高盛美股招股说明书(2026-03-13版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction wherethe offer or sale is not permitted. Subject to Completion. Dated October 10, 2025. GS Finance Corp. $Index-Linked Notes due The Goldman Sachs Group, Inc. The notes (CUSIP: 40058YFR8) do not bear interest.The amount that you will be paid on your notes on the statedmaturity date (expected to be March 30, 2028) is based on the lesser performing of the Russell 2000®Indexand theNasdaq-100 Index® as measured from the trade date (expected to be March 26, 2026) to and including the determinationdate (expected to be March 27, 2028). If the final level of each index on the determination date isgreater thanits initial level (set on the trade date and will be anintra-day level or the closing level of such index on the trade date), the return on your notes will be positive and will equalthe index return of the lesser performing index, subject to the maximum settlement amount of $1,212.5 for each $1,000 If the final level ofany index isequal toorless thanits initial level, for each $1,000 face amount of your notes you willreceive thegreater of(i) the minimum settlement amount of $950 and (ii) $1,000plustheproductof $1,000timesthe lesser performing index return.If the final level of any index isless thanits initial level, you will receive less than theface amount of your notes. The amount that you will be paid on your notes at maturity is based on the performance of the index with the lowest indexreturn. The index return for each index is the percentage increase or decrease in the final level of such index from its initiallevel. On the stated maturity date, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the index return of each index isgreater than0% (the final level of each index isgreater thanits initial level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the lesser performing index return, subject to the maximumsettlement amount; or •if the index return ofany index isequal toorless than0% (the final level ofany index isequal toorless thanits initiallevel), thegreater of(i) the minimum settlement amount of $950 and (ii) thesumof (a) $1,000plus(b) theproductof(1) $1,000times(2) the lesser performing index return.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 thecredit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-11. The estimated value of yournotes 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 which Goldman Sachs &Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page. Original issue price:100% of the face amountNet proceeds to the issuer:% of the face amount Original issue date:expected to be March 31, 2026Underwriting discount:% of the face amount* * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-21 for additional information regarding the feescomprising the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved ofthese securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contraryis a criminal offense.The notes are not bank deposits and are not insured by the Federal Deposit Insurance 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 in 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 prospectus 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 $925 and $955 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.’s Prior to, the price (not including GS&Co.’s customary bid and ask spreads) at