高盛美股招股说明书(2026-03-19版)

Subject to Completion. Dated March 18, 2026.GS Finance Corp. $® Buffered Digital S&P 500Index-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notesdo not bear interest.The amount that you will be paid on your notes on the stated maturity date (expectedto be March 23, 2028) is based on the performance of the S&P 500®Index as measured from the initial index level (seton the trade date (expected to be March 20, 2026) and will be an intra-day level or the closing level of such index on thetrade date) to the final index level on the determination date (expected to be March 20, 2028). If the index return (the percentage change in the final index level from the initial index level) isgreater thanorequal to0%, you will receive the threshold settlement amount of $1,137.5 for each $1,000 face amount of your notes. If the index return isless than0% butgreater thanorequal to-10%, the return on your notes will be positive and willequal 13.75%plusthe absolute value of the index return (e.g., if the index return is -5%, your return will be +18.75%).If the index return isless than-10%butgreater thanorequal to-25%, the return on your notes will be positive and willequal the absolute value of the index return (e.g., if the index return is -15%, your return will be +15%). If the index return isless than-25%, the return on your notes will be negative and you will lose approximately 1.3333%of the face amount of your notes for every 1% that the final index level has declined below 75% of the initial index level.See page PS-3.You could lose your entire investment in the notes. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to:●if the index return isgreater thanorequal to0% (the final index level isgreater thanorequal tothe initial index level), the threshold settlement amount;●if the index return isless than0% butgreater thanorequal to-10% (the final index level isless thanthe initial indexlevel butgreater thanorequal to90% of the initial index level), thesumof (i) the threshold settlement amountplus(ii) theproductof (a) $1,000times(b) the absolute value of the index return;●if the index return isless than-10% butgreater than orequal to-25% (the final index level isless than90% of theinitial index level butgreater thanorequal to75% of the initial index level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the absolute value of the index return; or●if the index return isless than-25% (the final index level isless than75% of the initial index level), thesumof (i)$1,000plus(ii) theproductof (a) $1,000times(b) the buffer rate of approximately 133.33% (see page PS-3)times(c) thesumof the index returnplus25%.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, includingthe credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-9.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 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 amountUnderwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-20 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 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. Estimated Value of You