Intercontinental Exchange, Inc.ICE
Intercontinental Exchange, Inc. Goodwill & Intangibles Disclosure
Goodwill and Other Intangible Assets
The following is a summary of the activity in our goodwill balance by segment (in millions):
| Exchanges Segment | Fixed Income and Data Services Segment | Mortgage Technology Segment | Total Consolidated | ||||||||||||||||||||
Goodwill balance at January 1, 2024 | $ | 8,155 | $ | 4,854 | $ | 17,544 | $ | 30,553 | |||||||||||||||
| Acquisitions | — | — | 39 | 39 | |||||||||||||||||||
| Foreign currency translation | (19) | (1) | (1) | (21) | |||||||||||||||||||
Other activity, net | — | — | 24 | 24 | |||||||||||||||||||
Goodwill balance at December 31, 2024 | $ | 8,136 | $ | 4,853 | $ | 17,606 | $ | 30,595 | |||||||||||||||
Acquisitions | 1 | 7 | 4 | 12 | |||||||||||||||||||
| Foreign currency translation | 38 | 3 | (2) | 39 | |||||||||||||||||||
Other activity, net | — | 1 | (1) | — | |||||||||||||||||||
Goodwill balance at December 31, 2025 | $ | 8,175 | $ | 4,864 | $ | 17,607 | $ | 30,646 | |||||||||||||||
The following is a summary of the activity in our other intangible assets balance (in millions):
Other intangible assets balance at January 1, 2024 | $ | 17,317 | |||
| Acquisitions | 21 | ||||
| Foreign currency translation | (20) | ||||
| Amortization of other intangible assets | (1,012) | ||||
Other intangible assets balance at December 31, 2024 | $ | 16,306 | |||
Acquisitions | 8 | ||||
| Foreign currency translation | 33 | ||||
| Amortization of other intangible assets | (994) | ||||
Other intangible assets balance at December 31, 2025 | $ | 15,353 | |||
Foreign currency translation adjustments result from a portion of our goodwill and other intangible assets primarily being held at our U.K., EU and Canadian subsidiaries, whose functional currencies are not the U.S. dollar. The changes in other activity, net, in the goodwill table above primarily relate to adjustments to the fair value of the net tangible assets made within one year of acquisitions, with a corresponding adjustment to goodwill.
Other intangible assets and the related accumulated amortization consisted of the following (in millions):
As of December 31, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||||
Gross(1) | Accumulated Amortization(1) | Net Book Value | Gross | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||||||||||
| Finite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
| Customer relationships | $ | 10,692 | $ | (3,743) | $ | 6,949 | $ | 10,874 | $ | (3,299) | $ | 7,575 | |||||||||||||||||||||||
| Technology | 2,102 | (997) | 1,105 | 2,549 | (1,191) | 1,358 | |||||||||||||||||||||||||||||
| Trading products with finite lives | 216 | (170) | 46 | 202 | (149) | 53 | |||||||||||||||||||||||||||||
| Data and databases | 609 | (153) | 456 | 746 | (230) | 516 | |||||||||||||||||||||||||||||
| Trademarks and trade names | 359 | (79) | 280 | 386 | (87) | 299 | |||||||||||||||||||||||||||||
| Other | 13 | (6) | 7 | 51 | (43) | 8 | |||||||||||||||||||||||||||||
| Total finite-lived intangible assets | $ | 13,991 | $ | (5,148) | $ | 8,843 | $ | 14,808 | $ | (4,999) | $ | 9,809 | |||||||||||||||||||||||
| Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
| Exchange registrations, licenses and contracts with indefinite lives | $ | 6,222 | $ | — | $ | 6,222 | $ | 6,209 | $ | — | $ | 6,209 | |||||||||||||||||||||||
| Trademarks and trade names with indefinite lives | 280 | — | 280 | 280 | — | 280 | |||||||||||||||||||||||||||||
| Other | 8 | — | 8 | 8 | — | 8 | |||||||||||||||||||||||||||||
| Total indefinite-lived intangible assets | $ | 6,510 | $ | — | $ | 6,510 | $ | 6,497 | $ | — | $ | 6,497 | |||||||||||||||||||||||
| Total other intangible assets | $ | 20,501 | $ | (5,148) | $ | 15,353 | $ | 21,305 | $ | (4,999) | $ | 16,306 | |||||||||||||||||||||||
(1) In 2025, we removed $868 million of fully amortized intangible assets. | |||||||||||||||||||||||||||||||||||
In 2025, 2024 and 2023, amortization expense of other intangible assets was $994 million, $1.0 billion and $749 million, respectively, and is recorded in depreciation and amortization expense in our consolidated statements of income. Collectively, the remaining weighted average useful lives of the finite-lived intangible assets is 12.8 years as of December 31, 2025. We expect future amortization expense from the finite-lived intangible assets as of December 31, 2025 to be as follows (in millions):
| 2026 | $ | 946 | |||
| 2027 | 901 | ||||
| 2028 | 803 | ||||
| 2029 | 769 | ||||
| 2030 | 744 | ||||
Thereafter | 4,680 | ||||
| Total | $ | 8,843 | |||
Goodwill and indefinite-lived intangible assets are tested for impairment annually in the fourth quarter or in interim periods if events occur or circumstances change that would indicate that the carrying amount may be impaired. We did not recognize any impairment losses on goodwill or indefinite-lived intangible assets in 2025, 2024 or 2023.
Our finite-lived intangible assets are tested for impairment when indicators of impairment are present. Other than a $7 million impairment on certain trademark intangible assets within our Mortgage Technology Segment in 2023 and a $3 million impairment of developed technology within our Exchanges Segment in 2024 for assets no longer in use, we did not recognize any impairment losses on finite-lived intangible assets in 2025, 2024 or 2023. The impairment charges described above are included in depreciation and amortization expense within the consolidated statements of income.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Feb 6, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 2, 2023 | |
| 2021 | Feb 3, 2022 | |
| 2020 | Feb 4, 2021 | |
| 2019 | Feb 6, 2020 | |
| 2018 | Feb 7, 2019 | |
| 2017 | Feb 7, 2018 | |
| 2016 | Feb 7, 2017 | |
| 2015 | Feb 4, 2016 | |
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.