高盛美股招股说明书(2026-03-19版)

Subject to Completion. Dated March 18, 2026.GS Finance Corp. $® guaranteed 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 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 will 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 indexlevel), the threshold settlement amount;●if the index return isless than0% butgreater thanorequal to-10% (the final index level isless thanthe initial index level 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 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 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 following 100% of the face amount% of the face amount Original issue date: expected to be March 25, 2026Original issue price:% of the face amount*Net proceeds to the issuer: * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-20 for additional information regarding thefees comprising the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapprovedof 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 Deposit Goldman Sachs & Co. LLCPricing Supplement No.dated 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 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 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.’scustomary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, which it is not Prior to, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sellyour notes (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-currentestimated value of your notes (as determined by reference to GS&Co.’s pricing models) plus (b) any remainingadditional amount (the additio