Free Writing Prospectus pursuant to Rule 433 dated September 25, 2026

Registration Statement No. 333-284538

Autocallable S&P 500® Futures 35% VT Adaptive Response 6% Decrement Index (USD) ER-Linked Notes due

OVERVIEW

The notes do not bear interest.  The notes will mature on the stated maturity date unless they are automatically called on any call observation date commencing in March 2027. Your notes will be automatically called on a call observation date if the closing level of the S&P 500^® Futures 35% VT Adaptive Response 6% Decrement Index (USD) ER on such date is greater than or equal to the initial underlier level, resulting in a payment on the corresponding call payment date equal to (i) the face amount of your notes plus (ii) the product of $1,000 times the applicable call premium amount.

The underlier attempts to provide exposure to the S&P 500^® Futures Excess Return Index with a rules-based overlay that adjusts exposure to the S&P 500^® Futures Excess Return Index on a daily basis. The objective of these rules, taken collectively, is to create an underlier that provides for volatility-adjusted exposure to the S&P 500^® Futures Excess Return Index, coupled with further adjustments based on calendar-based signals and price patterns, subject to a maximum exposure of 450% and a maximum daily change in leverage of 100%. In addition, the underlier is subject to a daily decrement of 6.0% per annum. The S&P 500^® Futures Excess Return Index tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500^® Index. Generally, the return on an investment in a futures contract is correlated with, but not the same as, the return on buying and holding the securities underlying such contract. The underlier is subject to risks associated with the use of significant leverage. Investors should be aware that the use of leverage will magnify and accelerate any negative performance of the underlier. The underlier is also subject to a cap on the maximum daily change in leverage of 100%, which may result in the underlier leveraging up more slowly in the event of a market rally, and/or deleveraging more slowly in the event of a market sell-off, compared to an identical underlier that does not cap the amount of daily leverage change. In addition, a per annum deduction that is a fixed 6.0% of the underlier level, also known as a decrement, is deducted daily, even when the underlier is not fully invested. The deduction of the decrement has the effect of offsetting positive returns, and worsening negative returns, on the performance of the underlier, and the inclusion of the decrement means the underlier will trail the performance of an identical underlier without such a decrement feature. In addition, the underlier may be significantly uninvested in the S&P 500^® Futures Excess Return Index on any given day, and, in that case, will realize only a portion of any gains in the appreciation of the S&P 500^® Futures Excess Return Index or the E-mini S&P 500 futures contracts on that day and any uninvested portion will earn no return. The underlier attempts to provide exposure to the S&P 500^® Futures Excess Return Index. The S&P 500^® Futures Excess Return Index tracks futures contracts on the S&P 500^® Index and is likely to underperform the total return performance of the S&P 500^® Index because of an implicit financing cost. The description above is only a summary. For a more detailed description of the underlier and its risks, please see “Index Summary” on page PS-3 of the accompanying preliminary pricing supplement and “Additional Risk Factors Specific to Your Notes” on page PS-14 of the accompanying preliminary pricing supplement.

If your notes are not automatically called, the amount that you will be paid on your notes on the stated maturity date will be based on the performance of the index as measured from the trade date to and including the determination date.

If the final underlier level on the determination date is greater than or equal to the initial underlier level, the return on your notes will be positive and you will receive the maximum settlement amount of $2,200 for each $1,000 face amount of your notes. If the final underlier level declines by up to 50% from the initial underlier level, you will receive the face amount of your notes. If the final underlier level declines by more than 50% from the initial underlier level, the return on your notes will be negative. You could lose your entire investment in the notes.

The return on your notes is capped. If the notes are automatically called, the maximum payment you would receive for each $1,000 face amount of your notes is equal to (i) $1,000 plus (ii) the product of $1,000 times the applicable call premium amount. If your notes are not automatically called, the maximum payment you would receive on the stated maturity date for each $1,000 face amount of your notes is $2,200.  

You should read the accompanying preliminary pricing supplement dated September 25, 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., as well as the risks associated with the underlier, including the use of leverage and a decrement.

If your notes are automatically called on the first call observation date (i.e., on the first call observation date the closing level of the underlier is greater than or equal to the initial underlier level), the amount in cash that we would deliver for each $1,000 face amount of your notes on the applicable call payment date would be the sum of $1,000 plus the product of the applicable call premium amount times $1,000. If, for example, the closing level of the underlier on the first call observation date were determined to be 140% of the initial underlier level, your notes would be automatically called and the amount in cash that we would deliver on your notes on the corresponding call payment date would be 112% of the face amount of your notes or $1,120 for each $1,000 of the face amount of your notes.

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, general terms supplement no. 17,745, September 2026 S&P 500^® Futures 35% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, S&P 500^® Futures Adaptive Response Indices Supplement No. 2 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, general terms supplement no. 17,745, September 2026 S&P 500^® Futures 35% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, S&P 500^® Futures Adaptive Response Indices Supplement No. 2 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, general terms supplement no. 17,745, September 2026 S&P 500^® Futures 35% VT Adaptive Response 6% Decrement Index (USD) ER Supplement Addendum, S&P 500^® Futures Adaptive Response Indices Supplement No. 2 and preliminary pricing supplement if you so request by calling (212) 357-4612.

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

RISK FACTORS

An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying S&P 500^® Futures Adaptive Response Indices Supplement No. 2, accompanying general terms supplement no. 17,745, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Additional Risk Factors Specific to Your Notes” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Indices” in the accompanying S&P 500^® Futures Adaptive Response Indices Supplement No. 2, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,745, 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:

The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,745:

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

The following risk factors are discussed in greater detail in the accompanying prospectus:

For details about the license agreement between the underlier sponsor and the issuer, see “Background on the S&P 500^® Futures Excess Return Index” on page S-19 of the accompanying S&P 500^® Futures Adaptive Response Indices Supplement No. 2.