index isless than-35%, the percentage of the face amount of your notes you willreceive will be based on the performance of the index with the lowest index return. In such event, you willreceiveless than65% of the face amount of your notes. 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 $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 25, 2026Original issue price:100% of the face amount*Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution; Conflicts of Interest”on page PS-23 for additional information regarding the fees comprising the underwriting 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, 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 decideto sell additional not