NASDAQ, INC. Goodwill & Intangibles Disclosure
(in millions) | |
Capital Access Platforms | |
Balance at December 31, 2024 | $4,127 |
Divestiture and acquisition of a business | (19) |
Foreign currency translation adjustments | 177 |
Balance at December 31, 2025 | $4,285 |
Financial Technology | |
Balance at December 31, 2024 | $7,925 |
Divestiture of a business | (9) |
Foreign currency translation adjustments | 36 |
Balance at December 31, 2025 | $7,952 |
Market Services | |
Balance at December 31, 2024 | $1,905 |
Foreign currency translation adjustments | 229 |
Balance at December 31, 2025 | $2,134 |
Total | |
Balance at December 31, 2024 | $13,957 |
Acquisition and divestitures of businesses | (28) |
Foreign currency translation adjustments | 442 |
Balance at December 31, 2025 | $14,371 |
December 31, 2025 | December 31, 2024 | ||
Finite-Lived Intangible Assets | (in millions) | ||
Gross Amount: | |||
Technology | $1,222 | $1,234 | |
Customer relationships | 5,711 | 5,720 | |
Trade names and other | 405 | 417 | |
Foreign currency translation adjustment | (163) | (237) | |
Total gross amount | $7,175 | $7,134 | |
Accumulated Amortization: | |||
Technology | $(531) | $(348) | |
Customer relationships | (1,432) | (1,164) | |
Trade names and other | (53) | (43) | |
Foreign currency translation adjustment | 113 | 153 | |
Total accumulated amortization | $(1,903) | $(1,402) | |
Net Amount: | |||
Technology | $691 | $886 | |
Customer relationships | 4,279 | 4,556 | |
Trade names and other | 352 | 374 | |
Foreign currency translation adjustment | (50) | (84) | |
Total finite-lived intangible assets | $5,272 | $5,732 | |
Indefinite-Lived Intangible Assets | |||
Exchange and clearing registrations | $1,257 | $1,257 | |
Trade names | 121 | 121 | |
Licenses | 52 | 52 | |
Foreign currency translation adjustment | (191) | (257) | |
Total indefinite-lived intangible assets | $1,239 | $1,173 | |
Total intangible assets, net | $6,511 | $6,905 | |
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
(in millions) | |||||
Amortization expense | $487 | $488 | $206 | ||
(in millions) | |
2026 | $504 |
2027 | 494 |
2028 | 460 |
2029 | 433 |
2030 | 256 |
2031+ | 3,175 |
Total | $5,322 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 26, 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.