高盛美股招股说明书(2026-05-13版)

GS Finance Corp. $ Leveraged Callable Index-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be May 20, 2031),unless we redeem them.We may redeem your notes at 100% of their face amount plus an amountequal totheproductof $1,000times the applicable call premium amount on any monthly call payment date beginning in May 2027 and ending inMay 2028 (the last call payment date is expected to be approximately three years before the stated maturitydate). The call payment dates and applicable call premium amount for each call payment date are specified on pagePS-4 of this pricing supplement.If we do not redeem your notes, the amount that you will be paid on your notes on the stated maturity date is based on the performance of the lesser performing of the S&P 500®Index and the Nasdaq-100 Index®(the lesser performingindex is the index with the lowest index return).The index return for each index is the percentage increase or decreasein its final index level (the closing level of such index on the determination date, expected to be May 15, 2031) from itsinitial index level (set on the trade date (expected to be May 15, 2026) and will be an intra-day level or the closing levelof such index on the trade date).If the final level of each index isgreater thanits initial level, the return on your notes will be positive and will equal 2 timesthe lesser performing index return. If the final index level ofany index is equal to or less than its initial index level,but the final level of each index isgreater thanorequal to50% of its initial index level, you will receive the face amountof your notes. If the final index level ofany index islessthan 50% of its initial index level,the return on your notes will benegative. You could lose your entire investment in the notes. •if the final index level of each index isgreater thanits initial index level, thesumof (i) $1,000plus(ii) theproductof(a) $1,000times(b) 2times(c) the lesser performing index return;•if the final index level of each index isgreater thanorequal to50% of its initial index level but the final level ofanyindex isequal toorless thanits initial index level, $1,000; or•if the final index level ofany index isless than50% of its initial index level, thesumof (i) $1,000plus(ii) theproductof the lesser performing index returntimes$1,000.You will receive less than 50% of the face amount of yournotes. 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-10.The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $885 and $925 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 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; Conflicts of Interest” on page PS-23 for additional information regarding thefees 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 are they obligations of, or guaranteed by, abank.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. In addition, Goldman Sachs & Co. LLC or anyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectus is being used in a market-making transaction. Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined byreference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our creditspreads) is expected to be between $885 and $925 per $1,000 f