高盛美股招股说明书(2026-06-24版)

Payment at Maturity:The amount that you will be paid on your notes on the stated maturity date is based on the performance of theunderlier as measured from June 22, 2026 (the date the initial underlier level was set) to and including the determination date. •If the final underlier level on the determination date is greater than the initial underlier level, the return on your notes will be positiveand will equal the underlierreturn, subject to the maximum settlement amount.•If the final underlier level isequal to orless thanthe initial underlier level, but not by more than the buffer amount, you will receive theface amount of your notes. You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk ofGS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-5. Key Terms Goldman Sachs & Co. LLCPricing Supplement No. 25,510 dated June 23, 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, thisprospectus is being used in a market-making transaction. About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanyingdocuments listed below. This pricing supplement constitutes a supplement to the documents listed below, does not setforth all of the terms of your notes and therefore should be read in conjunction with such documents: •General terms supplement no. 17,745 dated January 20, 2026•Underlier supplement no. 48 dated March 24, 2026•Prospectus supplement dated February 14, 2025•Prospectus 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. We have not authorized anyone to provide any information or to make any representations other than those contained inor incorporated by reference in this pricing supplement and the accompanying documents listed above. We take noresponsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. Thispricing supplement and the accompanying documents listed above are an offer to sell only the notes offered hereby, butonly under circumstances and in jurisdictions where it is lawful to do so. The information contained in this pricing We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of the offerednotes has the terms described below. Please note that in this pricing supplement, references to “GS Finance Corp.”, “we”,“our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to “The GoldmanSachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiariesor affiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc. together with its consolidatedsubsidiaries and affiliates, including us. The notes will be issued under the senior debt indenture, dated as of October 10,2008, as supplemented by the First Supplemental Indenture, dated as of February 20, 2015, each among us, as issuer, The notes will be issued in book-entry form and represented by master note no. 3, dated March 22, 2021. HYPOTHETICAL EXAMPLES The following examples are provided for purposes of illustration only. The examples should not be taken as an indicationor prediction of future investment results and merely are intended to illustrate the impact that the various hypotheticalunderlier levels on the determination date could have on the cash settlement amount at maturity assuming all other The information in the following examples reflects hypothetical rates of return on the offered notes assuming that they arepurchased on the original issue date at the face amount and held to the stated maturity date. If you sell your notes in asecondary market prior to the stated maturity date, your return will depend upon the market value of your notes at the timeof sale, which may be affected by a number of factors that are not reflected in the examples below, such as interest rates, Key Terms and Assumptions