高盛美股招股说明书(2026-07-07版)

preliminary prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities inany jurisdiction where the offer or sale is not permitted. Subject to Completion. Dated July 2, 2026. GS Finance Corp. $ Digital Basket-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (expectedto be July 26, 2027) is based on the performance of an equally-weighted basket comprised of the common stock ofArista Networks, Inc., an ordinary share of Credo Technology Group Holding Ltd and the common stock of MarvellTechnology, Inc. (the basket stocks) as measured from the trade date (expected to be July 15, 2026) to and includingthe determination date (expected to be July 21, 2027). Each basket stock has an initial weighting of approximately33.333% and an initial weighted value of 100/3. The initial basket level is 100 and the final basket level will equal thesumof the products, as calculated for each basketstock, of: (i) its final stock price on the determination datedivided byits initial stock price (set on the trade date and willbe an intra-day price or the closing price of one share of such basket stock on the trade date)multiplied by(ii) its initialweighted value set forth on page S-30. If the final basket level on the determination date isgreater thanorequal tothe initial basket level, you will receive themaximum settlement amount of $1,662 for each $1,000 face amount of your notes.If the final basket level is lessthan the initial basket level, the return on your notes will be negative and will equal the basket return. To determine your payment at maturity, we will calculate the basket return, which is the percentage increase ordecrease in the final basket level from the initial basket level. At maturity, for each $1,000 face amount of your notes,you will receive an amount in cash equal to: •if the basket return ispositive or zero(the final basket level isgreater than or equal to the initial basket level), themaximum settlement amount; or•if the basket return isnegative(the final basket level isless thanthe initial basket level), thesumof (i) $1,000 plus(ii) theproductof (a) $1,000times(b) the basket return. Declines in one basket stock may offset increases in the other basket stocks. 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 your notes at the time the terms of your notes are set on the trade date is expected to bebetween $900 and $930 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 followingpage.Original issue date:expected to be July 20, 2026Original issue price:100%of the face amount Underwriting discount: 2% of the face amount Net proceeds to the issuer:98% of the face amount 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 DepositInsurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, abank. Goldman Sachs & Co. LLC Prospectus Supplement No.dated, 2026. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We maydecide to sell additional notes after the date of this prospectus supplement, at issue prices and with underwritingdiscounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) onyour investment in notes 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. 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 creditspreads) is expected to be between $900 and $930 per $1,000 face amount, which is less than the original issueprice. The value of your notes at any time will reflect many factors and cannot be predicted; however, the price (notincluding GS&Co.’s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it make