高盛美股招股说明书(2026-03-04版)

Subject To Completion, dated March 3,2026Pricing Supplement No. [ ] dated [ ],2026(To WFS Product Supplement No. 9dated January 20, 2026,Prospectus Supplement dated February14, 2025and Prospectus dated February 14,2025)GS Finance Corp. guaranteed byThe Goldman Sachs Group, Inc. Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Principal at Risk Securities Linked to the Common Stock of NVIDIA Corporation due March 16, 2029 Linked to the common stock of NVIDIA Corporation (the “underlying stock”)Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at stated maturity and are subject to potential automatic call prior to stated maturity upon the terms described below.Whether the securities pay a contingent coupon, whether the securities are automatically called prior to stated maturity and, if Contingent Coupon.The securities will pay a contingent coupon on a quarterly basis until the earlier of stated maturity orautomatic call if,and only if, the stock closing price of the underlying stock on the calculation day for that quarter is greaterthan or equal to the coupon threshold price.If the stock closing price of the underlying stock on a calculation day is less thanthe coupon threshold price, you will not receive any contingent coupon for the relevant quarter. However, if the stock closingprice of the underlying stock on one or more calculation days is less than the coupon threshold price and, on a subsequent Automatic Call.If the stock closing price of the underlying stock on any of the quarterly calculation days from June 2026 toDecember 2028, inclusive, is greater than or equal to the starting price, the securities will be automatically called for the faceamount plus a final contingent coupon payment and any previously unpaid contingent coupon payments Potential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive the faceamount at stated maturity if,and only if, the stock closing price of the underlying stock on the final calculation day is greaterthan or equal to the downside threshold price.If the stock closing price of the underlying stock on the final calculation day is If the securities are not automatically called prior to stated maturity, you will have full downside exposure to the underlyingstock from the starting price if the stock closing price on the final calculation day is less than the downside threshold price, butyou will not participate in any appreciation of the underlying stock and will not receive any dividends on the underlying stockAll payments on the securities are subject to credit risk, and you will have no ability to pursue the underlying stock issuer forpayment; if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor, default on their obligations, you No exchange listing; designed to be held to maturityThe estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. For a discussion of the estimated value and the price at whichGoldman Sachs & Co. LLC (“GS&Co.”) would initially buy or sell your securities, if it makes a market in the securities, The securities have more complex features than conventional debt securities and involve risks not associated withconventional debt securities. You should read the disclosure herein to better understand the terms and risks of yourinvestment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-11. Goldman Sachs & Co. LLC Wells Fargo Securities Market Linked Securities—Auto-Callable with Contingent Coupon with Market Linked Securities—Auto-Callable with Contingent Coupon with Market Linked Securities—Auto-Callable with Contingent Coupon with Principal at Risk Securities Linked to the Common Stock of NVIDIA Corporation due March 16,2029 Market Linked Securities—Auto-Callable with Contingent Coupon with Principal at Risk Securities Linked to the Common Stock of NVIDIA Corporation due March 16,2029 Additional Information about the Issuer, the Guarantor and the Securities You should read this pricing supplement together with WFS product supplement no. 9 dated January 20, 2026, the prospectussupplement dated February 14, 2025 and the prospectus dated February 14, 2025 for additional information about the securities.Information included in this pricing supplement supersedes information in the product supplement, prospectus supplement and When we refer to “we,” “us” or “our” in this pricing supplement, we refer only to GS Finance Corp. and not to any of its subsidiaries oraffiliates, references to “The Goldman Sachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do notinclude its subsidiaries or affiliates and references to “Goldman Sachs” mean The Goldman Sachs Gr