Goodwill and Acquired Intangible Assets

6 Months Ended

Jun. 30, 2026

GOODWILL AND ACQUIRED INTANGIBLE

ASSETS

Goodwill

The following table presents the changes in goodwill by

business segment during the six months ended June 30, 2026:


	(in millions)
Capital Access Platforms
Balance at December 31, 2025	$4,285
Foreign currency translation adjustments	(53)
Balance at June 30, 2026	$4,232
Financial Technology
Balance at December 31, 2025	$7,952
Foreign currency translation adjustments	(8)
Balance at June 30, 2026	$7,944
Market Services
Balance at December 31, 2025	$2,134
Foreign currency translation adjustments	(65)
Balance at June 30, 2026	$2,069

Total
Balance at December 31, 2025	$14,371
Foreign currency translation adjustments	(126)
Balance at June 30, 2026	$14,245

Goodwill represents the excess of purchase price over the

value assigned to the net assets, including identifiable

intangible assets, of a business acquired. Goodwill is

allocated to our reporting units based on the assignment of

the fair values of each reporting unit of the acquired

company. We test goodwill for impairment at the reporting

unit level annually, or in interim periods if certain events

occur indicating that the carrying amount may be impaired,

such as changes in the business climate, poor indicators of

operating performance or the sale or disposition of a

significant portion of a reporting unit.

There was no impairment of goodwill or indefinite-lived

intangibles for the three and six months ended June 30, 2026

and 2025; however, events such as prolonged economic

weakness or unexpected significant declines in operating

results of any of our reporting units or businesses may result

in goodwill impairment charges in the future.

Acquired Intangible Assets

The following table presents details of our total acquired

intangible assets, both finite- and indefinite-lived:


	June 30, 2026	December 31, 2025
Finite-Lived Intangible Assets	(in millions)
Gross Amount:
Technology	$1,222	$1,222
Customer relationships	5,632	5,711
Trade names and other	405	405
Foreign currency translation adjustment	(159)	(163)
Total gross amount	$7,100	$7,175
Accumulated Amortization:
Technology	$(630)	$(531)
Customer relationships	(1,515)	(1,432)
Trade names and other	(63)	(53)
Foreign currency translation adjustment	113	113
Total accumulated amortization	$(2,095)	$(1,903)
Net Amount:
Technology	$592	$691
Customer relationships	4,117	4,279
Trade names and other	342	352
Foreign currency translation adjustment	(46)	(50)
Total finite-lived intangible assets	$5,005	$5,272

Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$1,257	$1,257
Trade names	121	121
Licenses	50	52
Foreign currency translation adjustment	(210)	(191)
Total indefinite-lived intangible assets	$1,218	$1,239
Total intangible assets, net	$6,223	$6,511

In connection with the wind-down of our Nordic power

futures business during the second quarter of 2026, we

recognized a $20 million impairment primarily related to

customer relationships and licenses. There was no other

material impairment of intangible assets for the three and six

months ended June 30, 2026 and 2025.

The following tables present our amortization expense for

acquired finite-lived intangible assets:

The table below presents the estimated future amortization

expense (excluding the impact of foreign currency translation

adjustments of $46 million as of June 30, 2026) of acquired

finite-lived intangible assets as of June 30, 2026: