# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0001193125-26-126520
**Filing Date:** 2026-3
**Character Count:** 39131
**Document Hash:** bbf71b86adf57d10d38b431352e9782a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-126520.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001193125-26-126520

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS GROUP INC
- **CENTRAL INDEX KEY:** 0000886982
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134019460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-284538
- **FILM NUMBER:** 26799099

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS GROUP INC/
- **DATE OF NAME CHANGE:** 20010104
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS GROUP INC
- **CENTRAL INDEX KEY:** 0000886982
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134019460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS GROUP INC/
- **DATE OF NAME CHANGE:** 20010104

**Free Writing Prospectus pursuant to Rule 433 dated March 26, 2026**

**Registration Statement No. 333-284538**

c

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|:---|:---|
| &nbsp;&nbsp;![img257364840_0.gif](img257364840_0.gif) | Market Linked Notes —Upside Participation to a Cap and Principal Return at Maturity<br>Notes Linked to the S&P 500<sup>®</sup> Index due May 2, 2030 |

---

---

| | | |
|:---|:---|:---|
| Summary of Terms | Summary of Terms | Hypothetical Payout Profile\*  |
| &nbsp;&nbsp;&nbsp;Company (Issuer) and Guarantor: | &nbsp;&nbsp;GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor) | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Market measure: | &nbsp;&nbsp;the S&P 500<sup>®</sup> Index (the "underlier") | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Pricing date: | &nbsp;&nbsp;expected to be April 29, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Issue date: | &nbsp;&nbsp;expected to be May 4, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Calculation day: | &nbsp;&nbsp;expected to be April 29, 2030 | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Stated maturity date: | &nbsp;&nbsp;expected to be May 2, 2030 | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Starting level: | &nbsp;&nbsp;the closing level of the underlier on the pricing date | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Ending level: | &nbsp;&nbsp;the closing level of the underlier on the calculation day | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Underlier return: | &nbsp;&nbsp;<u>ending level – starting level</u><br>starting level | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Maximum return: | &nbsp;&nbsp;at least 27.80% | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Upside participation rate: | &nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Payment amount at maturity (for each $1,000 face amount of your notes): | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the ending level is greater than the starting level: $1,000 *plus* the lesser of:<br>&nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 × underlier return × upside participation rate; and <br>&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum return; or<br>&nbsp;&nbsp;&nbsp;&nbsp;•if the ending level is less than or equal to the starting level: $1,000 | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Underwriting discount:  | &nbsp;&nbsp;up to 3.825% of the face amount\*; Wells Fargo Securities, LLC ("WFS") is the agent for the distribution of the notes. WFS will receive the underwriting discount of up to 3.825% of the aggregate face amount of the notes sold. The agent may resell the notes to Wells Fargo Advisors ("WFA") at the original issue price of the notes less a concession of 2.75% of the aggregate face amount of the notes. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a note WFA sells. | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;CUSIP: | &nbsp;&nbsp;40058YSY9 | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| &nbsp;&nbsp;&nbsp;Tax consequences: | &nbsp;&nbsp;See "Supplemental Discussion of U.S. Federal Income Tax Considerations" in the accompanying preliminary pricing supplement | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |
| \* In addition, in respect of certain notes sold in this offering, GS&Co. may pay a fee of up to 0.20% of the aggregate face amount of the notes sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the notes to other securities dealers. | \* In addition, in respect of certain notes sold in this offering, GS&Co. may pay a fee of up to 0.20% of the aggregate face amount of the notes sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the notes to other securities dealers. | &nbsp;&nbsp;&nbsp;&nbsp;![img257364840_1.jpg](img257364840_1.jpg)<br>\* assumes a maximum return of 27.80% of the face amount per note ($278.00 per note).<br>**If the ending level is less than the starting level, you will not receive any positive return on the notes.**<br>**You should read the accompanying preliminary pricing supplement dated March 26, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.** <br>The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:<br>●[Preliminary pricing supplement dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526126383/spxe1740_prelim.htm)<br>●[WFS Product Supplement No. 10 dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526016246/wfs_productsupp_10_2025_.htm)<br>●[Underlier supplement no. 48 dated March 24, 2026](https://www.sec.gov/Archives/edgar/data/886982/000119312526122516/underlier_supplement_no.htm)<br>●[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>●[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The estimated value of your notes at the time the terms of your notes are set on the pricing date is expected to be between $900 and $930 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your notes. |

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**The notes have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See "Risk Factors" in this term sheet and in the accompanying preliminary pricing supplement.** This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlier, the terms of the notes and certain risks.

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About Your Notes

**GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 48, WFS product supplement no. 10 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, underlier supplement no. 48, WFS product supplement no. 10 and preliminary pricing supplement, and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, underlier supplement no. 48, WFS product supplement no. 10 and preliminary pricing supplement if you so request by calling (212) 357-4612.**

Risk Factors

An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying WFS product supplement no. 10, accompanying underlier supplement no. 48, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of risk factors discussed in the accompanying preliminary pricing supplement (but not those discussed in the accompanying WFS product supplement no. 10, accompanying underlier supplement no. 48, accompanying prospectus supplement and accompanying prospectus). In addition to the below, you should read in full "Selected Risk Considerations" in the accompanying preliminary pricing supplement, " Risk Factors" in the accompanying WFS product supplement no. 10, "Additional Risk Factors Specific to the Securities" in the accompanying underlier supplement no. 48, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.

The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:

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| | |
|:---|:---|
| **<u>Risks Related to Structure, Valuation and Secondary Market Sales</u>**<br>▪The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Notes<br>▪The Notes Are Subject to the Credit Risk of the Issuer and the Guarantor<br>▪The Amount Payable on Your Notes Is Not Linked to the Level of the Underlier at Any Time Other Than the Determination Date<br>▪You May Receive Only the Face Amount of Your Notes at Maturity<br>▪Your Notes Do Not Bear Interest<br>▪The Potential for the Value of Your Notes to Increase Will Be Limited<br>▪You Have No Shareholder Rights or Rights to Receive Any Underlier Stock | &nbsp;&nbsp;&nbsp;&nbsp;▪The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors<br>**<u>Risks Related to Tax</u>**<br>▪Certain Considerations for Insurance Companies and Employee Benefit Plans<br>▪Your Notes Will Be Treated as Debt Instruments Subject to Special Rules Governing Contingent Payment Debt Instruments for U.S. Federal Income Tax Purposes<br>▪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<br>|

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For details about the license agreement between the underlier sponsor and the issuer, see "The Underliers - S&P 500<sup>®</sup> Index" on page S-127 of the accompanying underlier supplement no. 48.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

*This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlier, the terms of the notes and certain risks.*

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