Prudential Financial (NYSE: PFH) offers 4.650% InterNotes maturing 2036

Rhea-AI Filing Summary

Prudential Financial, Inc. is offering a new tranche of InterNotes with a fixed interest rate of 4.650% per year, priced at 100.000% of principal. The notes pay interest semi-annually on February 15 and August 15, starting August 15, 2026, and mature on February 15, 2036.

The notes are senior unsecured obligations and include a survivor’s option, subject to limitations described in the prospectus supplement. They are callable at 100.000% of principal on February 15, 2028 and on any interest payment date thereafter, plus accrued and unpaid interest. The minimum denomination is $1,000, in $1,000 increments.

Sales are made through InspereX LLC as purchasing agent and several named agents, with a gross concession of 1.800% and possible dealer discounts up to 0.9000% of principal. If a payment date falls on a non-business day, payment will be made on the next business day without additional interest.

This pricing supplement, which is not complete, relates to an automatically effective Registration Statement under the Securities Act of 1933, as amended. We may not sell the notes until we deliver a final pricing supplement. This pricing supplement and the accompanying prospectus supplement and prospectus are not an offer to sell these notes in any jurisdiction where such an offer would not be permitted.

Subject to completion, dated February 17, 2026

Prudential Financial InterNotes® , Due Six Months or More from Date of Issue Filed under Rule 424(b)(2), Registration Statement No. 333-277590 Preliminary Pricing Supplement No. 38 - Dated Tuesday, February 17, 2026. To Prospectus Dated March 1, 2024 and Prospectus Supplement dated August 5, 2024 Investors should read this pricing supplement in conjunction with the Prospectus and Prospectus Supplement.

CUSIP Number

Aggregate Principal Amount

Selling Price

Gross Concession

Net Proceeds

Interest Type

Interest Rate

Payment Frequency

Maturity Date

1st Interest Payment Date

1st Interest Payment Amount

Survivor’s Option*

Product Ranking

74432BBT4

[]

100.000%

1.800%

[]

Fixed

4.650%

Semi-Annual

02/15/2036

08/15/2026

$21.83

Yes

Senior Unsecured Notes

Subject to our redemption right, we will pay you interest on the notes on a Semi-Annual basis on Feb 15th and Aug 15th. The first such payment will be made on Aug 15, 2026. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid. Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.9000% of the principal amount. Redemption Information: Callable at 100.000% on 02/15/2028 and every interest payment date thereafter. This tranche of Prudential Financial, Inc. InterNotes (CUSIP 74432BBT4) will be subject to redemption at the option of Prudential Financial, Inc., in whole on the interest payment date occurring on 02/15/2028 and on any interest payment date thereafter at a redemption price equal to 100% of the principal amount of this tranche of Prudential Financial, Inc. InterNotes plus accrued and unpaid interest thereon, if any, upon at least 30 Calendar Days prior notice to the noteholder and the trustee, as described in the prospectus supplement. Additional Information: The notes do not amortize and are not zero coupon or original discount notes. Purchasing Agent: InspereX LLC Agents: Academy Securities, Inc., BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors

Offering Date: Tuesday, February 17, 2026 through Monday, February 23, 2026		Prudential Financial, Inc.
Trade Date: Monday, February 23, 2026 @ 12:00 PM ET		Prudential Financial Internotes®
Settle Date: Thursday, February 26, 2026		Prospectus Dated March 1, 2024 and
Minimum Denomination/Increments: $1,000.00/$1,000.00		Prospectus Supplement Dated August 5, 2024
Initial trades settle flat and clear SDFS: DTC Book-Entry only
DTC Number 0235 via RBC Dain Rauscher Inc.

If the maturity date, redemption date or an interest payment date for any note is not a business day (as that term is defined in the prospectus), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date, redemption date or interest payment date (following unadjusted business day convention).

* The survivor’s option feature of your note is subject to important limitations, restrictions and procedural requirements further described on page S-32 of your prospectus supplement.

The Bank of New York will act as trustee for the Notes. Citibank, N.A., will act as paying agent, registrar and transfer agent for the Notes and will administer any survivor’s options with respect thereto.

Notes will be sold to you at the selling price specified in this Pricing Supplement. The Purchasing Agent shall purchase notes from us at the selling price less the applicable gross concession specified in this Pricing Supplement. The Purchasing Agent may resell the notes it purchases to the agents and selected dealers at the selling price less a concession that, at the discretion of the Purchasing Agent, may be less than or equal to the gross concession received by the Purchasing Agent. Notes purchased by the agents and selected dealers on behalf of level-fee investment advisory accounts may be sold to such accounts at the selling price less the applicable concession, and such agents and selected dealers shall not retain, as compensation, any portion of such concession applicable to such selling agents and dealers. In that instance, the Purchasing Agent may retain the portion of the gross concession applicable to the Purchasing Agent.

InterNotes® is a registered trademark of InspereX Holdings LLC. All Rights Reserved.

FAQ

What are the key terms of Prudential Financial (PFH) InterNotes CUSIP 74432BBT4?

The InterNotes pay a fixed 4.650% annual interest rate, priced at 100.000% of principal, maturing on February 15, 2036. Interest is paid semi-annually on February 15 and August 15, starting August 15, 2026, as senior unsecured obligations of Prudential Financial, Inc.

When can Prudential Financial (PFH) redeem these 4.650% InterNotes?

Prudential may redeem the notes at 100.000% of principal on February 15, 2028, and on any interest payment date thereafter. Any redemption includes accrued and unpaid interest, if any, with at least 30 calendar days’ prior notice to noteholders and the trustee, as described in the prospectus supplement.

How often do the Prudential Financial (PFH) InterNotes pay interest and in what amount initially?

The notes pay interest semi-annually on February 15 and August 15 of each year. The first interest payment is scheduled for August 15, 2026, with an initial interest payment amount of $21.83 per note, based on the stated 4.650% annual fixed interest rate terms in the supplement.

What is the survivor’s option on Prudential Financial (PFH) InterNotes?

These notes include a survivor’s option, allowing certain redemptions following the death of a beneficial owner, subject to important limits. The pricing supplement states the feature is subject to limitations, restrictions, and procedural requirements described on page S-32 of the applicable prospectus supplement for these InterNotes.

What are the sales concessions on Prudential Financial (PFH) InterNotes?

The notes are sold at 100.000% of principal, with a gross concession of 1.800% to the purchasing agent. Notes sold to securities dealers or other brokers may include discounts up to 0.9000% of principal, with specific sharing of concessions among the purchasing agent, agents, and selected dealers.

What happens if a Prudential Financial (PFH) InterNotes payment date is not a business day?

If the maturity, redemption, or interest payment date is not a business day, payment of principal, premium, if any, and interest is made on the next business day. No additional interest accrues after the scheduled date under this unadjusted business day convention described in the offering materials.