高盛美股招股说明书(2026-06-26版)

Subject to Completion. Dated June 25, 2026.GS Finance Corp.$Digital S&P 500Index-Linked Notes due 2028guaranteed byThe Goldman Sachs Group, Inc.® 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 the trade date to and including the determination date.•If the final underlier level on the determination date is greater than or equal to the trigger buffer level, you will receive the maximum settlement amount.•If the final underlier level isless thanthe trigger buffer level, the return on your notes will be negative and you will lose 1% of the faceamount of your notes for every 1% that the final underlier level has declined below the initial underlier level.You could lose yourentire investment in the notes. Interest:The notes do not bear interest.The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GSFinance Corp. and The Goldman Sachs Group, Inc. See page PS-5.Key Terms Company (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc. Our estimated value of thenotes on trade date / Additionalamount / Additional amountend date:$925 to $965 per $1,000 face amount, which is less than the original issue price. The additionalamount is $and the additional amount end date is. See “The Estimated Value of YourNotes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original IssuePrice Of Your Notes.” 1See "Supplemental Plan of Distribution; Conflicts of Interest" for additional information regarding the fees comprising the underwritingdiscount.Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental 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 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. 49 dated June 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 pricingsupplement and the accompanying documents listed above is current only as of the respective dates of such documents. 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 Co