Goldman Sachs Group Inc. 424B Filings

GS Finance Corp. is offering leveraged, callable S&P 500® Futures Excess Return Index‑linked notes due February 18, 2033 with an aggregate face amount of $1,556,000. The trade date is February 13, 2026 and the original issue price is 100% of face amount.

These non‑interest bearing notes pay at maturity per $1,000 face amount either (i) $1,000 plus $1,000×369%×(underlier return) if the final underlier level exceeds the initial level of 553.93, or (ii) $1,000 if the underlier return is zero or negative. The issuer may redeem the notes on monthly call payment dates beginning February 19, 2027 at 100% of face plus a call premium specified in the supplement. The estimated value on the trade date is approximately $952 per $1,000 face amount. Payments are subject to the credit risk of GS Finance Corp. and guarantor The Goldman Sachs Group, Inc.

GS Finance Corp. priced leveraged, buffered notes linked to the iShares Russell 2000 ETF (IWM) with a Participation Rate of 72.5%, a Buffer Amount of 30% and an Initial Underlier Level of $263.04. The notes mature on February 23, 2029 with a Determination Date expected February 20, 2029 and a Trade Date expected February 18, 2026.

If the ETF return is positive, payoff = $1,000 + $1,000 * 0.725 * ETF return; if ETF return is between 0% and -30%, payoff = $1,000; if ETF return is below -30%, payoff = $1,000 + $1,000 * (ETF return + 30%). Notes pay no interest, are unsecured and guaranteed by The Goldman Sachs Group, Inc.. Estimated value at terms set is $925–$955 per $1,000 face amount. Payments depend on ETF performance on the Determination Date and are subject to issuer/guarantor credit risk and potential illiquidity.

The Goldman Sachs Group, Inc. is offering floating rate notes with an aggregate principal amount of $205,000,000. The notes pay interest at compounded SOFR plus a 0.86% spread, subject to a 0.00% minimum, payable quarterly beginning May 18, 2026, and mature on February 16, 2029. The original issue date is February 18, 2026 and the original issue price is 100% of principal; underwriting discount is 0.15% and net proceeds to the issuer are 99.85% of principal.

The notes are unsecured obligations of the issuer, will not be listed, are not redeemable, and are subject to the issuer's credit risk. Goldman Sachs & Co. LLC is calculation agent with discretion to determine compounded SOFR and benchmark-replacement adjustments; such determinations are binding absent manifest error.

The Goldman Sachs Group, Inc. is offering $47,350,000 principal of Callable Fixed Rate Notes due August 18, 2034 that pay interest at 5.00% per annum from the original issue date February 18, 2026.

Interest is payable each February 18 and August 18, with the first payment on August 18, 2026. The issuer may redeem the notes in whole (not in part) on each redemption date on or after February 18, 2028, at a redemption price equal to 100% of principal plus accrued interest. The initial public price is 100% (aggregate $47,350,000) with an underwriting discount of 1.15% ($544,525); proceeds to Goldman Sachs before expenses are $46,805,475. Settlement is scheduled in New York on February 18, 2026.

The Goldman Sachs Group, Inc. is offering Callable Fixed Rate Notes due February 20, 2036 that pay interest at 5.125% per annum from the expected original issue date of February 20, 2026 to but excluding maturity. Interest is payable annually on each expected February 20, with the first payment expected on February 20, 2027.

The notes are redeemable at the issuers option in whole (not in part) on each expected redemption date on or after February 20, 2028 (expected quarterly on Feb 20/May 20/Aug 20/Nov 20) at a redemption price equal to 100% of principal plus accrued interest, with at least five business days notice. The notes will be issued in book-entry form through DTC and expected to deliver against payment in New York on February 20, 2026.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes with a principal amount of $7,000,000 under a pricing supplement dated February 13, 2026. The notes bear interest at 5.00% per annum, accrue from the original issue date of February 18, 2026, and mature on February 18, 2037. Interest is payable annually on the 18th day of February each year beginning February 18, 2027. The original issue price is 100% of principal and net proceeds to the issuer are 98.7643% of principal; underwriting discount is 1.2357%. The notes will be issued in book-entry form through DTC and will not be listed on any exchange.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering structured, autocallable notes linked to four large-cap stocks. The notes reference Tesla, Meta Platforms (Class A), NVIDIA and Alphabet (Class C) and mature on March 3, 2031 unless automatically called on observation dates beginning in February 2027.

Coupons are monthly per $1,000 face amount: the maximum coupon is $7.917 (0.7917% monthly, ~9.5% p.a.) if each index stock closes >= 80% of its initial price on an observation date; otherwise the minimum coupon is $0.209 (0.0209% monthly, ~0.25% p.a.). The estimated value at pricing is $885 to $925 per $1,000 face amount.

GS Finance Corp. is offering Autocallable Contingent Coupon Index‑Linked Notes due February 22, 2030, guaranteed by The Goldman Sachs Group, Inc. The notes reference the Dow Jones Industrial Average, the Russell 2000 and the S&P 500. Trade date is February 19, 2026 and original issue date is February 24, 2026.

Each $1,000 note may pay a contingent monthly coupon of $7.25 ( 0.725% monthly; up to 8.7% per annum) only if every underlier is at or above its coupon trigger level (70% of its initial level) on the coupon observation date. Notes are automatically called if every underlier is at or above its initial level on a call observation date. If not called, the cash settlement at maturity depends solely on the lesser performing underlier versus its trigger buffer (60% of initial); investors may lose their entire investment.

GS Finance Corp. offers a capped, equity-linked note tied to a three-bank stock basket. The non-interest-bearing notes mature on April 22, 2027 with a determination date expected on April 19, 2027. Payment is based on an equally weighted basket of Bank of America, JPMorgan Chase and Morgan Stanley, with an initial basket level of 100 set using each stock's closing price on February 13, 2026 ($52.55, $302.55, $171.15, respectively).

If the final basket level is positive, the notes pay 3× the basket return up to a maximum settlement amount of $1,268 per $1,000 face amount. If the basket return is zero or negative, payment equals principal plus the basket return. The prospectus shows an estimated note value at pricing of $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 autocallable, buffered notes linked to the SPDR® Gold Trust (GLD) with an expected original issue date of February 25, 2026 and a stated maturity of February 25, 2028. The notes carry no periodic interest and include an automatic call feature on the call observation date expected to be March 5, 2027, which, if triggered, pays at least $1,145.10 per $1,000 face amount.

If not called, the maturity payoff is based on the GLD performance from the trade date (expected February 20, 2026) to the determination date (expected February 22, 2028): upside participation of 125% for positive returns; a 10% buffer such that declines up to 10% return principal; and a buffer-rate of approximately 111.11% applied to losses beyond the 10% threshold. The pricing supplement states an estimated value at pricing of between $900 and $930 per $1,000 face amount, and notes are unsecured obligations subject to the credit risk of GS Finance Corp. and guarantor The Goldman Sachs Group, Inc..

GS Finance Corp. is offering Leveraged Buffered S&P 500® Futures Excess Return Index-Linked Notes due February 23, 2029, fully guaranteed by The Goldman Sachs Group, Inc. The notes have an upside participation rate of 159%, a buffer level of 85% (buffer amount 15%) and a buffer rate of approximately 117.65%.

The notes pay no interest and settle in cash at maturity based on the performance of the S&P 500® Futures Excess Return Index from the trade date (February 18, 2026) to the determination date (February 20, 2029), subject to adjustments. If final underlier is above the initial level you receive participation in upside; if it is between the buffer level and initial level you receive the face amount; if below the buffer you may lose a substantial portion or all of your investment.

GS Finance Corp. is offering structured notes backed by a guarantee of The Goldman Sachs Group, Inc. with a stated maturity expected on February 23, 2029. Coupon payments (about $11.834 per $1,000 monthly, 1.1834% monthly) are contingent on each underlier remaining at or above 50% of its initial level on observation dates. If not redeemed earlier, principal at maturity is tied to the performance of the lesser performing underlier (the Russell 2000® Index, the iShares® Expanded Tech-Software Sector ETF, and the iShares® Silver Trust), with a 50% trigger buffer; negative returns below that buffer result in proportionate losses. The issuer may redeem notes monthly beginning in August 2026 at 100% of face amount plus any coupon. The estimated value at pricing is between $925 and $955 per $1,000 face amount.

The Goldman Sachs Group, Inc. is offering unsecured floating rate notes linked to compounded SOFR, maturing on February 20, 2036. Each note has a principal amount of $1,000 and interest starts accruing on February 20, 2026.

Holders will receive a per annum interest rate equal to compounded SOFR plus 1.080%, subject to a minimum interest rate of 0.50%, paid quarterly on February 20, May 20, August 20 and November 20, beginning May 20, 2026. The notes are not redeemable before maturity, will not be listed on any exchange, and their value and payments depend on SOFR levels and Goldman Sachs’ creditworthiness.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes due February 20, 2031 as part of its Medium-Term Notes, Series N program. The notes will bear interest at 4.30% per annum, paid in U.S. dollars on February 20 and August 20 each year, starting August 20, 2026.

The notes are issued in $1,000 denominations in book-entry form through DTC, will not be listed on any securities exchange, and allow full and covenant defeasance. Goldman Sachs & Co. LLC will act as underwriter and calculation agent, with potential market‑making and a disclosed FINRA Rule 5121 conflict of interest. U.S. holders generally recognize ordinary interest income and may be subject to FATCA withholding, and distribution is restricted in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. plans to issue fixed rate senior notes due March 1, 2038 as part of its Medium-Term Notes, Series N program. The notes will pay interest at a fixed rate of 5.00% per annum from the original issue date of February 27, 2026 to the stated maturity date.

Interest is payable annually on February 27 of each year, beginning February 27, 2027, with the final payment on the maturity date. Notes will be issued in minimum denominations of $1,000 and integral multiples thereof, in book-entry form through DTC, and will not be listed on any securities exchange.

The notes use a 30/360 (ISDA) day count convention and are not redeemable at the issuer’s option before maturity. They are expected to be issued with original issue discount, so U.S. holders generally must include OID in income as it accrues. The notes are subject to FATCA withholding rules and are offered only to certain non-retail or professional investors in specified jurisdictions under local securities law restrictions.

The Goldman Sachs Group, Inc. is issuing $25,000,000 of fixed rate notes due April 19, 2027. The notes pay interest at 3.78% per annum from February 17, 2026, with both interest and principal paid in a single payment on the maturity date.

The notes are priced at 100% of face value, with a 0.02% underwriting discount, resulting in $24,995,000 in proceeds to Goldman Sachs before expenses. Because interest is not paid at least annually, the notes are expected to be issued with original issue discount for U.S. tax purposes, requiring U.S. holders to accrue income over time. The notes are sold in book-entry form through DTC, may be resold in market-making transactions, and are subject to FATCA withholding and significant selling restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland. Goldman Sachs & Co. LLC, an affiliate of the issuer, acts as underwriter, creating a conflict of interest under FINRA Rule 5121.

The Goldman Sachs Group, Inc. is offering $13,000,000 of callable fixed-rate notes due February 18, 2031. The notes pay 4.70% per year, with interest paid semiannually on February 17 and August 17, starting August 17, 2026.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on each February 17, May 17, August 17 and November 17 on or after February 17, 2028, with at least five business days’ notice. The initial price to the public is 100% of principal, with a 0.2% underwriting discount, resulting in estimated proceeds of about $12,974,000 before expenses. The notes are senior unsecured obligations, issued in global form through DTC, subject to U.S. taxation rules including FATCA, and are restricted from retail distribution in several jurisdictions, including the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes due February 28, 2033 as part of its Medium-Term Notes, Series N program. The notes will pay interest at 4.55% per annum, from the original issue date to, but excluding, the stated maturity date.

Interest will be paid in U.S. dollars on February 27 and August 27 of each year, beginning August 27, 2026, with the final payment on the maturity date. Interest is calculated on a 30/360 (ISDA) day count basis. The notes are issued in $1,000 denominations, will not be listed on any securities exchange, and will settle and trade in book-entry form through DTC.

Goldman Sachs & Co. LLC will act as underwriter and calculation agent and is an affiliate of the issuer, creating a disclosed conflict of interest under FINRA Rule 5121. The notes are subject to U.S. federal income taxation on interest and may be subject to FATCA withholding. The offering includes detailed selling and marketing restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. plans to issue fixed rate notes due February 27, 2029 as part of its Medium-Term Notes, Series N program. The notes will pay interest at a fixed rate of 4.00% per annum from the original issue date to maturity.

Interest will be paid in U.S. dollars on February 27 and August 27 of each year, starting August 27, 2026, using a 30/360 (ISDA) day count convention. The notes will be issued in $1,000 denominations, in book-entry form through DTC, will not be listed on any securities exchange, and allow for both full and covenant defeasance. Goldman Sachs & Co. LLC will act as underwriter and calculation agent, and may also make a market in the notes after the initial sale.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes due February 27, 2031 as part of its Medium-Term Notes, Series N program. The notes are denominated in U.S. dollars, in minimum denominations of $1,000 and integral multiples of $1,000.

The notes pay interest at a fixed rate of 4.30% per annum, with interest paid semiannually on February 27 and August 27 of each year, beginning August 27, 2026 and ending at maturity. Interest is calculated using a 30/360 (ISDA) day count convention. The notes will not be listed on any securities exchange.

The notes will be issued in book-entry form as a master global note through DTC, under a senior debt indenture with The Bank of New York Mellon as trustee. Goldman Sachs & Co. LLC will act as underwriter and calculation agent and may engage in market-making in the notes after the initial sale.

The offering is subject to various selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, generally limiting sales to institutional or other qualified investors. Interest on the notes is taxable as ordinary interest income to U.S. holders, and the notes are generally subject to FATCA withholding rules.

Because Goldman Sachs & Co. LLC is an affiliate of the issuer, the transaction constitutes a conflict of interest under FINRA Rule 5121 and will be conducted in compliance with that rule.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the common stock of NVIDIA, Apple and Tesla. The notes are scheduled to mature in February 2029 unless automatically called starting in February 2027.

Investors may receive contingent monthly coupons of $12.542 per $1,000 face amount (1.2542% monthly, up to about 15.05% per year), but only when the closing price of each stock on an observation date is at least 60% of its initial price. Principal is protected only above a 50% “trigger buffer” per stock if a trigger event occurs.

If on any call observation date each stock closes at or above its initial price, the notes are automatically redeemed at par plus the applicable coupon. If held to maturity and all final stock prices are below their initial levels and any is below 50% of its initial price, repayment is reduced in line with the worst-performing stock, and investors can lose most or all of their principal. The estimated value on the trade date is expected to be $925–$955 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes that pay no interest and mature in about 23–26 months. The payoff depends entirely on the index level on a single determination date near maturity.

If the index return is greater than or equal to 0% or less than -40%, investors receive a contingent cash payment between $1,026 and $1,030.5 per $1,000 face amount. If the index declines between 5% and 40%, investors earn the absolute decline, up to $1,400 per $1,000. A small decline between 0% and 5% produces a loss matching the index’s drop. The notes are unsecured obligations subject to Goldman Sachs credit risk, have an initial estimated value of $955–$985 per $1,000, and are taxed as contingent payment debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index maturing in 2028. Each note has a $1,000 face amount, a 200% upside participation rate and a maximum settlement amount of $1,234.50 per $1,000.

At maturity, if the index is above its initial level, returns are multiplied by 200% but capped at the maximum. If the index is down by up to the 10% buffer (buffer level 90% of the initial level), principal is repaid. Below the buffer, losses match the index decline beyond 10%, so a large drop can cause substantial loss of principal.

The notes do not pay interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on any exchange, and their secondary market value may be below the issue price. The U.S. federal income tax treatment is uncertain and relies on treatment as a prepaid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger callable contingent yield notes linked to the worst performer of the S&P 500® Index, Russell 2000® Index and Nasdaq‑100 Index®. The notes target a $0.30 quarterly contingent coupon per $10 face amount (up to 12% per annum) but only pay if, on every trading day in the prior quarter, each index stays at or above 70% of its initial level.

From May 2026 through February 2029, the issuer may redeem the notes on any coupon date at 100% of face value plus any due coupon, ending all future payments. At maturity, if not called and every index is at or above 60% of its initial level, investors receive full principal plus any final coupon. If any index finishes below 60%, repayment is reduced one‑for‑one with the decline of the worst index, and investors can lose their entire investment.

The notes are unsecured, subject to the credit risk of GS Finance Corp. and its parent, are not listed, may have limited liquidity, and have an estimated value of $9.70–$9.99 per $10, below the $10 issue price, reflecting fees and issuer economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked notes tied to Robinhood Markets’ Class A stock, maturing February 15, 2029. Each security has a $1,000 face amount and was initially offered at $1,000, with total issuance of $1,872,000.

The notes pay a contingent coupon of $52.50 per $1,000 (21.00% per year) only if Robinhood’s stock on each quarterly calculation day is at least 50% of the $77.97 starting price. From May 2026 to November 2028, the notes auto-call at face value plus coupon if the stock is at least 90% of the starting price.

If not called, principal is protected at maturity only if the final price is at least 50% of the starting price. Below that level, holders are fully exposed to downside and can lose more than 50%, up to their entire investment. The estimated value at pricing is about $954 per $1,000, below the offering price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $8,196,000 of index-linked notes due July 11, 2029. The notes pay no interest and repay an amount at maturity based on the lesser performance of the MSCI EAFE Index and the EURO STOXX 50® Index between February 11, 2026 and July 6, 2029.

If both index returns are zero or positive, investors receive $1,000 plus 2.24 times the lesser index gain per $1,000 face amount. If any index falls but both stay at or above 90% of initial levels, investors get back $1,000 plus the absolute value of the lesser loss. If any index closes below 90% of its initial level, repayment falls dollar-for-dollar with the lesser index return beyond a 10% buffer, so a substantial loss of principal is possible.

The original issue price is 100% of face amount, with a 0.7% underwriting discount and 99.3% net proceeds to the issuer. The estimated value at pricing is approximately $984 per $1,000, reflecting structuring costs and dealer compensation.

GS Finance Corp. is offering auto-callable notes linked to the Nasdaq-100 Index® and the iShares® Expanded Tech-Software Sector ETF. The notes pay no interest, can be automatically called starting in February 2027, and otherwise mature in March 2031.

Repayment depends on the lesser-performing underlier. A 10% buffer limits losses only for moderate declines; below that, principal can be substantially reduced. Upside is capped by call premiums and a 46.5% maximum maturity gain. Investors also face issuer and guarantor credit risk, and the initial estimated value is only $885–$925 per $1,000, reflecting fees and hedging costs.

GS Finance Corp. is issuing $270,000,000 of callable 10-year CMT rate-linked range accrual notes due 2031, fully guaranteed by The Goldman Sachs Group, Inc. Interest is paid quarterly, with a fixed 7.35% per annum rate on the first payment in May 2026.

From August 2026, each quarter’s interest depends on how many scheduled U.S. government securities business days the 10-year constant maturity Treasury rate is at or below 5.00%, multiplied by a 7.35% interest factor. If the rate is above 5.00% on every reference date in a period, no interest is paid for that quarter.

The notes are callable at 100% of face amount plus accrued interest on any interest payment date starting February 17, 2027, and repay principal at maturity if not redeemed. The estimated value is about $994.4 per $1,000 face amount, and the notes are unsecured, unlisted, and subject to the credit risk of both GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $130,000,000 of callable 5-year CMT rate-linked range accrual notes due February 17, 2031. The notes pay quarterly interest, with a fixed 6.11% per annum rate on the first interest payment date in May 2026.

From August 2026 onward, interest for each period equals 6.11% multiplied by the fraction of scheduled U.S. government securities business days when the 5-year constant maturity Treasury (CMT) rate is at or below 5.00%. If the 5-year CMT is above 5.00% on every reference date in a period, no interest is paid for that quarter.

The notes are callable at the issuer’s option at 100% of face amount plus accrued interest on any quarterly interest payment date on or after February 17, 2027. They are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., and subject to their credit risk. The issue price is 100% of face amount with no underwriting discount, and the estimated value is approximately $992.6 per $1,000 at pricing.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered equity-linked notes maturing in March 2028 tied to the common stock of Amazon.com, Inc.

For each $1,000 note, if Amazon’s final level is above its initial level, holders receive $1,000 plus 150% of the stock’s percentage gain, capped at a maximum settlement amount of $1,417.50. If the final level is at or below the initial level but at or above 80% of the initial level (the 20% buffer), investors receive only the $1,000 face amount.

If Amazon’s final level is below 80% of the initial level, principal is reduced dollar-for-dollar with the stock’s decline beyond the buffer, and investors can lose a substantial portion of their investment. The notes pay no interest, have limited upside due to the cap, are subject to secondary market price fluctuations, and expose holders to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $500,000 of index-linked notes due February 14, 2030. The notes pay no interest and repay principal based on the lesser performer of the S&P 500® Futures Excess Return Index and the Nasdaq-100 Futures Excess Return™ Index.

If both final index levels are at or above their initial levels (562.82 and 672.9745), holders receive $1,000 plus 2.18 times the lesser index gain per $1,000. If any index finishes below its initial level but both stay at or above 60% of initial, investors receive $1,000. If any index finishes below 60% of initial, repayment falls in line with the lesser index return and principal losses can reach 100%.

The estimated value at pricing is about $971 per $1,000 face amount, reflecting structuring and distribution costs, including a structuring fee of up to 0.8% of face. The notes carry full credit risk of GS Finance Corp. and the guarantor and are not insured or exchange-listed.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER.

The notes pay no interest and may be called quarterly starting in February 2027 if the index meets step-down call levels, returning principal plus a call premium. If not called and the index is at least 60% of its initial level at maturity in February 2031, holders receive a capped maximum of $1,950.04 per $1,000 face amount. If the index falls more than 40%, repayment is fully exposed to losses and investors can lose their entire principal.

The underlying index uses up to 500% leverage and a 6% per annum daily decrement, which magnify downside moves and systematically drag performance versus a similar index without a decrement. The indicative model value at pricing is expected between $885 and $925 per $1,000, below the 100% issue price, and secondary market prices may be further reduced by dealer spreads and market factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon (with memory) barrier notes linked to ordinary shares of FTAI Aviation Ltd. Each note has a $10 principal amount and pays quarterly contingent coupons only if the share price is at least 55% of the starting value.

The contingent coupon for a single period is expected to be between $0.4375 and $0.4625 per unit, equivalent to about 17.50%–18.50% per year, with a memory feature that can make up missed coupons later if conditions are met. The notes can be called automatically on semi-annual dates if the share price is at or above the starting value, returning principal plus the due coupon.

If the notes are not called and the share price has fallen more than 45% at maturity, investors take one‑for‑one losses below the starting value, with up to the entire principal at risk. The estimated value on the pricing date is expected between $9.25 and $9.55 per $10 note, reflecting structuring and distribution costs, and the notes have limited liquidity, a $100,000 minimum purchase, and are fully exposed to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $5,000,000 of floating rate notes due February 17, 2033. The notes pay quarterly interest at compounded SOFR plus 0.95% per annum, subject to a minimum rate of 0.50% per annum, on $1,000 denominations.

The original issue price is 100% of principal, with a 1.15% underwriting discount and net proceeds of 98.85% of principal. The notes are unsecured obligations exposed to the credit risk of GS Finance Corp. and its guarantor, are not bank deposits, and are not FDIC insured.

The notes are not redeemable before maturity and are not expected to be listed, so secondary liquidity may be limited and prices may fall if interest rates rise. Interest is treated as ordinary income for U.S. tax purposes, and the notes are generally subject to FATCA and ERISA-related investment constraints for certain plans.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term autocallable contingent coupon barrier notes linked to Tesla, Inc. stock. Each unit has a $10 principal amount, with an expected two-year term if the notes are not called early.

Investors may receive quarterly contingent coupons between $0.325 and $0.35 per unit (a 13.00%–14.00% annualized rate) only when Tesla’s stock is at or above 50% of its starting value on the observation dates, with a memory feature that can make up missed coupons later.

The notes can be automatically called semi-annually if Tesla’s share price is at or above the starting value, returning principal plus the due coupon and ending the investment. If not called and Tesla has fallen more than 50% at maturity, repayment is reduced 1-to-1, putting up to 100% of principal at risk. The estimated initial value is between $9.25 and $9.55 per $10, below the public price, and secondary market liquidity is expected to be limited. All payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the State Street SPDR S&P 500 ETF Trust (SPY), maturing in 2031. The notes pay no interest and repayment depends on SPY’s performance.

The notes may be automatically called in March 2027 if SPY is at or above its initial level, in which case investors receive $1,137 per $1,000 face amount. If not called, principal is protected only down to a 10% buffer; below 90% of the initial level at maturity, losses increase one-for-one with further declines.

The pricing supplement highlights that the model-based estimated value on the trade date is lower than the issue price, that secondary market values may be volatile and illiquid, and that investors face full issuer and guarantor credit risk. It also explains complex and uncertain U.S. tax treatment, including potential application of Section 1260 constructive ownership rules and FATCA withholding.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering buffered notes linked to the S&P 500® Index that pay no interest and are scheduled to mature on March 7, 2029. Your return depends entirely on the index level on a single determination date near maturity.

At maturity, for each $1,000, you receive $1,000 plus 95.5% of any positive index gain. If the index is flat or down by up to 30%, you still receive $1,000, so modest declines are absorbed by a buffer. If the index is down more than 30%, your payoff falls one‑for‑one with the index loss, and you can lose your entire investment.

The notes are unsecured obligations of GS Finance Corp. and subject to the credit risk of both the issuer and the guarantor. The bank estimates the initial economic value at between $925 and $965 per $1,000, below the 100% issue price, reflecting fees, hedging costs and dealer margins. Liquidity is not assured, and secondary prices may be volatile and sensitive to rates, volatility and credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due February 27, 2029. The notes are tied to the Nasdaq-100, Russell 2000 and S&P 500 indices, and pay a monthly coupon of $6.917 per $1,000 (0.6917% monthly, up to about 8.3% per year) only if each index stays at or above 70% of its initial level on the relevant observation date.

At maturity, if the notes have not been redeemed and every index finishes at or above its 70% trigger buffer level, holders receive $1,000 per note plus any final coupon. If any index ends below its trigger buffer, repayment is reduced in line with the worst index’s loss, and principal can fall to zero. The issuer may redeem the notes at par, plus any due coupon, on monthly coupon dates from August 2026 through January 2029. The supplement highlights credit risk to both GS Finance Corp. and its parent, potential lack of secondary market liquidity, and tax uncertainty around this pre-paid derivative structure.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing index-linked medium-term notes with an aggregate face amount of $7,912,000. The notes pay a contingent monthly coupon of $8.542 per $1,000 (0.8542% monthly, about 10.25% per year) only if on each observation date all three underliers — the Nasdaq-100, Russell 2000 and S&P 500 indices — are at or above 70% of their initial levels.

The notes can be automatically called on scheduled dates if each index is at or above its initial level, returning $1,000 per note plus any due coupon. If not called, payment at maturity depends on the worst-performing index: investors receive full principal back only if every index finishes at or above 60% of its initial level. If any index ends below this 60% trigger buffer, principal is reduced in line with the worst index’s loss and investors can lose up to their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and may have limited liquidity and complex tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $600,000 of market-linked notes tied to the iShares Bitcoin Trust ETF, maturing in February 2029 at $1,000 per note.

The notes offer 125% leveraged upside if held to maturity, an 18% fixed premium if auto-called in 2027, and a 20% downside buffer. Losses begin if the ETF falls more than 20% and can reach 80% of principal. The notes pay no interest, are not exchange-listed and carry the credit risk of GS Finance Corp. and its guarantor. The estimated initial value is about $939 per $1,000 face amount, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is issuing auto-callable notes linked to the S&P 500 Index, iShares Russell 2000 Growth ETF and State Street Utilities Select Sector SPDR ETF. The aggregate face amount is $40,932,000, in $1,000 denominations, maturing on February 15, 2029.

Investors can receive a fixed coupon of $9.167 per $1,000 (0.9167% monthly, about 11% per year) on each monthly payment date, but only if all three underliers are at or above 75% of their initial levels. If any underlier is below that threshold on an observation date, no coupon is paid for that month.

The notes are automatically called if, on certain observation dates starting in April 2026, each underlier is at or above its initial level, returning principal plus the applicable coupon. If held to maturity and any underlier has fallen more than 25% from its initial level, principal is reduced using a buffer rate of about 133.33% of the loss beyond the 25% buffer, and investors can lose their entire investment. Payments depend on the credit of GS Finance Corp. and its guarantor, and the tax treatment is uncertain, with the issuer intending to treat the notes as income-bearing prepaid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $2,860,000 of leveraged buffered basket-linked notes due February 16, 2028. The notes pay no interest and repay at maturity based on an equally weighted basket of the S&P 500, Russell 2000 and EURO STOXX 50.

The initial basket level is 100, with 150% upside participation but a cap at a maximum settlement of $1,242.5 per $1,000 note (about 24.25% maximum gain). A 10% downside buffer applies: if the basket falls up to 10%, investors gain the same percentage; below that, losses exceed the buffer and can be substantial.

The estimated value at pricing is approximately $981 per $1,000 face amount. Underwriting discount is 0.8% of face, for net proceeds of 99.2% to the issuer. Repayment is subject to the unsecured credit risk of GS Finance Corp. and the guarantor, and the notes carry structural, market, liquidity and tax risks described in detail.

GS Finance Corp. is offering $1,142,000 in auto-callable, equity-linked notes fully guaranteed by The Goldman Sachs Group, Inc. The notes reference Broadcom, Alphabet Class A and Meta Class A shares, with a 300% upside participation rate based on the lowest-performing stock.

The notes can be automatically called in February 2027, paying $1,600 per $1,000 face amount if each stock is at or above its initial level. Otherwise, at maturity in February 2029, repayment depends on the worst underlier, with a 60% trigger buffer but potential for a total loss of principal and no interest payments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indices with a face amount of $1,990,000.

The notes pay a contingent monthly coupon of $8.584 per $1,000 (0.8584% monthly, up to about 10.30% per year) only if each index is at or above 70% of its initial level on the observation date. The notes are automatically called if, on any call observation date from August 11, 2026, all indices are at or above 100% of their initial levels, in which case investors receive $1,000 per note plus the coupon.

If the notes are not called, at maturity on February 14, 2031 investors receive full principal only if each index is at or above 60% of its initial level. If any index finishes below 60%, repayment is reduced in line with the worst index’s loss, and investors can lose their entire investment. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., may have limited or no secondary market liquidity, offer no equity ownership or dividends, and involve uncertain and complex U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing index-linked notes with an aggregate face amount of $1,707,000. These five-year notes offer a contingent quarterly coupon of $17.625 per $1,000 face amount (1.7625% quarterly, up to 7.05% per year) if on each observation date the Nasdaq-100, Russell 2000 and S&P 500 are all at or above 65% of their initial levels.

The notes can be automatically called starting in February 2027 if all three indices are at or above their initial levels, in which case investors receive $1,000 per note plus the due coupon and the product terminates early. If held to maturity without being called and any index finishes below 55% of its initial level, investors lose principal in line with the worst-performing index and could lose their entire investment.

The issuer highlights that the original issue price exceeds the model-based estimated value, reflecting underwriting discounts (2% plus up to 0.8% structuring fee) and other costs, and stresses that the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the Nasdaq-100, Russell 2000 and S&P 500. The notes pay a contingent monthly coupon of $8.959 per $1,000 (0.8959% monthly, up to about 10.75% per year) only if all three indices are at or above 70% of their initial levels on each observation date.

The notes can be automatically called if all indices are at or above their initial levels on specified call dates, returning $1,000 per note plus any due coupon. If held to maturity and any index finishes below 60% of its initial level, principal is reduced one-for-one with that index’s loss, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, are not listed on any exchange, and have complex, uncertain tax treatment, with coupons likely taxed as ordinary income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering long-dated structured notes linked to the Russell 2000 Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes run to an expected February 25, 2032 maturity unless automatically called.

Investors may receive a contingent monthly coupon of $14.375 per $1,000 (1.4375%, up to 17.25% per year) only when the closing level of each underlier on an observation date is at least 75% of its initial level

If the notes are not called, principal repayment at maturity depends solely on the worst-performing underlier. If each underlier is at least 60% of its initial level, investors receive full face amount (plus any final coupon); if any falls below 60%, repayment is reduced one-for-one with that underlier’s loss and investors can lose all or most of their investment. The notes carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and their estimated value on the trade date is expected to be $885–$925 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering fixed coupon notes linked to the S&P 500 Index and the iShares MSCI EAFE ETF. Investors receive monthly coupons of $5.417 per $1,000 (about 6.5% per year) regardless of underlier performance.

At maturity in February 2028, principal repayment depends on the lesser performing underlier. If each underlier has not fallen more than 20% from its initial level, investors receive $1,000 per note plus the final coupon. If either underlier is down more than 20%, repayment is reduced using a 20% buffer and a 125% buffer rate, and investors can lose up to their entire principal.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be between $925 and $955 per $1,000, below the issue price, reflecting dealer compensation, hedging and structuring costs.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering unsecured floating rate notes linked to compounded SOFR and maturing on February 18, 2033.

Each note has a $1,000 minimum denomination and pays interest quarterly at compounded SOFR plus 1.05% per year, with a minimum rate of 0.50% per annum. Interest is expected to be paid every February 18, May 18, August 18 and November 18, beginning May 18, 2026.

The notes are not bank deposits, are not FDIC insured, will not be listed on an exchange, and may have limited secondary market liquidity. Investors take on the credit risk of both GS Finance Corp as issuer and The Goldman Sachs Group, Inc. as guarantor, and the market value can be sensitive to changes in SOFR, interest rates and Goldman Sachs’ perceived creditworthiness. Net proceeds are expected to be lent to The Goldman Sachs Group, Inc. or its affiliates.