高盛美股招股说明书(2026-07-20版)

GS Finance Corp. Lookback Trigger Jump Securities with Auto-Callable Feature Based on the Performance of the Class ACommon Stock of Palantir Technologies Inc. due August 5, 2031 Principal at Risk Securities The securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.The amount that you will be paid on your securities is based on the performance of the Class A common stock of PalantirTechnologies Inc. The securities may be automatically called on any call observation date. Your securities will be automatically called if the closing price of the underlying stock on any call observation date isgreaterthanorequal tothe initial share price, which will be the lowest closing price of the underlying stock during the initialobservation period, resulting in a payment on the applicable call payment date equal to (i) the principal amount of yoursecuritiesplus(ii) such principal amounttimesthe call premium amount applicable to such call observation date. Nopayments will be made after the call payment date. At maturity, if not previously called, you may lose a significant portion or all of your investment in the notes. You will notparticipate in any appreciation of the underlying stock. The securities are for investors who are willing to risk losing all or a significant portion of the principal amount of theirsecurities if the securities remain outstanding to maturity in exchange for the use of an initial observation period indetermining the initial share value and the potential to earn a return of between at least 20.00% and at least 100.00%,depending on if and when their securities are automatically called. The securities 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 The issue price, underwriting discount and net proceeds listed on the cover page relate to the securities we sell initially.Wemay decide to sell additional securities after the date of this pricing supplement, at issue prices and with underwritingdiscounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on yourinvestment in the securities will depend in part on the issue price you pay for such securities. GS Finance Corp. may use this prospectus in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC or anyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a security after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectusis being used in a market-making transaction. Estimated Value of Your Securities The estimated value of your securities at the time the terms of your securities are set on the pricing date (as determinedby reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads)is expected to be in the range (the estimated value range) specified on the cover of this pricing supplement (per $1,000principal amount), which is less than the original issue price. The value of your securities at any time will reflect manyfactors and cannot be predicted; however, the price (not including GS&Co.’s customary bid and ask spreads) at whichGS&Co. would initially buy or sell securities (if it makes a market, which it is not obligated to do) and the value thatGS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of yoursecurities at the time of pricing, plus an additional amount (initially equal to $per $1,000 principal amount). The price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sell your securities (if itmakes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value ofyour securities (as determined by reference to GS&Co.’s pricing models) plus (b) any remaining additional amount (theadditional amount will decline to zero from the time of pricing through, as described below). On and after, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sell your securities (ifit makes a market) will equal approximately the then-current estimated value of your securities determined by reference tosuch pricing models. With respect to the $initial additional amount: •$will decline to zero on a straight-line basis from the time of pricing through; and •$will decline to zero on a straight-line basis fromthrough. About Your Securities The securities are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully andunconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and theaccompanying documents listed below. This pricing supplement co