高盛美股招股说明书(2026-05-07版)

Subject to Completion. Dated May 6, 2026.GS Finance Corp.$Autocallable ETF-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be May 14, 2031)unless they are automatically called on any call observation date commencing on May 14, 2027. Your notes will beautomatically called on a call observation date if the closing level of each of the State Street®Consumer Staples SelectSector SPDR®ETF, the State Street®Health Care Select Sector SPDR®ETF and the State Street®Utilities SelectSector SPDR®ETF (each, an ETF) on such date is greater than or equal to its initial level (set on the trade date and willbe an intra-day level or the closing level of such ETF on the trade date, expected to be May 7, 2026), resulting in apayment on the corresponding call payment date for each $1,000 face amount of your notes equal to such $1,000 faceamountplustheproductof $1,000timesthe applicable call premium amount. The call observation dates, the callpayment dates and the applicable call premium amount for each call payment date are specified on page PS-4 of thispricing supplement. The return on your notes is linked to the performances of each ETF, and in each case not to that of the indexon which such ETF is based. The amount that you will be paid on your notes at maturity,if they have not been automatically called, is based on theperformance of the lesser performing ETF (the ETF with the lowest ETF return). The ETF return for each ETF is thepercentage increase or decrease in its final level (the closing level of such ETF on the determination date, expected tobe May 7, 2031) from its initial level. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the final level of each ETF isgreater thanorequal toits initial level, $1,725;•if the final level ofany ETF isless thanits initial level but the final level of each ETF isgreater thanorequalto 80%of its initial level, $1,000; or•if the final level ofany ETF isless than80% of its initial level, thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) thesumof the lesser performing ETF returnplus20%.You will receive less than the face amount ofyour notes. If the ETF return forany ETF is less than -20%, the percentage of the face amount of your notes you willreceive will be based on the performance of the ETF with the lowest ETF return. In such event, you will receiveless thanthe 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 PS-14. 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 followingpage. Original issue date:expected to be May 14, 2026Original issue price:100% of the face amountUnderwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-34for additional 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, 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 may decideto sell 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. 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 expecte