高盛美股招股说明书(2026-05-05版)

Subject to Completion. Dated May 4, 2026. GS Finance Corp. $Autocallable Contingent Coupon Equity-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. If the closing price ofany of the common stock of NVIDIA Corporation orthe common stock of Tesla, Inc. onany observation date isless than60% of its initial price, you will not receive a coupon on the applicablepayment date.The amount that you will be paid on your notes is based on the performances of the index stocks. Thenotes will mature on the stated maturity date (expected to be May 15, 2028), unless automatically called on anyobservation date commencing in November 2026 to and including April 2028. Your notes will be automatically called ifthe closing price of each index stock on any such observation date isgreater thanorequal toits initial price (set on thetrade date (expected to be May 8, 2026) and will be an intra-day price or the closing price of one share of such indexstock on the trade date). If your notes are automatically called, you will receive a payment on the next payment date(the fifth business day after the relevant observation date) equal to the face amount of your notesplusa coupon (asdescribed below). Observation dates are expected to be the 8th day of each month, commencing in June 2026 and ending in May 2028. Ifon any observation date the closing price of each index stock isgreater thanorequalto 60% of its initial price, you willreceive on the applicable payment date a coupon for each $1,000 face amount of your notes equal to (i) theproductof$16.875 (1.6875% monthly, or the potential for up to 20.25% per annum)timesthe number of observation dates thathave occurred up to and including the relevant observation dateminus(ii) thesumof all coupons previously paid, ifany.The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to the final coupon, if any, is based on the performance of the index stock with the lowest index stock return. The index stockreturn for each index stock is the percentage increase or decrease in the closing price of such index stock on thedetermination date (the final observation date, expected to be May 8, 2028) from its initial 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 of each index stock isgreater thanorequal to-30% (the final price of each index stock isgreater than or equal to70% of its initial price), thesumof (i) $1,000plus(ii) a coupon calculated as describedabove; or•if the index stock return of each index stock isgreater than or equal to-40% (the final level of each index stock isgreater than or equal to60% of its initial level) but the index stock return of any index stock isless than-30% (thefinal level of any index stock isless than70% of its initial level), thesumof (i) $1,000plus(ii) theproductof (a) thelesser performing index stock returntimes(b) $1,000plus(iii) a coupon calculated as described above(you willreceive between 60% and 69.99% of the face amount of your notes and the final coupon); or•if the index stock return of any index stock isless than-40% (the final price of any index stock isless than60% ofits initial price), thesumof (i) $1,000plus(ii) theproductof (a) the lesser performing index stock returntimes(b)$1,000.You will receiveless than60% of the face amount of your notes and no coupon. If the index stock return for any index stock isless than-30%, the percentage of the face amount of your notesyou will receive will be based on the performance of the index stock with the lowest index stock return. In suchevent, you will receiveless than70% of the face amount of your notes.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-21. 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 followingpage. expected to be May 13, 2026Original issue price:100% of the face amount* Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-40 foradditional information regarding the fees comprising the underwriting discount.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 ar