高盛美股招股说明书(2026-02-23版)

Subject to Completion. Dated February 20, 2026. GS Finance Corp. $Trigger Autocallable GEARS dueguaranteed by The Goldman Sachs Group, Inc.Investment Description The amount you will be paid on your securities is based on the performance of the Class A common stock of Palantir Technologies Inc. The securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The securities willmature on the stated maturity date unless they are automatically called on the call observation date. Unless your securities areautomatically called, if the closing price of the index stock on the determination date (the final index stock price) isgreater thanthe initialindex stock price (set on the trade date), then the return on your securities will be positive and equal theproduct ofthe upside gearingtimesthe index stock return (the percentage increase or decrease in the final index stock price from the initial index stock price). If thefinal index stock price isequal toorless thanthe initial index stock price butgreater thanorequal tothe downside threshold, you willreceive the face amount of your securities at maturity.If the final index stock price is less than the downside threshold, you will receive less than the face amount of your securities, resulting in a percentage loss on your investment equal to the index stock return and you could lose all of your investment.Your securities will be automatically called if the closing price of the index stock on the call observation date isgreater thanorequal tothe autocall barrier, resulting in a payment on the call payment date for each $10 face amount of your securitiesequal tothe face amount persecurityplustheproduct of$10timesthe call return specified below.Investing in the securities involves significant risks. You may lose a significant portion or all of your investment and will not receive any coupon during the term of the securities. The contingent repayment of principal applies only at maturity. Anypayment on the securities, including any repayment of principal, is subject to the creditworthiness of GS Finance Corp. and TheGoldman Sachs Group, Inc. FeaturesAutomatic Call Feature –Your securities will be automatically called and you will receiveO Notice to investors: the securities are a riskier investment than ordinary debt securities. GS Finance Corp. is not necessarilyobligated to repay the face amount of the securities at maturity, and the securities may have the same downside market risk asthe index stock. This market risk is in addition to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. Youshould not purchase the securities if you do not understand or are not comfortable with the significant risks involved in investingin the securities.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-13.Key Terms Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this pricing supplement. Any representation to the contrary is a criminaloffense. The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank.Goldman Sachs & Co. LLCUBS Financial Services Inc. Selling Agent The issue price, underwriting discount and net proceeds listed above relate to the securities we sell initially. We may decideto sell additional securities after the date of this pricing supplement , at issue prices and with underwriting discounts and netproceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment insecurities will depend in part on the issue price you pay for such securities.GS Finance Corp. may use this prospectus in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a security after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is beingused in a market-making transaction. Estimated Value of Your Securities The estimated value of your securities at the time the terms of your securities are set on the trade date (as determined byreference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) isexpected to be between $9.40 and $9.70 per $10 face amount), which is less than the original issue price. The value ofyour securities at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.’scustomary bid and ask spreads) at which GS&Co. would initially buy or sell securities (if it makes a market, which it