高盛美股招股说明书(2026-03-24版)

Subject to Completion. Dated March 23, 2026.GS Finance Corp. $ Autocallable Buffered Fixed Coupon S&P 500Index-Linked Notes dueguaranteed by® The Goldman Sachs Group, Inc. Unless your notes are automatically called, you will receive on the applicable coupon payment date (expected to be thesemi-annual dates specified on page PS-4 of this pricing supplement) a coupon for each $1,000 face amount of yournotes equal to at least $33 (at least 3.3% semi-annually, or up to at least 6.6% per annum) (set on the trade date) andthe return on your notes on the stated maturity date (expected to be March 28, 2030) will be based on the performanceof the S&P 500®Index from the trade date (expected to be March 25, 2026) to the determination date (expected to beMarch 25, 2030). Your notes will be automatically called if the closing level of the index on any call observation date (expected to be thesemi-annual dates specified on page PS-4 of this pricing supplement) isgreater thanorequal tothe initial index level(set on the trade date and will be an intra-day level or the closing level of the index on the trade date). If your notes areautomatically called, on the applicable call payment date (expected to be each coupon payment date commencing inMarch 2027 and ending in September 2029) you will receive the face amount of your notes plus the coupon then due. The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to thefinal coupon, is based on the index return (the percentage increase or decrease in the closing level of the index on thedetermination date (the final index level) from the initial index level). At maturity, for each $1,000 face amount of your notes, in addition to the final coupon you will receive an amount incash equal to: ●if the index return isgreater thanorequalto -20% (the final index level isgreater thanorequalto 80% of the initialindex level), $1,000; or●if the index return isless than-20% (the final index level isless than80% of the initial index level), thesumof (i)$1,000 plus (ii) theproductof (a) the buffer rate of 125% (see page PS-3)times(b) thesumof the index returnplus20%times(c) $1,000.You will receive less than the face amount of your notes. If the index return is less than -20%, the percentage of the face amount of your notes you will receive will bebased on the index return. In such event, 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 S-10. The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to bebetween $900 and $930 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 30, 2026Original issue price:100% of the face amountUnderwriting discount:% of the face amountNet proceeds to the issuer:% of the face amount 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, abank. 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 maydecide to sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discountsand net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on yourinvestment in notes 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 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)is expected to be between $900 and $930 per $1,000 face amount, which is less than the original issue price. Thevalue of your notes at any time will reflect many factors and cannot be predicted; however, the price (not includingGS&Co