高盛美股招股说明书(2026-05-19版)

Subject to Completion. Dated May 18, 2026. The Goldman Sachs Group, Inc. Callable Zero Coupon Notes due 2056 The notes will mature on the stated maturity date (expected to be May 29, 2056), subject to our right to redeem yournotes. On each early redemption date listed below, we may redeem the notes at our option, in whole but not in part,upon five business days’ prior notice, at a price for each $1,000 principal amount of the notes equal to theproductof You should read the disclosure herein to better understand the terms and risks of your notes, including ourcredit risk. See page PS-5. Initial price to publicUnderwriting discountProceeds, before expenses, to The Goldman Sachs Group, Inc. The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay forsuch notes. 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 Deposit Insurance Corporation or anyother governmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother affiliate of Goldman Sachs may use this prospectus in a market-making transaction in the notes after their initialsale.Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is About Your Prospectus The notes are part of the Medium-Term Notes, Series N program of The Goldman Sachs Group, Inc. Thisprospectus includes this pricing supplement and the accompanying documents listed below. This pricing •Prospectus supplement 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. SPECIFIC TERMS OF THE NOTES Please note that in this section entitled “Specific Terms of the Notes”, references to “The Goldman Sachs Group,Inc.”, “we”, “our” and “us” mean only The Goldman Sachs Group, Inc. and do not include any of its subsidiaries oraffiliates. Also, in this section, references to “holders” mean The Depository Trust Company (DTC) or its nominee andnot indirect owners who own beneficial interests in notes through participants in DTC. Please review the special This pricing supplement no.dated May, 2026 (pricing supplement) and the accompanying prospectus datedFebruary 14, 2025 (accompanying prospectus), relating to the notes, should be read together. Because the notesare part of a series of our debt securities called Medium-Term Notes, Series N, this pricing supplement and theaccompanying prospectus should also be read with the accompanying prospectus supplement, dated February 14, The notes are part of a separate series of our debt securities under our Medium-Term Notes, Series N programgoverned by our Senior Debt Indenture, dated as of July 16, 2008, as amended, between us and The Bank of NewYork Mellon, as trustee. This pricing supplement summarizes specific terms that will apply to your notes. Theterms of the notes described here supplement those described in the accompanying prospectus supplement and Terms of the Callable Zero Coupon Notes due 2056 Issuer:The Goldman Sachs Group, Inc. Principal amount:$Specified currency:U.S. dollars ($)Type of Notes:Zero coupon notes that are originalissue discount debt securities (notes)Denominations:$1,000 and integral multiples of$1,000 in excess thereof Trade date:expected to beMay 27, 2026 Original issue date (set on the trade date):expectedto beMay 29, 2026 Stated maturity date (set on the trade date):expected to beMay 29, 2056 Supplemental discussion of U.S. federal income taxconsequences:The notes will be treated as havingoriginal issue discount for U.S. federal income taxpurposes. Accordingly, it is the opinion of Sidley Austinllpthat you will be required to include such originalissue discount in income using a constant yield method Cash settlement amount (on an early redemptiondate):on each early redemption date listed below, wehave the right to redeem the notes at our option, inwhole but not in part, upon five business days’ priornotice, at a price for each $1,000 principal amount of the FDIC:the notes are not bank deposits and are notinsured by the Federal Deposit Insurance Corporation orany other governmental agency, nor are they obligations Cash settlement amount (on the stated maturitydate):if your notes are notredeemed, for each $1,000principal amount of your notes we will pay you anamount in cash equal to theproductof (i) $1,000times(ii) 100.00%. Calculation Agent:Goldman Sachs & Co. LLC Day count convention:not applicable Foreign Account Tax Compl