Goldman Sachs Group Inc. 424B Filings

GS Finance Corp. is offering $10-denominated leveraged buffered S&P 500® index-linked notes due 2028, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and reference the S&P 500 (SPX Index).

Key terms set on the trade date: trade date February 25, 2026, original issue date March 2, 2026, determination date February 25, 2028, and stated maturity date March 1, 2028. The notes offer an upside participation rate of 150% subject to a maximum settlement amount of $12.71 per $10 face amount. A buffer protects the first 10% of underlier decline (buffer level = 90%).

If the final underlier level is above the initial level, holders receive upside up to the capped amount. If the final level is at or above the buffer level but not above the initial level, holders receive the face amount. If the final level falls below the buffer level, holders incur leveraged downside (approximately 1.1111% loss of face per 1% decline beyond the buffer), potentially losing the entire investment.

GS Finance Corp. is offering leveraged buffered S&P 500® index-linked notes due 2028, guaranteed by The Goldman Sachs Group, Inc. The notes have a $1,000 face amount per note, do not bear interest, and settle in cash at maturity based on S&P 500 performance.

Key terms set on the trade date include an 150% upside participation rate, a 20% buffer (buffer level 80% of the initial underlier level), a buffer rate of 125%, and a maximum settlement amount of at least $1,212.50. Trade date is February 27, 2026, original issue date March 5, 2026, determination date February 28, 2028, and stated maturity date March 2, 2028. Payment scenarios are defined precisely in the supplement, including the conditions under which principal can be lost.

GS Finance Corp. is offering leveraged buffered S&P 500® index-linked notes due January 5, 2029, guaranteed by The Goldman Sachs Group, Inc. Each $1,000 face amount pays at maturity based on the S&P 500 performance from the March 30, 2026 trade date to the January 2, 2029 determination date.

If the final level is above the initial level, you receive $1,000 plus 200% participation of the index return capped at a maximum settlement amount of at least $1,230. If the final level is between the initial level and 85% (the buffer level), you receive $1,000. If the final level is below the buffer, losses are linear beyond the 15% buffer and you may lose a substantial portion of principal. The notes pay no interest and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. offers $1,000-face leveraged notes linked to the Nikkei 225 due March 13, 2031, guaranteed by The Goldman Sachs Group, Inc. The cash payment at maturity depends on the Nikkei 225 performance from the trade date to the determination date: if the final level is above the initial level, holders receive $1,000 + $1,000 × the upside participation rate × the underlier return; if the final level is equal to or below the initial level, holders receive $1,000 + $1,000 × the underlier return, exposing principal to loss.

The pricing assumes an upside participation rate of 127%, a trade date of March 9, 2026, original issue date March 12, 2026, and a determination date of March 10, 2031. Notes pay no interest, are paid in cash, and are subject to issuer and guarantor credit risk and uncertain U.S. federal tax treatment.

GS Finance Corp. offers autocallable, buffered notes linked to the SPDR® Gold Trust (GLD). The notes have an upside participation rate of 125%, a 10% buffer (buffer rate ~111.11%), an expected trade date of February 27, 2026, an expected original issue date of March 4, 2026, a call observation date of March 12, 2027 and an expected stated maturity of March 2, 2028.

If automatically called on the call observation date, the cash payment will be at least $1,162.50 per $1,000 face amount. If not called, maturity payoff depends on GLD performance: positive return = face plus 125% of ETF return; fall ≤10% = return of face; fall >10% = downside amplified by ~111.11%, potentially resulting in total loss. The notes pay no interest and carry issuer/guarantor credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is between $900 and $930 per $1,000 face amount.

GS Finance Corp. is using a Nasdaq-100 Technology Sector Index Supplement dated February 24, 2026 as part of Registration Statement No. 333-284538 to describe the Nasdaq-100 Technology Sector Index (Bloomberg: NDXT). The supplement defines the index methodology (equal-weighted, price return), its sponsor Nasdaq, Inc., launch date February 22, 2006, and provides historical annualized returns and volatilities through February 2, 2026.

The document highlights investment risks, including credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., concentration and foreign-market risks, and Nasdaq’s discretionary control over the index. The supplement may be used in initial sales and in GS&Co. market-making transactions.

GS Finance Corp. is offering callable S&P 500® Futures Excess Return Index‑linked notes due February 25, 2031, guaranteed by The Goldman Sachs Group, Inc. The aggregate face amount initially offered is $792,000 and the face amount per note is $1,000. The notes pay no interest, have an initial underlier level of 559.81 (measured on the trade date February 20, 2026) and an upside participation rate of 500%. At maturity the cash settlement per $1,000 depends on the final underlier level on the determination date: if above the initial level you receive $1,000 plus 5x the index return; if at or above 60% of the initial level you receive $1,000; if below 60% you suffer a loss pro rata and could lose your entire investment. The issuer may redeem the notes on specified monthly call payment dates beginning February 25, 2027, each with a pre-set call premium. The estimated value on the trade date was approximately $951 per $1,000 face amount; original issue price is 100% with an underwriting discount of 1.125%.

GS Finance Corp. supplements its prospectus for offerings of medium-term notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, describing index mechanics, risks and terms that may apply to offered notes. The supplement explains daily rebalancing, a 0.65% annual deduction, a 5% volatility control, possible heavy allocations to cash positions, and that specific note terms will be set in applicable pricing and product supplements.

GS Finance Corp. is offering contingent monthly coupon, equity-linked notes tied to the Class C capital stock of Alphabet Inc., Microsoft Corporation and NVIDIA Corporation with an aggregate face amount of $718,000. The notes pay a contingent coupon when each underlier is at or above 70% of its initial level on observation dates and repay principal at maturity based on the performance of the lesser performing underlier. The issuer may redeem the notes on coupon payment dates from August 2026 through November 2028. Trade date is February 20, 2026 and stated maturity is February 23, 2029. The notes are senior unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and are subject to issuer credit risk and potential total loss of principal if the lesser performing underlier falls below its trigger buffer level.

GS Finance Corp. is offering $4,704,900 aggregate face amount of autocallable notes linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc. The notes trade date is February 20, 2026 and original issue date is February 25, 2026. Quarterly call observation dates begin after 12 months; the autocall barrier is 100.00% of the initial index level. If automatically called, the notes pay the $10 face amount plus a call return that starts at 8.00% per annum and increases to 40.00% per annum on the final call, with corresponding cash amounts up to $14.00 per $10 at final call. If not called, maturity payment equals $10 plus $10 times the index return measured from the trade date to the determination date (February 20, 2031), which can result in a loss up to and including the entire investment. The original issue price is 100.00% of face and the estimated value at pricing was approximately $9.69 per $10 face amount. Minimum purchase is $1,000. All payments are subject to the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes pay no periodic interest.

GS Finance Corp. is offering auto-callable, non‑interest bearing notes due February 25, 2030 linked to the common stock of Apple Inc., the Class A common stock of Palantir Technologies Inc., and the Class A common stock of AppLovin Corporation. The notes will be automatically redeemed if, on any call observation date beginning March 1, 2027, the closing price of each index stock is at least 75% of its initial price.

If not called, the cash payment at maturity depends on trigger and buffer thresholds measured on the determination date February 20, 2030. Payments are capped at $1,970.032 per $1,000 face amount in certain outcomes, but can be significantly below principal if the lesser performing stock falls below 50% of its initial price. The trade date was February 20, 2026, original issue date February 25, 2026, issue price 100%, underwriting discount 1.95%, net proceeds 98.05%, and the estimated model value on the trade date was approximately $956 per $1,000 face amount.

The offered notes are issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The issuance links each $1,000 face amount to the MSCI EAFE Index with an aggregate face amount of $500,000. The notes pay no interest and mature on August 25, 2027 (determination date August 20, 2027), with the initial underlier level set at 3,127.06 as of February 19, 2026.

At maturity you receive cash per $1,000 face amount: (1) if the final level > initial level, $1,000 plus the underlier return subject to a maximum settlement amount of $1,240; (2) if the final level is between the buffer level and initial level (buffer = 85% of initial), you receive $1,000; (3) if the final level is below the buffer level, losses apply per the stated formula (buffer amount = 15%, buffer rate = 100%), and you could lose a substantial portion of principal. Terms are subject to adjustment as described in the general terms supplement.

GS Finance Corp. is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2029, fully guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of Uber Technologies, Inc. and pay contingent quarterly coupons dependent on the underlier meeting a 52% coupon trigger.

Trade date is February 24, 2026, original issue date February 27, 2026, determination date February 26, 2029 and stated maturity March 1, 2029. Notes are automatically called if the underlier closes at or above the initial level on a call observation date; maturity payoff is cash and can be as low as 0% of face if the final underlier level is sufficiently low.

GS Finance Corp. is offering structured, non‑interest bearing notes linked to an equally weighted basket of eight stocks with an expected stated maturity of March 2, 2028 and an expected call observation date of March 12, 2027.

The notes pay only on the call payment date or at maturity based on the basket's closing level. If automatically called, each $1,000 face amount will pay at least $1,178. At maturity, upside participation is 125%; a buffer protects declines up to 15% (buffer level 85%, buffer rate ~117.65%). The estimated value at pricing is between $900 and $930 per $1,000 face amount. Credit risk rests with GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor).

GS Finance Corp. is offering Medium‑Term Notes, Series F, guaranteed by The Goldman Sachs Group, Inc., linked to the lowest performing of three State Street SPDR ETFs and due March 29, 2029. Each security has a $1,000 face amount and may pay a contingent coupon quarterly of at least $31.875 per $1,000 (equivalent to 12.75% per annum) if the lowest performing underlier meets its coupon threshold (75% of its starting price).

The notes are auto‑callable on quarterly call dates from September 2026 through December 2028 if the lowest performing underlier is at or above its starting price; if called you receive face amount plus a final contingent coupon. If not called, principal at maturity depends on the ending price of the lowest performing underlier: if below the downside threshold (70% of starting price) you may lose more than 30%, possibly all, of your investment. The estimated value at pricing is between $925 and $955 per $1,000; original offering price is $1,000 with underwriting discount up to $25.75 and proceeds to issuer of $974.25.

GS Finance Corp. is offering non‑interest, equity‑linked notes tied to the common stock of Boston Scientific Corporation with an expected trade date of February 27, 2026, an expected automatic call observation on March 12, 2027, and an expected stated maturity on March 2, 2028.

The notes pay no periodic interest, are automatically called if the closing price on the call observation date is at or above the initial index stock price with a minimum call payment of $1,158.50 per $1,000 face amount, and otherwise pay at maturity based on the index stock return with a threshold settlement amount of $1,317, a buffer of 15% (buffer rate approx. 117.65%), and potential loss of principal if the final stock price falls below the buffer. The estimated value at pricing is between $900 and $930 per $1,000 face amount.

GS Finance Corp. is offering market linked, auto-callable notes with an aggregate face amount of $380,000 linked to a common share of Cameco Corporation.

The notes pay a $38.75 contingent quarterly coupon per $1,000 face amount (a contingent coupon rate of 15.50% per annum) if the underlying stock meets the coupon threshold (50% of the starting price). The starting price is $121.35, the pricing date is February 20, 2026, the original issue date is February 25, 2026, and the stated maturity date is February 23, 2029. If not called, holders receive a maturity payment tied to the ending price versus the downside threshold (50% of the starting price), exposing investors to potential loss of more than 50% of principal; estimated value at pricing was approximately $960 per $1,000 face amount. The offering carries customary underwriting discounts (2.325%) and is subject to the issuers and guarantors credit risk.

The Goldman Sachs Group, Inc. is issuing $1,000,000 principal amount of fixed rate notes. The notes pay interest at 5.25% per annum from the original issue date February 24, 2026 to but excluding the stated maturity date February 26, 2046, with annual interest payments each February 24, commencing February 24, 2027.

The original issue price is 100% of principal, with an underwriting discount of 2.5% (net proceeds to issuer 97.5%). Goldman Sachs & Co. LLC agreed to purchase the offered notes and may act as a market maker in resales; the notes will be issued in book-entry form through DTC.

The Goldman Sachs Group, Inc. is offering $2,000,000 of fixed rate senior notes due February 24, 2031 pursuant to its Medium-Term Notes, Series N program. The notes carry a 4.50% per annum fixed interest rate, pay interest semiannually on February 24 and August 24, and accrue from the original issue date of February 24, 2026.

The notes will be issued at 100% of principal with an underwriting discount of 0.15% and net proceeds to the issuer of 99.85% of principal. The notes will be issued in book-entry form through DTC and will not be listed on any exchange.

The Goldman Sachs Group, Inc. is offering fixed rate notes with a principal amount of $4,000,000 under its Medium-Term Notes, Series N program. The notes bear interest at 4.65% per annum from the original issue date of February 24, 2026 and mature on February 24, 2033.

Interest is payable semiannually on the 24th of February and August, commencing August 24, 2026. The original issue price is 100% with an underwriting discount of 0.7% (net proceeds 99.3%). The notes will not be listed and will be issued in book-entry form through DTC. The offering is subject to distribution and jurisdictional restrictions described in the supplement.

The Goldman Sachs Group, Inc. is offering senior fixed rate notes with a principal amount of $2,000,000 under its Medium-Term Notes, Series N program. The notes bear interest at 4.40% per annum, accrue from the original issue date February 24, 2026, pay interest semiannually on February 24 and August 24, and mature on February 24, 2031.

The notes will be issued at an original issue price of 100% of principal, with an underwriting discount of 0.6% and net proceeds to the issuer of 99.4% of principal. The notes will not be listed on any exchange and will be issued in book-entry form through DTC.

The Goldman Sachs Group, Inc. is offering notes with a principal amount of $2,000,000 that pay interest at 4.75% per annum from the original issue date to the stated maturity date of February 24, 2033. Interest payments occur each February 24 and August 24, beginning August 24, 2026. The notes will be issued at an original issue price of 100% with an underwriting discount of 0.3% and net proceeds to the issuer of 99.7%. The notes will not be listed on any exchange, will be issued in book-entry form through DTC, and are not bank deposits or FDIC-insured. Goldman Sachs & Co. LLC is the calculation agent and initial purchaser; the offering is subject to distribution restrictions in the EEA, UK, Hong Kong, Singapore and Japan.

The Goldman Sachs Group, Inc. is offering $15,000,000 principal of Callable Fixed Rate Notes due February 24, 2029.

The notes pay interest at 4.15% per annum from the original issue date February 24, 2026, with semiannual interest payments on February 24 and August 24 (first payment August 24, 2026). The initial price to public is 100% and the underwriting discount is 0.393%, yielding proceeds before expenses to The Goldman Sachs Group, Inc. of $14,941,050.

The notes are callable by the issuer in whole (not in part) on each redemption date on or after February 24, 2027 (each Feb 24, May 24, Aug 24, Nov 24) at a redemption price equal to 100% of principal plus accrued and unpaid interest, subject to at least five business days' prior notice.

The Goldman Sachs Group, Inc. is issuing fixed-rate senior notes with a principal amount of $2,000,000 under its Medium-Term Notes, Series N program. The notes bear interest at 4.10% per annum, pay interest semiannually on February 24 and August 24 (with February 2029 payment on maturity), and mature on February 26, 2029. The notes will be issued at 100% of principal with an underwriting discount of 0.35% (net proceeds 99.65%). They will not be listed, are issued in book-entry form via DTC, and use the 30/360 (ISDA) day-count convention. Goldman Sachs & Co. LLC is the calculation agent and initial purchaser.

GS Finance Corp. issues Step Down Trigger Autocallable Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no coupons, have a $10 face amount, and may be automatically called on semi-annual observation dates for predetermined call returns that rise over time (example: 15.20% per annum at first call). If not called, the cash settlement at maturity is linked to the lesser performing of the S&P 500®, Russell 2000® and EURO STOXX 50® indices and can result in a loss up to the full investment; downside thresholds are 90.00% of initial index levels. Payments depend on issuer and guarantor creditworthiness and the notes may have limited secondary-market liquidity.

GS Finance Corp. is offering principal-protected structured notes linked to the common stock of Take-Two Interactive Software, Inc. The notes mature on March 9, 2028 and reference an initial index stock price set on the trade date (expected March 4, 2026) with a determination date expected on March 6, 2028.

The notes pay no interest; returns depend on the index stock return with an upside participation rate of 150%, a cap price of 128.5% of the initial index stock price (maximum settlement amount $1,427.5 per $1,000), and a buffer of 20% (buffer price 80%). The estimated value at pricing is expected to be between $925 and $955 per $1,000 face amount. The notes are unsecured obligations of GS Finance Corp. and are subject to issuer and guarantor credit risk.

GS Finance Corp. is offering Digital S&P 500® Index-Linked Notes due March 3, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and settle based on the S&P 500 performance measured from the trade date (February 26, 2026) to the determination date (February 26, 2031).

Payoff structure per $1,000 face: if final index >= 85% of initial level you receive $1,387; if final index is >= 70% but <85% you receive $1,000; if final index <70% you suffer a loss equal to the index return and could lose your entire investment. Estimated value at terms-setting is between $885 and $925 per $1,000 face.

GS Finance Corp. is offering leveraged, buffered Nasdaq-100 Index®-linked notes due March 1, 2029, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and does not pay interest.

Cash at maturity depends on the Nasdaq-100 performance from the trade date (February 26, 2026) to the determination date (February 26, 2029): upside participation is 125% subject to a maximum settlement amount of $1,426.50 per $1,000 face amount; a 15% buffer (buffer level = 85%) protects principal only if the underlier decline is ≤ the buffer; losses accrue pro rata below the buffer.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due March 3, 2035 with a stated interest rate of 5.00% per annum. Interest is expected to accrue from and including the original issue date (expected March 3, 2026) and to be paid semiannually each March 3 and September 3, beginning September 3, 2026.

The notes are callable by the issuer, in whole but not in part, on scheduled redemption dates on or after March 3, 2028 at a redemption price equal to 100% of principal plus accrued interest, with at least five business days’ prior notice. The notes will be issued in book-entry form through DTC, will settle through DTC, are not FDIC insured, and are subject to FATCA withholding rules. Delivery is expected in New York on March 3, 2026.

The Goldman Sachs Group, Inc. is offering Callable Step-Up Fixed Rate Notes due 2046 that pay 5.00% per annum from the original issue date (expected March 16, 2026) through March 16, 2034 and 7.25% per annum thereafter to the stated maturity (expected March 16, 2046).

Interest is expected to be paid annually each March 16, beginning March 16, 2027. The issuer may redeem the notes in whole (not in part) on scheduled quarterly redemption dates on or after March 16, 2029, with at least five business days’ notice, at a redemption price equal to 100% of principal plus accrued interest. The notes will be issued in book-entry form through DTC. The initial public price will vary for certain accounts; underwriting by Goldman Sachs & Co. LLC and InspereX LLC. FATCA withholding applies.

The Goldman Sachs Group, Inc. is offering $20,000,000 of callable floating rate notes due February 23, 2031. Each note has a $1,000 denomination, will pay compounded SOFR plus a 1.40% spread (floored at 0.00% and capped at 5.25%), with quarterly interest payments beginning May 23, 2026.

The issuer may redeem the notes in whole on any interest payment date on or after February 23, 2027, upon at least five business days’ notice at 100% of principal plus accrued interest. Interest will be determined by the calculation agent, GS&Co., and compounded SOFR may be replaced under benchmark-transition provisions.

The Goldman Sachs Group, Inc. is offering $17,000,000 of Callable Fixed Rate Notes due February 23, 2046 with an interest rate of 5.80% per annum, payable annually each February 23 beginning February 23, 2027.

The notes are callable at issuer option on scheduled redemption dates beginning on or after February 23, 2028, at a redemption price equal to 100% of principal plus accrued interest. The notes will be issued in $1,000 denominations and settle through DTC on February 23, 2026.

GS Finance Corp. priced a Trigger Autocallable GEARS due, guaranteed by The Goldman Sachs Group, Inc., linked to the Class A common stock of Palantir Technologies Inc. The trade date is February 24, 2026, original issue date February 27, 2026, call observation date March 3, 2027 and stated maturity March 1, 2029. Key economic terms set on the trade date include upside gearing 1.50, an autocall barrier at 100.00% of the initial index stock price, a downside threshold at 75.00% and a call return expected between 37.50% and 39.70%. The securities pay no coupons; holders face full downside market exposure at maturity if the final stock price is below the downside threshold, and all payments are subject to the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, with a 133% upside participation, a 20% buffer (buffer level = 80%) and a stated maturity of March 1, 2029. For each $1,000 face amount, payoff at maturity is: (1) $1,000 plus the upside participation times the underlier return if the final level is above the initial level; (2) $1,000 if the final level is between the buffer level and the initial level; or (3) a reduced cash amount if the final level is below the buffer level, producing losses that can be substantial. Trade date is February 26, 2026 and original issue date is March 3, 2026. The notes do not pay interest and are subject to issuer and guarantor credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc..

GS Finance Corp. is offering Autocallable Contingent Coupon Equity-Linked Notes due 2028, guaranteed by The Goldman Sachs Group, Inc. The trade date is February 25, 2026, original issue date February 27, 2026 and stated maturity is March 3, 2028.

The notes reference the common stock of Salesforce, Inc., Palantir Technologies Inc. and Rivian Automotive, Inc.. Monthly coupons are contingent and computed using a $22.5 factor per coupon observation schedule, payable only if each underlier is ≥ 50% of its initial level on the related coupon observation date. The notes are automatically called if, on any call observation date, each underlier closes ≥ its initial level; if not called, the maturity cash payment for each $1,000 face amount is either $1,000 (if the lesser performing underlier ≥ its trigger buffer level of 50%) or $1,000 × the lesser performing underlier return, meaning investors could lose their entire investment.

GS Finance Corp. is offering 520,000 units of Autocallable Contingent Coupon (with Memory) Barrier Notes linked to an equally weighted basket of Arista Networks, Cisco Systems and Corning, due February 28, 2028 and guaranteed by The Goldman Sachs Group, Inc.

The public offering price is $10.00 per unit (aggregate $5,200,000), the estimated value at pricing was approximately $9.59 per $10 principal amount, underwriting discount is $0.15 per unit, and proceeds to GSFC before expenses are $9.85 per unit. Minimum initial purchase is $100,000. Coupons of $0.38375 per unit apply per quarterly Coupon Payment Date when the Observation Value meets the 80% Coupon Barrier; automatic calls occur if the Call Value (100% of Starting Value) is met on Call Observation Dates. All payments are subject to issuer and guarantor credit risk and limited secondary market liquidity.

GS Finance Corp. priced structured, non‑interest notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes have a $1,000 face amount per note, trade date February 18, 2026, original issue date February 23, 2026 and stated maturity (final) February 21, 2031.

If a call observation date condition is met beginning in February 2027, the notes will be automatically redeemed for $1,000 plus an applicable call premium (call levels and premiums listed on page PS‑7). If not called, payment at maturity depends on the underlier return measured from initial underlier level 478.23 to the final level on the determination date. A final underlier level ≥ 60% of the initial level pays the maximum settlement of $1,950.04 per $1,000 face amount; declines below that buffer can produce losses up to the full principal. The underlier applies a 6.0% per annum daily decrement, may use up to 500% leverage, and caps daily leverage change at 100%. The issuer’s estimated model value at pricing was approximately $962 per $1,000 face amount; issue price was 100% of face amount with an underwriting discount of 0.9%.

GS Finance Corp. is offering structured, non‑interest bearing notes linked to SLV and GLD with an aggregate original face amount of $1,675,000. The notes have an original issue price of 100%, an underwriting discount of 2% (plus a structuring fee up to 0.8%), and a trade date of February 18, 2026 with original issue date February 23, 2026.

Notes mature on February 22, 2030 unless automatically called on scheduled call observation dates beginning February 18, 2027. Automatic call requires each ETF to close at or above 90% of its initial level and pays the face amount plus a specified call premium (call premiums rise over time). If not called, maturity pay‑out depends on the lesser performing ETF with a maturity premium cap of 56%. The pricing models estimated value at issuance is approximately $966 per $1,000 face amount. Payments depend on the issuer’s and guarantor’s creditworthiness and on specified market disruption and successor‑underlier provisions.

GS Finance Corp. is offering Bearish Absolute Return S&P 500® Index-Linked Notes due February 23, 2028, guaranteed by The Goldman Sachs Group, Inc.. The notes reference the S&P 500® Index with an initial index level of 6,881.31 (trade date February 18, 2026).

Payoff rules: for each $1,000 face amount, investors receive $1,029 if the index return is ≥0% or < -40%; if index return is between -5% and -40% the payoff equals the absolute underlier return; if return is between -5% and 0% payoff equals the index return (negative). The notes carry a contingent return of 2.9%. The original issue price is 100% with an underwriting discount of 1.5% and net proceeds to issuer of 98.5%. Estimated value at pricing was approximately $982 per $1,000 face amount.

GS Finance Corp. priced leveraged buffered notes linked to Invesco QQQ Series 1 ("QQQ") due February 23, 2029. Each $1,000 face amount pays at maturity either (1) $1,000 plus 69.15% of the positive ETF return, (2) $1,000 if the ETF falls up to 30%, or (3) a reduced cash settlement if the ETF declines by more than 30%, which can result in substantial principal loss.

The initial underlier level is $601.30 (set February 17, 2026), the participation rate is 69.15%, the buffer is 30% (buffer level = 70% of initial level), and the estimated value at term-setting was approximately $990 per $1,000 face amount. Payments are subject to issuer and guarantor credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., market-disruption and calculation-agent discretions, potential tax uncertainties, and limited liquidity.

GS Finance Corp. offers $7,500,000 of Trigger Autocallable GEARS due 2029, guaranteed by The Goldman Sachs Group, Inc. The securities are linked to the common stock of NVIDIA Corporation (initial index stock price $187.98) and may be automatically called if the index stock closes at or above the autocall barrier (100.00% of the initial price) on the call observation date.

Key terms: upside gearing 1.50, downside threshold 80.00% of the initial price, call return 30.30%. Trade date February 18, 2026, original issue date February 23, 2026, call observation date February 25, 2027 (call payment date March 2, 2027), determination date February 20, 2029 and stated maturity date February 23, 2029. The estimated value on the trade date was approximately $9.64 per $10 face amount; original issue price is 100.00% with a 2.50% underwriting discount (net proceeds 97.50%).

GS Finance Corp. is offering structured notes linked to the Russell 2000® Index, the iShares® Expanded Tech-Software Sector ETF and the iShares® Silver Trust maturing on February 23, 2029. Coupons of $11.834 per $1,000 (1.1834% monthly, ~14.2% annually) will be paid on a coupon payment date only if the closing level of each underlier on the related coupon observation date is at least 50% of its initial level.

If not redeemed by the issuer, principal at maturity is tied to the performance of the lesser performing underlier: if that underlier’s final level is at least 50% of its initial level you receive $1,000 plus any final coupon; if it is below 50%, the cash settlement equals $1,000 plus (lesser performing underlier return × $1,000), which can result in substantial principal loss. The notes may be redeemed at issuer option on monthly coupon dates commencing August 2026 through January 2029 at 100% of face plus any coupon then due. The original issue price is 100% of face, underwriting discount 0.7%, net proceeds 99.3%, and the estimated value at pricing was approximately $943 per $1,000 face amount.

GS Finance Corp. offers Jump Securities guaranteed by The Goldman Sachs Group, Inc. This pricing supplement sets terms for principal-at-risk notes linked to a weighted basket of five international equity indices, with an upside payment of $300 (a 30.00% return) if the basket finishes at or above an 130.00% threshold and a 145.00% leverage factor (set on the pricing date) for larger appreciations. The basket initial value is 100 and components include EURO STOXX 50 (40.00%), TOPIX (25.00%), FTSE 100 (17.50%), SMI (10.00%) and S&P/ASX 200 (7.50%). Estimated value per $1,000 principal is in the range $890 to $950. All payments are subject to the issuer and guarantor credit risk and investors may lose some or all principal.

GS Finance Corp. issues GS Finance Corp. buffered S&P 500® index-linked notes due February 23, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return a cash settlement per $1,000 face amount based on the S&P 500 return from an initial level of 6,843.22 on February 17, 2026 to the determination date, with a 20% downside buffer and an 86% participation rate for positive index returns. If the final index level is between the initial level and a 20% decline, holders receive the face amount; if the final level declines by more than 20%, holders bear losses that can be substantial. The original issue price is 100% of face, estimated value at trade date ~$992 per $1,000 face amount, underwriting discount 0.85%, and net proceeds to issuer 99.15%. Purchases are subject to issuer and guarantor credit risk, limited liquidity, tax uncertainty, and other described structural risks.

GS Finance Corp. is offering leveraged buffered notes linked to the iShares® Russell 2000 ETF (IWM) with a stated maturity of February 23, 2029. The aggregate original face amount is $557,000. The initial underlier level is $263.04 (set on February 17, 2026), the participation rate is 72.5%, and the buffer level is 70% (a 30% buffer).

At maturity, for each $1,000 face amount you receive: (1) if the final level > initial level, $1,000 plus $1,000×72.5%×(underlier return); (2) if final level declines up to 30%, $1,000; (3) if final decline exceeds 30%, $1,000 plus $1,000×(underlier return + 30%), which can result in substantial principal loss. The estimated value on the trade date was approximately $987 per $1,000 face amount. The notes are unsecured obligations of GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.; they do not pay interest and are subject to issuer and guarantor credit risk.

GS Finance Corp. is offering floating rate notes due March 4, 2033, guaranteed by The Goldman Sachs Group, Inc. The notes pay interest equal to compounded SOFR plus a spread of 1.080%, subject to a minimum interest rate of 0.50%, with quarterly payments expected beginning June 4, 2026. Each note has a principal amount of $1,000 (and integral multiples), is not listed on any exchange, is not FDIC insured, and will have Goldman Sachs & Co. LLC as calculation agent. The prospectus notes market and credit risk, possible benchmark replacement for SOFR, limited liquidity, and that additional notes may be sold at different issue prices on the issuer’s sole option.

GS Finance Corp. is offering medium-term notes with an aggregate face amount of $6,850,000 linked to the common stock of Microsoft Corporation. The notes pay a contingent quarterly coupon and are subject to the automatic call feature.

Each $1,000 face amount pays quarterly coupons conditioned on the underlier closing at or above 70% of the initial level and will be automatically called if Microsoft closes at or above the initial underlier level of $399.60 on a call observation date. If not called, maturity is February 23, 2029, with principal returned in cash based on the final underlier level; investors could lose their entire investment if the final level is below the 70% trigger buffer.

GS Finance Corp. offers structured notes maturing February 16, 2029, backed by a guaranty of The Goldman Sachs Group, Inc. The notes pay monthly contingent coupons linked to the common stocks of Micron Technology, Inc., The Allstate Corporation and Cummins Inc. Coupons accrue at $9.167 per $1,000 (0.9167% monthly) when any index stock on a coupon observation date is >= 60% of its initial price. Notes are subject to automatic redemption if, on a call observation date, each index stock is >= its initial price set on February 13, 2026. If not called, maturity payoff depends on a trigger event measured on the determination date February 13, 2029: if every final price is lower than its initial price and any final price is below 50% of initial, the maturity payment is reduced pro rata by the lesser performing stock return. The aggregate face amount initially offered is $2,000,000. Trade date is February 18, 2026, original issue date February 23, 2026, original issue price 100%, underwriting discount 0.7%, net proceeds to issuer 99.3%. The pricing models estimated the notes’ value at approximately $958 per $1,000 face amount on the trade date.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non‑interest bearing notes linked to the iShares® Silver Trust (SLV). The trade date is expected to be February 27, 2026, with an original issue date of March 4, 2026 and a stated maturity expected on April 1, 2027.

For each $1,000 face amount, if SLV's final level on the determination date is at least 60% of the initial level you receive a capped $1,137.50. If SLV falls more than 40%, your cash payment falls in direct proportion to the ETF return and you could lose your entire investment. The estimated value at pricing is between $925 and $955 per $1,000 face amount; original issue price is 100% with an underwriting discount of 1.1%.