(a)1. Financial Statements.
The following consolidated financial statements are included in Item 8:
(a)2. Financial Statement Schedule.
The following financial statement schedule for the years ended December 31, 2025, 2024 and 2023 is filed as part of this report and should be read in conjunction with the consolidated financial statements.
Schedule II Valuation and Qualifying Accounts
All other schedules for which provision is made in the applicable accounting regulation of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted.
LIVE NATION ENTERTAINMENT, INC.
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
Allowance for Doubtful Accounts
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| Description | | | | | | Balance at Beginning of Period | | | | | | Charges of Costs, Expenses and Other | | | | | | Write-off of Accounts Receivable | | | | | | Other | | | | | | Balance at End of Period | | |
| | | | | | (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year ended December 31, 2023 | | | | | | $ | 63,294 | | | | | $ | 32,645 | | | | | $ | (10,771) | | | | | $ | (2,818) | | | | | $ | 82,350 | |
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| Year ended December 31, 2024 | | | | | | $ | 82,350 | | | | | $ | 10,430 | | | | | $ | (22,901) | | | | | $ | 2,784 | | | | | $ | 72,663 | |
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| Year ended December 31, 2025 | | | | | | $ | 72,663 | | | | | $ | 16,330 | | | | | $ | (17,647) | | | | | $ | 2,566 | | | | | $ | 73,912 | |
LIVE NATION ENTERTAINMENT, INC.
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
Deferred Tax Asset Valuation Allowance
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| Description | | | | | | Balance at Beginning of Period | | | | | | Charges of Costs, Expenses and Other | | | | | | Deletions | | | | | | Other (1) | | | | | | Balance at End of Period | | |
| | | | | | (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year ended December 31, 2023 | | | | | | $ | 1,240,881 | | | | | $ | (93,450) | | | | | $ | — | | | | | $ | 46,943 | | | | | $ | 1,194,374 | |
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| Year ended December 31, 2024 | | | | | | $ | 1,194,374 | | | | | $ | (650,231) | | | | | $ | — | | | | | $ | 25,352 | | | | | $ | 569,495 | |
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| Year ended December 31, 2025 | | | | | | $ | 569,495 | | | | | $ | 18,040 | | | | | $ | — | | | | | $ | (250) | | | | | $ | 587,285 | |
(1) During 2025, 2024 and 2023, the valuation allowance was adjusted for acquisitions, divestitures and foreign currency adjustments.
(a)3. Those exhibits required by Item 601 of Regulation S-K
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| | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | |
| Exhibit No. | | | Exhibit Description | | | Form | | | File No. | | | Exhibit No. | | | Filing Date | | | | | | Filed Herewith | | |
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| 3.1 | | | Amended and Restated Certificate of Incorporation of Live Nation Entertainment, Inc., as amended. | | | 10-K | | | 001-32601 | | | 3.1 | | | 2/25/2010 | | | | | | | | |
| 3.2 | | | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Live Nation Entertainment, Inc. | | | 8-K | | | 001-32601 | | | 3.1 | | | 6/7/2013 | | | | | | | | |
| 3.3 | | | Sixth Amended and Restated Bylaws of Live Nation Entertainment, Inc. | | | 8-K | | | 001-32601 | | | 3.1 | | | 6/17/2022 | | | | | | | | |
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| 4.1 | | | Form of Certificate of Designations of Series A Junior Participating Preferred Stock. | | | 8-K | | | 001-32601 | | | 4.2 | | | 12/23/2005 | | | | | | | | |
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| 4.2 | | | Description of Securities. | | | 10-K | | | 001-32601 | | | 4.2 | | | 3/01/2021 | | | | | | | | |
| 10.1 | | | Stockholder Agreement, dated February 10, 2009, among Live Nation, Inc., Liberty Media Corporation, Liberty USA Holdings, LLC and Ticketmaster Entertainment, Inc. | | | 8-K | | | 001-32601 | | | 10.2 | | | 2/13/2009 | | | | | | | | |
| 10.2 | | | Registration Rights Agreement, dated January 25, 2010, among Live Nation, Inc., Liberty Media Corporation and Liberty Media Holdings USA, LLC. | | | 8-K | | | 001-32601 | | | 10.1 | | | 1/29/2010 | | | | | | | | |
| 10.3 | | | Form of Indemnification Agreement. | | | 10-K | | | 001-32601 | | | 10.23 | | | 2/25/2010 | | | | | | | | |
| 10.4 § | | | Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of March 21, 2024. | | | 8-K | | | 001-32601 | | | 10.1 | | | 6/14/2024 | | | | | | | | |
| 10.5 § | | | Amended and Restated Ticketmaster Entertainment, Inc. 2008 Stock and Annual Incentive Plan. | | | S-8 | | | 333-164507 | | | 10.1 | | | 1/26/2010 | | | | | | | | |
| 10.6 § | | | Amendment No. 1 to the Amended and Restated Ticketmaster Entertainment, Inc. 2008 Stock and Annual Incentive Plan. | | | 10-Q | | | 001-32601 | | | 10.1 | | | 11/4/2010 | | | | | | | | |
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| 10.7 § | | | Form Stock Option Agreement for the Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of March 21, 2024. | | | 10-Q | | | 001-32601 | | | 10.2 | | | 6/14/2024 | | | | | | | | |
| 10.8 § | | | Form Restricted Stock Award Agreement for the Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of March 21, 2024. | | | 10-Q | | | 001-32601 | | | 10.3 | | | 6/14/2024 | | | | | | | | |
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| 10.9 § | | | Form Stock Option Agreement for the Amended and Restated Ticketmaster Entertainment, Inc. 2008 Stock and Annual Incentive Plan. | | | 10-Q | | | 001-32601 | | | 10.4 | | | 5/6/2021 | | | | | | | | |
| 10.10 § | | | Form Restricted Stock Award Agreement for the Amended and Restated Ticketmaster Entertainment, Inc. 2008 Stock and Annual Incentive Plan. | | | 10-Q | | | 001-32601 | | | 10.5 | | | 5/6/2021 | | | | | | | | |
| 10.11 § | | | Form of Performance Share Award Agreement for the Live Nation Entertainment, Inc. 2005 Stock Incentive Plan, as amended and restated as of March 21, 2024. | | | 8-K | | | 001-32601 | | | 10.4 | | | 6/14/2024 | | | | | | | | |
| 10.12 § | | | Amended and Restated Live Nation, Inc. Stock Bonus Plan. | | | 8-K | | | 001-32601 | | | 10.1 | | | 1/25/2010 | | | | | | | | |
| 10.13 § | | | Employment Agreement, entered into July 1, 2022, by and between Live Nation Entertainment, Inc. and Michael Rapino. | | | 8-K | | | 001-32601 | | | 10.1 | | | 7/6/2022 | | | | | | | | |
| 10.14 § | | | Performance Share Award Agreement, entered into July 1, 2022, by and between Live Nation Entertainment, Inc. and Michael Rapino. | | | 8-K | | | 001-32601 | | | 10.2 | | | 7/6/2022 | | | | | | | | |
| 10.15 § | | | Employment Agreement, effective as of January 1, 2023, by and between Live Nation Entertainment, Inc. and Joe Berchtold. | | | 8-K | | | 001-32601 | | | 10.1 | | | 12/23/2022 | | | | | | | | |
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| | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | |
| Exhibit No. | | | Exhibit Description | | | Form | | | File No. | | | Exhibit No. | | | Filing Date | | | | | | Filed Herewith | | |
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| 10.16 § | | | Employment Agreement, effective as of January 1, 2023, by and between Live Nation Entertainment, Inc. and Michael Rowles. | | | 8-K | | | 001-32601 | | | 10.2 | | | 12/23/2022 | | | | | | | | |
| 10.17 § | | | Employment Agreement, effective as of January 1, 2022, between Live Nation Worldwide, Inc. and Brian Capo. | | | 10-Q | | | 001-32601 | | | 10.1 | | | 5/5/2022 | | | | | | | | |
| 10.18 § | | | Employment Agreement, effective as of January 1, 2024, between Live Nation Entertainment, Inc. and John Hopmans. | | | 8-K | | | 001-32601 | | | 10.1 | | | 10/13/2023 | | | | | | | | |
| 10.19 | | | Amended and Restated Credit Agreement entered into as of October 21, 2015, among Live Nation Entertainment, Inc., JPMorgan Chase Bank, N.A., as Administrative Agent, Collateral Agent and Letter of Credit Issuer, the Other Lenders and Letter of Credit Issuers party thereto. | | | | | | | | | | | | | | | | | | X | | |
| 10.20 | | | Indenture dated as of October 17, 2019 by and among Live Nation Entertainment, Inc., the Guarantors and U.S. Bank National Association, as trustee. | | | 10-K | | | 001-32601 | | | 10.47 | | | 2/27/2020 | | | | | | | | |
| 10.21 | | | First Supplemental Indenture, entered into as of May 20, 2020, among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank National Association, as trustee. | | | 10-Q | | | 001-32601 | | | 10.5 | | | 8/5/2020 | | | | | | | | |
| 10.22 | | | Second Supplemental Indenture, entered into as of November 16, 2023, among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee. | | | 10-K | | | 001-32601 | | | 10.55 | | | 2/22/2024 | | | | | | | | |
| 10.23 | | | Third Supplemental Indenture, entered into as of October 21, 2025, among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee. | | | | | | | | | | | | | | | | | | X | | |
| 10.24 | | | Indenture, dated as of May 20, 2020 by and among Live Nation Entertainment, Inc., the Guarantors identified therein and U.S. Bank National Association, as trustee and notes collateral agent. | | | 10-Q | | | 001-32601 | | | 10.2 | | | 8/5/2020 | | | | | | | | |
| 10.25 | | | First Supplemental Indenture, entered into as of November 16, 2023, among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent. | | | 10-K | | | 001-32601 | | | 10.58 | | | 2/22/2024 | | | | | | | | |
| 10.26 | | | Second Supplemental Indenture, entered into as of October 21, 2025, among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent. | | | | | | | | | | | | | | | | | | X | | |
| 10.27 | | | Indenture, dated as of January 4, 2021 by and among Live Nation Entertainment, Inc., the Guarantors identified therein and U.S. Bank National Association, as trustee and notes collateral agent. | | | 10-Q | | | 001-32601 | | | 10.1 | | | 5/6/2021 | | | | | | | | |
| 10.28 | | | First Supplemental Indenture, entered into as of November 16, 2023, among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent. | | | 10-K | | | 001-32601 | | | 10.60 | | | 2/22/2024 | | | | | | | | |
| 10.29 | | | Second Supplemental Indenture, entered into as of October 21, 2025, among Live Nation Entertainment, Inc., the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent. | | | | | | | | | | | | | | | | | | X | | |
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| | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | |
| Exhibit No. | | | Exhibit Description | | | Form | | | File No. | | | Exhibit No. | | | Filing Date | | | | | | Filed Herewith | | |
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| 10.30 | | | Indenture, dated as of January 12, 2023 by and among Live Nation Entertainment, Inc., the Guarantors identified therein and HSBC Bank USA National Association, as trustee. | | | 10-Q | | | 001-32601 | | | 10.1 | | | 5/4/2023 | | | | | | | | |
| 10.31 | | | Form of Base Capped Call Confirmation. | | | 10-Q | | | 001-32601 | | | 10.2 | | | 5/4/2023 | | | | | | | | |
| 10.32 | | | Form of Additional Capped Call Confirmation. | | | 10-Q | | | 001-32601 | | | 10.3 | | | 5/4/2023 | | | | | | | | |
| 10.33 | | | Indenture, dated as of December 6, 2024 by and among Live Nation Entertainment, Inc., the Guarantors identified therein and HSBC Bank USA National Association, as trustee. | | | 10-K | | | 001-32601 | | | 10.49 | | | 2/21/2025 | | | | | | | | |
| 10.34 | | | Indenture, dated as of October 10, 2025 by and among Live Nation Entertainment, Inc., the Guarantors identified therein and HSBC Bank USA National Association, as trustee. | | | | | | | | | | | | | | | | | | X | | |
| 14.1 | | | Code of Business Conduct and Ethics. | | | 10-K | | | 001-32601 | | | 14.1 | | | 3/01/2021 | | | | | | | | |
| 19.1 | | | Insider Trading Policy. | | | 10-K | | | 001-32601 | | | 96 | | | 2/22/2024 | | | | | | | | |
| 21.1 | | | Subsidiaries of the Company. | | | | | | | | | | | | | | | | | | X | | |
| 23.1 | | | Consent of Ernst & Young LLP. | | | | | | | | | | | | | | | | | | X | | |
| 24.1 | | | Power of Attorney (see signature page). | | | | | | | | | | | | | | | | | | X | | |
| 31.1 | | | Certification of Chief Executive Officer. | | | | | | | | | | | | | | | | | | X | | |
| 31.2 | | | Certification of Chief Financial Officer. | | | | | | | | | | | | | | | | | | X | | |
| 32.1 | | | Section 1350 Certification of Chief Executive Officer. | | | | | | | | | | | | | | | | | | X | | |
| 32.2 | | | Section 1350 Certification of Chief Financial Officer. | | | | | | | | | | | | | | | | | | X | | |
| 97 | | | Policy for Recovery of Erroneously Awarded Compensation. | | | 10-K | | | 001-32601 | | | 97 | | | 2/22/2024 | | | | | | | | |
| 101.INS | | | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. | | | | | | | | | | | | | | | | | | X | | |
| 101.SCH | | | XBRL Taxonomy Schema Document. | | | | | | | | | | | | | | | | | | X | | |
| 101.CAL | | | XBRL Taxonomy Calculation Linkbase Document. | | | | | | | | | | | | | | | | | | X | | |
| 101.DEF | | | XBRL Taxonomy Definition Linkbase Document. | | | | | | | | | | | | | | | | | | X | | |
| 101.LAB | | | XBRL Taxonomy Label Linkbase Document. | | | | | | | | | | | | | | | | | | X | | |
| 101.PRE | | | XBRL Taxonomy Presentation Linkbase Document. | | | | | | | | | | | | | | | | | | X | | |
| 104 | | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | | | | | | | | | | | | | | | | | | X | | |
§ Management contract or compensatory plan or arrangement.
We have not filed long-term debt instruments of our subsidiaries where the total amount under such instruments is less than ten percent of the total assets of the Company and its subsidiaries on a consolidated basis. However, we will furnish a copy of such instruments to the Commission upon request.
filings.tools