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根据规则424(b)(2)提交

注册声明编号 333-284538

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$\"img118759479_0.gif\"$

GS Finance Corp.

$2,063,000

2031年到期的可赎回或有票息相关标的票据

由

高盛集团有限公司担保

这些票据不支付固定票息，并且在支付日可能不支付任何票息。您将从这些票据中获得的金额取决于道琼斯工业平均指数®、纳斯达克-100指数®、标准普尔500®指数和iShares® 20+年期国债ETF（ETF）的表现。这些票据将在2031年5月13日到期，除非我们提前赎回它们。

您票据的回报部分与ETF的表现相关，而不是与ETF所基于的指数的表现相关。

我们可以在任何每月支付日（自2026年11月开始，至 stated maturity date 为止，具体日期见本定价补充文件第PS-4页）以面值的100%加上当时应付的任何票息，提前赎回您的票据。

如果我们不赎回您的票据，并且在观察日（见本定价补充文件第PS-4页所指定的日期）每个标的物的收盘水平大于或等于其初始水平的85%（道琼斯工业平均指数®为51,231.64，纳斯达克-100指数®为30,725.81，标准普尔500®指数为7,765.36，iShares® 20+年期国债ETF为77.87（在每种情况下均为日内水平或交易日的收盘水平（2026年10月8日））），您将在适用的支付日获得每1,000美元面值的票据的票息，计算方式为：(i) 10.834美元（1.0834%的月利率，或每年约13%的潜在收益）乘以截至相关票息观察日为止发生的票息观察日数量，减去(ii) 之前支付的所有票息（如有）。如果在观察日任何标的物的收盘水平低于其初始水平的85%，您将在适用的支付日不会获得票息。

如果我们不赎回您的票据，除了最终的票息（如有）外，您在到期时将获得的金额取决于表现最差的标的物（即回报率最低的标的物）。每个标的物的标的物回报率是该标的物在确定日（最终观察日，2031年5月8日）的最终水平相对于其初始水平的百分比增长或下降。

在到期时，您每1,000美元面值的票据将获得的现金金额为：

•

如果每个标的物的标的物回报率大于或等于-15%（每个标的物的最终水平大于或等于其初始水平的85%），则为(i) 1,000美元加上(ii) 如上所述计算的票息；或者

•

如果每个标的物的标的物回报率大于或等于-40%（每个标的物的最终水平大于或等于其初始水平的60%），但任何标的物的标的物回报率小于-15%（任何标的物的最终水平小于其初始水平的85%），则为1,000美元（您将不会获得票息）；或

•

如果任何标的资产的回报率低于-40%（任何标的资产的最终水平低于其初始水平的60%），则（i）1000美元加上（ii）（a）1000美元乘以（b）表现最差的标的资产回报率的乘积。您将获得的金额将少于您凭证面值的60%，并且您不会获得最终票息。

您应阅读本文中的披露信息，以更好地了解您投资的条款和风险，包括GS Finance Corp.和The Goldman Sachs Group, Inc.的信用风险。参见第PS-15页。

在交易日确定您的凭证条款时，您的凭证的估计价值等于每1000美元面值约974美元。有关GS&Co. LLC最初买卖您的凭证的价格（如果其做市）以及估计价值的讨论，请参见下一页。

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原始发行日期：	2026年10月14日	原始发行价格：	面值的100%
承销折扣：	面值的0.5%	发行人净收益：	面值的99.5%

证券交易委员会或其他监管机构未批准或否决这些证券，也未对本招股说明书的准确性或充分性进行审查。与此相反的任何陈述都是刑事犯罪。这些凭证不是银行存款，也不受联邦存款保险公司或任何其他政府机构的保险，也不是银行的义务或担保。

Goldman Sachs & Co. LLC

定价补充文件第27,438号，2026年10月8日。

上述的发行价格、承销折扣和发行人净收益适用于我们最初出售的凭证。我们可能决定在本定价补充文件日期之后出售额外的凭证，其发行价格以及承销折扣和净收益可能与上述金额不同。您投资凭证的回报（无论正负）部分取决于您购买此类凭证的发行价格。

GS Finance Corp.可能在凭证的首次销售中使用本招股说明书。此外，GS Finance Corp.的任何其他附属公司或GS Finance Corp.的任何其他附属公司可能在凭证首次销售后使用本招股说明书进行做市交易。除非GS Finance Corp.或其代理人在销售确认中另有通知，否则本招股说明书正在用于做市交易。

您凭证的估计价值

在交易日确定您的凭证条款时（根据GS&Co.使用的定价模型以及考虑我们的信用利差确定），您的凭证的估计价值等于每1000美元面值约974美元，这低于原始发行价格。在任何时间，您的凭证的价值将反映许多因素，无法预测；但是，GS&Co.最初买卖凭证的价格（如果其做市，但没有义务这样做）以及GS&Co.最初用于账户报表和其他用途的价值等于定价时您的凭证的估计价值，加上额外金额（最初等于每1000美元面值26美元）。

在2027年1月8日之前，高盛公司（GS&Co.）将根据其定价模型确定的您的票据的当前估计价值（不包括高盛公司通常的买卖价差）加上任何剩余的额外金额（该额外金额将从定价时起至2027年1月7日按直线法减少至零）来买入或卖出您的票据（如果它做市，但没有义务这样做）的价格大约等于这两部分之和。（a）您票据的当前估计价值（根据参考高盛公司定价模型确定）加上（b）任何剩余的额外金额（额外金额将从定价时起至2027年1月7日按直线法减少至零）。在2027年1月8日及之后，高盛公司（GS&Co.）将根据其定价模型确定的您的票据的当前估计价值（不包括高盛公司通常的买卖价差）来买入或卖出您的票据（如果它做市）的价格大约等于该估计价值。

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关于您的招股说明书

这些票据是高盛金融公司（GS Finance Corp.）中期票据系列F计划的一部分，并由高盛集团（The Goldman Sachs Group, Inc.）完全无条件担保。本招股说明书包括本定价补充文件以及下列附带文件。本定价补充文件是对下列文件的补充，不详述您票据的所有条款，因此应与这些文件一并阅读：

•

2026年1月20日的通用条款补充文件第17,745号

•

2026年9月23日的标的物补充文件第50号

•

2025年2月14日的招股说明书补充文件

•

2025年2月14日的招股说明书

本定价补充文件中的信息将取代上述列出文件中任何冲突的信息。此外，列出文件中描述的一些条款或特征可能不适用于您的票据。

我们通过本定价补充文件提供的票据称为“发行票据”或“票据”。每张发行票据的条款如下所述。请注意，在本定价补充文件中，“GS金融公司”、“我们”、“我们”和“我们”仅指GS金融公司，不包括其子公司或关联公司；“高盛集团”（The Goldman Sachs Group, Inc.），我们的母公司，仅指高盛集团，不包括其子公司或关联公司；“高盛”指高盛集团及其合并的子公司和关联公司，包括我们。这些票据将根据2008年10月10日的高级债务契约发行，并由2015年2月20日的第一补充契约进行补充，该契约由我们作为发行人、高盛集团作为担保人以及纽约银行摩根大通作为受托人签署。此后，该契约将被进一步补充，称为“GSFC 2008契约”，在附带的招股说明书补充文件中提及。

这些票据将以簿记方式发行，并由编号为3的主票据，日期为2021年3月22日。

PS-2

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条款和条件

CUSIP / ISIN：40058MBC1 / US40058MBC10

公司（发行人）：GS金融公司。

担保人：高盛集团。

标的资产（每个单独称为标的资产）：道琼斯工业平均指数®（当前彭博符号：“INDU Index”），或任何后续标的资产，纳斯达克-100指数®（当前彭博符号：\"NDX Index\"），或任何后续标的资产，标准普尔500®指数（当前彭博符号：\"SPX Index\"），或任何后续标的资产，以及iShares® 20+年期美国国债ETF（当前彭博符号：\"TLT UQ Equity\"），或任何后续标的资产，每个都可能根据本文规定不时进行修改、替换或调整

标的指数：对于iShares® 20+年期美国国债ETF，该标的资产所跟踪的指数

面值：在最初发行日的总面值为2,063,000美元；如果公司自行决定在交易日后某日出售额外金额，总面值可能会增加

授权面额：1,000美元或超过该金额的任何整数倍

本金金额：根据下文“— 公司的赎回权”所述，公司在到期日将赎回本金，除最终票息外，对于每1,000美元的未偿面值，公司将支付现金金额，该金额等于现金结算金额

现金结算金额：

•

如果每个标的资产的最终标的资产水平大于或等于其触发缓冲水平，则为1,000美元；或者

•

如果任何标的资产的最终标的资产水平低于其触发缓冲水平，则为（i）1,000美元加上（ii）（a）1,000美元乘以（b）表现较差的标的资产收益

公司的赎回权：公司可在2027年1月开始至2031年4月结束的每个票息支付日，根据下文“— 公司的赎回权”所述，选择全部但不可部分赎回本票据，对于赎回日每1,000美元的未偿面值，支付现金金额等于该1,000美元面值的100%加上当时应付的任何票息

如果公司选择行使公司的赎回权，它将通过至少提前三个营业日的通知通知本票据的持有人和受托人。公司发出通知的日期（该日期为营业日）将为赎回通知日期，公司将在赎回通知中说明的紧随其后的票息支付日期将为赎回日期。

公司不会发出导致赎回日期晚于2031年4月票息支付日的赎回通知。一旦发出赎回通知，该通知将不可撤销。

初始标的资产水平：道琼斯工业平均指数®为51,231.64，纳斯达克-100指数®为30,725.81，标准普尔500®指数为7,765.36，iShares® 20+年期美国国债ETF为77.87美元。每个标的资产的初始标的资产水平是交易日的盘中水平或收盘水平

最终标的资产水平：对于一个标的资产，是指确定日该标的资产的收盘水平，根据下文“— 市场中断事件或非交易日的后果”和“— 标的资产的中止或修改”所述进行调整

标的资产收益：对于一个标的资产，是指（i）其最终标的资产水平减去其初始标的资产水平除以（ii）其初始标的资产水平，以百分比表示

表现较差的标的资产收益：表现较差的标的资产的标的资产收益

表现较差的标的资产：标的资产中标的资产收益最低的

触发缓冲水平：对于每个标的资产，为其初始标的资产水平的60%

PS-3

票息：根据公司的赎回权，在每个票息支付日，对于面值总额为1000美元的部分，公司将支付等额现金：

•

如果相关票息观察日每个标的资产的收盘水平大于或等于其票息触发水平，(i) 10.834美元（1.0834%每月，或约为每年13%的潜在收益）乘以截至相关票息观察日为止发生的票息观察日数量，再减去(ii) 之前支付的所有票息总额（如有）；或者

•

如果相关票息观察日任何标的资产的收盘水平低于其票息触发水平，则为0

在任何票息支付日支付的票息将支付给在该票息支付日的常规记录日收盘时以该票据注册人名义的人员。如果票息在到期时应付但该日不是票息支付日，则票息将支付给有权获得该票据本金的人员。

票息触发水平：对于每个标的资产，为其初始标的资产水平的85%

交易日：2026年10月8日

原始发行日：2026年10月14日

确定日：最后一个票息观察日，即2031年5月8日，根据下文“— 票息观察日”中所述进行调整。

规定到期日：2031年5月13日，除非该日不是营业日，如果是，则规定到期日将推迟至下一个营业日。如果根据上文“— 确定日”所述推迟确定日，则规定到期日将根据下文“— 票息支付日”中所述进行推迟。

票息观察日：下文“— 票息支付日”下表格中指定的每个日期，除非计算代理认为，就任何标的资产而言，该日发生或持续存在市场中断事件，或该日不是交易日。

如果任何相关资产的原定票息观察日是非交易日，则票息观察日将为该日之后的第一个交易日，且该日必须是所有相关资产的交易日（“第一个合格票息交易日”），前提是该日没有发生或持续存在与相关资产有关的市场中断事件。如果在原定票息观察日或第一个合格票息交易日发生或持续存在与相关资产有关的市场中断事件，则票息观察日将为计算代理人确定的下一个交易日，在该日中，每个相关资产至少有一个交易日（从包括原定票息观察日或第一个合格票息交易日（视情况而定）起）没有发生或持续存在市场中断事件，且该票息观察日的每个相关资产的收盘水平将在推迟后的票息观察日之前确定，具体规定见下文“— 市场中断事件或非交易日的后果”。（在这种情况下，票息观察日可能与用于票息观察日计算的资产水平确定日期不同。）然而，无论如何，票息观察日不得推迟至原定票息支付日之后，或者如果原定票息支付日不是营业日，则不得推迟至原定票息支付日之后的第一个营业日，无论是因为连续非交易日的发生，还是因为一个或多个市场中断事件的发生。在适用于相关票息支付日的最后一个可能的票息观察日，如果与某个相关资产有关的市场中断事件发生或持续存在，而该相关资产尚未有无市场中断事件发生或持续存在的交易日，或者如果该最后一个可能的日期不是该相关资产的交易日，则该日仍为票息观察日。

票息支付日期：表格下方指定的每个日期，除非对于任何此类票息支付日期，该日不是营业日，在这种情况下，该票息支付日期将推迟至下一个后续营业日。如果根据上述“— 票息观察日期”所述内容推迟了票息观察日期，则相关票息支付日期将从原定票息观察日期起排除后，按相同数量的营业日推迟至实际票息观察日期。

PS-4

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票息观察日期	票息支付日期
2026年11月9日	2026年11月13日
2026年12月8日	2026年12月11日
2027年1月8日	2027年1月13日
2027年2月8日	2027年2月11日
2027年3月8日	2027年3月11日
2027年4月8日	2027年4月13日
2027年5月10日	2027年5月13日
2027年6月8日	2027年6月11日
2027年7月8日	2027年7月13日
2027年8月9日	2027年8月12日
2027年9月8日	2027年9月13日
2027年10月8日	2027年10月14日
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PS-5

结算水平：在任何交易日，(i) 对于道琼斯工业平均指数®、纳斯达克-100指数® 或标普500指数®，该相关指数的官方结算水平，或该相关指数的任何继任相关指数，由相关指数的发布机构在该交易日发布的该相关指数的结算水平，以及 (ii) 对于 iShares® 20+ 年期国债ETF，该相关指数的结算售价或最后报告售价，按每份额或其他单位计算，在该相关指数的主要交易日，相关指数的发布机构是开放营业的，并且该相关指数由相关指数的发布机构计算并发布。

•

在该相关指数在该日上市交易的主要全国证券交易所上，或者

•

如果该相关指数在该日未在任何全国证券交易所上市，则在任何其他美国全国市场系统中，该市场是该相关指数交易的主要市场。

如果 iShares® 20+ 年期国债ETF 未按上述方式上市或交易，则该相关指数在任何一天的结算水平将由计算代理确定，为从计算代理选定的尽可能多的该相关指数交易商处获得的该相关指数的买入价的平均值。交易商的数量不必超过三个，可能包括计算代理或其或公司的任何关联方。

iShares® 20+ 年期国债ETF 的结算水平将根据以下“— 反稀释调整”中所述进行调整。

交易日：(i) 对于道琼斯工业平均指数®、纳斯达克-100指数® 或标普500指数®，该相关指数的所有相关指数证券的主要证券市场均开放交易的日期，相关指数的发布机构营业，并且该相关指数由相关指数的发布机构计算并发布；以及 (ii) 对于 iShares® 20+ 年期国债ETF，该相关指数的主要上市交易所开放交易的日期，以及该相关指数的主要上市交易所对该相关指数每份额的价格进行报价的日期。

继任相关指数：对于一个相关指数，任何由计算代理批准的继任相关指数，如以下“— 相关指数的中止或修改”中所述。

底层指数赞助商：就道琼斯工业平均指数®、纳斯达克-100指数®或标普500®指数而言，任何时候，确定并公布此类底层指数的个人或实体（包括任何继任的底层指数赞助商），以当时有效的形式为准。这些票据并未得到任何底层指数赞助商或其任何关联方的赞助、认可、销售或推广，任何底层指数赞助商或其关联方均未就投资这些票据的适宜性作出任何陈述。

交易所交易基金（ETF）投资顾问：就iShares® 20+年期国债ETF而言，任何时候，作为该底层指数当时有效投资顾问或受托人的个人或实体（如适用，包括任何继任的投资顾问或受托人）

底层指数证券：就某一底层指数而言，任何时候，构成该底层指数的证券，以当时有效形式为准，包括任何新增、删除或替换

市场中断事件：（i）就道琼斯工业平均指数®、纳斯达克-100指数®或标普500®指数而言，在任何交易日，以下任何一种情况都将构成市场中断事件：

•

底层指数证券中占该指数权重20%或以上的证券在各自主要市场出现交易暂停、缺失或重大限制，且每次持续交易时间超过两个小时，或在该市场交易结束前半小时内，由计算代理方根据其单独裁量决定，

•

针对该底层指数或占该指数权重20%或以上的底层指数证券的期权或期货合约在各自主要市场中出现交易暂停、缺失或重大限制，且每次持续交易时间超过两个小时，或在该市场交易结束前半小时内，由计算代理方根据其单独裁量决定，或

•

占该指数权重20%或以上的底层指数证券，或如果适用，针对该底层指数或占该指数权重20%或以上的底层指数证券的期权或期货合约，在计算代理方根据其单独裁量决定的情况下，不在该底层指数证券或合约的各自主要市场交易，

并且，对于上述任何事件，计算代理方根据其单独裁量认为该事件可能对该公司或其任何关联方或类似情况的人士清算与本票据相关的全部或重大部分对冲头寸的能力产生重大干扰。

PS-6

以下事件不会构成市场中断事件：

•

对交易时间或交易天数的限制，但仅限于该限制是由于相关市场正常营业时间的公告变更所致，以及

•

决定永久停止交易与该底层指数或任何底层指数证券相关的期权或期货合约。

为此，如果相关标的证券在主要证券市场交易，或与该标的证券相关的期权或期货合约在主要证券市场交易，那么在该市场因常规情况而关闭交易时，不会将该时间段视为“交易缺失”。相比之下，如果因以下原因导致相关标的证券或与该标的证券相关的期权或期货合约在该证券或这些合约的主要市场中出现交易暂停或限制，则构成该市场中对该证券或这些合约的暂停或重大限制：

•

因价格变动超过该市场设定的限制而引发的交易暂停或限制，

•

与该标的证券或这些合约相关的订单失衡，或

•

与该标的证券或这些合约相关的买卖报价差异，

将构成该市场中对该证券或这些合约的暂停或重大限制。

（ii）关于iShares® 20+ Year Treasury Bond ETF，在任何交易日，以下任何一种情况都将构成市场中断事件：

•

在该标的证券的主要市场中，该标的证券的交易暂停、缺失或重大限制持续超过连续两个小时的交易时间，或在该市场收盘前的半小时内，由计算代理方自行决定；

•

在这些合约的主要市场中，与该标的证券相关的期权或期货合约的交易暂停、缺失或重大限制持续超过连续两个小时的交易时间，或在该市场收盘前的半小时内，由计算代理方自行决定；或

•

该标的证券不在计算代理方自行决定的该标的证券的主要市场中交易，

并且，在上述任何事件的情况下，清算代理机构可自行决定该事件可能对公司的任何附属公司或类似情况的人士撤销与本票据相关的全部或大部分对冲操作的能力产生重大干扰。

以下事件不会被视作市场中断事件：

•

对交易时间或交易日数量的限制，但仅当该限制是由于相关市场正常营业时间的公告变更所导致时；

•

决定永久停止与该基础资产相关的期权或期货合约的交易。

就本目的而言，如果该基础资产的股票在主要证券市场交易，或如果该基础资产的期权或期货合约（如有的话）在该市场交易，那么该市场在正常情况下本身关闭交易的时间不包括在“交易缺失”中。相反，由于以下原因而在该基础资产的主要市场或相关合约中暂停或限制该基础资产的股票或相关期权或期货合约（如有的话）交易：

•

该市场设定的价格变动超过限制，

•

与该基础资产的股票或相关合约的订单出现失衡，或

•

与该基础资产的股票或相关合约的买卖报价出现差异，将构成该市场中对该基础资产的股票或相关合约的暂停或重大限制交易。

(iii) 对于一个相关资产而言的市场中断事件，本身不会构成对任何未受影响相关资产的市场中断事件。

市场中断事件或非交易日的后果：对于任何相关资产而言，如果在本应为票息观察日的某一天发生市场中断事件或该事件持续存在（在最后票息观察日的情况下还包括确定日），或者该天不是交易日，则该票息观察日将按照上述“— 票息观察日”部分所述进行推迟。如果任何票息观察日（在最后票息观察日的情况下还包括确定日）是

PS-7

由于连续非交易日的出现而推迟到最后可能的日期，每个相关资产的水平将由计算代理人在其单独裁量权下对该最后可能的票息观察日期（以及最后票息观察日期的确定日期）的水平进行评估。如果由于与任何相关资产有关的市场中断事件而推迟任何票息观察日期（以及最后票息观察日期的确定日期），则每个相关资产在该票息观察日期（以及确定日期的相关资产最终水平）的收盘水平将根据以下情况计算：(i) 对于在适用的原定票息观察日期或其后第一个合格票息交易日（如适用）未受到市场中断事件影响的相关资产，该相关资产在该日期的收盘水平；(ii) 对于在适用的原定票息观察日期或其后第一个合格票息交易日（如适用）受到市场中断事件影响的相关资产，该相关资产在第一个后续交易日的收盘水平，在该交易日对该相关资产不存在市场中断事件；(iii) 对于该相关资产的最后可能推迟的票息观察日期，如果市场中断事件持续到该最后可能推迟的票息观察日期，计算代理人在其单独裁量权下对该相关资产的水平进行评估。因此，这可能导致每个相关资产在任何票息观察日期（或确定日期的相关资产最终水平）的收盘水平在不同的日历日期进行确定。为避免疑义，一旦相关资产在票息观察日期（或最后票息观察日期的确定日期）的收盘水平被确定，随后发生的市场中断事件或非交易日不会改变该计算。

相关资产的中止或修改：(i) 如果道琼斯工业平均指数®、纳斯达克-100指数®或标准普尔500®指数的相关资产发起人中止发布该相关资产，并且该相关资产发起人或任何其他人发布了一个计算代理人的评估认为与该相关资产相当并批准作为替代相关资产的替代相关资产，或者如果计算代理人指定了一个替代相关资产，那么计算代理人将根据该替代相关资产来确定相关票息支付日的应付票息或到期日的现金结算金额，视情况而定。

如果计算代理在付息观察日或确定日（以适用者为准）确定该底层资产的发布已中止且没有继任底层资产，则计算代理将在相关付息日或约定到期日（以适用者为准）根据计算代理确定的计算方法确定应付的票息或现金结算金额，该方法将尽可能合理地复制该底层资产。

如果计算代理确定（a）底层资产、构成该底层资产的底层资产证券或计算该底层资产的方法在任何时间以任何方式发生变化——包括任何新增、删除或替换以及对该底层资产或底层资产证券的重新加权或再平衡，无论该变化是由于底层资产发起人根据其现有政策作出的，还是由于对该政策的修改作出的，是由于继任底层资产的发布，是由于影响一个或多个底层资产证券或其发行人的事件，还是由于其他任何原因——且该变化未通过底层资产发起人根据底层资产的现行底层资产方法反映在底层资产的水平中，或（b）该底层资产发生了拆分或反向拆分，则计算代理将被允许（但非必须）对该底层资产或其计算方法作出其认为适当的调整，以确保在相关付息日或约定到期日（以适用者为准）用于确定票息或现金结算金额（以适用者为准）的该底层资产的水平是公平的。

（ii）如果对于iShares® 20+年期国债ETF而言，该底层资产从其主要上市的交易所退市，并且该ETF投资顾问或任何其他人发布了计算代理认为与该底层资产相当并批准为继任底层资产的替代底层资产，或者计算代理指定了一种替代底层资产，则计算代理将根据该继任底层资产确定相关付息日或约定到期日（以适用者为准）应付的票息（如有）或现金结算金额。

如果计算代理在付息观察日或确定日（以适用者为准）确定该底层资产从其主要上市的交易所退市或被撤出，并且没有继任底层资产，则计算代理将在相关付息日或约定到期日（以适用者为准）根据计算代理确定的计算方法确定应付的票息或现金结算金额，该方法将尽可能合理地复制该底层资产。

如果计算代理确定该底层资产、构成该底层资产的底层资产证券或计算该底层资产的方法在任何时间以任何方式发生变化——包括该底层资产的拆分或反向拆分、该底层资产的投资目标的重大变化以及任何新增、删除或

PS-8

标的物的替代以及对该标的物或其证券的重新加权或再平衡，无论该变更是在ETF投资顾问根据现有政策进行，还是在修改这些政策后进行，是由于发布了替代标的物，是由于影响一个或多个标的物证券或其发行人的事件，还是由于其他任何原因——则计算代理方可自行决定（但非必须）对 such underlier 或其计算方法进行调整，以确保在相关付息日或约定到期日（视情况而定）用于确定票息或现金结算金额的 such underlier 水平是公平的。

（iii）计算代理方就标的物所作的所有决定和调整，均可由计算代理方自行决定作出。计算代理方无义务作出任何此类调整。

常规记录日期：支付日的前一个预定营业日（如该支付日可能有所调整）

反稀释调整：如果发生某些事件（包括上述“— 标的物的终止或修改”中所述事件），计算代理方将有权自行决定调整 iShares® 20+ Year Treasury Bond ETF 的收盘水平。如果发生任何非退市或从相关交易所撤出的事件，计算代理方应决定是否以及在多大程度上应对该标的物水平或任何其他条款进行调整。计算代理方对任何此类事件无义务进行调整。

计算代理方：Goldman Sachs & Co. LLC（“GS&Co.”）

税务性质：持有人代表其自身及任何持有本票据受益权益的其他人，同意在没有法律变更、行政决定或司法裁决相反的情况下，将本票据在所有美国联邦所得税目的上归类为以标的物为对象的产生收入的预付衍生合约。

逾期本金利率和逾期票息利率：有效联邦基金利率

PS-9

\n \n \n \n \n \n \n

假设性示例

以下示例仅用于说明目的。它们不应被视为对未来投资结果的指示或预测，仅旨在说明（i）在付息观察日各种假设的标的物收盘水平对相关付息日可能支付的票息的影响，以及（ii）在确定日各种假设的较弱表现标的物的收盘水平对到期时现金结算金额的影响，假设其他所有变量保持不变。

以下示例基于一系列完全假设的标的水平；没有人可以预测您的凭证在任何一天的收盘水平，任何标的在任何付息观察日的收盘水平，以及在确定日较差表现标的的最终收盘水平。过去标的的波动性很高——这意味着标的水平在相对较短的时间内发生了重大变化——并且无法预测其在任何未来期间的表现。

以下示例中的信息反映了假设的收益率，假设您在原始发行日以面值购买凭证并持有至规定到期日或提前赎回日。如果您在规定到期日或提前赎回日之前在二级市场出售凭证，您的收益将取决于出售时凭证的市场价值，这可能受到示例中未反映的多种因素影响，如利率、标的的波动性、GS Finance Corp.（作为发行人）的信用状况以及The Goldman Sachs Group, Inc.（作为担保人）的信用状况。此外，根据GS&Co.使用的定价模型确定的交易日凭证条款设定时的估计价值低于凭证的原始发行价格。有关凭证估计价值的更多信息，请参见本定价补充文件第PS-15页的“与您的凭证相关的特定额外风险因素——根据GS&Co.使用的定价模型确定的交易日凭证条款设定时的凭证估计价值低于凭证的原始发行价格”。示例中的信息还反映了下方框中列出的关键条款和假设。

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关键条款和假设
面值	$1,000
票息	(i) 10.834美元（1.0834%的月利率，或每年最多约13%的潜在收益）乘以截至相关付息观察日为止发生的付息观察日数量，减去(ii) 所有之前支付的票息，如有的话
触发缓冲水平	就每个标的而言，为其初始标的水平的60%
票息触发水平	就每个标的而言，为其初始标的水平的85%
在任何原定的付息观察日或原定的确定日均未发生市场中断事件或非交易日
任何标的、任何标的证券、任何适用ETF投资顾问的政策或任何适用标的发起人计算其标的的方法，或任何适用标的的底层指数的发起人计算其底层指数的方法均未发生或影响变化
在面值基础上于原始发行日购买并持有至规定到期日或提前赎回日的凭证

PS-10

出于这些原因，您的票据存续期内相关资产的实际表现、任何票息观察日的相关资产实际水平，以及在每个票息支付日可能支付的票息，可能与下面显示的假设性示例或本定价补充文件中其他地方显示的历史相关资产水平关系不大。有关近期期间相关资产水平的信息，请参见第 PS-27 页的“相关资产 - 相关资产的历史收盘水平”。在投资票据之前，您应查阅公开信息，以确定本定价补充文件日期与您购买票据日期之间的相关资产水平。

此外，下面显示的假设性示例未考虑适用税款的影响。由于适用于您票据的美国税务处理，税务责任可能比相关资产证券的税后收益更显著地影响您票据的税后收益率。

假设性票息支付

以下示例显示了每个相关资产的假设性表现以及我们针对每张面值为 1,000 美元的票据在每个票息支付日可能支付的假设性票息（如有）。假设每个相关资产在适用的票息观察日的假设性收盘水平是其初始相关资产水平的百分比。

情景 1


假设性票息观察日	道琼斯工业平均指数® 的假设性收盘水平（作为初始相关资产水平的百分比）	纳斯达克-100 指数® （作为初始相关资产水平的百分比）	标准普尔 500® 指数（作为初始相关资产水平的百分比）	iShares® 20+ 年期国债ETF（作为初始相关资产水平的百分比）	假设性票息
第一	110%	30%	40%	40%	$0
第二	85%	90%	95%	95%	$21.668
第三	35%	45%	50%	50%	$0
第四	30%	45%	55%	55%	$0
第五	90%	95%	95%	95%	$32.502
第六	70%	20%	50%	50%	$0
第七	60%	30%	60%	40%	$0
第八	50%	30%	45%	65%	$0
第九	110%	55%	55%	55%	$0
第十	50%	60%	45%	60%	$0
第十一	60%	60%	40%	65%	$0
第十二 - 第五十五	70%	70%	55%	55%	$0
				总假设性票息	$54.17

在情景 1 中，每个相关资产在每个假设性票息观察日的假设性收盘水平会上升和下降不同幅度。由于在第二个和第五个假设性票息观察日每个相关资产的假设性收盘水平大于或等于其票息触发水平，情景 1 中的总假设性票息为 54.17 美元。由于在其他所有假设性票息观察日至少有一个相关资产的假设性收盘水平低于其票息触发水平，将不再支付其他票息，包括在到期时。

PS-11

情景 2


假设性票息观察日	道琼斯工业平均指数® 的假设性收盘水平（作为初始相关资产水平的百分比）	纳斯达克-100 指数® （作为初始相关资产水平的百分比）	标准普尔 500® 指数（作为初始相关资产水平的百分比）	iShares® 20+ 年期国债ETF（作为初始相关资产水平的百分比）	假设性票息
第一	110%	110%	60%	60%	$0
第二	50%	50%	65%	65%	$0
第三	45%	45%	55%	55%	$0
第四	55%	55%	60%	60%	$0
第五	40%	40%	65%	65%	$0
第六	70%	70%	55%	55%	$0
第七	40%	40%	60%	60%	$0
第八	50%	50%	65%	65%	$0
第九	50%	50%	55%	55%	$0
第十	110%	110%	60%	60%	$0
第十一	50%	50%	65%	65%	$0
第十二 - 第五十五	60%	60%	55%	55%	$0
				总假设性票息	$0

在情景2中，每个相关资产的假设收盘价在每个假设的票息观察日上会以不同的幅度上涨和下跌。由于在每种情况下，相关票息观察日至少有一个相关资产的假设收盘价低于其票息触发水平，因此您在适用的假设票息支付日将不会收到票息支付。由于这种情况发生在每个假设的票息观察日，因此您通过票据获得的总体回报将低于零。因此，情景2中的假设票息总额为0美元。

情景3

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


假设的票息观察日	道琼斯工业平均指数®的假设收盘价（以初始相关资产水平的百分比表示）	纳斯达克-100指数® （以初始相关资产水平的百分比表示）	标准普尔500® 指数的假设收盘价（以初始相关资产水平的百分比表示）	iShares® 20+年期国债ETF的假设收盘价（以初始相关资产水平的百分比表示）	假设的票息
第一	55%	50%	60%	60%	$0
第二	50%	55%	65%	65%	$0
第三	115%	110%	115%	115%	$32.502
				总假设票息	$32.502

在情景3中，每个相关资产的假设收盘价在前两个假设的票息观察日上低于其票息触发水平，但在第三个假设的票息观察日上涨至高于其初始相关资产水平的水平。此外，我们还就第三个票息支付日（也是我们可以行使该权利的第一个假设日期）的提前赎回行使了我们的提前赎回权。因此，在第三个票息支付日（即赎回日），除了假设的票息32.502美元外，您还将收到相当于每1000美元面值的票据1000美元的现金金额。

PS-12

到期时的假设支付

如果票据未被赎回，我们将在规定的到期日根据决定日较弱表现的相关资产的表现，向您支付每1000美元面值的票据的现金结算金额，具体如下表所示。下表假设票据未被赎回，不包括任何最终票息，并反映了您可能在规定的到期日收到的假设现金结算金额。如果较弱表现的相关资产的最终相关资产水平（以初始相关资产水平的百分比表示）低于其票息触发水平，您在到期时将不会收到最终票息。

下表左侧列中的水平代表较弱表现的相关资产的假设最终相关资产水平，并以较弱表现的相关资产的初始相关资产水平的百分比表示。右侧列中的金额基于较弱表现的相关资产的相应假设最终相关资产水平，以票据面值的百分比表示（四舍五入到千分之一的百分比）。因此，假设的现金结算金额为100.000%意味着，根据相应的较弱表现的相关资产的假设最终相关资产水平和上述假设，我们将在规定的到期日向您支付的现金金额等于票据面值的100.000%。


未被赎回的票据

较弱表现的标的资产的假设最终标的资产水平	假设现金结算金额
（占初始标的资产水平的百分比）	（占面值的百分比）
175.000%	100.000%*
150.000%	100.000%*
125.000%	100.000%*
100.000%	100.000%*
95.000%	100.000%*
90.000%	100.000%*
85.000%	100.000%*
75.000%	100.000%
65.000%	100.000%
60.000%	100.000%
59.999%	59.999%
40.000%	40.000%
25.000%	25.000%
10.000%	10.000%
0.000%	0.000%
*不包括最终票息

例如，如果票据未被赎回，且较弱表现的标的资产的最终标的资产水平被确定为初始标的资产水平的25.000%，那么我们在票据到期时向您支付的现金结算金额将为票据面值的25.000%，如上表所示。因此，如果您在原始发行日以面值购买票据并持有至规定的到期日，您将损失75.000%的投资（如果您以高于面值的价格购买票据，您将损失相应更高的投资比例）。此外，如果较弱表现的标的资产的最终标的资产水平被确定为初始标的资产水平的175.000%，那么我们在票据到期时向您支付的现金结算金额将被限制为每1,000美元面值的票据的100.000%，如上表所示。因此，如果您持有票据至规定的到期日，您将不会从较弱表现的标的资产的最终标的资产水平超过其初始标的资产水平的部分中获益。

PS-13

上述显示的现金结算金额完全是假设性的；它们基于可能无法在确定日实现的标的资产证券的市场价格以及可能被证明是错误的假设。您票据在规定到期日或任何其他时间（包括您可能希望出售票据的时间）的实际市场价值可能与上述假设现金结算金额几乎没有关系，这些金额不应被视为对所发行票据投资的财务回报的指示。上述示例中假设持有至规定到期日的票据的假设现金结算金额假定您以面值购买了票据，并未调整以反映您实际支付的发行价格。您在票据上的投资回报（无论正负）将受到您支付的票据金额的影响。如果您以不同于面值的价格购买票据，您的投资回报将与上述示例所暗示的假设回报不同，可能显著低于该回报。请阅读第PS-17页的“与您的票据相关的特定额外风险因素——您的票据的市场价值可能受许多不可预测因素的影响”。

票据的付款在经济上等同于对其他工具组合的付款。例如，票据的付款在经济上等同于持有人购买的附息债券和持有人与我们之间签订的一项或多项期权的组合（其中随着时间的推移支付一项或多项隐含期权费用）。本段中的讨论不会修改或影响票据的条款或美国联邦所得税待遇，如本定价补充文件其他部分所述。

我们无法预测任何交易日标的资产的实际收盘水平、标的资产的最终收盘水平，或您凭证在任何特定交易日的市场价值，也无法预测在所述到期日之前任何时间标的资产收盘水平与您凭证市场价值之间的关系。在任何付息日，凭证持有人实际收到的票息金额、在到期时您实际收到的金额以及所发行凭证的收益率，将取决于凭证是否被赎回，以及在付息观察日标的资产的实际收盘水平和计算代理根据上述情况确定的实际最终标的资产水平。此外，假设示例所基于的假设可能被证明是不准确的。因此，您凭证的票息（如有）以及在所述到期日您凭证的现金支付金额（如有）可能与上述示例中反映的信息有很大不同。

PS-14

\n \n \n \n \n \n \n

与您的凭证相关的特定风险因素

投资于您的凭证将面临以下描述的风险，以及随附的招股说明书、随附的招股说明书补充文件、随附的标的资产补充文件第50号中“与证券相关的额外风险因素”以及随附的通用条款补充文件第17,745号中“与凭证相关的额外风险因素”中描述的风险和考虑因素。您应仔细审阅这些风险和考虑因素，以及本文中以及随附的招股说明书、随附的招股说明书补充文件、随附的标的资产补充文件第50号和随附的通用条款补充文件第17,745号中描述的凭证条款。您的凭证比普通债务证券更具风险。此外，您的凭证并不等同于直接投资于标的资产证券，即与您的凭证相关的标的资产所组成的证券。您应仔细考虑所发行的凭证是否适合您的具体情况。

与结构、估值和二级市场销售相关的风险

您凭证的估计价值（在交易日设定凭证条款时，根据GS&Co.使用的定价模型确定）低于您凭证的原始发行价格

您凭证的原始发行价格超过了在交易日确定凭证条款时的凭证预估价值，这是根据高盛公司（GS&Co.）的定价模型确定的，并考虑了我们的信用利差。交易日的该预估价值如上所述在“您凭证的预估价值”部分所述；交易日后，根据这些模型确定的预估价值将受到市场状况变化、GS Finance Corp.（作为发行人）的信用状况、The Goldman Sachs Group, Inc.（作为担保人）的信用状况以及其他相关因素的影响。高盛公司（GS&Co.）最初买入或卖出您的凭证的价格（如果高盛公司做市，但它没有义务这样做），以及高盛公司最初用于账户对账和其他用途的价值，也超过了根据这些模型确定的凭证预估价值。根据高盛公司（GS&Co.）与分销参与方的约定，该溢价（即“您凭证的预估价值”下所述的额外金额）将在从本日日期到上述“您凭证的预估价值”中规定的适用日期期间内以直线方式下降至零。此后，如果高盛公司买卖您的凭证，它将根据当时参考这些定价模型确定的预估价值进行交易。高盛公司（GS&Co.）在任何时间买卖您的凭证的价格也将反映其当时对类似规模的结构化凭证的买卖价差。

在如上所述的“您凭证的预估价值”部分中披露的交易日确定凭证条款时，估算您凭证价值时，高盛公司（GS&Co.）的定价模型考虑了某些变量，包括我们信用利差、利率（预测的、当前的和历史的利率）、波动性、价格敏感性分析以及凭证的到期时间等主要因素。这些定价模型是专有的，部分基于对未来事件的某些假设，这些假设可能不正确。因此，如果您在二级市场将凭证出售给他人（如果有的话），您实际收到的价值可能与根据我们的模型确定的凭证预估价值不同，可能有较大差异，这可能是因为其他人使用的定价模型或假设不同等原因。参见下文“— 您凭证的市场价值可能受许多不可预测因素的影响”。

在交易日确定凭证条款时，您凭证的预估价值与原始发行价格之间的差异是某些因素的结果，包括主要是承销折扣和佣金、创建、记录和推广凭证所产生的费用，以及我们支付给高盛公司（GS&Co.）的金额与高盛公司根据您的凭证支付给我们金额之间的差额估算。我们支付给高盛公司（GS&Co.）的金额是基于我们向具有类似到期日的非结构化凭证持有人支付的金额。作为回报，高盛公司（GS&Co.）支付给我们根据您的凭证我们应付的金额。

PS-15

除了上述因素外，您的票据在任何时间的价值和报价将反映许多因素，无法预测。如果GS&Co.为票据做市，GS&Co.的报价将反映市场状况和其他相关因素的变化，包括我们信用状况或市场认为的信用状况，或高盛集团有限公司的信用状况或市场认为的信用状况的任何恶化。这些变化可能对您的票据价值产生不利影响，包括您在任何做市交易中可能收到的票据价格。在GS&Co.为票据做市的范围内，报价将反映当时参考GS&Co.定价模型确定的估计价值，加上或减去其当时对类似规模的结构化票据交易的买卖价差（并受上述递减超额金额的限制）。\n

此外，如果您出售您的票据，您可能会被收取二级市场交易的佣金，或者价格可能会反映交易商的折扣。该佣金或折扣将进一步减少您在二级市场出售票据时获得的收益。\n

无法保证GS&Co.或任何其他方会在任何价格下愿意购买您的票据，在此方面，GS&Co.没有义务为票据做市。参见随附的一般条款补充文件第17,745号第S-7页的“与票据相关的特定附加风险因素——您的票据可能没有活跃的交易市场”。\n

票据受发行人的信用风险和担保人的信用风险影响\n

尽管票据的票息（如有）和收益将基于每个标的的表现，但票据任何应付金额的支付将受GS金融公司作为票据发行人的信用风险，以及高盛集团有限公司作为票据担保人的信用风险的影响。票据是我们无担保的债务。投资者依赖我们支付票据所有应付金额的能力，因此投资者将面临我们的信用风险以及市场对我们信用状况看法的变化。同样，投资者依赖高盛集团有限公司作为票据担保人支付票据所有应付金额的能力，因此也面临其信用风险以及市场对其信用状况看法的变化。参见随附的招股说明书补充文件第S-5页的“我们将可能发行的票据的描述——关于我们的中期票据系列F计划的信息——票据与其他债务的优先级”，以及随附的招股说明书第65页的“我们将可能发行的债务证券的描述——高盛集团有限公司的担保”。\n

您可能会损失全部投资于票据的资金

You can lose your entire investment in the notes. Subject to our redemption right, the cash settlement amount on your notes, if any, on the stated maturity date will be based on the performance of the lesser performing of the underliers as measured from their initial underlier levels to their closing levels on the determination date. If the final underlier level of the lesser performing underlier for your notes is less than its trigger buffer level, you will have a loss for each $1,000 of the face amount of your notes equal to the product of (i) $1,000 times (ii) the lesser performing underlier return. Thus, you may lose your entire investment in the notes, which would include any premium to face amount you paid when you purchased the notes.

Also, the market price of your notes prior to the stated maturity date may be significantly lower than the purchase price you pay for your notes. Consequently, if you sell your notes before the stated maturity date, you may receive far less than the amount of your investment in the notes.

The Return on Your Notes May Change Significantly Despite Only a Small Change in the Level of the Lesser Performing Underlier

If your notes are not redeemed and the final underlier level of the lesser performing underlier is less than its trigger buffer level, you will receive less than the face amount of your notes and you could lose all or a substantial portion of your investment in the notes. This means that while a decrease in the final underlier level of the lesser performing underlier to its trigger buffer level will not result in a loss of principal on the notes, a decrease in the final underlier level of the lesser performing underlier to less than its trigger buffer level will result in a loss of a significant portion of the face amount of the notes despite only a small change in the level of the lesser performing underlier.

PS-16

You May Not Receive a Coupon on Any Coupon Payment Date

If the closing level of any underlier on the related coupon observation date is less than its coupon trigger level, you will not receive a coupon payment on the applicable coupon payment date. If this occurs on every coupon observation date, the overall return you earn on your notes will be zero or less and such return will be less than you would have earned by investing in a note that bears interest at the prevailing market rate.

Although the coupon formula provides that if the closing level of each underlier on the related coupon observation date is greater than or equal to its coupon trigger level, the coupon paid on the corresponding coupon payment date will be equal to (i) the product of $10.834 (1.0834% monthly, or the potential for up to approximately 13% per annum) times the number of coupon observation dates that have occurred up to and including the relevant coupon observation date minus (ii) the sum of all coupons previously paid, if any, you should be aware that, with respect to any prior coupon observation dates that did not result in the payment of a coupon, you will not be compensated for any opportunity cost implied by inflation and other factors relating to the time value of money. Further, there is no guarantee that you will receive any coupon payment with respect to the notes at any time and you may lose your entire investment in the notes.

We Are Able to Redeem Your Notes at Our Option

On each coupon payment date commencing in January 2027 and ending in April 2031, we will be permitted to redeem your notes at our option. Even if we do not exercise our option to redeem your notes, our ability to do so may adversely affect the value of your notes. It is our sole option whether to redeem your notes prior to maturity and we may or may not exercise this option for any reason. Because of this redemption option, the term of your notes could be reduced.

The Coupon Does Not Reflect the Actual Performance of the Underliers From the Trade Date to Any Coupon Observation Date or From Coupon Observation Date to Coupon Observation Date

The coupon for each coupon payment date is different from, and may be less than, a coupon determined based on the percentage difference of the closing levels of the underliers between the trade date and any coupon observation date or between two coupon observation dates. Accordingly, the coupons, if any, on the notes may be less than the return you could earn on another instrument linked to the underliers that pays coupons based on the performance of the underliers from the trade date to any coupon observation date or from coupon observation date to coupon observation date.

The Cash Settlement Amount Will Be Based Solely on the Lesser Performing Underlier

If the notes are not redeemed by us, the cash settlement amount will be based on the lesser performing underlier without regard to the performance of the other underliers. As a result, you could lose all or some of your initial investment if the lesser performing underlier return is negative, even if there is an increase in the level of the other underliers. This could be the case even if the other underliers increased by an amount greater than the decrease in the lesser performing underlier.

The Market Value of Your Notes May Be Influenced By Many Unpredictable Factors

When we refer to the market value of your notes, we mean the value that you could receive for your notes if you chose to sell them in the open market before the stated maturity date. A number of factors, many of which are beyond our control, will influence the market value of your notes, including:

•

the levels of the underliers;

•

the volatility – i.e., the frequency and magnitude of changes – in the closing levels of the underliers;

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the dividend rates of the underlier securities;

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economic, financial, regulatory, political, military, public health and other events that affect stock markets generally and the underlier securities, and which may affect the closing levels of the underliers;

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interest rates and yield rates in the market;

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the time remaining until your notes mature; and

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our creditworthiness and the creditworthiness of The Goldman Sachs Group, Inc., whether actual or perceived, and including actual or anticipated upgrades or downgrades in our credit ratings or the credit

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ratings of The Goldman Sachs Group, Inc. or changes in other credit measures.

Without limiting the foregoing, the market value of your notes may be negatively impacted by increasing interest rates. Such adverse impact of increasing interest rates could be significantly enhanced in notes with longer-dated maturities, the market values of which are generally more sensitive to increasing interest rates.

These factors may influence the market value of your notes if you sell your notes before maturity, including the price you may receive for your notes in any market making transaction. If you sell your notes prior to maturity, you may receive less than the face amount of your notes. You cannot predict the future performance of the underliers based on their historical performance.

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If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Will Be Negatively Affected

The cash settlement amount you will be paid for your notes on the stated maturity date, if any, or the amount we will pay you upon any early redemption of your notes will not be adjusted based on the issue price you pay for the notes. If you purchase notes at a price that differs from the face amount of the notes, then the return on your investment in such notes held to the stated maturity date or date of early redemption will differ from, and may be substantially less than, the return on notes purchased at face amount. If you purchase your notes at a premium to face amount and hold them to the stated maturity date or date of early redemption, the return on your investment in the notes will be lower than it would have been had you purchased the notes at face amount or a discount to face amount.

The Return on Your Notes Will Not Reflect Any Dividends Paid on the iShares® 20+ Year Treasury Bond ETF or Any Underlier Securities

The return on your notes will not reflect the return you would realize if you actually owned the iShares® 20+ Year Treasury Bond ETF or underlier securities and received the distributions paid on the shares of the iShares® 20+ Year Treasury Bond ETF. You will not receive any dividends that may be paid on any of the underlier securities by the underlier security issuers or the shares of the iShares® 20+ Year Treasury Bond ETF. See “—You Have No Shareholder Rights or Rights to Receive Any Shares of the iShares® 20+ Year Treasury Bond ETF or Any Underlier Security” below for additional information.

You Have No Shareholder Rights or Rights to Receive Any Shares of the iShares® 20+ Year Treasury Bond ETF or Any Underlier Security

Investing in your notes will not make you a holder of any shares of the iShares® 20+ Year Treasury Bond ETF or any underlier securities. Neither you nor any other holder or owner of your notes will have any rights with respect to the iShares® 20+ Year Treasury Bond ETF or the underlier securities, including any voting rights, any rights to receive dividends or other distributions, any rights to make a claim against the iShares® 20+ Year Treasury Bond ETF or the underlier securities or any other rights of a holder of any shares of the iShares® 20+ Year Treasury Bond ETF or the underlier securities. Your notes will be paid in cash, as will any coupon payments, and you will have no right to receive delivery of any shares of the iShares® 20+ Year Treasury Bond ETF or any underlier securities.

We May Sell an Additional Aggregate Face Amount of the Notes at a Different Issue Price

At our sole option, we may decide to sell an additional aggregate face amount of the notes subsequent to the date of this pricing supplement. The issue price of the notes in the subsequent sale may differ substantially (higher or lower) from the issue price you paid as provided on the cover of this pricing supplement.

Additional Risks Related to the Nasdaq-100 Index®

An Investment in the Offered Notes Is Subject to Risks Associated with Foreign Securities Markets

The value of your notes is linked, in part, to an underlier that is comprised, in part, of stocks from one or more foreign securities markets. Investments linked to the value of foreign equity securities involve particular risks. Any foreign securities market may be less liquid, more volatile and affected by global or domestic market developments in a different way than are the U.S. securities market or other foreign securities markets. Both government intervention in a foreign securities market, either directly or indirectly, and cross-shareholdings in foreign companies, may affect trading prices and volumes in that market. Also, there is generally less publicly available information about foreign companies than about those U.S. companies that are subject to the reporting requirements of the U.S. Securities and Exchange Commission. Further, foreign companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting companies.

The prices of securities in a foreign country are subject to political, economic, financial and social factors that are unique to such foreign country's geographical region. These factors include: recent changes, or the possibility of future changes, in the applicable foreign government's economic and fiscal policies; the possible implementation of, or changes in, currency exchange laws or other laws or restrictions applicable to foreign companies or investments in foreign equity securities; fluctuations, or the possibility of fluctuations, in currency exchange rates; and the possibility of outbreaks of hostility, political instability, natural disaster or adverse public health

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developments. For example, the United Kingdom ceased to be a member of the European Union on January 31, 2020 (an event commonly referred to as “Brexit”). The effects of Brexit are uncertain, and, among other things, Brexit has contributed, and may continue to contribute, to volatility in the prices of securities of companies located in Europe (or elsewhere) and currency exchange rates, including the valuation of the euro and British pound in particular. Any one of these factors, or the combination of more than one of these factors, could negatively affect such foreign securities market and the price of securities therein. Further, geographical regions may react to global factors in different ways, which may cause the prices of securities in a foreign securities market to fluctuate in a way that differs from those of securities in the U.S. securities market or other foreign securities markets. Foreign economies may also differ from the U.S. economy in important respects, including growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency, which may have a positive or negative effect on foreign securities prices.

Government Regulatory Action, Including Legislative Acts and Executive Orders, Could Result in Material Changes to the Composition of an Underlier with Underlier Securities from One or More Foreign Securities Markets and Could Negatively Affect Your Investment in the Notes

Government regulatory action, including legislative acts and executive orders, could cause material changes to the composition of an underlier with underlier securities from one or more foreign securities markets and could negatively affect your investment in the notes in a variety of ways, depending on the nature of such government regulatory action and the underlier securities that are affected. For example, recent executive orders issued by the United States Government prohibit United States persons from purchasing or selling publicly traded securities of certain companies that are determined to operate or have operated in the defense and related materiel sector or the surveillance technology sector of the economy of the People’s Republic of China, or publicly traded securities that are derivative of, or that are designed to provide investment exposure to, those securities (including indexed notes). If the prohibitions in those executive orders (or prohibitions under other government regulatory action) become applicable to underlier securities that are currently included in an underlier or that in the future are included in an underlier, such underlier securities may be removed from an underlier. If government regulatory action results in the removal of underlier securities that have (or historically have had) significant weight in an underlier, such removal could have a material and negative effect on the level of such underlier and, therefore, your investment in the notes. Similarly, if underlier securities that are subject to those executive orders or subject to other government regulatory action are not removed from an underlier, the value of the notes could be materially and negatively affected, and transactions in, or holdings of, the notes may become prohibited under United States law. Any failure to remove such underlier securities from an underlier could result in the loss of a significant portion or all of your investment in the notes, including if you attempt to divest the notes at a time when the value of the notes has declined.

As Compared to Other Index Sponsors, Nasdaq, Inc. Retains Significant Control and Discretionary Decision-Making Over the Nasdaq-100 Index®, Which May Have an Adverse Effect on the Level of the Nasdaq-100 Index® and on Your Notes

Pursuant to the Nasdaq-100 Index® methodology, Nasdaq, Inc. retains the right, from time to time, to exercise reasonable discretion as it deems appropriate in order to ensure Nasdaq-100 Index® integrity, including, but not limited to, changes to quantitative inclusion criteria. Nasdaq, Inc. may also, due to special circumstances, apply discretionary adjustments to ensure and maintain quality of the Nasdaq-100 Index®. Although it is unclear how and to what extent this discretion could or would be exercised, it is possible that it could be exercised by Nasdaq, Inc. in a manner that materially and adversely affects the level of the Nasdaq-100 Index® and therefore your notes. Nasdaq, Inc. is not obligated to, and will not, take account of your interests in exercising the discretion described above.

Additional Risks Related to the iShares® 20+ Year Treasury Bond ETF

The Policies of the ETF Investment Advisor and the Sponsor of Its Underlying Index Could Affect the Amount Payable on Your Notes and Their Market Value

The ETF investment advisor may from time to time be called upon to make certain policy decisions or judgments with respect to the iShares® 20+ Year Treasury Bond ETF, including those concerning the calculation of the net asset value of the iShares® 20+ Year Treasury Bond ETF, additions, deletions or substitutions of securities in the iShares® 20+ Year Treasury Bond ETF and the manner in which changes affecting the underlying index are reflected in the iShares® 20+ Year Treasury Bond ETF that could affect the market price of the shares of the iShares® 20+ Year Treasury Bond ETF, and therefore, the amount payable on your notes on a coupon payment

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date or the stated maturity date. The amount payable on your notes and their market value could also be affected if the ETF investment advisor changes these policies, for example, by changing the manner in which it calculates the net asset value of the iShares® 20+ Year Treasury Bond ETF, or if the ETF investment advisor discontinues or suspends calculation or publication of the net asset value of the iShares® 20+ Year Treasury Bond ETF, in which case it may become difficult or inappropriate to determine the market value of your notes.

If events such as these occur, the calculation agent — which initially will be GS&Co., our affiliate — may determine the closing level of the iShares® 20+ Year Treasury Bond ETF on a coupon observation date or the determination date — and thus the amount payable on a coupon payment date or the stated maturity date, if any — in a manner it considers appropriate, in its sole discretion. We describe the discretion that the calculation agent will have in determining the closing level of the iShares® 20+ Year Treasury Bond ETF on a coupon observation date or the determination date, as applicable, and the amount payable on your notes more fully under “Terms and Conditions — Discontinuance or modification of an underlier” on page PS-7 of this pricing supplement.

In addition, the sponsor of the iShares® 20+ Year Treasury Bond ETF’s underlying index owns the underlying index and is responsible for the design and maintenance of its underlying index. The policies of the sponsor of the iShares® 20+ Year Treasury Bond ETF’s underlying index concerning the calculation of the underlying index, including decisions regarding the addition, deletion or substitution of the securities included in the underlying index, could affect the level of its underlying index and, consequently, could affect the market price of shares of the iShares® 20+ Year Treasury Bond ETF and, therefore, the amount payable on your notes and their market value.

There Is No Assurance That an Active Trading Market Will Continue for the iShares® 20+ Year Treasury Bond ETF or That There Will Be Liquidity in Any Such Trading Market; Further, the iShares® 20+ Year Treasury Bond ETF Is Subject to Management Risks, Securities Lending Risks and Custody Risks

Although the iShares® 20+ Year Treasury Bond ETF’s shares and a number of similar products have been listed for trading on securities exchanges for varying periods of time, there is no assurance that an active trading market will continue for the shares of the iShares® 20+ Year Treasury Bond ETF or that there will be liquidity in the trading market.

In addition, the iShares® 20+ Year Treasury Bond ETF is subject to management risk, which is the risk that the ETF investment advisor’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. The iShares® 20+ Year Treasury Bond ETF is also not actively managed and may be affected by a general decline in market segments relating to the underlying index. The iShares® 20+ Year Treasury Bond ETF investment advisor invests in securities included in, or representative of, the underlying index regardless of their investment merits. The ETF investment advisor does not attempt to take defensive positions in declining markets. In addition, the ETF investment advisor may be permitted to engage in securities lending with respect to a portion of the iShares® 20+ Year Treasury Bond ETF’s total assets, which could subject the iShares® 20+ Year Treasury Bond ETF to the risk that the borrower of such loaned securities fails to return the securities in a timely manner or at all.

In addition, the iShares® 20+ Year Treasury Bond ETF is subject to custody risk, which refers to the risks in the process of clearing and settling trades and to the holding of securities by local banks, agents and depositories.

Further, the iShares® 20+ Year Treasury Bond ETF is subject to listing standards adopted by the securities exchange on which the iShares® 20+ Year Treasury Bond ETF is listed for trading. There can be no assurance that the iShares® 20+ Year Treasury Bond ETF will continue to meet the applicable listing requirements, or that the iShares® 20+ Year Treasury Bond ETF will not be delisted.

The iShares® 20+ Year Treasury Bond ETF and Its Underlying Index Are Different and the Performance of the iShares® 20+ Year Treasury Bond ETF May Not Correlate With the Performance of Its Underlying Index

The iShares® 20+ Year Treasury Bond ETF may not hold all or substantially all of the securities included in its underlying index and may hold securities not included in its underlying index. Therefore, while the performance of the iShares® 20+ Year Treasury Bond ETF is generally linked to the performance of its underlying index, the performance of the iShares® 20+ Year Treasury Bond ETF is also linked in part to securities not included in its underlying index and to the performance of other assets, such as repurchase agreements collateralized by U.S.

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government obligations and in cash and cash equivalents, including shares of money market funds advised by the ETF investment advisor or its affiliates.

Tracking error, which is the divergence of the iShares® 20+ Year Treasury Bond ETF’s performance from that of the underlying index, may occur because of differences between the securities held in the iShares® 20+ Year Treasury Bond ETF’s portfolio and those included in the underlying index, pricing differences, transaction costs incurred by the iShares® 20+ Year Treasury Bond ETF, the iShares® 20+ Year Treasury Bond ETF’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the underlying index or the costs to the iShares® 20+ Year Treasury Bond ETF of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the iShares® 20+ Year Treasury Bond ETF incurs fees and expenses, while the underlying index does not.

For all of the foregoing reasons, the performance of the iShares® 20+ Year Treasury Bond ETF may not correlate with the performance of its underlying index. Consequently, the return on the notes will not be the same as investing directly in its underlying index or in the securities comprising the underlying index, and will not be the same as investing in a debt security with a payment at maturity linked to the performance of its underlying index.

Your Investment Is Subject to Concentration Risks

The iShares® 20+ Year Treasury Bond ETF invests in U.S. Treasury bonds that are all obligations of the United States with a similar remaining time to maturity. As a result, the iShares® 20+ Year Treasury Bond ETF is concentrated in the performance of bonds issued by a single issuer and having the same general tenor and terms. Although your investment in the notes will not result in the ownership or other direct interest in the U.S. Treasury bonds held by the iShares® 20+ Year Treasury Bond ETF, the return on your investment in the notes will be subject to certain risks similar to those associated with direct investment in a U.S. Treasury bond. This increases the risk that any downgrade of the credit ratings of the U.S. government from its current ratings, any increase in risk that the U.S. Treasury may default on its obligations by the market (whether for credit or legislative process reasons) or any other market events that create a decrease in demand for U.S. Treasury bonds would significantly adversely affect the iShares® 20+ Year Treasury Bond ETF. In addition, to the extent that any such decrease in demand is more concentrated in the particular U.S. Treasury bond maturities owned by the iShares® 20+ Year Treasury Bond ETF, the iShares® 20+ Year Treasury Bond ETF could be severely affected.

The iShares® 20+ Year Treasury Bond ETF May Change in Unexpected Ways

The underlying index to which the iShares® 20+ Year Treasury Bond ETF is linked tends to have very limited public disclosure about the underlying index. The index sponsor of this index retains discretion to make changes to the underlying index at any time. The lack of detailed information about the underlying index and how its constituents may change in the future creates the risk that the underlying index could change in the future to perform much differently from the way it would perform if such changes were not made. If the underlying index is changed in unexpected ways, the iShares® 20+ Year Treasury Bond ETF would similarly change to better reflect the underlying index. The performance of the iShares® 20+ Year Treasury Bond ETF could be adversely affected in that case, which could adversely affect your investment in the notes.

Your Investment Is Subject to Income Risk and Interest Rate Risk

The iShares® 20+ Year Treasury Bond ETF’s income may decline when interest rates fall. This decline can occur because the iShares® 20+ Year Treasury Bond ETF must invest in lower-yielding bonds as bonds in its portfolio fall outside the time to maturity limits required by the iShares® 20+ Year Treasury Bond ETF’s investment objective or are called, bonds in the underlying index are substituted or the iShares® 20+ Year Treasury Bond ETF otherwise needs to purchase additional bonds. In addition, an increase in interest rates may cause the value of the fixed rate bonds held by the iShares® 20+ Year Treasury Bond ETF to decrease, may lead to heightened volatility in the fixed income markets and may adversely affect the liquidity of certain fixed income bonds. Bonds with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than bonds with shorter durations. If any of these events occur, the shares of the iShares® 20+ Year Treasury Bond ETF invested in bonds and the amount payable on your notes could be adversely affected.

PS-22

Risks Related to Tax

The Tax Consequences of an Investment in Your Notes Are Uncertain

The tax consequences of an investment in your notes are uncertain, both as to the timing and character of any inclusion in income in respect of your notes.

The Internal Revenue Service announced on December 7, 2007 that it is considering issuing guidance regarding the tax treatment of an instrument such as your notes, and any such guidance could adversely affect the value and the tax treatment of your notes. Among other things, the Internal Revenue Service may decide to require the holders to accrue ordinary income on a current basis and recognize ordinary income on payment at maturity, and could subject non-U.S. investors to withholding tax. Furthermore, in 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your notes after the bill was enacted to accrue interest income over the term of such instruments even though there may be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your notes.

We describe these developments in more detail under “Supplemental Discussion of U.S. Federal Income Tax Consequences – United States Holders – Possible Change in Law” below. You should consult your tax advisor about this matter. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described under “Supplemental Discussion of U.S. Federal Income Tax Consequences” below unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate. Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your notes in your particular circumstances.

Your Notes May Be Subject to the Constructive Ownership Rules

There exists a risk that the constructive ownership rules of Section 1260 of the Internal Revenue Code could apply to all or a portion of your notes. If all or a portion of your notes were subject to the constructive ownership rules, then all or a portion of any long-term capital gain that you realize upon the sale, exchange, redemption or maturity of your notes would be re-characterized as ordinary income (and you would be subject to an interest charge on deferred tax liability with respect to such re-characterized capital gain) to the extent that such capital gain exceeds the amount of “net underlying long-term capital gain” (as defined in Section 1260 of the Internal Revenue Code). Because the application of the constructive ownership rules is unclear you are strongly urged to consult your tax advisor with respect to the possible application of the constructive ownership rules to your investment in the notes.

Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Notes, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Notes to Provide Information to Tax Authorities

Please see the discussion under “United States Taxation — Taxation of Debt Securities — Foreign Account Tax Compliance Act (FATCA) Withholding” in the accompanying prospectus for a description of the applicability of FATCA to payments made on your notes.

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The Underliers

Dow Jones Industrial Average®

The Dow Jones Industrial Average® is a price-weighted index composed of 30 stocks that measures the performance of some of the largest U.S. companies selected at the discretion of an Averages Committee that selects the underlier components as the largest and leading stocks of the sectors that are representative of the U.S. equity market, excluding the transportation and utilities industries. For more details about the Dow Jones Industrial Average®, the underlier sponsor and license agreement between the underlier sponsor and the issuer, see “The Underliers — Dow Jones Industrial Average®” on page S-19 of the accompanying underlier supplement no. 50.

S&P is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones®, DJIA®, The Dow® and Dow Jones Industrial Average® are trademarks of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademarks have been licensed to S&P Dow Jones Indices LLC and its affiliates and have been sublicensed for certain purposes by GS Finance Corp. The “Dow Jones Industrial Average®” is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by GS Finance Corp. The notes are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones®, S&P or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices make no representation or warranty, express or implied, to the owners of the notes or any members of the public regarding the advisability of investing in securities generally or in the notes particularly or the ability of the Dow Jones Industrial Average® to track general market performance.

Nasdaq-100 Index®

The Nasdaq-100 Index® is a modified market capitalization-weighted index that is designed to measure the performance of 100 of the largest Nasdaq listed non-financial stocks. For more details about the Nasdaq-100 Index®, the underlier sponsor and license agreement between the underlier sponsor and the issuer, see “The Underliers — Nasdaq-100 Index®” on page S-66 of the accompanying underlier supplement no. 50.

The Product(s) is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s). The Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Nasdaq-100 Index® to track general stock market performance. The Corporations' only relationship to GS Finance Corp. (“Licensee”) is in the licensing of the Nasdaq®, Nasdaq-100 Index®, and certain trade names of the Corporations and the use of the Nasdaq-100 Index® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s). Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 Index®. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Product(s).

The Corporations do not guarantee the accuracy and/or uninterrupted calculation of Nasdaq-100 Index® or any data included therein. The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, owners of the product(s), or any other person or entity from the use of the Nasdaq-100 Index® or any data included therein. The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Nasdaq-100 Index® or any data included therein. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages, even if notified of the possibility of such damages.

PS-24

S&P 500® Index

The S&P 500® Index includes a representative sample of 500 companies in leading industries of the U.S. economy and is intended to provide a performance benchmark for the large-cap U.S. equity markets.

For more details about the S&P 500® Index, the underlier sponsor and license agreement between the underlier sponsor and the issuer, see “The Underliers — S&P 500® Index” on page S-130 of the accompanying underlier supplement no. 50.

The S&P 500® Index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by GS Finance Corp. (“Goldman”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and these trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by Goldman. Goldman’s notes are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, Standard & Poor’s Financial Services LLC or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, Standard & Poor’s Financial Services LLC or any of their respective affiliates make any representation regarding the advisability of investing in such notes.

iShares® 20+ Year Treasury Bond ETF

The shares of the iShares® 20+ Year Treasury Bond ETF (the “underlier”) are issued by iShares® Trust (the “trust”), a registered investment company.

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The underlier is an exchange-traded fund that seeks investment results which correspond generally to the price and yield performance, before fees and expenses, of the ICE U.S. Treasury 20+ Year Bond Index (the “index”). The index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity greater than twenty years.

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The return on your notes is linked to the performance of the underlier, and not to that of the index on which the underlier is based. The underlier follows a strategy of “representative sampling,” which means the underlier’s holdings are not the same as those of its index. The performance of the underlier may significantly diverge from that of its index.

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The underlier’s investment advisor is BlackRock Fund Advisors.

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The underlier’s shares trade on the Nasdaq under the ticker symbol “TLT”.

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The trust’s SEC CIK Number is 0001100663.

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The underlier’s inception date was July 22, 2002.

Where Information About the Underlier Can Be Obtained

Information filed by the trust with the U.S. Securities and Exchange Commission (“SEC”) electronically can be reviewed through a website maintained by the SEC. The address of the SEC’s website is sec.gov. Information filed with the SEC by the trust, including its reports to shareholders, can be located by referencing its CIK number referred to above.

In addition, information regarding the underlier (including its fees and top ten holdings and weights) may be obtained from other sources including, but not limited to, press releases, newspaper articles, other publicly available documents, and the underlier’s website. We are not incorporating by reference the website, the sources listed above or any material they include in this pricing supplement.

We do not make any representation or warranty as to the accuracy or completeness of any materials referred to above, including any filings made by the trust with the SEC.

We Obtained the Information About the Underlier From the Trust’s Publicly Available Information

This pricing supplement relates only to your note and does not relate to the underlier. We have derived all information about the underlier in this pricing supplement from the publicly available information referred to in the preceding subsection. We have not participated in the preparation of any of those documents or made any “due diligence” investigation or inquiry with respect to the underlier in connection with the offering of your note. Furthermore, we do not know whether all events occurring before the date of this pricing supplement — including events that would affect the accuracy or completeness of the publicly available documents referred to above and

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the trading price of shares of the underlier — have been publicly disclosed. Subsequent disclosure of any events of this kind or the disclosure of or failure to disclose material future events concerning the underlier could affect the value you will receive at maturity and, therefore, the market value of your note.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlier.

We or any of our affiliates may currently or from time to time engage in business with the trust, including making loans to or equity investments in the trust or providing advisory services to the trust, including merger and acquisition advisory services. In the course of that business, we or any of our affiliates may acquire non-public information about the trust and, in addition, one or more of our affiliates may publish research reports about the underlier. As an investor in a note, you should undertake such independent investigation of the trust as in your judgment is appropriate to make an informed decision with respect to an investment in a note.

PS-26

Historical Closing Levels of the Underliers

The closing levels of the underliers have fluctuated in the past and may, in the future, experience significant fluctuations. In particular, the underliers have recently experienced extreme and unusual volatility. Any historical upward or downward trend in the closing level of any underlier during the period shown below is not an indication that such underlier is more or less likely to increase or decrease at any time during the life of your notes.

You should not take the historical closing levels of an underlier as an indication of the future performance of an underlier, including because of recent volatility described above. We cannot give you any assurance that the future performance of any underlier or the underlier securities will result in you receiving any coupon payments or receiving the outstanding face amount of your notes on the stated maturity date.

Neither we nor any of our affiliates make any representation to you as to the performance of the underliers. Before investing in the offered notes, you should consult publicly available information to determine the relevant underlier levels between the date of this pricing supplement and the date of your purchase of the offered notes and, given the recent volatility described above, you should pay particular attention to recent levels of the underliers. The actual performance of an underlier over the life of the offered notes, as well as the cash settlement amount at maturity may bear little relation to the historical levels shown below.

The graphs below show the daily historical closing levels of each underlier from January 1, 2021 through October 8, 2026. As a result, the following graphs do not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity securities and most bonds and, as a result, the level of most equity indices and most bond ETFs. We obtained the levels in the graphs below from Bloomberg Financial Services, without independent verification.

Historical Performance of the Dow Jones Industrial Average®

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PS-27

Historical Performance of the Nasdaq-100 Index®

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Historical Performance of the S&P 500® Index

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PS-28

Historical Performance of the iShares® 20+ Year Treasury Bond ETF

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PS-29

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Supplemental Discussion of U.S. Federal Income Tax Consequences

The following section supplements the discussion of U.S. federal income taxation in the accompanying prospectus.

The following section is the opinion of Sidley Austin llp, counsel to GS Finance Corp. and The Goldman Sachs Group, Inc. In addition, it is the opinion of Sidley Austin llp that the characterization of the notes for U.S. federal income tax purposes that will be required under the terms of the notes, as discussed below, is a reasonable interpretation of current law.

This section does not apply to you if you are a member of a class of holders subject to special rules, such as:

•

a dealer in securities or currencies;

•

a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings;

•

a bank;

•

a life insurance company;

•

a regulated investment company;

•

an accrual method taxpayer subject to special tax accounting rules as a result of its use of financial statements;

•

a tax exempt organization;

•

a partnership;

•

a person that owns a note as a hedge or that is hedged against interest rate risks;

•

a person that owns a note as part of a straddle or conversion transaction for tax purposes; or

•

a United States holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.

Although this section is based on the U.S. Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect, no statutory, judicial or administrative authority directly discusses how your notes should be treated for U.S. federal income tax purposes, and as a result, the U.S. federal income tax consequences of your investment in your notes are uncertain. Moreover, these laws are subject to change, possibly on a retroactive basis.

\n \n \n \n \n \n \n

You should consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the notes, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.

United States Holders

This section applies to you only if you are a United States holder that holds your notes as a capital asset for tax purposes. You are a United States holder if you are a beneficial owner of a note and you are:

•

a citizen or resident of the United States;

•

a domestic corporation;

•

an estate whose income is subject to U.S. federal income tax regardless of its source; or

•

a trust if a United States court can exercise primary supervision over the trust’s administration and one or more United States persons are authorized to control all substantial decisions of the trust.

Tax Treatment. You will be obligated pursuant to the terms of the notes — in the absence of a change in law, an administrative determination or a judicial ruling to the contrary — to characterize your notes for all tax purposes as income-bearing pre-paid derivative contracts in respect of the underliers. Except as otherwise stated below, the discussion below assumes that the notes will be so treated.

Coupon payments that you receive should be included in ordinary income at the time you receive the payment or when the payment accrues, in accordance with your regular method of accounting for U.S. federal income tax purposes.

PS-30

Upon the sale, exchange, redemption or maturity of your notes, you should recognize capital gain or loss equal to the difference between the amount realized on the sale, exchange, redemption or maturity (excluding any amounts attributable to accrued and unpaid coupon payments, which will be taxable as described above) and your tax basis in your notes. Your tax basis in your notes will generally be equal to the amount that you paid for the notes. Such capital gain or loss should generally be short-term capital gain or loss if you hold the notes for one year or less, and should be long-term capital gain or loss if you hold the notes for more than one year. Short-term capital gains are generally subject to tax at the marginal tax rates applicable to ordinary income.

In addition, the constructive ownership rules of Section 1260 of the Internal Revenue Code could possibly apply to all or a portion of your notes. If all or a portion of your notes were subject to the constructive ownership rules, then all or a portion of any long-term capital gain that you realize upon the sale, exchange, redemption or maturity of your notes would be re-characterized as ordinary income (and you would be subject to an interest charge on deferred tax liability with respect to such re-characterized capital gain) to the extent that such capital gain exceeds the amount of “net underlying long-term capital gain” (as defined in Section 1260 of the Internal Revenue Code). Because the application of the constructive ownership rules is unclear you are strongly urged to consult your tax advisor with respect to the possible application of the constructive ownership rules to your investment in the notes.

No statutory, judicial or administrative authority directly discusses how your notes should be treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in the notes are uncertain and alternative characterizations are possible. Accordingly, we urge you to consult your tax advisor in determining the tax consequences of an investment in your notes in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.

Alternative Treatments. There is no judicial or administrative authority discussing how your notes should be treated for U.S. federal income tax purposes. Therefore, the Internal Revenue Service might assert that a treatment other than that described above is more appropriate. For example, the Internal Revenue Service could treat your notes as a single debt instrument subject to special rules governing contingent payment debt instruments.

Under those rules, the amount of interest you are required to take into account for each accrual period would be determined by constructing a projected payment schedule for the notes and applying rules similar to those for accruing original issue discount on a hypothetical noncontingent debt instrument with that projected payment schedule. This method is applied by first determining the comparable yield — i.e., the yield at which we would issue a noncontingent fixed rate debt instrument with terms and conditions similar to your notes — and then determining a payment schedule as of the applicable original issue date that would produce the comparable yield. These rules may have the effect of requiring you to include interest in income in respect of your notes prior to your receipt of cash attributable to that income.

If the rules governing contingent payment debt instruments apply, any gain you recognize upon the sale, exchange, redemption or maturity of your notes would be treated as ordinary interest income. Any loss you recognize at that time would be treated as ordinary loss to the extent of interest you included as income in the current or previous taxable years in respect of your notes, and, thereafter, as capital loss.

If the rules governing contingent payment debt instruments apply, special rules would apply to persons who purchase a note at other than the adjusted issue price as determined for tax purposes.

It is possible that the Internal Revenue Service could assert that your notes should generally be characterized as described above, except that (1) the gain you recognize upon the sale, exchange, redemption or maturity of your notes should be treated as ordinary income or (2) you should not include the coupon payments in income as you receive them but instead you should reduce your basis in your notes by the amount of coupon payments that you receive. It is also possible that the Internal Revenue Service could seek to characterize your notes in a manner that results in tax consequences to you different from those described above.

It is also possible that the Internal Revenue Service could seek to characterize your notes as notional principal contracts. It is also possible that the coupon payments would not be treated as either ordinary income or interest for U.S. federal income tax purposes, but instead would be treated in some other manner.

You should consult your tax advisor as to possible alternative characterizations of your notes for U.S. federal income tax purposes.

PS-31

Possible Change in Law

In 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your notes after the bill was enacted to accrue interest income even though there may be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your notes.

In addition, on December 7, 2007, the Internal Revenue Service released a notice stating that the Internal Revenue Service and the Treasury Department are actively considering issuing guidance regarding the proper U.S. federal income tax treatment of an instrument such as the offered notes including whether the holders should be required to accrue ordinary income on a current basis and whether gain or loss should be ordinary or capital. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the notes will ultimately be required to accrue income currently and this could be applied on a retroactive basis. The Internal Revenue Service and the Treasury Department are also considering other relevant issues, including whether foreign holders of such instruments should be subject to withholding tax on any deemed income accruals, and whether the special “constructive ownership rules” of Section 1260 of the Internal Revenue Code might be applied to such instruments. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the notes for U.S. federal income tax purposes in accordance with the treatment described above unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate.

It is impossible to predict what any such legislation or administrative or regulatory guidance might provide, and whether the effective date of any legislation or guidance will affect notes that were issued before the date that such legislation or guidance is issued. You are urged to consult your tax advisor as to the possibility that any legislative or administrative action may adversely affect the tax treatment of your notes.

Non-United States Holders

This section applies to you only if you are a non-United States holder. You are a non-United States holder if you are the beneficial owner of the notes and are, for U.S. federal income tax purposes:

•

a nonresident alien individual;

•

a foreign corporation; or

•

an estate or trust that in either case is not subject to U.S. federal income tax on a net income basis on income or gain from the notes.

Because the U.S. federal income tax treatment (including the applicability of withholding) of the coupon payments on the notes is uncertain, in the absence of further guidance, we intend to withhold on the coupon payments made to you at a 30% rate or at a lower rate specified by an applicable income tax treaty under an “other income” or similar provision. We will not make payments of any additional amounts. To claim a reduced treaty rate for withholding, you generally must provide a valid Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E, or an acceptable substitute form upon which you certify, under penalty of perjury, your status as a non-United States holder and your entitlement to the lower treaty rate. Payments will be made to you at a reduced treaty rate of withholding only if such reduced treaty rate would apply to any possible characterization of the payments (including, for example, if the coupon payments were characterized as contract fees). Withholding also may not apply to coupon payments made to you if: (i) the coupon payments are “effectively connected” with your conduct of a trade or business in the United States and are includable in your gross income for U.S. federal income tax purposes, (ii) the coupon payments are attributable to a permanent establishment that you maintain in the United States, if required by an applicable tax treaty, and (iii) you comply with the requisite certification requirements (generally, by providing an Internal Revenue Service Form W-8ECI). If you are eligible for a reduced rate of United States withholding tax, you may obtain a refund of any amounts withheld in excess of that rate by filing a refund claim with the Internal Revenue Service.

“Effectively connected” payments includable in your United States gross income are generally taxed at rates applicable to United States citizens, resident aliens, and domestic corporations; if you are a corporate non-United States holder, “effectively connected” payments may be subject to an additional “branch profits tax” under certain circumstances.

PS-32

You will also be subject to generally applicable information reporting and backup withholding requirements with respect to payments on your notes and, notwithstanding that we do not intend to treat the notes as debt for tax purposes, we intend to backup withhold on such payments with respect to your notes unless you comply with the requirements necessary to avoid backup withholding on debt instruments (in which case you will not be subject to such backup withholding) as set forth under “United States Taxation – Taxation of Debt Securities – Non-United States Holders” in the accompanying prospectus.

Furthermore, on December 7, 2007, the Internal Revenue Service released Notice 2008-2 soliciting comments from the public on various issues, including whether instruments such as your notes should be subject to withholding. It is therefore possible that rules will be issued in the future, possibly with retroactive effect, that would cause payments on your notes to be subject to withholding, even if you comply with certification requirements as to your foreign status.

As discussed above, alternative characterizations of the notes for U.S. federal income tax purposes are possible. Should an alternative characterization of the notes, by reason of a change or clarification of the law, by regulation or otherwise, cause payments with respect to the notes to become subject to withholding tax, we will withhold tax at the applicable statutory rate and we will not make payments of any additional amounts. Prospective non-United States holders of the notes should consult their tax advisors in this regard.

In addition, the Treasury Department has issued regulations under which amounts paid or deemed paid on certain financial instruments (“871(m) financial instruments”) that are treated as attributable to U.S.-source dividends could be treated, in whole or in part depending on the circumstances, as a “dividend equivalent” payment that is subject to tax at a rate of 30% (or a lower rate under an applicable treaty), which in the case of any coupon payments and any amounts you receive upon the sale, exchange, redemption or maturity of your notes, could be collected via withholding. If these regulations were to apply to the notes, we may be required to withhold such taxes if any U.S.-source dividends are paid on the ETF or on the stocks included in the Dow Jones Industrial Average®, the Nasdaq-100 Index® or the S&P 500® Index during the term of the notes. We could also require you to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to any coupon payment or the maturity of the notes in order to avoid or minimize withholding obligations, and we could withhold accordingly (subject to your potential right to claim a refund from the Internal Revenue Service) if such certifications were not received or were not satisfactory. If withholding was required, we would not be required to pay any additional amounts with respect to amounts so withheld. These regulations generally will apply to 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) issued (or significantly modified and treated as retired and reissued) on or after January 1, 2029 but will also apply to certain 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) that have a delta (as defined in the applicable Treasury regulations) of one and are issued (or significantly modified and treated as retired and reissued) on or after January 1, 2017. In addition, these regulations will not apply to financial instruments that reference a “qualified index” (as defined in the regulations). We have determined that, as of the issue date of your notes, your notes will not be subject to withholding under these rules. In certain limited circumstances, however, you should be aware that it is possible for non-United States holders to be liable for tax under these rules with respect to a combination of transactions treated as having been entered into in connection with each other even when no withholding is required. You should consult your tax advisor concerning these regulations, subsequent official guidance and regarding any other possible alternative characterizations of your notes for U.S. federal income tax purposes.

Foreign Account Tax Compliance Act (FATCA) Withholding

Pursuant to Treasury regulations, Foreign Account Tax Compliance Act (FATCA) withholding (as described in “United States Taxation—Taxation of Debt Securities—Foreign Account Tax Compliance Act (FATCA) Withholding” in the accompanying prospectus) will generally apply to obligations that are issued on or after July 1, 2014; therefore, the notes will generally be subject to the FATCA withholding rules.

PS-33

Supplemental plan of distribution; CONFLICTS OF INTEREST

See “Supplemental Plan of Distribution” on page S-51 of the accompanying general terms supplement no. 17,745, and “Plan of Distribution — Conflicts of Interest” on page 127 of the accompanying prospectus. GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $15,000.

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate face amount of the offered notes specified on the front cover of this pricing supplement. GS&Co. proposes initially to offer the notes to the public at the original issue price set forth on the cover page of this pricing supplement, and to certain securities dealers at such price less a concession not in excess of 0.5% of the face amount. GS&Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a “conflict of interest” in this offering of notes within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of notes will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder. We have been advised that GS&Co. will also pay a fee to iCapital Markets LLC, a broker-dealer in which an affiliate of GS Finance Corp. holds an indirect minority equity interest, for services it is providing in connection with this offering.

We will deliver the notes against payment therefor in New York, New York on October 14, 2026. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

We have been advised by GS&Co. that it intends to make a market in the notes. However, neither GS&Co. nor any of our other affiliates that makes a market is obligated to do so and any of them may stop doing so at any time without notice. No assurance can be given as to the liquidity or trading market for the notes.

The notes will not be listed on any securities exchange or interdealer quotation system.

PS-34

VALIDITY OF THE NOTES AND GUARANTEE

In the opinion of Sidley Austin llp, as counsel to GS Finance Corp. and The Goldman Sachs Group, Inc., when the notes offered by this pricing supplement have been executed and issued by GS Finance Corp., such notes have been authenticated by the trustee pursuant to the indenture, and such notes have been delivered against payment as contemplated herein, (a) such notes will be valid and binding obligations of GS Finance Corp., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (b) the guarantee with respect to such notes will be a valid and binding obligation of The Goldman Sachs Group, Inc., enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware as in effect on the date hereof. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated January 27, 2025, which has been filed as Exhibit 5.6 to the registration statement on Form S-3 filed with the Securities and Exchange Commission by GS Finance Corp. and The Goldman Sachs Group, Inc. on January 27, 2025.

PS-35

We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this pricing supplement, the accompanying general terms supplement no. 17,745, the accompanying underlier supplement no. 50, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This pricing supplement, the accompanying general terms supplement no. 17,745, the accompanying underlier supplement no. 50, the accompanying prospectus supplement and the accompanying prospectus is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this pricing supplement, the accompanying general terms supplement no. 17,745, the accompanying underlier supplement no. 50, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

$2,063,000

GS Finance Corp.

Callable Contingent Coupon Underlier-Linked Notes due 2031

guaranteed by

The Goldman Sachs Group, Inc.

____________

$\"img118759479_5.jpg\"$
____________

Goldman Sachs & Co. LLC

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