高盛美股招股说明书(2026-07-13版)

Subject to Completion. Dated July 13, 2026.GS Finance Corp.$Autocallable Contingent Coupon Equity-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. If the closing price of the Class A common stock of Workday, Inc. on any observation date is less than 60% ofthe initial index stock price(set on the trade date (expected to be July 15, 2026) and will be an intra-day price orthe closing price of one share of the index stock on the trade date), you will not receive a coupon on theapplicable payment date.The amount that you will be paid on your notes is based on the performance of the indexstock. The noteswill mature on the stated maturity date (expected to be July 19, 2029), unless automatically called onany observation date commencing in October 2026 to and including June 2029. Your notes will be automatically called ifthe closing price of the index stock on any such observation date isgreater thanorequal tothe initial index stock price. Ifyour notes are automatically called, you will receive a payment on the next payment date (expected to be the thirdbusiness day after the relevant observation date) equal to the face amount of your notesplusa coupon (as describedbelow). Observation dates are expected to be the 15th day of each month (provided that the observation date for July 2029 isexpected to be July 16, 2029), commencing in August 2026 and ending in July 2029. If on any observation date theclosing price of the index stock isgreater thanorequal to60% of the initial index stock price, you will receive on theapplicable payment date a coupon for each $1,000 face amount of your notes equal to (i) theproductof $15.834(1.5834% monthly, or up to approximately 19% per annum)timesthe number of observation dates that have occurred upto and including the relevant observation dateminus(ii) thesumof all coupons previously paid, if any. The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to thefinal coupon, if any, is based on the index stock return. The index stock return is the percentage increase or decrease inthe closing price of the index stock on the determination date (the final observation date, expected to be July 16, 2029)from the initial index stock price. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the index stock return isgreater thanorequal to-40% (the final index stock price isgreater than or equal to60% ofthe initial index stock price), $1,000 plus a coupon calculated as described above;•if the index stock return isgreater thanorequal to-50% (the final index stock price is greater than or equal to 50% ofthe initial index stock price) but the index stock return is less than -40% (the final index stock price is less than 60%of the initial index stock price), $1,000(you will not receive a coupon); or•if the index stock return isless than-50% (the final index stock price isless than50% of the initial index stock price),thesumof (i) $1,000plus(ii) theproductof (a) the index stock returntimes(b)$1,000.You will receiveless than50% of the face amount of your notes and no coupon. If the index stock return is less than -50%, the percentage of the face amount of your notes you will receive willbe based on the index stock return. In such event, you will receive less than 50% of the face amount of yournotes and no 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 bebetween $925 and $955 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:expected to be July 20, 2026Original issue price:100% of the face amountUnderwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount * See “Supplemental Plan of Distribution” on page S-37 for additional information regarding the fees comprising theunderwriting discount. 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, a bank. 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 may decideto sell additional notes after the date of this prospectus supplement, at issue prices and with underwriting discount