Goodwill and Acquired Intangible Assets

9 Months Ended

Sep. 30, 2026

GOODWILL AND ACQUIRED INTANGIBLE

ASSETS

Goodwill

The following table presents the changes in goodwill by

business segment during the nine months ended September

30, 2026:


	(in millions)
Capital Access Platforms
Balance at December 31, 2025	$4,285
Goodwill acquired	70
Foreign currency translation adjustments	(83)
Balance at September 30, 2026	$4,272
Financial Technology
Balance at December 31, 2025	$7,952
Foreign currency translation adjustments	(13)
Balance at September 30, 2026	$7,939
Market Services
Balance at December 31, 2025	$2,134
Foreign currency translation adjustments	(98)
Balance at September 30, 2026	$2,036

Total
Balance at December 31, 2025	$14,371
Goodwill acquired	70
Foreign currency translation adjustments	(194)
Balance at September 30, 2026	$14,247

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 for the three and nine

months ended September 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:


	September 30, 2026	December 31, 2025
Finite-Lived Intangible Assets	(in millions)
Gross Amount:
Technology	$1,222	$1,222
Customer relationships	5,645	5,711
Trade names and other	405	405
Foreign currency translation adjustment	(170)	(163)
Total gross amount	$7,102	$7,175
Accumulated Amortization:
Technology	$(673)	$(531)
Customer relationships	(1,584)	(1,432)
Trade names and other	(68)	(53)
Foreign currency translation adjustment	122	113
Total accumulated amortization	$(2,203)	$(1,903)
Net Amount:
Technology	$549	$691
Customer relationships	4,061	4,279
Trade names and other	337	352
Foreign currency translation adjustment	(48)	(50)
Total finite-lived intangible assets	$4,899	$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	(221)	(191)
Total indefinite-lived intangible assets	$1,207	$1,239
Total intangible assets, net	$6,106	$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

nine months ended September 30, 2026 and 2025.

The following tables present our amortization expense for

acquired finite-lived intangible assets:


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

	Nine Months Ended September 30,
	2026	2025
	(in millions)
Amortization expense	$364	$365

The table below presents the estimated future amortization

expense (excluding the impact of foreign currency translation

adjustments of $48 million as of September 30, 2026) of

acquired finite-lived intangible assets as of September 30,

2026: