高盛美股招股说明书(2026-03-20版)

Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-284538The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or saleis not permitted. Subject to Completion. Dated March 19, 2026. GS Finance Corp. $ Buffered Basket-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (expectedto be April 1, 2031) is based on the performance of an equally-weighted basket comprised of the common stock (basketstocks) of 6 companies as measured from the trade date (expected to be March 27, 2026) to and including the The initial basket level is 100 and the final basket level will equal thesumof the products, as calculated for each basketstock, of: (i) its final stock price on the determination datedivided byits initial stock price (set on the trade date and willbe an intra-day price or the closing price of such basket stock on the trade date)multiplied by(ii) its initial weighted If the final basket level on the determination date is greater than the initial basket level, the return on your notes will bepositive and will equal 1.242timesthe basket return.If the final basket level declines by up to 30% from the initialbasket level, you will receive the face amount of your notes. If the final basket level declines by more than 30% from the initial basket level, the return on your notes will benegative and equal the basket return. You could lose your entire investment in the notes. To determine your payment at maturity, we will calculate the basket return, which is the percentage increase ordecrease in the final basket level from the initial basket level. At maturity, for each $1,000 face amount of your notes,you will receive an amount in cash equal to: •if the basket return is positive (the final basket level is greater than the initial basket level), the sum of (i) $1,000plus (ii) the product of (a) $1,000 times (b) 1.242times(c) the basket return; •if the basket return iszeroornegativebut notbelow-30% (the final basket level isequalto orless thanthe initialbasket level, but not by more than 30%), $1,000; or •if the basket return isnegativeand isbelow-30% (the final basket level isless thanthe initial basket level by morethan 30%), thesumof (i) $1,000 plus (ii) theproductof (a) $1,000times(b) the basket return.You will receiveless than 70% of the face amount of your notes. Declines in one basket stock may offset increases in the other basket stocks. 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 S-20. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $885 and $925 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 Original issue date:expected to be April 1, 2026Underwriting discount:% of the face amount* Original issue price:100%of the face amount*Net proceeds to the issuer: * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-41foradditional information regarding the fees 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 DepositInsurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a Goldman Sachs & Co. LLCProspectus Supplement No.dated , 2026. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We maydecide to sell additional notes after the date of this prospectus supplement, at issue prices and with underwritingdiscounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on 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 Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined byreference to pricing models used b