v3.25.3
Goodwill and Acquired Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill
The following table presents the changes in goodwill by business segment during the nine months ended September 30, 2025:
(in millions)
Capital Access Platforms
Balance at December 31, 2024$4,127 
Foreign currency translation adjustments155 
Balance at September 30, 2025$4,282 
Financial Technology
Balance at December 31, 2024$7,925 
Divestiture of business(9)
Foreign currency translation adjustments31 
Balance at September 30, 2025$7,947 
Market Services
Balance at December 31, 2024$1,905 
Foreign currency translation adjustments202 
Balance at September 30, 2025$2,107 
Total
Balance at December 31, 2024$13,957 
Divestiture of business(9)
Foreign currency translation adjustments388 
Balance at September 30, 2025$14,336 
Schedule of Acquired Finite-Lived Intangible Assets
The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:
September 30, 2025December 31, 2024
Finite-Lived Intangible Assets(in millions)
Gross Amount:
Technology$1,234 $1,234 
Customer relationships5,714 5,720 
Trade names and other417 417 
Foreign currency translation adjustment(172)(237)
Total gross amount$7,193 $7,134 
Accumulated Amortization:
Technology$(496)$(348)
Customer relationships(1,365)(1,164)
Trade names and other(60)(43)
Foreign currency translation adjustment118 153 
Total accumulated amortization$(1,803)$(1,402)
Net Amount:
Technology$738 $886 
Customer relationships4,349 4,556 
Trade names and other357 374 
Foreign currency translation adjustment(54)(84)
Total finite-lived intangible assets$5,390 $5,732 
Indefinite-Lived Intangible Assets
Exchange and clearing registrations$1,257 $1,257 
Trade names121 121 
Licenses52 52 
Foreign currency translation adjustment(200)(257)
Total indefinite-lived intangible assets$1,230 $1,173 
Total intangible assets, net$6,620 $6,905 
Schedule of Acquired Indefinite-lived Intangible Assets
The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:
September 30, 2025December 31, 2024
Finite-Lived Intangible Assets(in millions)
Gross Amount:
Technology$1,234 $1,234 
Customer relationships5,714 5,720 
Trade names and other417 417 
Foreign currency translation adjustment(172)(237)
Total gross amount$7,193 $7,134 
Accumulated Amortization:
Technology$(496)$(348)
Customer relationships(1,365)(1,164)
Trade names and other(60)(43)
Foreign currency translation adjustment118 153 
Total accumulated amortization$(1,803)$(1,402)
Net Amount:
Technology$738 $886 
Customer relationships4,349 4,556 
Trade names and other357 374 
Foreign currency translation adjustment(54)(84)
Total finite-lived intangible assets$5,390 $5,732 
Indefinite-Lived Intangible Assets
Exchange and clearing registrations$1,257 $1,257 
Trade names121 121 
Licenses52 52 
Foreign currency translation adjustment(200)(257)
Total indefinite-lived intangible assets$1,230 $1,173 
Total intangible assets, net$6,620 $6,905 
Schedule of Finite-lived Intangible Assets Amortization Expense
The following tables present our amortization expense for acquired finite-lived intangible assets:
Three Months Ended September 30,
20252024
(in millions)
Amortization expense$122 $122 
Nine Months Ended September 30,
20252024
(in millions)
Amortization expense$365 $366 
Schedule of Estimated Future Amortization Expense
The table below presents the estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $54 million as of September 30, 2025) of acquired finite-lived intangible assets as of September 30, 2025:
(in millions)
Remainder of 2025
$123 
2026503 
2027493 
2028460 
2029433 
2030+3,432 
Total$5,444