MARKETAXESS HOLDINGS INC Goodwill & Intangibles Disclosure
7. Goodwill and Intangible Assets
Goodwill and intangible assets with indefinite lives were $283.7 million and $236.7 million as of December 31, 2025 and 2024, respectively. The following is a summary of changes in goodwill and intangible assets with indefinite lives for the year ended December 31, 2025:
|
|
(In thousands) |
|
|
Balance at December 31, 2024 |
|
$ |
236,706 |
|
Goodwill from the 2025 RFQ-hub Acquisition |
|
|
46,961 |
|
Balance at December 31, 2025 |
|
$ |
283,667 |
|
|
|
|
|
|
Intangible assets with definite lives, including the related accumulated amortization, are comprised of the following:
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||||||||||||||||||
|
|
Cost |
|
|
Accumulated |
|
|
Net carrying |
|
|
Cost |
|
|
Accumulated |
|
|
Net carrying |
|
||||||
|
|
(In thousands) |
|
|||||||||||||||||||||
Customer relationships |
|
$ |
155,492 |
|
|
$ |
(80,539 |
) |
|
$ |
74,953 |
|
|
$ |
138,089 |
|
|
$ |
(64,698 |
) |
|
$ |
73,391 |
|
Developed technology |
|
|
55,970 |
|
|
|
(21,984 |
) |
|
|
33,986 |
|
|
|
39,070 |
|
|
|
(15,501 |
) |
|
|
23,569 |
|
Other |
|
|
2,760 |
|
|
|
(1,070 |
) |
|
|
1,690 |
|
|
|
2,060 |
|
|
|
(942 |
) |
|
|
1,118 |
|
Total |
|
$ |
214,222 |
|
|
$ |
(103,593 |
) |
|
$ |
110,629 |
|
|
$ |
179,219 |
|
|
$ |
(81,141 |
) |
|
$ |
98,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortization expense associated with identifiable intangible assets was $19.9 million, $19.8 million and $18.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Annual estimated total amortization expense is $19.7 million, $18.3 million, $16.7 million, $15.8 million and $11.1 million for the years ended December 31, 2026 through 2030, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 25, 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.