Goldman Sachs Group (GS) 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero-coupon structured notes linked to the common stock of Broadcom Inc. The notes may be automatically called quarterly starting in February 2027 if Broadcom’s share price meets or exceeds a step-down call price schedule.

If called, investors receive $1,000 plus a call premium (starting at 13.2% and rising to 62.7%) per $1,000 face amount. If not called, the notes mature in February 2031 with a 66% maximum gain if Broadcom’s final price is at least 80% of the initial price, and a buffered downside where losses begin beyond a 20% decline. The estimated initial value is between $885 and $935 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stock of UnitedHealth Group, Microsoft and Broadcom. The notes have a stated maturity date: February 9, 2029 and an automatic call observation date: February 15, 2027. If on that observation date each stock is >= 90% of its initial price, notes are automatically called and pay $1,535 per $1,000 face amount on the call payment date. If not called, the maturity payoff depends on the lesser performing stock: a positive payoff equals 300% times the lesser performing stock return above its initial price, a full face amount is paid if all final prices remain >= 50% of initial prices, and losses 50%) occur if any final price is < 50%. The trade date is February 6, 2026, original issue date February 11, 2026, original issue price 100%, underwriting discount 2.25%, and estimated model value at pricing ~ $926 per $1,000 face amount.

GS Finance Corp. offers structured notes linked to the Russell 2000® Index, the Nasdaq-100 Technology Sector Index and the VanEck Semiconductor ETF. The notes mature on February 11, 2032 unless automatically called on monthly observation dates beginning August 2026. If, on any coupon observation date, the closing level of each underlier is at least 75% of its initial level the notes pay a coupon of $13.50 per $1,000 (1.35% monthly, up to 16.2% per annum). Automatic call occurs if on any call observation date each underlier is at or above its initial level; called notes pay face amount plus then-due coupon. At maturity, if not called, the cash settlement depends on the lesser performing underlier: full face amount if each final level ≥75% of initial, no coupon but return of principal if final levels are between 60% and 75% for any underlier, and a proportionate principal loss if any final level <60% (i.e., you could receive less than 60% of face and lose a substantial portion of principal). The initial issue price is 100% of face, underwriting discount 0.5%, and the pricing agent’s estimated value on the trade date is approximately $981 per $1,000. Payments are obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc.; holders bear issuer and guarantor credit risk.

GS Finance Corp. offers notes with an aggregate face amount of $1,000,000, fully guaranteed by The Goldman Sachs Group, Inc.

The notes are linked to the EURO STOXX 50® Index with an upside participation rate of 125%, a buffer level of 85% and a buffer rate of approximately 117.65%. The notes pay no interest, may be automatically called on the call observation date if the closing level is ≥ the initial level, and mature on February 10, 2028 (determination date February 7, 2028).

The call payment, cash settlement at maturity and potential losses are formulaic: an automatic call yields $1,126.90 per $1,000 face amount on the call payment date; if not called, the maturity payment depends on the final underlier level and may result in substantial or complete loss of principal.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the iShares Bitcoin Trust ETF, Tesla stock and Apple stock. The notes pay a monthly contingent coupon of at least $17.625 per $1,000 when all underliers are at or above 50% of their initial levels.

Starting in February 2027, the notes are automatically called if on a quarterly observation date each underlier is at or above its initial level, returning principal plus that period’s coupon. If held to maturity and the worst underlier is at or above 50% of its initial level, investors receive principal plus the final coupon.

If at maturity the worst underlier is below 50% of its initial level, repayment is reduced one-for-one with that underlier’s decline, potentially to zero, and no coupon is paid. The estimated value on the trade date is expected between $925 and $955 per $1,000, and the structure embeds significant risk from bitcoin’s high volatility.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering underlier-linked notes due 2030 tied to the EURO STOXX 50 Index and the iShares® MSCI EAFE ETF. These notes do not pay interest and are unsecured obligations subject to issuer and guarantor credit risk.

At maturity, investors receive $1,000 per note plus 206.3% of the lesser performing underlier’s gain if both underliers finish above their initial levels. If either underlier falls but stays at or above 85% of its initial level, investors receive only the $1,000 face amount. If any underlier ends below 85%, principal is reduced 1% for each 1% decline beyond this 15% buffer, so investors may lose a substantial portion of their investment.

The document highlights that the notes’ estimated value on the trade date is lower than the issue price, secondary market prices may be volatile and discounted, and the notes carry additional risks from foreign equity markets, currency movements and uncertain U.S. tax treatment, including potential constructive ownership recharacterization.

GS Finance Corp. is issuing $589,000 of index-linked notes, guaranteed by The Goldman Sachs Group, Inc., tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes pay no interest and mature on February 10, 2033, with automatic call features starting in February 2027.

For each $1,000 face amount, investors receive the face amount if the final index level is below 101% of the 113.43 initial index level, and a maximum of $1,770 (a 77% capped return) if it is at or above 101%. If the index reaches at least 101% on a call observation date, the notes are redeemed early at $1,000 plus a fixed call return of 11% to 71.5%, depending on call timing.

The index uses daily rebalancing, volatility control and momentum filters, and applies an annual deduction of 0.65% plus an excess-return structure over the federal funds rate, meaning cash and money market allocations can drag performance. The original issue price is 100% of face, with a 0.75% underwriting discount and an estimated value of about $950 per $1,000 at pricing, highlighting structural and fee-related costs and credit risk of both the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to Arista Networks, Freeport-McMoRan and NVIDIA stock. The notes pay monthly contingent coupons of 1.25% (up to 15% per year) only when each stock closes at or above 60% of its initial price.

The notes may be automatically called from February 2027 through January 2029 if each stock is at or above its initial price, returning principal plus the applicable coupon. If not called, the notes mature on February 13, 2029, with principal protection depending on stock performance.

If on the final observation date all three stocks are below their initial prices and any is below 60% of its initial price, repayment is reduced based on the worst-performing stock and can result in a substantial or total loss of principal and no coupon. The aggregate face amount is $2,700,000, original issue price is 100% of face, underwriting discount is 3.25%, and net proceeds to the issuer are 96.75% of face. The estimated value at pricing is approximately $944 per $1,000 note.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of eight large software and cybersecurity stocks, maturing on February 10, 2028. The notes pay no interest and have an aggregate face amount of $2,700,000 at issuance.

The basket starts at 100, with each stock weighted 12.5%. If on the February 19, 2027 call observation date the basket level is at or above 100, the notes are automatically redeemed for $1,155.2 per $1,000 face amount. Otherwise, at maturity holders receive: enhanced upside with a 125% participation rate if the basket is above 100; full principal back if the basket decline is up to 15%; or a buffered loss using a buffer rate of approximately 117.65% for larger declines, which can result in substantial or total loss of principal.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is approximately $935 per $1,000 face amount, versus a 100% issue price, reflecting structuring and distribution costs and dealer margins.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering structured notes linked to the S&P 500® Futures Excess Return Index maturing on February 11, 2031. For each $1,000 face amount, the cash payment at maturity depends on the final underlier level versus the initial level: upside participation is 186% if the final level is higher; investors receive the face amount if the final level is between the initial level and the 50% trigger buffer; if the final level is below the trigger buffer, losses scale 1:1 with the underlier decline (you could lose your entire investment). The trade date is February 6, 2026 and the aggregate face amount shown is $2,981,000. Notes do not bear interest and carry issuer/guarantor credit risk.

GS Finance Corp. offers principal-protected contingent coupon notes linked to the common stock of Advanced Micro Devices, Inc., Broadcom Inc. and Micron Technology, Inc. that mature on February 13, 2029, and are guaranteed by The Goldman Sachs Group, Inc.

Coupons are paid monthly only if the closing price of each index stock on an observation date is at least 60% of its initial price; notes are automatically called on a call observation date commencing in February 2027 if each index stock is at or above its initial price. At maturity, if a trigger event (each index stock below its initial price on the February 6, 2029 determination date) has occurred, the cash settlement depends on the performance of the lesser performing index stock and could be substantially below face amount. The prospectus shows an estimated model value of approximately $935 per $1,000 face amount, an original issue price of 100%, an underwriting discount of 3.25%, net proceeds of 96.75%, and an aggregate initial face amount of $459,000.

GS Finance Corp. priced and issued Market Linked Securities—Auto-Callable with Contingent Coupon (face amount $1,000 per security) linked to the lowest performing common stock of Elevance Health, The Cigna Group and UnitedHealth Group, maturing February 9, 2029. The securities pay a quarterly contingent coupon of $43.25 per $1,000 (17.30% pa) only if the lowest performing underlying stock on a calculation day is at or above a 70% coupon threshold; unpaid coupons may be paid later if threshold is met on a subsequent calculation day. The securities are auto-callable on quarterly call dates from August 2026 through November 2028 if the lowest performing underlying stock is at or above its starting price, in which case holders receive face amount plus final and any unpaid contingent coupons. If not called, maturity cash depends solely on the ending price of the lowest performing underlying stock and will equal $1,000 if that stock is at or above 70% of its starting price; if below 70%, investors suffer proportional principal loss 30% or total loss). Payments are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc.; estimated value at pricing was approximately $961 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due February 23, 2029, tied to the common stock of NVIDIA Corporation. Investors receive monthly coupons of up to $13.209 per $1,000 per observation period only if NVIDIA’s share price on the related observation date is at or above 60% of the initial level, which also serves as both the coupon trigger and principal protection buffer.

The notes are automatically called at par, plus any due coupon, if on any call observation date NVIDIA’s share price is at or above the initial level, which can shorten the investment term. If the notes are not called and NVIDIA’s final level on the determination date is below the 60% trigger buffer, repayment of principal falls one-for-one with the stock’s decline, and investors can lose their entire investment. The notes carry the credit risk of both GS Finance Corp. and its parent guarantor, and the estimated value at pricing is lower than the original issue price due to underwriting discounts, a structuring fee and issuance costs. U.S. tax treatment is uncertain and relies on a prepaid derivative contract characterization.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering digital equity-linked notes due 2027 tied to the common stock of Salesforce, Inc. Holders receive a cash payment at maturity based on Salesforce’s performance from the trade date to the determination date.

For each $1,000 note, if the final underlier level is at or above 70% of the initial level, investors receive a capped maximum settlement amount of $1,242. If it is below 70%, repayment falls one-for-one with the stock’s decline, down to total loss of principal. The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, may trade at a discount to issue price, and carry complex valuation, liquidity and tax risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, Alphabet Class A stock-linked notes that pay no interest and provide equity-like exposure with defined payoff terms.

The notes may be automatically called on a February 2027 observation date if Alphabet’s closing price is at or above the initial price, paying at least $1,186 per $1,000 face amount. If not called, they mature in February 2028 with a minimum maturity payout of $1,372 per $1,000 if Alphabet’s final price is at or above the initial level, full principal return if the stock has fallen by up to 15%, and leveraged losses of about 1.1765% for every 1% decline beyond that buffer.

The estimated value on the trade date is expected between $900 and $930 per $1,000 face amount, and investors bear full credit risk of GS Finance Corp. and the guarantor as well as the possibility of losing their entire investment.

GS Finance Corp. is offering unsecured notes maturing in February 2031, guaranteed by The Goldman Sachs Group, Inc., whose payments depend on the Dow Jones Industrial Average®, the S&P 500® Index and the State Street® Energy Select Sector SPDR® ETF.

The notes pay a contingent monthly coupon of $7.25 per $1,000 (0.725%, up to 8.7% per year) only if on each observation date all three underliers are at or above 70% of their initial levels; otherwise no coupon is paid. Goldman may redeem the notes at 100% of face amount plus any due coupon on monthly payment dates from February 2027 through January 2031.

If not redeemed, at maturity investors receive $1,000 plus the final coupon only if each underlier is at or above 70% of its initial level. If any underlier is below that threshold, repayment is reduced in line with the worst-performing underlier, and investors can lose up to their entire principal. The notes do not pay dividends, are subject to the credit risk of the issuer and guarantor, carry an estimated initial value of $885–$925 per $1,000, and involve complex tax and market risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $15,338,000 of Contingent Income Auto-Callable Securities linked to NVIDIA Corporation common stock, maturing February 9, 2029.

The notes pay contingent quarterly coupons only if NVDA’s closing price on each observation date is at or above a downside threshold of $92.705, which is 50.00% of the $185.41 initial share price. If NVDA is at or above the initial share price on a call observation date, the notes are automatically redeemed at $1,000 per $1,000 plus the due coupon.

If the securities are not called and NVDA’s final share price is below the downside threshold, repayment is $1,000 multiplied by the share performance factor, so principal losses mirror NVDA’s decline below 50% and can reach 100%. The estimated value is approximately $967 per $1,000, the notes are unsecured, not listed, and subject to issuer and guarantor credit risk, complex tax treatment and limited or no secondary market.

The Goldman Sachs Group, Inc. is offering fixed rate senior notes due February 26, 2046 as part of its Medium-Term Notes, Series N program. The notes pay interest at 5.25% per annum, starting on February 24, 2027 and then each February 24 until maturity.

The notes are issued in minimum denominations of $1,000, will not be listed on any securities exchange, and use a 30/360 (ISDA) day count convention. They may be issued with original issue discount, are subject to FATCA withholding rules, and include full and covenant defeasance provisions.

GS Finance Corp. is offering floating rate notes guaranteed by The Goldman Sachs Group, Inc. that are expected to issue on February 18, 2026 and mature on February 18, 2033. Interest will accrue quarterly at compounded SOFR plus a spread of 0.95%, subject to a minimum interest rate of 0.50%, with expected interest payment dates on February 18, May 18, August 18 and November 18, beginning May 18, 2026. The notes will be issued in $1,000 denominations, will not be listed, are unsecured, and are subject to the credit risk of the issuer and guarantor. The calculation agent, Goldman Sachs & Co. LLC, will determine compounded SOFR and certain benchmark‑replacement determinations in its discretion.

GS Finance Corp. prices a Trigger Autocallable GEARS linked to the iShares® Expanded Tech-Software Sector ETF, guaranteed by The Goldman Sachs Group, Inc. The securities mature on February 15, 2029 unless automatically called on the call observation date February 22, 2027. Key economic terms set on the trade date include an autocall barrier of 100.00% of the initial ETF price, an upside gearing expected between 1.35 and 1.55, a downside threshold of 75.00%, and a call return of 18.00%. The original issue price is 100.00% of face amount; the estimated value on the trade date is between $9.35 and $9.65 per $10 face amount. Minimum purchase is $1,000. Payments depend on ETF closing prices on specific observation dates and are subject to issuer and guarantor credit risk.

GS Finance Corp. is offering structured, principal-at-risk notes linked to the iShares® MSCI India ETF with an expected trade date of February 11, 2026 and an expected stated maturity of February 15, 2029. The notes pay no interest and deliver at maturity for each $1,000 face amount either: (1) up to a capped positive payout equal to 200% participation in the ETF return capped at a $1,295 maximum settlement amount; (2) the face amount if the ETF decline is no greater than 25%; or (3) a downside payoff equal to $1,000 plus the ETF return if the ETF falls more than 25%, which could result in a total loss of principal. The issuer and guarantor credit risk are disclosed for GS Finance Corp. and The Goldman Sachs Group, Inc. The pricing supplement states an estimated value on the trade date of between $925 and $955 per $1,000 face amount and an underwriting discount of 2.5%.

GS Finance Corp. is offering leveraged buffered S&P 500® Futures Excess Return Index‑linked notes due February 19, 2031, guaranteed by The Goldman Sachs Group, Inc. Each $1,000 face amount note pays no interest and returns at maturity are cash‑settled based on the underlier's performance from the trade date February 13, 2026 to the determination date February 13, 2031.

The notes provide an upside participation rate of 194.6% and a buffer level of 85% (a 15% buffer). If the final underlier level is above the initial level, the payoff equals $1,000 plus $1,000×194.6%×underlier return. If the final level is between the buffer and initial level, you receive $1,000. If it is below the buffer level, losses accrue pro rata and you may lose a substantial portion of your investment.

GS Finance Corp. offers callable equity-linked notes due February 10, 2031, guaranteed by The Goldman Sachs Group, Inc., with an aggregate face amount of $1,450,000 on the original issue date.

The notes pay no interest and are linked to the lesser performing of the Class A common stock of Alphabet Inc., the common stock of Amazon.com, Inc., and the common stock of NVIDIA Corporation. If the final price of the lesser performing index stock on the determination date (January 27, 2031) is greater than its initial price, the cash payoff per $1,000 face equals $1,000 plus $1,000 times a 300% participation rate times the lesser performing index stock return; if any index stock’s final price is equal to or less than its initial price, holders receive $1,000.

The notes are callable at issuer option on monthly call payment dates beginning February 10, 2027, with varying call premium amounts; the trade date is February 6, 2026, original issue date February 10, 2026, original issue price 100% of face amount, underwriting discount 4%, and estimated value at pricing of approximately $928 per $1,000 face amount.

GS Finance Corp. is offering autocallable contingent coupon equity-linked notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of Oracle Corporation (Bloomberg: "ORCL UN") and have a $1,000 face amount per note.

Key economic terms: trade date February 18, 2026, original issue date February 23, 2026, stated maturity February 23, 2029, determination date February 20, 2029. The coupon trigger level and trigger buffer level are 70% of the initial underlier level. Monthly contingent coupons accrue per a stated formula and are paid only if observation levels meet the 70% trigger. If the underlier meets or exceeds the initial level on a call observation date the notes will be automatically called for $1,000 plus any coupon then due. If not called, maturity cash settlement depends on the final underlier level and can result in a total loss of principal.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2031 tied to the Russell 2000® and S&P 500® indices.

Investors receive a quarterly coupon of $23.125 per $1,000 face amount (2.3125% quarterly, up to 9.25% per year) only if on each observation date both indices are at or above 70% of their initial levels. If either index is below this coupon trigger, that quarter’s coupon is zero.

The notes can be automatically called on scheduled call dates if both indices are at or above their initial levels, returning $1,000 per note plus the applicable coupon. If not called, at maturity investors receive $1,000 per note only if both indices are at or above 70% of their initial levels; otherwise repayment is reduced in line with the weaker index’s loss and can fall to zero, meaning a total loss of principal.

The notes carry the credit risk of GS Finance Corp. and its parent, may trade below issue price, are not listed on any exchange, and have complex, uncertain U.S. tax treatment as income-bearing prepaid derivative contracts.

The Goldman Sachs Group, Inc. is offering $5,000,000 of U.S. dollar-denominated callable notes due February 10, 2031. The notes do not pay periodic interest; instead, investors receive principal plus a fixed premium if the notes are redeemed early or held to maturity.

Goldman Sachs may redeem the notes at par plus a call premium of 5.125% to 20.5% on annual call dates from 2027 through 2030, or pay a 25.625% maturity date premium at the 2031 stated maturity. The yield to maturity is 4.67%, with earlier redemption yields between 4.77% and 5.13%.

The original issue price is 100% of principal, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The notes are unsecured obligations subject to Goldman Sachs’ credit risk, will not be listed on any exchange, may trade with limited liquidity, and are issued with original issue discount that is taxable as it accrues.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to four tech stocks: Meta Platforms, Tesla, NVIDIA and AMD. The notes are expected to trade from an original issue date of February 27, 2026 and mature on March 3, 2031, unless automatically called earlier.

Each $1,000 note can pay a monthly coupon that depends on the stocks’ prices. If on a coupon observation date each stock is at least 75% of its initial price, investors receive a maximum coupon of $7.292 (0.7292% monthly, about 8.75% per year). If any stock is below 75%, the coupon falls to $0.209 (0.0209% monthly, about 0.25% per year).

The notes are automatically called if on a call observation date each stock is at least 90% of its initial price, returning $1,000 per note plus the due coupon. The estimated value at pricing is expected between $885 and $925 per $1,000 face amount, reflecting structuring costs, dealer compensation and issuer funding spread. Investors bear the credit risk of GS Finance Corp. and the guarantor and have no shareholder rights in the underlying stocks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk notes maturing in February 2029 with no interest payments. The payoff is tied to a basket that is 70% S&P 500® Index and 30% iShares® MSCI EAFE ETF, with an initial basket level of 100.

At maturity, investors receive $1,000 plus basket gains with 100% upside participation, but returns are capped at a maximum settlement amount of $1,457.5 per $1,000. If the basket falls up to 15%, principal is returned; below that buffer, losses match further declines, so a large drop can significantly reduce repayment.

The notes’ estimated value at pricing is expected between $925 and $965 per $1,000, reflecting fees and hedging costs. Investors also take on the unsecured credit risk of GS Finance Corp. and its guarantor and do not receive any dividends from the index or ETF.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable notes linked to the S&P 500® Futures Excess Return Index that do not pay interest and are expected to mature on February 19, 2031, unless redeemed early.

At maturity, investors receive three times any positive index return; principal is repaid if the index is flat to down but not below 50% of its initial level, and losses match the index if it falls below that trigger, potentially to a full loss of principal.

The notes are callable monthly from February 2027 to January 2031 at 100% of face amount plus a call premium that steps up from 13.3008% to 65.3956%. The estimated value at pricing is expected between $885 and $925 per $1,000 face amount, and repayment depends on the credit of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable buffered notes linked to the Russell 2000® Index. The notes pay no interest and may be automatically called starting in February 2027 if the index is at least 90% of its initial level on a call observation date.

If called, investors receive $1,000 plus a call premium that starts at 9.1% of face amount and can rise over subsequent call dates. If the notes are not called and held to maturity in February 2031, investors receive a maximum of $1,455 per $1,000 face amount if the final index level is at least 90% of the initial level.

A 15% buffer protects principal only if the index does not fall below 85% of its initial level; below that, losses increase at about 1.1765% for every 1% further decline, and investors could lose their entire investment. The estimated value on the trade date is expected between $885 and $925 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 unsecured notes that pay no interest and return depends on an equally weighted basket of 10 large technology and growth stocks, including AMD, Amazon, Microsoft, Oracle, Salesforce, ServiceNow, Snowflake and Uber.

The notes are expected to run from a trade date in February 2026 to a stated maturity in February 2028. The initial basket level is 100. At maturity, investors get 100% downside exposure beyond a 15% buffer and 100% upside participation, but gains are capped at a final basket level of 137.75%, corresponding to a maximum cash payment of $1,377.5 per $1,000 face amount.

If the basket falls by 15% or less, investors receive the full face amount; if it falls more than 15%, principal is reduced in line with further declines, and a substantial loss of capital is possible. The notes do not pass through any dividends on the underlying stocks and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is expected between $925 and $955 per $1,000, reflecting structuring costs and dealer compensation, and secondary market values may be volatile and lower than face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured floating rate notes that pay compounded SOFR plus 0.95% per year, with a minimum interest rate of 0.50% per year. Interest is expected to be paid quarterly from May 17, 2026 until the expected maturity on February 17, 2033.

The notes are issued at 100% of principal in $1,000 denominations, are not redeemable before maturity, and will not be listed on any exchange, so liquidity may be limited and resale prices may be below principal, especially if interest rates rise. Payments depend on the credit of GS Finance Corp. and the guarantor, and Goldman Sachs & Co. LLC acts as calculation agent with discretion to determine compounded SOFR and any benchmark replacement if SOFR is discontinued.

For U.S. tax purposes, the notes are expected to be treated as variable rate debt instruments, with interest taxable as ordinary income and gains or losses on sale or maturity treated as capital. Net proceeds are intended to be lent to The Goldman Sachs Group, Inc. or its affiliates and may also be used in hedging transactions linked to SOFR.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked buffered digital notes maturing in 2032. These notes pay no interest and the repayment depends entirely on the S&P 500® Index level on the determination date.

If the final index level is at or above 85% of the initial level, investors receive a fixed maximum settlement of $1,505 per $1,000 face amount. If the index closes below the 85% buffer, principal is reduced 1% for each 1% decline below the buffer, so a substantial loss of investment is possible.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., and are subject to their credit risk. They are not listed on any exchange, may have limited or no secondary market, and their estimated value at pricing is less than the original issue price due to fees and structuring costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the S&P 500® Futures Excess Return Index, maturing in February 2031. The notes pay no interest and return depends entirely on the index performance.

At maturity, for each $1,000, investors receive $1,000 plus 104% of any positive index return; if the index is flat or down, they receive only the $1,000 face amount. The product is exposed to the credit risk of GS Finance Corp. and the guarantor, and is not listed on any exchange. The documents highlight that the estimated value on the trade date is less than the issue price, secondary market prices may be lower than face amount, and that futures-specific factors such as financing costs, contango and negative roll yield, and market disruptions can significantly affect returns. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of taxable income over their life even though cash is paid only at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due February 20, 2029 linked to the common stock of UnitedHealth Group Incorporated.

The notes pay a contingent quarterly coupon: on each coupon observation date, if the underlier’s closing level is at least 60% of the initial level (the coupon trigger level), the coupon accrues using $24.125 per elapsed observation date less coupons already paid; otherwise no coupon is paid.

The notes are subject to an automatic call: beginning August 11, 2026, if on any call observation date the underlier closes at or above its initial level, investors receive $1,000 per $1,000 face amount plus the due coupon and the notes terminate early.

If not called, payment at maturity depends on the final underlier level. If the final level is at least 60% of the initial level (the trigger buffer level), investors receive $1,000 per $1,000 face amount (plus any final coupon). If it is below 60%, investors receive $1,000 plus $1,000 times the underlier return, which can result in up to a 100% loss of principal.

The supplement highlights that the estimated value of the notes on the trade date will be less than the original issue price due to underwriting discounts, hedging and issuance costs, that secondary market values may differ from model estimates, and that investors are exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. It also stresses that investors have no shareholder rights in UnitedHealth stock and that U.S. tax treatment is uncertain, with coupons likely treated as ordinary income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon index-linked notes due 2028 tied to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes target a monthly contingent coupon of $9.417 per $1,000 (about 11.30% per annum) if each index stays at or above 70% of its initial level on observation dates.

If any index closes below its 70% coupon trigger on an observation date, no coupon is paid for that month. The issuer may redeem the notes at par plus any due coupon on any monthly coupon date from May 2026 through December 2027. At maturity in January 2028, if not redeemed and any index finishes below its 70% trigger buffer level, repayment of principal is reduced one-for-one with the worst 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 the guarantor, are not bank deposits, will not be listed on an exchange, and may trade at a value below the original issue price. The initial estimated value is lower than the issue price due to underwriting discounts, fees and hedging costs.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes due in 2030 that pay no interest. The notes’ payoff depends 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, holders receive principal plus 218% of the gain of the weaker index. If any index falls but both stay at or above 60% of initial, investors receive only principal back. If any index closes below 60% of its initial level, repayment falls in line with the weaker index’s loss and investors can lose their entire investment.

The preliminary estimated value is disclosed as between $905 and $945 per $1,000 face amount, reflecting structuring and distribution costs. Returns also depend on Goldman Sachs’ credit, futures market behavior, negative roll yields and potential tax and liquidity risks, since the notes are unsecured, unlisted and may lack an active market.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering trigger autocallable notes linked to the Nasdaq-100 Index and Russell 2000 Index. The notes have a $10 denomination and can be automatically called quarterly after about 12 months if both indices are at or above 100% of their initial levels.

If automatically called, holders receive $10 plus a call return based on a per annum rate between 10.70% and 11.20%, with the total payout rising the longer the notes remain outstanding. If never called and, on the final observation in 2031, both indices are at or above 75% of their initial levels, investors receive full principal back.

If at final observation either index is below 75% of its initial level, repayment is reduced one-for-one with the weaker index’s loss, and investors can lose their entire investment. The notes pay no coupons, are unsecured, and all payments depend on the credit of GS Finance Corp. and its guarantor. The original issue price is 100% of face, including a 2.50% underwriting discount, with estimated fair value between $9.30 and $9.60 per $10.

Goldman Sachs is offering principal-protected, no‑coupon notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes are expected to be issued in February 2026 and to mature in February 2033, unless automatically called earlier.

The notes pay no interest. If, on any semi‑annual call observation date starting in February 2027, the index closing level is at least 102% of the initial level, the notes are automatically redeemed at $1,000 plus a fixed call return (rising from 13.25% to 86.125% over time).

If the notes are not called, at maturity investors receive $1,927.50 per $1,000 face amount (a 92.75% gain) if the final index level is at least 102% of the initial level, or $1,000 if it is lower. The index is a volatility‑ and momentum‑controlled excess‑return strategy with a 0.65% per annum deduction and frequent high allocations to cash, which can significantly limit upside. The estimated initial fair value is between $885 and $925 per $1,000 face amount, below issue price.

GS Finance Corp. is offering structured notes linked to the common stock of Salesforce, Inc. The notes have a stated maturity of March 10, 2027 (unless automatically called) and pay monthly coupons only if the index stock closes at or above 71% of an initial price of $189.97 on specified observation dates. The notes will be automatically called if the index stock closes on the February 2027 observation date at or above the initial index stock price, in which case holders receive the face amount plus any coupon then due. If not called, the cash settlement at maturity depends on the index stock return versus a -29% downside buffer (71% trigger); a final index stock price below that buffer reduces principal linearly. The estimated value at pricing was approximately $958 per $1,000 face amount and the original issue price was 100% with a 2.15% underwriting discount.

GS Finance Corp. / The Goldman Sachs Group, Inc. is offering notes linked to the Goldman Sachs Momentum Builder® Focus ER Index with an aggregate face amount of $888,000. The notes pay no periodic interest, have a 100% upside participation rate and are automatically called if the index closing level on any call observation date is at or above 102% of the initial index level. If not called, maturity payment depends on index performance on the determination date of February 5, 2031 with maturity on February 10, 2031. The initial index level is 112.58. The original issue price equals face amount less a 1% underwriting discount; GS&Co.’s estimated trade-date value was $961 per $1,000 face amount (additional amount $39, ending June 4, 2026). The index methodology includes daily rebalancing, a 5% realized volatility control and a deduction of 0.65% per annum (accruing daily), and may allocate substantially to hypothetical cash positions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital S&P 500® Index-Linked Notes due 2033 under its Medium-Term Notes, Series F program. The notes’ payoff depends on S&P 500 performance between the trade date and determination date.

For each $1,000 face amount, if the final S&P 500 level is at or above 90% of its initial level, investors receive the maximum settlement amount of $1,665. If the final level is below 90%, principal is reduced 1% for each 1% drop below that buffer, so investors can lose a substantial portion of principal.

The notes pay no interest, have capped upside, and offer no rights in S&P 500 constituent stocks. They are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., potential secondary-market discounts, and uncertain U.S. federal tax treatment.

The Goldman Sachs Group, Inc. is issuing $12,000,000 of callable fixed rate notes due February 10, 2031, paying interest at 4.65% per annum. Interest is paid annually on February 10, beginning February 10, 2027.

The notes may be redeemed at Goldman Sachs’ option, in whole but not in part, on specified quarterly redemption dates on or after February 10, 2027 at 100% of principal plus accrued interest. The initial price to the public is 100% of principal, with an underwriting discount of 0.502% and estimated proceeds to Goldman Sachs of $11,939,760 before expenses.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing stock-linked notes tied to Kratos Defense & Security Solutions, Inc. common stock. The notes pay no interest and mature on February 8, 2029, unless automatically called earlier.

The notes are automatically redeemed on February 10, 2027 for $1,530 per $1,000 if Kratos’ stock on the call observation date is at or above the initial price of $85.25. If not called, maturity payments depend on the final stock price: investors get 1.5x the stock gain if it is above the initial price, full principal back if the stock is down by up to 50%, and a proportional loss if it falls by more than 50%, which can mean losing the entire investment.

The aggregate face amount is $5.47 million, with an estimated value of about $968 per $1,000 at pricing. Returns depend on Kratos’ share performance and the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are expected to have limited liquidity and significant market and structural risks.

GS Finance Corp. offers autocallable, index-linked notes due February 24, 2033 guaranteed by The Goldman Sachs Group, Inc., linked to the Goldman Sachs Momentum Builder® Focus ER Index. Each $1,000 face amount pays an annual automatic call if the index meets rising call levels; otherwise cash at maturity depends on the index return with a 100% upside participation rate.

The pricing supplement states the estimated value on the trade date is $850 to $890 per $1,000 face amount and that the original issue price exceeds that estimate. Key dates include a trade date February 19, 2026, original issue date February 24, 2026 and determination date February 16, 2033. Call observation/payment schedule and call premiums are specified for annual windows from February 19, 2027 through February 26, 2032.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital S&P 500® Index-Linked Notes due March 2, 2029. The notes are linked to the S&P 500 Index and pay no interest.

At maturity, if the final index level is at or above the initial level, holders receive a maximum upside settlement amount of $1,180 per $1,000 face amount. If the index is below the initial level but not lower than 80% of it, investors earn 360% of the absolute index loss, up to that $1,180 cap. If the index falls more than 20% below the initial level, principal is exposed 1-for-1 below the 80% buffer and investors can lose a substantial portion of their investment.

The issue price exceeds the model-based estimated value of the notes, and secondary market prices may be lower due to dealer spreads, commissions and changing market conditions. Investors face the credit risk of GS Finance Corp. and its parent guarantor, have no rights in S&P 500 stocks, and are subject to uncertain U.S. tax treatment, including potential FATCA and section 871(m) considerations.

GS Finance Corp. is offering EURO STOXX 50® Index-linked notes due 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and the cash you receive at maturity depends on index performance and whether a barrier event occurs.

If the index ever closes above 135% of its initial level during the measurement period, a barrier event occurs and you receive at least $1,175 per $1,000 note at maturity, a minimum 17.5% gain, regardless of the final index level. If no barrier event occurs, upside is tied to index gains up to a 35% maximum, while downside is limited by a minimum settlement amount of $950 per $1,000 note. The estimated value at pricing is expected between $900 and $930 per $1,000, below the 100% issue price, and the notes are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) offers auto-callable principal-at-risk notes linked to Bloom Energy Corporation Class A common stock due February 15, 2028. The notes pay $1,400 per $1,000 if the underlying closes at or above the initial share price on the call observation date (expected February 17, 2027), otherwise payoff at maturity depends on the final share price and a leverage factor set at least 340.00%. The downside threshold is 50.00% of the initial share price; if final price is below that threshold investors bear 1:1 downside risk. The cover shows an estimated value range of $860 to $920 per security and an underwriting discount of 2.50%.

The Goldman Sachs Group, Inc. is offering $50,000,000 of fixed and floating rate notes due March 9, 2027. The notes are issued at 100% of principal, with an underwriting discount of 0.035% and net proceeds of 99.965% of principal to Goldman Sachs.

From February 9, 2026 to May 9, 2026, the notes pay a fixed annual rate of 4.125%, with interest paid monthly. From May 9, 2026 to March 9, 2027, interest is based on compounded SOFR + 0.15%, with a minimum rate of 0.50% per year, also paid monthly. The notes are unsecured, not FDIC insured, not redeemable before maturity, and will not be listed on any exchange.