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Goodwill (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Activity

Goodwill activity during 2025 and 2024 was as follows:

(in millions)

 

2025

 

 

2024

 

Beginning of year balance

 

$

25,949

 

 

$

15,524

 

Acquisitions(1)

 

 

9,343

 

 

 

10,428

 

Other

 

 

(9

)

 

 

(3

)

End of year balance

 

$

35,283

 

 

$

25,949

 
(1)
2025 amount primarily includes goodwill of $6.8 billion and $2.4 billion and $0.2 billion in connection with the HPS, Preqin and ElmTree Transactions, respectively. 2024 amount represents goodwill of $10.3 billion related to the GIP Transaction and $0.1 billion related to the SpiderRock Transaction. See Note 3, Acquisitions, for further information.