Goodwill and Acquired Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Changes in 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

Schedule of Acquired Finite-Lived 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

Schedule of Acquired Indefinite-lived 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

Schedule of Finite-lived Intangible Assets Amortization Expense

The following tables present our amortization expense for

acquired finite-lived intangible assets:

	Three Months Ended June 30,
	2026	2025
	(in millions)
Amortization expense	$121	$122
	Six Months Ended June 30,
	2026	2025
	(in millions)
Amortization expense	$243	$243

Schedule of Estimated Future Amortization Expense

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:

	(in millions)
Remainder of 2026	$245
2027	490
2028	457
2029	430
2030	267
2031+	3,162
Total	$5,051