5.	Goodwill and Intangible Assets

The Company assesses the value of its goodwill at the reporting unit level under either a qualitative or quantitative approach. When applying a qualitative approach, the Company assesses the likelihood of goodwill impairment to assess whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. On October 1, 2025, the Company performed its annual impairment assessment, under a qualitative approach, and as a result no impairment was recognized in the current period as a result of the Company’s assessment. Further, no significant events or conditions occurred during the quarter ended December 31, 2025 that would have affected the conclusions of the Company’s annual assessment.

A summary of the change in the carrying amount of goodwill for the year ended December 31, 2025 is as follows:


Balance at December 31, 2024	$	69,296
Acquisitions		10,447

Balance at December 31, 2025	$	79,743

Intangible assets consist primarily of customer lists and trademarks related to the businesses acquired. Customer lists, trademarks and other intangible assets are amortized on a straight-line basis, which approximates the expected future cash flows, over the period of their estimated useful lives as follows:


Customer lists		9 to 10 years
Trademarks and other intangible assets		5 to 20 years

The carrying amount and accumulated amortization of the customer lists, trademarks and other intangible assets as of December 31 are as follows:


	2024							2025
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets:
Customer lists	$	47,953	$	(34,889	)	$	13,064	$	54,883	$	(38,156	)	$	16,727
Trademarks and other intangible assets		7,731		(5,883	)		1,848		8,021		(6,273	)		1,748

Total intangible assets	$	55,684	$	(40,772	)	$	14,912	$	62,904	$	(44,429	)	$	18,475

Amortization expense related to finite-lived intangible assets for the years ended December 31, 2024 and 2025 was $3,302 and $3,658, respectively.

The estimated amortization expense for the next five years ending December 31 and thereafter is as follows:


2026	$	2,807
2027		2,059
2028		1,665
2029		1,545
2030		1,452
Thereafter		8,947

Total	$	18,475

Historical Timeline

Fiscal Year	Filed
2025	Mar 11, 2026	Showing above
2024	Mar 26, 2025

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.

Guardian Pharmacy Services, Inc. Goodwill & Intangibles Disclosure

Historical Timeline

About Goodwill & Intangibles Disclosures

Other Available Disclosures