高盛美股招股说明书(2026-04-08版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricingsupplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale Subject to Completion. Dated April 7, 2026.GS Finance Corp.$S&P 500Index-Linked Notes due 2027guaranteed byThe Goldman Sachs Group, Inc.® •If the final underlier level on the determination date is greater than or equal to the initial underlier level, the return on your notes will be positiveor zero and will equal the underlierreturn, subject to the maximum upside settlement amount.•If the final underlier level isless thanthe initial underlier level, but not by more than the trigger buffer amount, the return on your notes will bepositive and will equal the absolute value of the underlier return (e.g., if the underlier return is -11.00%, the return on your notes will be your notes; however, if the underlier return is -22.70%, you will lose 22.70% of the value of your notes (a very significant negative changein the return on your notes based on a small negative change in the underlier return). You could lose your entire investment in the notes.Interest:The notes do not bear interest. The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.You should readthe disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and TheGoldman Sachs Group, Inc. See page PS-5. Key Terms Company (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount:$Cash settlement amount:On the stated maturity date, the company will pay, for each $1,000 face amount of the notes, an amount incash equal to:•if the final underlier level is greater than or equal to the initial underlier level: $1,000 + ($1,000 × the •if the final underlier level is less than the trigger buffer level: $1,000 + ($1,000 × the underlier return)Underlier:the S&P 500Index (current Bloomberg symbol: “SPX Index”)Maximum upside settlementamount:$1,100Trigger buffer level:a fixed percentage that is expected to be, at most, 78.30% of the initial underlier levelTrigger buffer amount:the result of 100%minusthe trigger buffer level, expressed as a positive percentageInitial underlier level:the closing level of the underlier on April 10, 2026 and may be higher or lower than the closing level of theunderlier on the trade date® Our estimated value of the noteson trade date / Additional amount/ Additional amount end date:$900 to $930 per $1,000 face amount, which is less than the original issue price. The additional amount is $and the additional amount end date is. See “The Estimated Value of Your Notes At the Time the Termsof Your Notes Are Set On the Trade Date Is Less Than the Original Issue Price Of Your Notes.” Accounts of certain national banks, acting as purchase agents for such accounts, have agreed with the purchase agents to pay a purchase priceof% of the face amount, and as a result of such agreements, the agents with respect to sales to be made to such accounts will not receiveany portion of the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities orpassed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. The notes are notbank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they JPMorgan(Placement Agent) Goldman Sachs & Co. LLC Pricing Supplement No. Key Terms (continued) The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to selladditional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and net proceeds thatdiffer from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or any otheraffiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale.Unless GSFinance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in amarket-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 unconditionally guaranteedby The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanying documents listedbelow. This pricing supplement constitutes a supplement to the documents listed below, does not set forth all of the terms of yournotes and therefore should be read in conjunction with such documents: •General ter