Goldman Sachs Group Inc. 424B Filings

GS Finance Corp. offers Trigger Autocallable Contingent Yield Notes due 2031, guaranteed by The Goldman Sachs Group, Inc., linked to the lesser performing of the Russell 2000® and Nasdaq-100® indices. The notes pay a quarterly contingent coupon per $10 between $0.1925 and $0.2025 (up to 7.70%–8.10% per annum) only if both indices meet coupon barriers on observation dates.

The trade date is February 25, 2026, original issue date February 27, 2026, first call opportunity August 2026, determination date February 25, 2031 and stated maturity February 28, 2031. Coupon barriers equal 70.00% and downside thresholds equal 60.00% of initial index levels. Estimated value at pricing is between $9.50 and $9.80 per $10 face amount; original issue price is 100.00% of face amount with a 2.25% underwriting discount (net proceeds 97.75% of face).

GS Finance Corp. offers contingent coupon index-linked notes due March 2, 2029, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and monthly observation dates beginning in March 2026. Monthly coupons (up to 0.5709% per month) are paid only if the S&P 500 closing level on an observation date is at or above 80% of the initial level. At maturity the cash payment depends on the index return: full principal if final index ≥ 80% of initial, principal only if between 70% and 80%, and a pro rata loss if final index < 70%. The estimated value at pricing is between $925 and $955 per $1,000 face amount.

GS Finance Corp. offers principal-protected, non-interest-bearing notes linked to an equally weighted 7-stock basket. The notes have an expected trade date of February 24, 2026, an expected original issue date of February 27, 2026, and an expected stated maturity date of March 1, 2029. The initial basket level is 100 and the basket comprises AMD, Barrick, Intel, Lam Research, Micron, Northrop Grumman, and Western Digital.

At maturity each $1,000 face amount will return $1,000 if the final basket level is equal to or below the initial level, or $1,000 plus the basket return (100% participation) subject to a cap of $1,280 per $1,000. 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 guaranteed by The Goldman Sachs Group, Inc.

GS Finance Corp. offers Trigger GEARS linked to the STOXX® Europe 600 Index, guaranteed by The Goldman Sachs Group, Inc. The securities mature on February 27, 2031 with a determination date of February 25, 2031.

Key terms include an expected upside gearing between 1.68 and 1.88, a downside threshold of 75.00% of the initial index level, an original issue price equal to 100.00% of face amount, an underwriting discount of 3.50%, and an estimated value of $9.00–$9.30 per $10 face amount on the trade date.

GS Finance Corp. is offering Leveraged Buffered Equity-Linked Notes due 2028, guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of Amazon.com, Inc. (Bloomberg: "AMZN UW").

Key economics set on the trade date: $1,000 face amount per note; 150% upside participation capped at a $1,357.50 maximum upside settlement amount; a 20% buffer (buffer level = 80% of initial level). Trade date is February 26, 2026, original issue date March 3, 2026, determination date February 28, 2028, and stated maturity March 2, 2028. Notes do not bear interest.

Cash payment at maturity depends on final underlier level: full leveraged upside up to the cap if the final level ≥ initial level; a positive payment equal to the absolute decline if the final level declines up to the 20% buffer; and a proportional loss of principal if the decline exceeds the buffer. Investors are subject to the credit risk of the issuer and guarantor and could lose a substantial portion of principal.

GS Finance Corp. offers Leveraged Buffered S&P 500® Futures Excess Return Index-Linked Notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay at maturity a cash amount per $1,000 face based on the S&P 500 Futures Excess Return Index performance from the trade date to the determination date, with an upside participation rate of 148%, a 10% buffer (buffer level = 90% of initial underlier) and a buffer rate of approximately 111.11%. If the final underlier exceeds the initial level you receive $1,000 plus participation; if the final level is between the buffer and initial you receive $1,000; if the final level is below the buffer you incur leveraged downside and may lose your entire investment. Notes do not bear interest and are subject to issuer and guarantor credit risk and market, roll-yield, liquidity and tax uncertainties.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes that pay interest at 4.15% per annum, expected to be issued on February 24, 2026 and expected to mature on February 24, 2029.

Interest is payable semiannually on expected payment dates of February 24 and August 24, beginning on August 24, 2026. The issuer may redeem the notes in whole, but not in part, on scheduled redemption dates expected on the 24th of February, May, August and November on or after February 24, 2027, at a redemption price equal to 100% of principal plus accrued interest. Delivery is expected to occur in New York on February 24, 2026.

GS Finance Corp. is offering leveraged buffered equity-linked notes due March 2, 2028, guaranteed by The Goldman Sachs Group, Inc.. The notes pay no interest and return a cash amount per $1,000 face based on the performance of the underlier (Bloomberg ticker: "QCOM UW") from the trade date to the determination date.

If the final underlier level is at or above the initial level, holders receive $1,000 plus $1,000×the upside participation rate×underlier return, capped at $1,510. If the final level declines up to the 20% buffer (to 80% of the initial level), holders receive $1,000 plus the absolute underlier return. If the final level falls below the buffer, losses occur dollar-for-dollar relative to the decline below the buffer.

GS Finance Corp. offers structured, cash-settled notes linked to the S&P 500® Index, fully guaranteed by The Goldman Sachs Group, Inc. Each $1,000 face amount pays no interest and returns depend on the index performance from the trade date to the determination date, with a 15% buffer and an upside participation rate of 200%, capped at a $1,205 maximum settlement amount.

The notes mature on or about February 15, 2028, have an aggregate face amount of $15,230,000, and were issued at 100% of face with a 0.65% underwriting discount.

GS Finance Corp. priced an offering of notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER with an aggregate face amount of $750,000 on original issue. The notes mature on February 21, 2031 unless automatically called beginning August 2026 through January 2031.

Coupons accrue monthly and are payable only if the index closing level on an observation date is at least 70% of the initial underlier level of 471.27. The index applies a daily 6.0% per annum decrement, may use up to 500% leverage with a daily leverage-change cap of 100%, and can be significantly uninvested on some days. The pricing supplement shows an estimated value of approximately $964 per $1,000 face amount on the trade date.

The Goldman Sachs Group, Inc. is offering callable floating rate notes due February 23, 2031. Each note has a principal amount of $1,000. Interest is compounded SOFR plus a spread of 1.40%, subject to a 0.00% floor and a 5.25% cap, paid quarterly beginning May 23, 2026. The notes are expected to be issued on February 23, 2026 and may be redeemed by the issuer in whole, but not in part, on any interest payment date on or after February 23, 2027 upon at least five business days’ notice at a redemption price equal to 100% of principal plus accrued interest. Goldman Sachs & Co. LLC will act as calculation agent. The notes are unsecured obligations and are not FDIC insured.

GS Finance Corp. offers medium-term notes with a $3,000,000 aggregate face amount under a pricing supplement dated February 17, 2026. The notes pay a contingent monthly coupon of 0.8459% (up to approximately 10.15% per annum) if each underlier meets its 65% coupon trigger on observation dates and may be automatically called if all underliers equal or exceed their initial levels on a call observation date. If not called, the cash settlement at maturity on February 21, 2031 is based solely on the performance of the lesser performing underlier (Russell 2000, S&P 500, EURO STOXX 50) relative to its initial level; investors could lose their entire investment.

The notes are issued by GS Finance Corp. and unconditionally guaranteed by The Goldman Sachs Group, Inc.; they are subject to issuer and guarantor credit risk, limited secondary-market liquidity, fees including a 0.7% underwriting discount, and tax and foreign-market risks described in the supplement.

GS Finance Corp. offers cash-settled, non‑interest notes guaranteed by The Goldman Sachs Group, Inc., linked to an equally weighted basket of Bank of America, JPMorgan Chase and Morgan Stanley. The notes mature on April 22, 2027 with a determination date of April 19, 2027 and an initial basket level of 100.

Key economics: aggregate face amount $1,000,000 on original issue; issue price 100% of face; underwriting discount 2.35%; estimated value at pricing ~$967 per $1,000 face. Upside participation is 300% subject to a cap: maximum settlement amount $1,268 per $1,000 face; downside equals the basket return (possible total loss of principal).

GS Finance Corp. is offering non‑interest bearing, callable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index with a trade date of February 17, 2026 and a stated maturity date of February 23, 2033. If the final index level on the determination date is ≥ 102% of the initial index level of 113.19, each $1,000 face amount pays a capped $1,927.50; otherwise you receive $1,000 at maturity.

The notes are subject to automatic calls on specified semiannual observation dates beginning February 17, 2027, with call returns that increase over time. The estimated value at pricing was approximately $956 per $1,000 face amount; original issue price was 100% with a 1% underwriting discount.

The Goldman Sachs Group, Inc. is offering Callable Fixed Rate Notes due March 6, 2046 that pay interest at 5.75% per annum, with interest expected to accrue from and including the original issue date (expected March 6, 2026) and to be paid annually on each March 6, beginning March 6, 2027.

The notes are callable by the issuer in whole (not in part) on scheduled redemption dates expected each March 6, June 6, September 6 and December 6 on or after March 6, 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 and are a new issue with no established trading market. Underwriters named include Goldman Sachs & Co. LLC and InspereX LLC. FATCA withholding rules apply.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes that pay interest at 4.45% per annum from and including the original issue date (expected March 6, 2026) to but excluding the stated maturity date (expected March 6, 2031). Interest is payable semiannually on expected March 6 and September 6, with the first payment expected on September 6, 2026.

The notes are callable by the issuer in whole (not in part) on expected quarterly redemption dates on or after March 6, 2029, at a redemption price equal to 100% of principal plus accrued and unpaid interest, with at least five business days' prior notice. The notes will be issued in book-entry form through DTC and will settle on March 6, 2026. Tax treatment, including FATCA withholding, is described in the prospectus materials.

GS Finance Corp. is offering $2,056,000 aggregate face amount of contingent monthly‑coupon, automatic‑callable notes, guaranteed by The Goldman Sachs Group, Inc. The notes pay a 1% monthly coupon (up to 12% per annum) when each underlier is ≥ 70% of its initial level and will be automatically called if, on any call observation date, each underlier closes ≥ its initial level. The notes reference the Nasdaq‑100, Russell 2000 and S&P 500, mature on February 23, 2029 (determination date February 20, 2029), and have cash settlement tied to the lesser performing underlier. Investors may lose up to 100% of principal; payment at maturity equals $1,000 or $1,000×(1 + lesser performing underlier return) depending on final levels.

GS Finance Corp. offers structured, autocallable medium-term notes linked to the common stocks of Palantir Technologies, Micron, NVIDIA and Broadcom. The notes have an expected trade date of February 24, 2026 and an expected stated maturity of March 3, 2031, with monthly coupon observation dates and potential monthly automatic calls commencing in February 2027. Each $1,000 face amount pays either a maximum coupon of $9.375 per month (11.25% per annum annualized) if each stock is at or above 75% of its initial price, or a minimum coupon of $0.209 per month otherwise. Estimated value at pricing is $885–$925 per $1,000 face amount. Payments are unsecured obligations of GS Finance Corp. guaranteed by The Goldman Sachs Group, Inc., so payment depends on their creditworthiness.

GS Finance Corp. priced autocallable Goldman Sachs Momentum Builder® Focus ER index-linked notes due March 6, 2031, guaranteed by The Goldman Sachs Group, Inc.. The notes have an upside participation rate of 100%, a call level of 101.5% of the initial index level and scheduled annual call observation dates beginning March 1, 2027.

If not called, maturity payment depends on the index return: you receive $1,000 plus participation in positive index returns; if the final index level is equal to or below the initial index level, you receive $1,000. The pricing supplement shows an estimated trade-date value of $885 to $925 per $1,000 face amount.

GS Finance Corp. is offering $Autocallable Contingent Coupon Index-Linked Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay a contingent monthly coupon of $8.459 per $1,000 (0.8459% monthly, up to approximately 10.15% annually) when each underlier meets its coupon trigger (70% of initial level).

Automatic call occurs if both underliers (Russell 2000 and S&P 500) are at or above initial levels on a call observation date; maturity payoff is cash tied to the lesser performing underlier, with a trigger buffer at 60% of initial level. Trade date is March 3, 2026 and original issue date is March 6, 2026. The notes may result in total loss of principal if the lesser performing underlier falls below its trigger buffer.

GS Finance Corp. is offering callable fixed-and-floating rate medium-term notes guaranteed by The Goldman Sachs Group, Inc. with a stated maturity expected to be February 27, 2033. The notes pay a fixed 8.00% per annum through February 27, 2027, then a quarterly floating rate equal to 8×(5.15% minus the 10-year CMT) subject to a 0.00% floor and a 16.00% cap.

The issuer may redeem the notes in whole on any quarterly interest payment date on or after February 27, 2027, at par. The preliminary estimated model value at pricing is between $910 and $950 per $1,000 face amount; original issue price is expected to be 100% with an underwriting discount of 1.50%-2.50%.

GS Finance Corp. priced structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes have an aggregate face amount of $308,000, a stated maturity of February 21, 2031, and an initial underlier level of 471.27.

Monthly coupon eligibility requires the index closing level on a coupon observation date to be at least 70% of the initial level; when met, the coupon equals $15.417 per $1,000 face amount (1.5417% monthly). The index applies up to 500% leverage, a cap on daily leverage change, and a 6.0% per annum daily decrement that reduces index performance. The estimated value at pricing was approximately $941 per $1,000 face amount.

GS Finance Corp. is offering medium-term, equity-linked notes tied to the Class A common stocks of Rocket Companies, Affirm and Robinhood with an aggregate initial face amount of $679,000. The notes mature on February 16, 2029 and may be automatically called on quarterly call observation dates beginning in August 2026.

Coupons are monthly conditional payments (up to a stated monthly rate of 2.5834%, cumulative under a specified formula) payable only if each index stock closes at or above 50% of its initial price on coupon observation dates. Principal at maturity depends on the lesser performing index stock versus a 50% trigger: if any index stock falls below that buffer, redemption at maturity is reduced pro rata by the lesser performing index stock return. The trade date is February 17, 2026; original issue price is 100% with an estimated value at pricing of approximately $967 per $1,000 face amount.

GS Finance Corp. offers callable, non‑interest bearing notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes mature February 25, 2032 but may be automatically called on specified observation dates beginning February 25, 2027, with tiered call premium amounts.

The underlier applies a 6.0% per annum decrement, may use up to 500% leverage (max daily change 100%), and includes signal-based exposure adjustments. At maturity the maximum cash payment is $2,740 per $1,000 face amount; a final underlier below 50% of the initial level produces proportional losses. The estimated value at pricing is $885–$925 per $1,000 face amount. Payments remain subject to the credit risk of GS Finance Corp. and guarantor The Goldman Sachs Group, Inc.

GS Finance Corp. offers autocallable notes linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc. The notes trade on February 20, 2026

They have an expected original issue date of February 25, 2026, a stated maturity of February 25, 2031 (determination date February 20, 2031), an autocall barrier equal to 100.00% of the initial index level and per‑annum call returns set between 7.50% and 8.00% that increase on later call dates up to 37.50%-40.00%. If automatically called on a call observation date, holders receive the face amount plus the applicable call return; if not called, maturity payoff exposes holders to the full downside of the index and may result in loss of all or a substantial portion of principal. The issue price is 100.00% of face amount, underwriting discount 2.50%, and net proceeds 97.50% of face amount. Minimum purchase is $1,000.

GS Finance Corp. offers structured notes linked to the iShares® Bitcoin Trust ETF (IBIT) with a stated maturity expected to be March 4, 2031 and a trade date expected to be February 27, 2026. Each note has a $1,000 face amount and pays conditional monthly coupons of $16.042 (1.6042% monthly, or up to approximately 19.25% per annum) only if the ETF closing level on coupon observation dates meets the 80% coupon trigger.

If not called, principal at maturity depends on the ETF return versus buffer levels: full principal if the final ETF level is ≥80% of the initial level; return of $1,000 with no coupon if final level is between 60% and 80%; and a pro rata loss (potentially receiving less than 60% of face) if the final level is below 60%. The pricing supplement states the estimated value at terms is between $885 and $925 per $1,000 face amount.

GS Finance Corp. is offering Goldman Sachs Momentum Builder® Focus ER index-linked notes due March 4, 2031, with a $1,000 face amount per note and trade date February 27, 2026. At maturity the cash payment equals $1,000 plus $1,000 × the upside participation rate × index return if the final index level exceeds the initial index level; otherwise you will receive the face amount.

The index (Bloomberg: GSMBFC5 Index) rebalances daily among eligible assets, applies a 5% realized volatility control, a momentum risk control and a deduction of 0.65% per annum (accruing daily). The notes are senior debt of GS Finance Corp. and fully guaranteed by The Goldman Sachs Group, Inc., so holders bear the issuer/guarantor credit risk.

GS Finance Corp. is offering leveraged S&P 500® Futures Excess Return Index-linked notes due March 4, 2030, with a 112.75% upside participation rate and a face amount of $1,000 per note. The notes pay no interest and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Payment at maturity is cash-settled: if the final underlier level on the determination date exceeds the initial level, holders receive $1,000 plus the upside participation rate times the underlier return; otherwise holders receive the face amount. The underlier is the S&P 500® Futures Excess Return Index (futures-based), and trade and original issue dates are February 27, 2026 and March 4, 2026, respectively.

GS Finance Corp. is offering non‑interest bearing indexed notes guaranteed by The Goldman Sachs Group, Inc. The notes reference the S&P 500® Equal Weight Index, have an expected trade date of February 25, 2026 and an expected stated maturity of February 28, 2031.

Each $10 face amount pays at maturity: (i) $10 plus the underlying index return if the final index level is above the initial level; (ii) $10 if the final level is between a downside threshold expected to be between 65.00% and 59.35% of the initial level; or (iii) $10 plus the index return (resulting in a proportional loss) if the final level is below that threshold. Issue price is 100.00% of face amount; underwriting discount 3.50%; net proceeds 96.50% of face amount. The estimated value at pricing is stated between $9.25 and $9.55 per $10 face amount.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) offers principal-at-risk, non-interest-bearing callable notes linked to the Class A shares of Alphabet Inc. and Meta Platforms, Inc. The notes may be automatically called on the call observation date if both stocks close at or above their initial prices, triggering a minimum cash redemption of at least $1,320 per $1,000 face amount. If not called, the amount payable at maturity depends solely on the lesser performing stock: positive participation of 150% if both close above initial prices, an absolute positive payout if both remain at or above 60% of initial prices, and a full downside exposure if the lesser performing stock falls below 60% (potentially large principal loss). The estimated value at pricing is between $925 and $955 per $1,000 face amount.

GS Finance Corp. is offering principal-protected structured notes maturing expected March 6, 2031 linked to ADS of Taiwan Semiconductor Manufacturing Company Limited (5-for-1 ADS) and the common stocks of NVIDIA, Meta Platforms and AMD. Coupons are monthly and conditional: the coupon trigger for each index stock is 80% of its initial price set on the trade date (expected February 27, 2026). If each index stock on a coupon observation date is >= its trigger, the maximum coupon is $7.917 per $1,000; otherwise the minimum coupon is $0.209 per $1,000. Notes are subject to automatic call on observation dates (first call window begins February 2027). The estimated value at pricing is stated between $885 and $935 per $1,000 face amount. Payments are unsecured obligations of GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.; holders bear issuer and guarantor credit risk.

GS Finance Corp. offers medium-term notes with an aggregate face amount of $540,000, linked to the S&P 500® Index. The notes pay no interest and mature on February 21, 2031 (determination date February 18, 2031), with cash settlement per $1,000 face amount depending on the underlier return and a 20% buffer.

If the final underlier level exceeds the initial level, investors receive $1,000 plus $1,000 times the 104% upside participation rate times the underlier return. If the final level is at or above the 80% buffer level, investors receive the $1,000 face amount. If the final level is below the buffer, losses accelerate at 1.25% of face for each 1% decline beyond the buffer (buffer rate = 125%), and loss of principal is possible.

GS Finance Corp. is offering structured, auto-callable notes linked to four stocks with an aggregate face amount of $1,110,000 and a stated maturity of February 25, 2033. The notes pay a monthly coupon of $6.875 per $1,000 face amount when each index stock closes at or above 70% of its initial price on a coupon observation date; the coupon equates to 0.6875% monthly (up to 8.25% per annum).

The notes are subject to automatic redemption on any call observation date (commencing February 2027) if each index stock closes at or above its initial index stock price (initial prices: SCHW $93.08, WFC $87.40, C $113.78, AMD $203.08, measured on the trade date February 17, 2026). The estimated value at pricing was approximately $938 per $1,000 face amount; original issue price is 100% with an underwriting discount of 4.125% (net proceeds 95.875%).

GS Finance Corp. is offering Trigger Autocallable GEARS linked to the Russell 2000® Index, guaranteed by The Goldman Sachs Group, Inc. The securities have an original issue price of $10 per $10 face amount (100.00% of face), an underwriting discount of 2.50%, and net proceeds to the issuer of 97.50%. GS&Co. estimates the securities' model value on the trade date to be between $9.40 and $9.70 per $10 face amount.

Key expected dates: trade date February 20, 2026, original issue date February 25, 2026, call observation date March 1, 2027, call payment date March 4, 2027, determination date February 20, 2031, stated maturity date February 25, 2031. Terms: autocall at 100.00% autocall barrier with a 12.00% call return; upside gearing expected between 1.40 and 1.50; downside threshold 75.00% of the initial index level. Investors receive no coupons, may lose some or all principal, and payments are subject to issuer and guarantor creditworthiness.

GS Finance Corp. is offering medium-term, cash-settled notes linked to the common stock of GE Vernova Inc. The offering has an aggregate face amount of $1,300,000 and an original issue price equal to 100% of face amount. The notes pay no interest and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes feature an automatic call on the call observation date if the closing level of the underlier is greater than or equal to the initial underlier level; in that case each $1,000 face amount would receive $1,296.50 on the call payment date. If not called, the cash settlement at maturity depends on the final underlier level measured on the determination date and uses an upside participation rate of 150% and a trigger buffer level equal to 60% of the initial underlier level ($819.15). The stated maturity is February 23, 2029 and the determination date is February 20, 2029. The notes may result in a total loss of principal if the final underlier level is below the trigger buffer level; investors are exposed to the credit risk of the issuer and guarantor. Underwriting discount is 2.35% of face amount and net proceeds to the issuer are 97.65% of face amount.

GS Finance Corp. offers non‑interest bearing, principal‑linked notes tied to a weighted basket of Micron (40%), Microsoft (30%) and Meta (30%). The notes mature on March 2, 2029 with an automatic call feature beginning on March 1, 2027 (call premiums specified in the supplement).

Payoff rules: if the final basket level is ≥ initial (100) you would receive $1,661.50 per $1,000; if final is below initial but ≥ 70% you receive $1,000; if final < 70% you receive $1,000×(1 + basket return), which can be less than 70% of face. The estimated value at pricing is $925–$955 per $1,000. Payments are subject to the credit risk of GS Finance Corp. and guarantor The Goldman Sachs Group, Inc..

GS Finance Corp. is offering non-interest, index-linked notes linked to a weighted basket of the STOXX® Europe 600 (70%), TOPIX (22.5%) and the S&P/ASX 200 (7.5%).

Trade date is expected February 20, 2026 with stated maturity expected February 25, 2031. The notes pay at maturity based on the basket return with an upside participation rate of 182%, a buffer of 20% (buffer rate 125%), and an estimated initial value between $885 and $925 per $1,000 face amount.

GS Finance Corp. offers structured notes backed by a Goldman Sachs guarantee linked to Microsoft, Amazon, NVIDIA and Alphabet stock performances. The notes have an expected trade date of February 24, 2026, an expected original issue date of February 27, 2026, and an expected stated maturity date of March 5, 2029.

Coupons are monthly in formulaic form (product of $10.5 per $1,000 face amount per qualifying coupon observation date less prior coupons, implying 1.05% monthly or up to 12.6% per annum) and pay only if each index stock meets a coupon trigger price equal to 60% of its initial price. A buffer protects losses down to 80% of initial prices; losses accelerate below that level and full principal loss is possible if any index stock falls below 60% of its initial price. The prospectus discloses an estimated value range of $925 to $965 per $1,000 face amount on the trade date.

The Goldman Sachs Group, Inc. is offering Callable Fixed Rate Notes due August 27, 2029. The notes bear interest at 4.30% per annum from and including the original issue date (expected February 27, 2026) to but excluding maturity (expected August 27, 2029), with semiannual interest payment dates expected each February 27 and August 27.

The notes are callable by the issuer in whole, not in part, on each redemption date expected on Feb 27, May 27, Aug 27 and Nov 27 on or after August 27, 2026, 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 and are subject to FATCA withholding.

GS Finance Corp. offers capped, Nasdaq-100®‑linked notes guaranteed by The Goldman Sachs Group, Inc. The pricing supplement states an aggregate face amount of $440,000 with each note carrying a $1,000 face amount, an original issue price of 100%, and no periodic interest.

At maturity (stated maturity date February 23, 2029), each note will pay either the face amount or a cash payment equal to $1,000 plus the underlier return, subject to a maximum settlement amount of $1,234. The underlier is the Nasdaq-100 Index and the determination date is February 20, 2029. The notes are part of the Medium‑Term Notes, Series F program and include tax and market‑liquidity risks described in the supplement.

GS Finance Corp. priced a contingent income auto-callable note linked to the common stock of Amazon.com, Inc. The notes (guaranteed by The Goldman Sachs Group, Inc.) are expected to price on or about February 27, 2026, with an original issue date of March 4, 2026 and a stated maturity date of March 2, 2029.

The securities pay a contingent quarterly coupon (set on the pricing date at at least $25.75 per $1,000) only when the underlying closing price on a coupon observation date is at or above a downside threshold equal to 60.00% of the initial share price. The notes are automatically called if the underlying closing price on any call observation date is at or above the initial share price, in which case holders receive $1,000 plus any coupon then due. If not called and the final share price is below the downside threshold, holders suffer loss on a 1:1 basis (payment at maturity = $1,000 × final/initial share price). The pricing supplement shows an estimated value range of $910 to $970 per security and an underwriting discount of 2.25%.

GS Finance Corp. is offering Barrier Market-Linked Notes linked to the SPDR® Gold Trust (GLD), guaranteed by The Goldman Sachs Group, Inc. Trade date is February 25, 2026, original issue date February 27, 2026, determination date February 25, 2028 and stated maturity March 1, 2028.

For each $1,000 face amount, if a barrier event occurs (GLD closing price > upper barrier on any observation day) the maturity payment equals $1,000 plus a 8.00% contingent return. If no barrier event occurs and the final GLD price is above the initial price, payment is $1,000 plus the ETF return, capped between 35.00% and 38.70% (set on the trade date). If no barrier and final price is at or below initial price, payment equals principal ($1,000). Estimated value at terms is between $945 and $975 per $1,000; original issue price is 100.00% with a 2% underwriting discount. All payments are subject to issuer and guarantor credit risk.

GS Finance Corp. offers structured notes linked to a weighted basket of the S&P 500 (40%), Russell 2000 (30%), iShares MSCI EAFE ETF (20%) and iShares MSCI Emerging Markets ETF (10%). The notes have a face amount of $1,000 per note, an expected trade date of February 20, 2026, an original issue date expected February 25, 2026, an expected maturity of February 25, 2031, and an automatic-call observation on March 1, 2027.

If the basket is at or above the initial level (100) on the call observation date the notes are called for $1,100 per $1,000 face. If not called, the final payout at maturity depends on the basket return with an upside participation rate of 161%, a trigger buffer at 65% of the initial basket level, and potential full principal loss if the final basket level falls below the trigger buffer. The dealer-estimated value at pricing is between $885 and $925 per $1,000 face amount.

GS Finance Corp. is offering autocallable S&P 500® Index‑linked notes due 2028, guaranteed by The Goldman Sachs Group, Inc., with key terms set on the trade date. Each note has a face amount of $1,000, does not bear interest, and can be automatically called on a call observation date between 12 and 14 months after the trade date.

If automatically called, the issuer will pay between $1,094.8 and $1,111.3 per $1,000 on the call payment date. If not called, the cash settlement at maturity depends on the S&P 500® performance: an upside participation rate of 150%, a trigger buffer at 80% of the initial level, and payoff formulas that can produce full principal loss if the final underlier level is below the trigger buffer. The notes are credit‑exposed to GS Finance Corp. and Goldman Sachs, are cash‑settled, and are not bank deposits or FDIC insured.

The Goldman Sachs Group, Inc. is offering callable fixed-rate notes that pay 5.50% per annum from and including the original issue date (expected February 27, 2026) to but excluding the stated maturity date (expected February 16, 2046). Interest is payable annually on each interest payment date (expected February 27 of each year) with the first payment expected on February 27, 2027.

The notes are callable by the issuer in whole, but not in part, on scheduled quarterly redemption dates beginning on or after February 27, 2029 (expected each Feb, May, Aug and Nov 27), at a redemption price equal to 100% of principal plus accrued interest. Settlement is expected in New York on February 27, 2026. The notes are a new issue with no established trading market and will be issued in book-entry form through DTC.

GS Finance Corp. offers structured monthly‑coupon notes linked to Micron Technology, Inc. stock. The notes pay a fixed coupon of $18.417 per $1,000 monthly (approximately 1.8417% monthly or up to 22.1% per annum), have an expected trade date of February 25, 2026, and an expected stated maturity of April 2, 2027.

Notes are subject to an automatic call if Micron’s closing price on any call observation date is greater than or equal to the initial price; if not called, final principal at maturity depends on the index stock return with a trigger buffer at 50% of the initial price. The prospectus cites an estimated value at pricing of $925–$965 per $1,000 face amount and highlights issuer/guarantor credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering Leveraged Index Return Notes® due February , 2029, guaranteed by The Goldman Sachs Group, Inc. The notes have a $10.00 principal per unit and an estimated value at pricing of $9.25 to $9.55 per unit. They provide a leveraged upside participation rate set on the pricing date (shown as 285.00% to 300.00% range) linked to the Worst-Performing of the S&P 500®, EURO STOXX 50® and Nikkei 225, a principal-protection threshold at 85.00% of the Starting Value, and 1-to-1 downside beyond that threshold (up to 85.00% of principal at risk). The term is approximately three years, all payments occur at maturity, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp. is offering three‑year Leveraged Index Return Notes® linked to the worst‑performing of the EURO STOXX 50® and the Nikkei 225. Each unit has a $10 principal amount and a public offering price of $10.00. The notes provide a leveraged upside (Participation Rate to be set on the pricing date in the range [245.00% to 255.00%]) if the Worst‑Performing Market Measure rises, return of principal if that measure declines by no more than 15.00%, and 1:1 downside beyond that threshold (up to 85.00% of principal at risk).

The issuer is GS Finance Corp. and payments are guaranteed by The Goldman Sachs Group, Inc.. Estimated value at pricing is between $9.25 and $9.55 per $10 principal amount. All payments are subject to issuer and guarantor credit risk, there are no periodic interest payments, limited secondary market liquidity, and a minimum initial purchase of $100,000.

GS Finance Corp. offers Trigger Autocallable Notes linked to the EURO STOXX 50® Index, due February 25, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no coupons, may be automatically called on quarterly observation dates beginning after 12 months if the index closes at or above the autocall barrier (100% of the initial index level), and otherwise provide contingent repayment at maturity tied to the final index level with a downside threshold of 75.00% of the initial index level. Call returns (set on the trade date) are expressed as a per annum range between 9.00% and 9.75% and increase over time; illustrative call payment amounts per $10 face range from $10.90 to $14.875 depending on call date. Trade date is expected to be February 20, 2026, original issue date February 25, 2026, and determination date February 20, 2031. The original issue price is 100.00% of face amount, underwriting discount 2.50%, net proceeds 97.50%, estimated value on the trade date between $9.30 and $9.60 per $10 face amount, and minimum purchase is $1,000. All payments are subject to issuer and guarantor credit risk.