Note 7 – Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying value of goodwill by segment (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Mobility | | Delivery | | Freight | | Total Goodwill |
| Balance as of January 1, 2024 | | $ | 2,337 | | | $ | 4,369 | | | $ | 1,445 | | | $ | 8,151 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Foreign currency translation and other adjustments | | (76) | | | (2) | | | (7) | | | (85) | |
| Balance as of December 31, 2024 | | 2,261 | | | 4,367 | | | 1,438 | | | 8,066 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Acquisitions | | 131 | | | 705 | | | — | | | 836 | |
| Foreign currency translation and other adjustments | | 17 | | | 8 | | | 4 | | | 29 | |
| Balance as of December 31, 2025 | | $ | 2,409 | | | $ | 5,080 | | | $ | 1,442 | | | $ | 8,931 | |
Intangible Assets
The components of intangible assets, net were as follows (in millions except years): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value | | Weighted Average Remaining Useful Life - Years |
| December 31, 2024 | | | | | | | | |
| Consumer, Merchant and other relationships | | $ | 1,789 | | | $ | (889) | | | $ | 900 | | | 8 |
| Developed technology | | 890 | | | (690) | | | 200 | | | 4 |
| Trade name, trademarks and other | | 145 | | | (120) | | | 25 | | | 5 |
| Intangible assets | | $ | 2,824 | | | $ | (1,699) | | | $ | 1,125 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Gross Carrying Value | | Accumulated Amortization | | | | Net Carrying Value | | Weighted Average Remaining Useful Life - Years |
| December 31, 2025 | | | | | | | | | | |
| Consumer, Merchant and other relationships | | $ | 1,904 | | | $ | (1,083) | | | | | $ | 821 | | | 8 |
| Developed technology | | 930 | | | (754) | | | | | 176 | | | 3 |
| Trade name, trademarks and other | | 183 | | | (132) | | | | | 51 | | | 3 |
| Intangible assets | | $ | 3,017 | | | $ | (1,969) | | | | | $ | 1,048 | | | |
Amortization expense for intangible assets subject to amortization was $362 million, $294 million, and $269 million for the years ended December 31, 2023, 2024, and 2025, respectively.
The estimated aggregate future amortization expense for intangible assets subject to amortization as of December 31, 2025 is summarized below (in millions): | | | | | | | | |
| | Estimated Future Amortization Expense |
| Year Ending December 31, | | |
| 2026 | | $ | 231 | |
| 2027 | | 199 | |
| | | | | | | | |
| 2028 | | 142 | |
| 2029 | | 94 | |
| 2030 | | 90 | |
| Thereafter | | 281 | |
| Total | | $ | 1,037 | |
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.