
	Options		North American Equities		Europe and Asia Pacific		Global FX		Total
Balance as of December 31, 2025	$	306.0	$	1,998.1	$	579.0	$	267.4	$	3,150.5
Reclassified to assets held for sale(1)	—		(60.9)		(30.7)		—		(91.6)
Changes in foreign currency exchange rates	—		(5.7)		(5.6)		—		(11.3)
Balance as of June 30, 2026	$	306.0	$	1,931.5	$	542.7	$	267.4	$	3,047.6

___________________________

(1)The decrease in the North American Equities and Europe and Asia Pacific segments was a result of the Company's Cboe Canada and Cboe Australia businesses being classified as held for sale in connection with the definitive agreement to sell those businesses. See Note 3 ("Acquisitions and Strategic Realignment") for more information.

Goodwill has been allocated to specific reporting units for purposes of impairment testing: Options, North American Equities, Europe and Asia Pacific, and Global FX. No goodwill has been allocated to the Futures segment. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired.


	Options		North American Equities		Europe and Asia Pacific		Global FX		Total
Balance as of December 31, 2025	$	119.9	$	824.6	$	318.1	$	34.6	$	1,297.2


Amortization	(2.9)		(17.7)		(6.5)		(4.2)		(31.3)
Reclassified to assets held for sale(1)	—		(44.7)		(30.4)		—		(75.1)
Changes in foreign currency exchange rates	—		(1.6)		(4.8)		—		(6.4)
Remeasurement to fair value	—		(0.4)		—		—		(0.4)
Balance as of June 30, 2026	$	117.0	$	760.2	$	276.4	$	30.4	$	1,184.0

___________________________

In the second quarter of 2025, Cboe Japan experienced declines in its market share as a result of increased market competition. The decline in market share was evaluated as a potential indication of impairment and the Company performed an interim impairment test for the long-lived intangible assets recognized in the Europe and Asia Pacific reporting unit. The Company concluded that the carrying value of Cboe Japan’s customer relationships long-lived intangible assets exceeded their estimated fair value, as their projected future cash flows did not support their valuation, and recorded an impairment charge of $17.1 million in the condensed consolidated statements of income for the three and six months ended June 30, 2025. The Company also evaluated the indefinite-lived intangible assets and goodwill of the Europe and Asia Pacific reporting unit and, based on the results of the assessments, determined there was no additional impairment required at that time.

On July 23, 2025, the Company announced its decision to wind down Cboe’s Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025 and formally closed these businesses following regulatory approval on March 23, 2026 to discontinue its Financial Instruments Business registration. As a result, the Company recorded an additional impairment charge of $1.8 million related to indefinite-lived intangible assets for the three and nine months ended September 30, 2025. The Company recorded impairment charges totaling $18.9 million related to intangible assets in the Europe and Asia Pacific reporting unit for the year ended December 31, 2025.

For the three and six months ended June 30, 2026 and 2025, amortization expense was $14.6 million and $17.2 million, respectively, and $31.3 million and $35.6 million, respectively. The estimated future amortization expense is $28.2 million for the remainder of 2026, $51.3 million for 2027, $45.9 million for 2028, $41.4 million for 2029, and $36.3 million for 2030.

Intangible assets have been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No intangible assets have been allocated to the Futures segment. Indefinite-lived intangibles impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following tables present the categories of intangible assets by segment as of June 30, 2026 and December 31, 2025 (in millions, except as stated):


	June 30, 2026								Weighted Average Amortization Period (in years)
	Options		North American Equities		Europe and Asia Pacific		Global FX
Trading registrations and licenses	$	95.5	$	572.7	$	211.4	$	—		Indefinite
Customer relationships	46.6		359.9		170.3		140.0			11
Market data customer relationships	53.6		322.0		63.9		64.4			6
Technology	27.9		40.3		35.1		22.5			6
Trademarks and tradenames	12.9		7.6		2.5		1.2			4
Digital assets held	—		0.4		—		—			Indefinite
Accumulated amortization	(119.5)		(542.7)		(206.8)		(197.7)
	$	117.0	$	760.2	$	276.4	$	30.4


	December 31, 2025								Weighted Average Amortization Period (in years)
	Options		North American Equities		Europe and Asia Pacific		Global FX
Trading registrations and licenses	$	95.5	$	586.9	$	219.4	$	—		Indefinite
Customer relationships	46.6		412.1		204.7		140.0			13
Market data customer relationships	53.6		322.0		65.1		64.4			6
Technology	27.9		55.5		35.7		22.5			6
Trademarks and tradenames	12.9		8.2		2.5		1.2			4
Digital assets held	—		0.7		—		—			Indefinite
Accumulated amortization	(116.6)		(560.8)		(209.3)		(193.5)
	$	119.9	$	824.6	$	318.1	$	34.6

In October 2022, the Company, through its wholly-owned subsidiary Cboe Netherlands Services Company B.V., entered into a Data Provider Agreement with Pyth Data Association (“Pyth”) to create a data feed and begin publishing limited derived equities market data for certain symbols from EDGA on the Pyth Network, a decentralized financial market data distribution platform for aggregated data. In exchange, Pyth granted Cboe Netherlands Services Company B.V. 16,666,666 restricted PYTH tokens which unlock annually over a four-year period in equal tranches; the first tranche of PYTH tokens unlocked in May 2024 and the final tranche will unlock in May 2027. The PYTH tokens, which are included within intangible assets, net in the condensed consolidated balance sheets and digital assets held within the categories of intangible assets by segment tables above, are carried at fair value with remeasurements in fair value recognized within loss on investments, net on the condensed consolidated statements of income.

The Company has earned additional PYTH tokens by continuing to provide data to the Pyth Network through various Pyth Reward Programs that have run since May 2023. During the three and six months ended June 30, 2026, the Company did not sell any PYTH tokens but did remeasure the tokens to fair value, resulting in a $0.4 million loss within earnings (loss) on investments, net on the condensed consolidated statements of income. During the three and six months ended June 30, 2025, the Company sold 3.0 million and 4.2 million PYTH tokens, respectively, and recognized a $0.3 million and $0.6 million gain, respectively, within earnings (loss) on investments, net on the condensed consolidated statements of income. Through June 30, 2026, the Company earned approximately 1,590,000 additional PYTH tokens via the Pyth Reward Programs. The Company recorded additional intangible assets and immaterial revenue based on the token's fair value when earned.