Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Intangible assets consisted of the following at December 31, 2025 and 2024:


	2025						2024
(in millions)	Assigned Value		Accumulated Amortization		Net Book Value		Assigned Value		Accumulated Amortization		Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships	$	4,703.0	$	(2,557.5)	$	2,145.5	$	4,683.5	$	(2,334.4)	$	2,349.1

Technology-related intellectual property	62.5		(62.5)		—		62.5		(62.5)		—
Other	73.9		(58.7)		15.2		71.1		(48.6)		22.5
Total Amortizable Intangible Assets	$	4,839.4	$	(2,678.7)	$	2,160.7	$	4,817.1	$	(2,445.5)	$	2,371.6

Indefinite-Lived Intangible Assets:
Trade names					450.0						450.0

Total Intangible Assets—Other, Net					$	2,610.7					$	2,821.6
Trading products (1)					$	17,175.3					$	17,175.3

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(1)Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the CFTC. Product authorizations from the CFTC have no term limits.

The originally assigned useful lives for the amortizable intangible assets as of December 31, 2025 are as follows:



Clearing firm, market data and other customer relationships			5 - 30 years

Technology-related intellectual property			5 - 9 years
Other			3 - 24.5 years

Total amortization expense for intangible assets was $223.4 million, $221.7 million and $226.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:


(in millions)
2026	$	222.9
2027	221.6
2028	214.9
2029	214.9
2030	214.9
Thereafter	1,071.5

Goodwill activity consisted of the following for the years ended December 31, 2025 and 2024:


(in millions)	Goodwill
Balance at December 31, 2023	$	10,495.3
Foreign currency translation	(8.4)
Balance at December 31, 2024	10,486.9
Foreign currency translation	27.8
Balance at December 31, 2025	$	10,514.7

CME GROUP INC. 10-K