Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible assets consisted of the following at June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
(in millions)	Assigned Value		Accumulated Amortization		Net Book Value		Assigned Value		Accumulated Amortization		Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships	$	4,695.3	$	(2,661.8)	$	2,033.5	$	4,703.0	$	(2,557.5)	$	2,145.5

Technology-related intellectual property	62.5		(62.5)		—		62.5		(62.5)		—
Other	73.3		(62.2)		11.1		73.9		(58.7)		15.2
Total amortizable intangible assets	$	4,831.1	$	(2,786.5)	$	2,044.6	$	4,839.4	$	(2,678.7)	$	2,160.7

Indefinite-Lived Intangible Assets:
Trade names					450.0						450.0
Total intangible assets – other, net					$	2,494.6					$	2,610.7
Trading products (1)					$	17,175.3					$	17,175.3

(1)Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits.

Total amortization expense for intangible assets was $56.0 million and $56.1 million for the quarters ended June 30, 2026 and 2025, respectively. Total amortization expense for intangible assets was $112.1 million and $111.3 million for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, the net book value of amortizable intangible assets included $4.1 million of foreign currency translation for the period.

As of June 30, 2026, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:


(in millions)	Amortization Expense
Remainder of 2026	$	111.1
2027	220.9
2028	214.4
2029	214.4
2030	214.4
2031	214.4
Thereafter	855.0

Goodwill activity consisted of the following for the periods ended June 30, 2026 and December 31, 2025:


(in millions)	Goodwill
Balance at December 31, 2024	$	10,486.9
Foreign currency translation	27.8
Balance at December 31, 2025	10,514.7
Foreign currency translation	(8.9)
Balance at June 30, 2026	$	10,505.8