高盛美股招股说明书(2026-04-10版)

The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (July 3, 2031)is based on the performance of the S&P 500® Index as measured from the initial index level to the final index level. Theinitial index level will not be determined until the end of the initial averaging period (the period from and including April 6, 2026 to and including July 6, 2026) and will equal the arithmetic average of the closing levels of the index on each dayduring such period. The final index level will equal the arithmetic average of the closing levels of the index on each dayduring the final averaging period (the period from and including April 1, 2031 to and including the determination date (June30, 2031).You will not know the initial index level for approximately three months after the trade date (April 8,2026). If the initial index level isgreater thanthe closing level of the index on April 6, 2026 (the first day of theinitial averaging period), the return on your notes at maturity may be less than it would have been if the initial If the final index level isgreater thanorequal to105% of the initial index level, the return on your notes will bepositiveandwill equal thesum of(i) 45%plus(ii) theproductof (a) 0.25times(b) the index return minus 5%, subject to the maximumsettlement amount of $1,542.5 for each $1,000 face amount of your notes. If the final index level isless than105% of theinitial index level butgreater thanorequal to85% of the initial index level, the return on your notes will bepositiveand willequal theproductof (i) 2.25times(ii) the index returnplus15%. If the final index level isless than85% of the initial index portion of the face amount of your notes. To determine your payment at maturity, we will calculate the index return, which is the percentage increase or decrease inthe final index level from the initial index level. At maturity, for each $1,000 face amount of your notes, you will receive anamount in cash equal to: ●if the final index level isgreater thanorequal to105% of the initial index level, thesumof (i) $1,450plus(ii) theproductof (a) $1,000times(b) 0.25times(c) theresult ofthe index return minus 5%, subject to the maximumsettlement amount;●if the final index level isless than105% of the initial index level butgreater thanorequal to85% of the initial indexlevel, thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 2.25times(c) thesumof the index returnplus15%; or●if the final index level isless than85% of the initial index level, thesumof (i) $1,000plus(ii) theproductof (a) $1,000 A purchaser of these notes in the secondary market should determine the initial index level, or, if such level hasnot yet been determined, the closing levels of the index during the initial averaging period, as these levels couldsignificantly affect both the secondary market trading price of these notes and the amount that a holder of the You should read the disclosure herein to better understand the terms and risks of your investment, including thecredit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-12. The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately$997 per $1,000 face amount. If the initial index level is greater than the closing level of the index on April 6, 2026, theestimated value of your notes may be significantly less than the estimated value determined on the trade date. Original issue date:April 13, 2026Original issue price:100% of the face amountUnderwriting discount:0.25% of the face amountNet proceeds to the issuer:99.75% of the face amountNeither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved ofthese securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary Goldman Sachs & Co. LLC Pricing Supplement No. 23,826 dated April 8, 2026. 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 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 prospectus 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) isequal