Free Writing Prospectus (Form FWP)

Market Linked Notes - Auto-Callable with Upside Participation and Principal Return at Maturity

Notes Linked to the Lowest Performing of the Common Stock of Netflix, Inc., the Class A Common Stock of Alphabet Inc., the Common Stock of Microsoft Corporation, the Common Stock of NVIDIA Corporation and the Class A Common Stock of Meta Platforms, Inc. (formerly Facebook, Inc.) due October 25, 2029

Summary of Terms

Company (Issuer) and Guarantor:

GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor)

Hypothetical Payout Profile*

Market measures (each referred to as an "underlying stock," and collectively as the "underlying stocks"):

the common stock of Netflix, Inc. (current Bloomberg ticker: "NFLX UW"), the Class A common stock of Alphabet Inc. (current Bloomberg ticker: "GOOGL UW"), the common stock of Microsoft Corporation (current Bloomberg ticker: "MSFT UW"), the common stock of NVIDIA Corporation (current Bloomberg ticker: "NVDA UW") and the Class A common stock of Meta Platforms, Inc. (formerly Facebook, Inc.) (current Bloomberg ticker: "META UW")

Pricing date:

expected to be October 22, 2025

Issue date:

expected to be October 27, 2025

Calculation day:

expected to be October 22, 2029

Stated maturity date:

expected to be October 25, 2029

Starting price:

with respect to an underlying stock, the stock closing price of such underlying stock on the pricing date

Ending price:

with respect to an underlying stock, the stock closing price of such underlying stock on the calculation day

Lowest performing underlying stock:

For the call date or the calculation day, the underlying stock with the lowest underlying stock return on that day.

Underlying stock return:

with respect to an underlying stock on the call date or the calculation day:

stock closing price on such day - starting price

starting price

* assumes a call premium of 15.60% of the face amount.

If the notes are automatically called, the positive return on the notes will be limited to the call premium, even if the stock closing price of the lowest performing underlying stock on the call date significantly exceeds its starting price. If the notes are automatically called, you will not have the opportunity to participate in any appreciation of any underlying stock at the upside participation rate.

If the notes are not automatically called and the ending price of the lowest performing underlying stock on the calculation day is less than its starting price, you will not receive any positive return on the notes.

You should read the accompanying preliminary pricing supplement dated October 20, 2025, 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.

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:

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.

Upside participation rate:

100.00%.

Call date:

expected to be October 27, 2026

Call premium:

at least 15.60% of the face amount (at least $156.00 per note)

Call settlement date:

three business days after the call date

Automatic call:

if the stock closing price of the lowest performing underlying stock on the call date is greater than or equal to its starting price, the notes will be automatically called, and on the call settlement date the company will pay, for each $1,000 of the outstanding face amount, an amount in cash equal to $1,000 plus the call premium

Payment amount at maturity (for each $1,000 face amount of your notes):

$1,000 × underlying stock return of the lowest performing underlying stock on the calculation day × upside participation rate; or

Underwriting discount:

up to 3.075% 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 3.075% 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 2.00% 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.

CUSIP:

40058QMX4

Tax consequences:

See "Supplemental Discussion of U.S. Federal Income Tax Considerations" in the accompanying preliminary pricing supplement

* In addition, in respect of certain notes sold in this offering, GS&Co. may pay a fee of up to 0.30% 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.

About Your Notes

Risk Factors

Risks Related to Structure, Valuation and Secondary Market Sales

Risks Related to Tax