高盛美股招股说明书(2026-05-20版)

The information in this preliminary prospectus supplement is not complete and may be changed. Thispreliminary prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in anyjurisdiction where the offer or sale is not permitted. Subject to Completion. Dated May 19, 2026.GS Finance Corp.$Autocallable Variable Coupon Equity-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not pay a fixed coupon and may pay only the minimum coupon amount on a payment date.Theamount that you will be paid on your notes is based on the performances of the common stock of Apple Inc., thecommon stock of Tesla, Inc., the common stock of Microsoft Corporation and the common stock of Oracle Corporation.The notes will mature on the stated maturity date (expected to be June 3, 2031), unless automatically called on anyobservation date, commencing in May 2027 to and including April 2031. Your notes will be automatically called if the Observation dates are expected to be the 26th day of each month (provided that the observation date for May 2031 isexpected to be May 27, 2031), commencing in June 2026 and ending in May 2031. If the closing price of each indexstock on an observation date isgreater thanorequalto 70% of its initial price, you will receive on the applicable paymentdate a coupon of $6.959 (0.6959% monthly, or the potential for up to approximately 8.35% per annum) for each $1,000face amount of your notes (the maximum coupon amount). If the closing price ofany index stock on an observation dateisless than70% of its initial price, you will receive on the applicable payment date a coupon of $0.209 (0.0209% At maturity, for each $1,000 face amount of your notes you will receive $1,000 plus the final coupon. 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 S-19.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 $935 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 following page. Original issue date: Underwriting discount: % of the face amount* * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-37. 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 Goldman Sachs & Co. LLC Prospectus Supplement No. 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 prospectus supplement, at issue prices and with underwriting discounts andnet proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment 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 Estimated Value of Your Notes The estimated value of your notes 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 expected to be between $885 and $935 per $1,000 face amount, which is less than the original issue price. Thevalue of your notes at any time will reflect many factors and cannot be predicted; however, the price (not includingGS&Co.’s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market,which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise isequal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (initially Prior to, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sellyour notes (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your notes (as determined by reference to GS&Co.’s pricing models) plus (b) anyremaining additional amount (the additional amount will decline to zero on a straight-line basis from the time of pricing About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully andunconditionally gu