The purpose of this study is to describe and analyze how Swedish listed companies communicate goodwill impairments in their annual reports and which factors are presented as explanations for these impairments. The study is based on the research question: How do companies explain their goodwill impairments and which factors are identified as causes ofthe impairment? Goodwill is a debated accounting item because impairment testing is based on management’s own assessments and assumptions, which may affect both when impairments are recognized and how they are explained. The study is based on a qualitative content analysis of annual reports from 36 Swedish listed companies on NASDAQ OMX Stockholm during the period 2020-2024. The analysis is conducted using a developed analytical framework in which companies’ explanations are categorized as internal factors, external factors, a combination of internal and external factors, silence and formulation. The results show that companies’ explanations vary in both content and level of detail. Some companies provide extensive and company-specific explanations, while others provide limited or no qualitative explanations at all. The study also shows that external explanations occur to a limited extent, despite the period being characterized by economic uncertainty. This suggests that goodwill impairments are often presented as events managed through internal assessments, strategic decisions or a combination of factors. In conclusion, the study demonstrates that goodwill impairments are not merely accounting-related decisions, but also a form of strategic communication through which companies influence how the impairment are understood.