高盛美股招股说明书(2026-04-01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 March 31, 2026.GS Finance Corp.$Leveraged iSharesMSCI EAFE ETF-Linked Notes due 2028guaranteed byThe Goldman Sachs Group, Inc.® Payment at Maturity:The amount that you will be paid on your notes on the stated maturity date is based on the performance of theunderlier as measured from the trade date to and including the determination date. •If the final underlier level on the determination date is greater than or equal to the initial underlier level, the return on your notes will bepositive or zero and will equal the upside participation ratetimesthe underlierreturn, subject to the maximum upside settlementamount.•If the final underlier level isless thanthe initial underlier level, but not by more than the trigger buffer amount, the return on your noteswill be positive and will equal the absolute value of the underlier return (e.g., if the underlier return is -12.00%, the return on yournotes will be +12.00%).•If the final underlier level isless thanthe initial underlier level by more than the trigger buffer amount, the return on your notes will benegative and you will lose 1% of the face amount of your notes for every 1% that the final underlier level has declined below the initialunderlier level.You could lose your entire investment in the notes.For example, if the underlier return is -25%, you will receive a positive return of 25% on your notes; however, if the underlier return is -26%, you will lose 26% of the value of your notes (a very significant negative change in the return on your notesbased on a small negative change in the underlier return). You could lose your entire investment in the notes.Interest:The notes do not bear interest.The return on your notes is linked to the performance of the underlier, and not to that of the underlying index on which the underlier is based.The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GSFinance Corp. and The Goldman Sachs Group, Inc. See page PS-5. Key TermsCompany (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc. 1See "Supplemental Plan of Distribution; Conflicts of Interest" for additional information regarding the fees comprising the underwritingdiscount.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 the contrary is a criminaloffense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank.Goldman Sachs & Co. LLC Pricing Supplement No.dated, 2026. Key Terms (continued)Trade date: 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 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. About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanyingdocuments listed below. This pricing supplement constitutes a supplement to the documents listed below, does not setforth all of the terms of your notes and therefore should be read in conjunction with such documents: •General terms supplement no. 17,745 dated January 20, 2026•Underlier supplement (ETFs) no. 2 dated February 14, 2025•Prospectus supplement dated February 14, 2025•Prospectus dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your notes. We have not authorized anyone to provide any information or to make any representations oth