高盛美股招股说明书(2026-04-23版)

Subject to Completion. Dated April 22, 2026GS Finance Corp.$Autocallable VanEck Semiconductor ETF-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be May 9, 2030) unlessthey are automatically called on any call observation date commencing in May 2027. Your notes will be automaticallycalled on a call observation date if the closing level of the VanEck Semiconductor ETF (ETF) on such date isgreaterthanorequal tothe initial ETF level, resulting in a payment on the corresponding call payment date equal to (i) the faceamount of your notesplus(ii) theproductof $1,000timesthe applicable call premium amount. The call observationdates, the call payment dates and the applicable call premium amount for each call payment date are specified on pagePS-4 of this pricing supplement. The return on your notes is linked to the performance of the ETF, and not to that of the index on which the ETFis based.If your notes are not automatically called, the amount that you will be paid on your notes on the stated maturity date will be based on the performance of the ETF as measured from the trade date (expected to be May 6, 2026) to andincluding the determination date (expected to be May 6, 2030). If the final ETF level on the determination date isgreater thanorequalto the initial ETF level (set on the trade date andwill be an intra-day level or the closing level of the ETF on the trade date), the return on your notes will be positive andyou will receive the maximum settlement amount of $1,740 for each $1,000 face amount of your notes. If the final ETFlevel declines by up to 40% from the initial ETF level, you will receive the face amount of your notes. If the final ETF level declines by more than 40% from the initial ETF level, the return on your notes will benegative. You could lose your entire investment in the notes. The return on your notes is capped. If the notes are automatically called, the maximum payment you would receive foreach $1,000 face amount of your notes is equal to (i) $1,000plus(ii) theproductof $1,000timesthe applicable callpremium amount. If your notes are not automatically called, the maximum payment you would receive on the statedmaturity date for each $1,000 face amount of your notes is $1,740. If your notes are not automatically called on any call observation date, we will calculate the ETF return to determine yourpayment at maturity, which is the percentage increase or decrease in the final ETF level from the initial ETF level. Atmaturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: ●if the final ETF level isgreater thanorequal tothe initial ETF level, the maximum settlement amount;●if the final ETF level isless thanthe initial ETF level but not by more than 40%, $1,000; or●if the final ETF level isless thanthe initial ETF level by more than 40%, thesumof (i) $1,000plus(ii) theproductof(a) $1,000times(b) the ETF return.You will receiveless than60% of the face amount of your notes. 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 PS-11.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $905 and $945 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 May 11, 2026Underwriting discount:% of the face amount** In addition, the underwriting discount paid by us also includes a structuring fee of up to Original issue price:100% of the face amountNet proceeds to the issuer:% of the face amount% of the face amount. See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-26.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 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 Pricing 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 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.