Goldman Sachs Group Inc. 424B Filings

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.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2029 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 4.375% per annum, with semiannual payments expected on February 20 and August 20 each year, beginning August 20, 2026.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) at 100% of principal plus accrued interest on quarterly redemption dates starting August 20, 2026, upon at least five business days’ notice. The notes are unsecured senior debt obligations, are not bank deposits, and are not insured by any governmental agency. Distribution is through Goldman Sachs & Co. LLC, with varying initial prices for certain fee-based advisory accounts and extensive selling restrictions in the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland.

The Goldman Sachs Group, Inc. is offering $100,000,000 of senior notes due February 9, 2029 that pay a fixed then floating interest rate. From issuance to August 9, 2026, they pay 4.50% per year, with quarterly payments.

From August 9, 2026 to maturity, interest switches to compounded SOFR plus 0.80%, with a floor of 0.00% and quarterly payments on February 9, May 9, August 9 and November 9. The notes are unsecured obligations of Goldman Sachs, are not FDIC‑insured, are not redeemable before maturity, and will not be listed on an exchange. The issuer receives 99.85% of principal amount as net proceeds after a 0.15% underwriting discount.

The Goldman Sachs Group, Inc. is offering $7,000,000 of Callable Fixed Rate Notes due February 9, 2038 under its Medium-Term Notes, Series N program. The notes pay fixed interest of 5.25% per year, with interest paid annually on each February 9, starting February 9, 2027.

The notes are issued at 100% of principal, with underwriting discounts of 1.909%, resulting in proceeds to Goldman Sachs of $6,866,370 before expenses. Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on specified quarterly redemption dates on or after February 9, 2028.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,500,000 of Russell 2000® Index-linked notes under its Medium-Term Notes, Series F program. The notes do not pay interest and may be automatically called on February 9, 2027 if the index on February 4, 2027 is at or above the initial level of 2,624.546, in which case investors receive $1,120 per $1,000 face amount.

If not called, the February 8, 2029 maturity payment depends on index performance. Investors receive $1,000 plus 160% of any positive index return, $1,000 if the final level is between 90% and 100% of the initial level, and full downside exposure below 90%, potentially losing their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., are sold at 100% of face with a 2.85% underwriting discount (97.15% net proceeds), are not exchange-listed, and involve complex market, valuation and tax risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable notes linked to the S&P 500^® Futures Excess Return Index. The notes do not pay interest and have a $1,000 denomination, maturing on a stated date expected to be March 4, 2031, unless redeemed earlier.

Goldman may redeem the notes monthly from March 2027 to February 2031 at 100% of face amount plus a call premium that rises from 20.0004% to 98.3353%. If not called, maturity payment depends on index performance from an expected February 27, 2026 trade date to an expected February 18, 2031 determination date.

At maturity, if the final index level is at or above the initial level, investors receive $1,000 plus 195.5% of the index gain. If the final level is between 60% and 100% of the initial level, investors receive the absolute index return (up to +40%). Below 60%, losses match the index decline and investors can lose their entire principal. The estimated value on the trade date is expected between $885 and $935 per $1,000 face amount, reflecting fees and dealer economics.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes linked to an equally weighted basket of 7 large-cap tech stocks (Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA and Tesla). The notes pay no interest and mature on an expected stated maturity date of February 23, 2029.

At maturity, for each $1,000 face amount, investors receive: full principal plus 1.1 times any positive basket return, capped at a maximum settlement amount of $1,784; full principal repayment if the basket has fallen by up to 10%; or a loss equal to the basket return plus 10% if the basket declines by more than 10%. The initial basket level is 100, the buffer level is 90% of that, and the upside participation rate is 110%. The estimated value on the trade date is expected between $925 and $955 per $1,000 face amount, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity index-linked notes tied to the Russell 2000® Index, maturing on February 17, 2028. Each note has a $1,000 face amount, no coupons and no dividends.

The notes are auto-callable on February 19, 2027 if the index is at or above the starting level, paying $1,000 plus a call premium of at least 10.50%. If not called, holders get at maturity: 100% participation in index gains; a contingent absolute return where losses up to 20% become positive returns; or 1-to-1 downside exposure if the index falls more than 20%, potentially losing the entire principal.

All payments are subject to the credit risk of GS Finance Corp. and its guarantor. The estimated value at pricing is expected between $925 and $955 per $1,000, below the $1,000 original offering price, with an underwriting discount of up to 2.325%.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes whose return depends on the share performance of Netflix, UnitedHealth Group, and Palantir. The notes pay variable monthly coupons and return the $1,000 face amount at maturity, subject to issuer and guarantor credit risk.

Monthly coupons are $5 per $1,000 when all three stocks close at or above 80% of their initial prices on an observation date, and $0.834 if any stock is below that level. Starting in February 2027, the notes are automatically called if all three stocks are at or above 90% of their initial prices, paying face amount plus the applicable coupon. The notes are expected to mature in March 2031, and their estimated initial value is between $885 and $925 per $1,000 face amount, reflecting fees and hedging costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due February 14, 2031 tied to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a monthly contingent coupon of $8.584 per $1,000 (0.8584%, about 10.30% per annum) only if on each observation date all three indices are at or above 70% of their initial levels.

The notes can be automatically called beginning August 11, 2026 if on a call observation date each index is at or above its initial level, returning $1,000 per note plus the applicable coupon. If held to maturity and the worst-performing index is at or above 60% of its initial level, investors receive full principal. If the worst index finishes below 60%, repayment is reduced one-for-one with its loss, up to a complete loss of principal. The document highlights that the estimated value is below the issue price, secondary market liquidity may be limited, and payments depend on the credit of the issuer and guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers leveraged buffered equity-linked notes tied to Amazon.com common stock. These notes provide 150% upside participation in AMZN’s price gains, capped at a maximum cash settlement of $1,297.50 per $1,000 face amount.

The structure includes a 15% downside buffer: if AMZN falls by up to that amount, investors receive a positive return equal to the stock’s loss in absolute value. Below the buffer, principal is exposed one-for-one to further declines, and the notes pay no interest. Credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. applies.

GS Finance Corp. is offering autocallable contingent coupon notes linked to the Nasdaq-100, Russell 2000 and S&P 500, guaranteed by The Goldman Sachs Group, Inc. The notes run to February 12, 2029 unless automatically called earlier.

Investors receive a monthly coupon of at least $10.584 per $1,000 (about 1.0584%) only when each index is at or above 70% of its initial level on the observation date. The notes are automatically called if all three indices are at or above their initial levels on a call observation date, returning principal plus the due coupon. If held to maturity and any index finishes below 70% of its initial level, repayment is reduced one-for-one with the worst index, and principal can be fully lost. The document highlights that the notes’ estimated value at pricing is lower than the issue price, they are unsecured obligations subject to issuer and guarantor credit risk, and their tax treatment is uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2033 under its Medium-Term Notes, Series F program.

The notes pay no coupons, may be automatically called on scheduled dates if the index is at or above a preset call level, and then return principal plus a fixed call premium. If never called, at maturity investors receive principal plus 100% index upside, but only principal back if the index is flat or lower. The structure embeds daily volatility and momentum controls, ongoing 0.65% annual deductions within the index and significant allocation to cash-like positions, all of which can materially reduce index returns. Investors face the credit risk of GS Finance Corp. and its parent and complex U.S. tax treatment as contingent payment debt instruments.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay no interest and may be automatically called starting in February 2027 if the index is at or above its initial level.

If called, investors receive $1,000 plus a call premium that starts at 29% and steps up to 166.75%, depending on the call date. If not called, and the final index level is at or above the initial level on the February 2032 determination date, each $1,000 note pays a maximum of $2,740.

If the final index level is down by up to 50%, principal is returned; below that buffer, losses match the index decline and can reach 100% of invested principal. The indicative estimated value at pricing is between $885 and $925 per $1,000 face amount, reflecting structuring costs and dealer margin.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon index-linked notes due 2029 tied to the Russell 2000® and S&P 500® indices.

The notes pay a monthly contingent coupon of $8.334 per $1,000 (0.8334% monthly, up to about 10% per year) only when the closing level of each index is at least 80% of its initial level on the related observation date. The same 80% level acts as a buffer at maturity: if both final index levels are at or above 80% of their initial levels, investors receive $1,000 per note; if either is below 80%, principal is reduced in line with the weaker index, and investors can lose a substantial portion of their investment.

The notes can be automatically called on scheduled call payment dates starting in August 2026 if both indices are at or above their initial levels, in which case investors receive $1,000 plus the applicable coupon. Investors face the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., no equity ownership or dividends on the indices, potential missed coupons if either index is below its trigger level, and limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing up to $12,465,000 of notes linked to the SPDR® Gold Trust (GLD) with a stated maturity of February 8, 2028. The notes pay variable quarterly coupons of up to $10 per $1,000, based on how often GLD’s closing level stays between 90% and 110% of the initial level of $454.29 during each observation period. If GLD finishes above 110% of its initial level, principal gains are calculated at a 110% participation rate on returns above 10%, capped at a maximum cash settlement of $1,517 per $1,000. If the final level is between 90% and 110%, holders receive only their face amount. Below 90%, principal losses accelerate at about 111.11% of the decline past the 10% buffer, and the entire investment can be lost. The estimated value on the trade date is about $968 per $1,000, reflecting fees and hedging costs, and payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.; GLD dividends are not passed through and tax treatment is complex.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the STOXX® Europe 600 Index. The notes pay no interest and are scheduled to mature on an expected date of February 13, 2031, unless automatically called earlier.

The notes may be automatically redeemed on the expected call observation date of February 16, 2027 if the index is at or above its initial level set on February 9, 2026, paying $1,170 per $1,000 face amount. If not called, at maturity investors receive 2x any positive index performance, full principal back if the index decline is up to 20%, and one-for-one downside if the index falls more than 20%, which can result in a total loss of principal.

The estimated value on the trade date is expected between $885 and $925 per $1,000, reflecting structuring costs and dealer margins. Payments depend on the performance of the STOXX® Europe 600 Index and the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500 Index, Russell 2000 Index and State Street Utilities Select Sector SPDR ETF. The notes pay a fixed monthly coupon of $8.959 per $1,000 (0.8959%) only when each underlier is at or above 70% of its initial level on the relevant observation date.

The notes can be automatically called starting in August 2026 if, on a call observation date, each underlier is at or above its initial level, in which case investors receive $1,000 per note plus that month’s coupon. If the notes are not called, principal repayment at maturity in February 2029 depends solely on the worst-performing underlier. Full principal is returned only if each final level is at least 70% of its initial level; otherwise repayment is reduced in line with the lowest underlier’s loss, and investors can lose their entire investment and receive no coupon.

The product’s estimated value on the trade date is expected to be between $925 and $955 per $1,000 face amount, reflecting structuring costs and dealer compensation. Investors bear the credit risk of both GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor, and do not receive dividends or any shareholder rights in the indices or ETF.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes linked to the S&P 500® Index and maturing in 2030.

Investors may receive a quarterly coupon of $19.125 per $1,000 (1.9125% quarterly, up to 7.65% per year) only when the index is at or above 70% of its initial level on each observation date; otherwise no coupon is paid.

The notes are automatically called at par plus any due coupon if the index is at or above its initial level on specified call observation dates, which can shorten the investment term. At maturity, if not called and the index is at or above 70% of its initial level, holders receive their full $1,000 per note; if it is below that level, repayment is reduced in line with the index loss, and investors can lose their entire principal.

The notes are unsecured obligations of GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., expose investors to their credit risk, offer no participation in index gains above par, may have limited liquidity, and are expected to have an estimated value lower than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered basket-linked notes due in August 2027. The notes pay no interest and their value depends on a weighted basket of the S&P 500 (40%), Russell 2000 (30%) and EURO STOXX 50 (30%).

At maturity, investors receive 1.5x any positive basket return, capped at a maximum settlement of $1,165 per $1,000 (an 11.5% maximum gain). A 15% downside buffer protects principal for modest declines, but below that level losses match the basket decline beyond 15%, so a large drop can cause substantial principal loss.

The estimated value at pricing is expected between $925 and $955 per $1,000, lower than the issue price, reflecting fees and dealer margins. Payments are subject to the unsecured credit of GS Finance Corp. and its parent guarantor, and the notes are expected to be treated as pre-paid derivative contracts for U.S. tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering auto-callable, market-linked notes tied to the Class A common stock of Robinhood Markets, Inc. The notes mature on February 15, 2029 and are designed to pay high but uncertain contingent coupons.

Investors receive a quarterly contingent coupon of at least $52.50 per $1,000 (at least 21.00% per annum) only if Robinhood’s stock closes at or above 50% of the starting price on each calculation day. From May 2026 to November 2028, if the stock closes at or above 90% of the starting price on a calculation day, the notes are automatically called at face value plus that quarter’s coupon. If not called, investors get full principal back only if the final stock price is at least 50% of the starting price; below that level, losses exceed 50% and can reach 100%. The estimated initial value is $890–$920 per $1,000, below the issue price, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.