高盛美股招股说明书(2026-05-27版)

Subject to Completion. Dated May 26, 2026.GS Finance Corp.$Autocallable Basket-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The amount that you will be paid on your notes is based on the performance of aweighted basket comprised of the S&P 500®Futures Excess Return Index (65% weighting), the MSCI EAFE Index (25%weighting) and the MSCI Emerging Markets Index (10% weighting). The notes will mature on the stated maturity date(expected to be June 9, 2031), unless they are automatically called on the call observation date (expected to be June 11,2027). The S&P 500®Futures Excess Return Index tracks the performance of E-mini S&P 500 futures contracts, not theS&P 500®Index. Generally, the return on an investment in a futures contract is correlated with, but not the sameas, the return on buying and holding the securities underlying such contract. The initial basket level is 100 and the closing level of the basket on the call observation date and on the determinationdate (expected to be June 4, 2031), as applicable, will equal thesumof theproducts, as calculated for each basket index,of: (i) its closing level on the call observation date or determination date, as applicable,dividedby its initial level (set onthe trade date, expected to be June 4, 2026, and will be an intra-day level or the closing level of such basket index on thetrade date)multipliedby (ii) its initial weighted value. Your notes will be automatically called on the call observation date if the closing level of the basket on such date isgreater thanorequal tothe initial basket level, resulting in a payment on the call payment date (expected to be June 16,2027) for each $1,000 face amount of your notes equal to $1,150. If your notes are not automatically called on the call observation date, we will calculate the basket return, which is thepercentage increase or decrease in the closing level of the basket on the determination date (the final basket level) fromthe initial basket level. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equalto: •if the basket return ispositive(the final basket level isgreater thanthe initial basket level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 2.325times(c) the basket return;•if the basket return iszeroornegativebutnot below-30% (the final basket level isequalto the initial basket level or isless thanthe initial basket level but not by more than 30%), $1,000; or●if the basket return isnegativeand isbelow -30%(the final basket level isless thanthe initial basket level by morethan 30%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the basket return.You will receive lessthan 70% of the face amount of your notes. Declines in one basket index may offset increases in the other basket indices. Due to the unequal weighting ofeach basket index, the performances of the basket indices with greater weights will have a significantly largerimpact on the return on your notes than the performances of the basket indices with lesser weights. You should read the disclosure herein to better understand the terms and risks of your investment, including thecredit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-14. The estimated value of yournotes 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 which Goldman Sachs &Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page. Original issue date:expected to be June 9, 2026 * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-31 for additional information regarding the feescomprising the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved ofthese securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contraryis a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit InsuranceCorporation 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 decide tosell 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 initi