Goodwill and Intangible Assets, Net
The following table presents our goodwill and intangible assets as of December 31, 2025 and 2024: | | | | | | | | | | | |
| | December 31, |
| | 2025 | | 2024 |
| | (In millions) |
| Goodwill | $ | 6,872 | | | $ | 6,844 | |
| Intangible assets with indefinite lives | 769 | | | 763 | |
| Intangible assets with definite lives, net | 50 | | | 54 | |
| $ | 7,691 | | | $ | 7,661 | |
Impairment Assessments. We perform our annual assessment of possible impairment of goodwill and indefinite-lived intangible assets as of October 1, or more frequently if events and circumstances indicate that an impairment may have occurred.
During the third quarter of 2024, we recognized intangible impairment charges of $33 million related to an indefinite-lived trade name within our trivago segment that resulted from a decline in revenue in the current year as well as trivago's share price decline, which reduced its total market capitalization relative to its net assets. In addition, during our annual assessment of goodwill and intangible assets during the fourth quarter of 2024, we recognized intangible impairment charges of $114 million related to an indefinite-lived trade name within our B2C segment.
During 2023, we recognized a goodwill impairment charge of $297 million related to our trivago segment as well as intangible impairment charges of $15 million related to indefinite-lived trade name within our trivago segment, due to a strategic shift at trivago, which included intensifying its brand marketing investments with an anticipated decrease in profitability. In addition, during the fourth quarter of 2023, we recognized intangible impairment charges of $114 million related to indefinite-lived trade names within our B2C segment.
Goodwill. The following table presents the changes in goodwill by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | |
| B2C | | B2B | | trivago | | Total |
| | (In millions) |
| Balance as of December 31, 2023 | $ | 6,436 | | | $ | 413 | | | $ | — | | | $ | 6,849 | |
| | | | | | | |
| Foreign exchange translation and other | (3) | | | (2) | | | — | | | (5) | |
| Balance as of December 31, 2024 | 6,433 | | | 411 | | | — | | | 6,844 | |
| | | | | | | |
| Additions | — | | | — | | | 16 | | | 16 | |
| | | | | | | |
| Foreign exchange translation and other | 11 | | | 1 | | | — | | | 12 | |
| Balance as of December 31, 2025 | $ | 6,444 | | | $ | 412 | | | $ | 16 | | | $ | 6,872 | |
As of December 31, 2025, accumulated goodwill impairment losses in total were $3.6 billion, of which $3.0 billion was associated with our B2C segment and $537 million was associated with our trivago segment.
Indefinite-lived Intangible Assets. Our indefinite-lived intangible assets relate principally to trade names and trademarks acquired in various acquisitions.
Intangible Assets with Definite Lives. The following table presents the components of our intangible assets with definite lives as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2025 | | December 31, 2024 |
| | Cost | | Accumulated
Amortization | | Net | | Cost | | Accumulated
Amortization | | Net |
| | (In millions) |
| Customer relationships | $ | 381 | | | $ | (381) | | | $ | — | | | $ | 380 | | | $ | (369) | | | $ | 11 | |
| Supplier relationships | 485 | | | (485) | | | — | | | 475 | | | (474) | | | 1 | |
| Domain names | 168 | | | (155) | | | 13 | | | 166 | | | (145) | | | 21 | |
| Technology | 391 | | | (362) | | | 29 | | | 353 | | | (353) | | | — | |
| Other | 302 | | | (294) | | | 8 | | | 295 | | | (274) | | | 21 | |
| Total | $ | 1,727 | | | $ | (1,677) | | | $ | 50 | | | $ | 1,669 | | | $ | (1,615) | | | $ | 54 | |
Amortization expense was $40 million, $57 million and $59 million for the years ended December 31, 2025, 2024 and 2023. The estimated future amortization expense related to intangible assets with definite lives as of December 31, 2025, assuming no subsequent impairment of the underlying assets, is as follows, in millions: | | | | | |
| 2026 | $ | 18 | |
| 2027 | 10 | |
| 2028 | 6 | |
| 2029 | 6 | |
| 2030 | 6 | |
| 2031 and thereafter | 4 | |
| Total | $ | 50 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.