高盛美股招股说明书(2026-05-15版)

Subject to Completion. Dated May 14, 2026. GS Finance Corp. $ Fixed CouponS&P 500Futures Excess Return Index-Linked Notes dueguaranteed by® The Goldman Sachs Group, Inc. Thenotes will pay a fixed coupon of $5 (0.50% quarterly, or up to 2% per annum) for each $1,000 face amount on eachcoupon payment date (expected to be the 20th day of each February, May, August and November, commencing in August2026 and ending in May 2030). No coupon will be paid after the May 2030 coupon payment date. The amount that you willbe paid on your notes on the stated maturity date (expected to be May 20, 2031) is based on the performance of the S&P500®Futures Excess Return Index as measured from the initial index level (set on the trade date (expected to be May 15,2026) and will be an intra-day level or the closing level of the index on the trade date) to the final index level on thedetermination date (expected to be May 15, 2031). The index tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500®Index. Generally, thereturn on an investment in a futures contract is correlated with, but not the same as, the return on buying andholding the securities underlying such contract. If the index return (the percentage change in the final index level from the initial index level) is positive or zero, the returnon your notes will be positive and for each $1,000 face amount of your notes you will receive thegreaterof (i) thethreshold settlement amount of $1,450 and (ii) thesumof (a) the $1,000 face amountplus(b) theproductof (1) $1,000times(2) the index return. If the index return is negative and the final index level isequal toorgreater than80% of the initial index level, the return onyour notes will be equal to the absolute value of the index return (e.g., if the index return is -10%, your return will be+10%). If the index return is negative and the final index level isless than80% of the initial index level, the return on your noteswill be negative and will equal the index return.You could lose your entire investment in the notes.For example, if the index return is -20%, you will receive a positive return of 20% on your notes; however, if theindex return is -21%, you will lose 21% of the value of your notes (a very significant negative change in the returnon your notes based on a small negative change in the index return). You could receive significantly less than theface amount of your notes at maturity.At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the index return ispositiveorzero(the final index level isgreater thanorequal tothe initial index level), thegreater of (i) the threshold settlement amount and (ii) thesumof (a) $1,000plus(b) theproductof (1) $1,000times(2) theindex return;•if the index return isnegativebut notbelow-20% (the final index level isless thanthe initial index level, but not bymore than 20%), thesumof (i) $1,000plus(ii) theproductof $1,000timesthe absolute value of the index return; or•if the index return isnegativeand isbelow–20% (the final index level isless thanthe initial index level by more than20%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the index return.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-9.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $885 and $925 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs &Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page. Original issue date:expected to be May 20, 2026Original issue price:100% of the face amountUnderwriting discount:% of the face amountNet proceeds to the issuer:% 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 contraryis a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit InsuranceCorporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.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 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 Fin