filings.toolsItem 1. Financial Statements
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Item 1. Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | (in thousands) | ||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 9,071,949 | $ | 7,094,200 | |||||||
| Accounts receivable, less allowance of $92,267 and $73,912, respectively | 2,885,249 | 2,009,055 | |||||||||
| Prepaid expenses | 2,534,952 | 1,453,732 | |||||||||
| Other current assets | 463,499 | 417,405 | |||||||||
| Total current assets | 14,955,649 | 10,974,392 | |||||||||
| Property, plant and equipment, net | 3,963,993 | 3,415,771 | |||||||||
| Operating lease assets | 1,866,814 | 1,869,753 | |||||||||
| Intangible assets | |||||||||||
| Definite-lived intangible assets, net | 1,205,988 | 1,078,453 | |||||||||
| Indefinite-lived intangible assets, net | 368,967 | 369,015 | |||||||||
| Goodwill | 3,063,726 | 2,889,178 | |||||||||
| Long-term advances | 743,830 | 631,071 | |||||||||
| Other long-term assets | 2,011,859 | 1,684,900 | |||||||||
| Total assets | $ | 28,180,826 | $ | 22,912,533 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable, client accounts | $ | 2,254,652 | $ | 1,941,389 | |||||||
| Accrued expenses and accounts payable | 4,728,351 | 3,555,811 | |||||||||
| Deferred revenue | 7,334,511 | 4,461,959 | |||||||||
| Current portion of long-term debt, net | 2,968,381 | 587,630 | |||||||||
| Other current liabilities | 277,360 | 482,061 | |||||||||
| Total current liabilities | 17,563,255 | 11,028,850 | |||||||||
| Long-term debt, net | 6,233,084 | 7,612,018 | |||||||||
| Long-term operating lease liabilities | 2,081,247 | 2,036,974 | |||||||||
| Other long-term liabilities | 484,075 | 415,844 | |||||||||
| Commitments and contingent liabilities (see Note 6) | |||||||||||
| Redeemable noncontrolling interests | 1,063,602 | 924,472 | |||||||||
| Stockholders' equity | |||||||||||
| Common stock | 2,335 | 2,328 | |||||||||
| Additional paid-in capital | 1,389,093 | 1,455,925 | |||||||||
| Accumulated deficit | (1,136,636) | (1,041,978) | |||||||||
| Cost of shares held in treasury | (30,396) | (30,396) | |||||||||
| Accumulated other comprehensive loss | (142,066) | (114,872) | |||||||||
| Total Live Nation stockholders' equity | 82,330 | 271,007 | |||||||||
| Noncontrolling interests | 673,233 | 623,368 | |||||||||
| Total equity | 755,563 | 894,375 | |||||||||
| Total liabilities and equity | $ | 28,180,826 | $ | 22,912,533 |
See Notes to Consolidated Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (in thousands except share and per share data) | ||||||||||||||||||||||||||
| Revenue | $ | 7,666,858 | $ | 7,006,641 | $ | 11,459,887 | $ | 10,388,758 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Direct operating expenses | 5,724,216 | 5,210,756 | 8,202,674 | 7,465,693 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 1,134,965 | 1,003,344 | 2,096,484 | 1,782,266 | ||||||||||||||||||||||
| Depreciation and amortization | 188,459 | 159,025 | 357,755 | 308,480 | ||||||||||||||||||||||
| Gain on disposal of operating assets | (8,516) | (856) | (14,538) | (3,058) | ||||||||||||||||||||||
| Corporate expenses | 105,817 | 147,719 | 666,111 | 233,955 | ||||||||||||||||||||||
| Operating income | 521,917 | 486,653 | 151,401 | 601,422 | ||||||||||||||||||||||
| Interest expense | 97,230 | 72,048 | 187,752 | 152,391 | ||||||||||||||||||||||
| Interest income | (42,709) | (37,893) | (82,176) | (71,954) | ||||||||||||||||||||||
| Equity in losses (earnings) of nonconsolidated affiliates | 4,459 | (4,268) | 7,342 | (4,747) | ||||||||||||||||||||||
| Other expense (income), net | (55,664) | 36,380 | (68,015) | 39,333 | ||||||||||||||||||||||
| Income before income taxes | 518,601 | 420,386 | 106,498 | 486,399 | ||||||||||||||||||||||
| Income tax expense | 115,717 | 117,645 | 83,632 | 137,356 | ||||||||||||||||||||||
| Net income | 402,884 | 302,741 | 22,866 | 349,043 | ||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 108,438 | 59,330 | 117,524 | 82,429 | ||||||||||||||||||||||
| Net income (loss) attributable to common stockholders of Live Nation | $ | 294,446 | $ | 243,411 | $ | (94,658) | $ | 266,614 | ||||||||||||||||||
| Basic net income (loss) per common share available to common stockholders of Live Nation | $ | 1.06 | $ | 0.41 | $ | (0.78) | $ | 0.09 | ||||||||||||||||||
| Diluted net income (loss) per common share available to common stockholders of Live Nation | $ | 1.05 | $ | 0.41 | $ | (0.78) | $ | 0.09 | ||||||||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||||||||
| Basic | 232,838,912 | 231,845,412 | 232,621,161 | 231,534,852 | ||||||||||||||||||||||
| Diluted | 244,036,331 | 234,417,428 | 232,621,161 | 234,658,608 | ||||||||||||||||||||||
| Reconciliation to net income (loss) available to common stockholders of Live Nation: | ||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders of Live Nation | $ | 294,446 | $ | 243,411 | $ | (94,658) | $ | 266,614 | ||||||||||||||||||
| Accretion of redeemable noncontrolling interests | (46,544) | (147,801) | (87,823) | (245,895) | ||||||||||||||||||||||
| Net income (loss) available to common stockholders of Live Nation—basic | $ | 247,902 | $ | 95,610 | $ | (182,481) | $ | 20,719 | ||||||||||||||||||
| Convertible debt interest, net of tax | 8,467 | — | — | — | ||||||||||||||||||||||
| Net income (loss) available to common stockholders of Live Nation—diluted | $ | 256,369 | $ | 95,610 | $ | (182,481) | $ | 20,719 | ||||||||||||||||||
See Notes to Consolidated Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Net income | $ | 402,884 | $ | 302,741 | $ | 22,866 | $ | 349,043 | |||||||||||||||
| Other comprehensive income, net of tax: | |||||||||||||||||||||||
| Unrealized gain (loss) on cash flow hedge | 120 | 251 | 1,097 | (1,253) | |||||||||||||||||||
| Realized gain on cash flow hedge | (2,588) | (3,560) | (5,241) | (6,896) | |||||||||||||||||||
| Foreign currency translation adjustments | (54,060) | 131,723 | (23,050) | 190,815 | |||||||||||||||||||
| Comprehensive income (loss) | 346,356 | 431,155 | (4,328) | 531,709 | |||||||||||||||||||
| Comprehensive income attributable to noncontrolling interests | 108,438 | 59,330 | 117,524 | 82,429 | |||||||||||||||||||
| Comprehensive income (loss) attributable to common stockholders of Live Nation | $ | 237,918 | $ | 371,825 | $ | (121,852) | $ | 449,280 |
See Notes to Consolidated Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
| Live Nation Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except share data) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances at March 31, 2026 | 233,265,589 | $ | 2,333 | $ | 1,405,279 | $ | (1,431,082) | $ | (30,396) | $ | (85,538) | $ | 621,222 | $ | 481,818 | $ | 951,724 | |||||||||||||||||||||||||||||||||||||||
| Non-cash and stock-based compensation | — | — | 60,161 | — | — | — | — | 60,161 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued under stock plans, net of shares withheld for employee taxes | 114,809 | 1 | (16,182) | — | — | — | — | (16,181) | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | 147,256 | 1 | 4,273 | — | — | — | — | 4,274 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | — | — | — | — | — | — | 37,901 | 37,901 | 97,412 | |||||||||||||||||||||||||||||||||||||||||||||||
| Purchases of noncontrolling interests | — | — | (16,603) | — | — | — | 1,087 | (15,516) | 6,863 | |||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests fair value adjustments | — | — | (47,835) | — | — | — | — | (47,835) | 47,833 | |||||||||||||||||||||||||||||||||||||||||||||||
| Contributions received | — | — | — | — | — | — | 16,480 | 16,480 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Cash distributions | — | — | — | — | — | — | (93,694) | (93,694) | (57,041) | |||||||||||||||||||||||||||||||||||||||||||||||
| Other | — | — | — | — | — | — | (1,391) | (1,391) | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | 294,446 | — | — | 91,628 | 386,074 | 16,810 | |||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized gain on cash flow hedge | — | — | — | — | — | 120 | — | 120 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Realized gain on cash flow hedge | — | — | — | — | — | (2,588) | — | (2,588) | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | — | — | — | — | (54,060) | — | (54,060) | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Balances at June 30, 2026 | 233,527,654 | $ | 2,335 | $ | 1,389,093 | $ | (1,136,636) | $ | (30,396) | $ | (142,066) | $ | 673,233 | $ | 755,563 | $ | 1,063,602 |
See Notes to Consolidated Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
| Live Nation Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except share data) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances at December 31, 2025 | 232,837,623 | $ | 2,328 | $ | 1,455,925 | $ | (1,041,978) | $ | (30,396) | $ | (114,872) | $ | 623,368 | $ | 894,375 | $ | 924,472 | |||||||||||||||||||||||||||||||||||||||
| Non-cash and stock-based compensation | — | — | 98,884 | — | — | — | — | 98,884 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued under stock plans, net of shares withheld for employee taxes | 518,475 | 5 | (64,116) | — | — | — | — | (64,111) | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | 171,556 | 2 | 5,055 | — | — | — | — | 5,057 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | — | — | — | — | — | — | 50,446 | 50,446 | 98,006 | |||||||||||||||||||||||||||||||||||||||||||||||
| Purchases of noncontrolling interests | — | — | (14,766) | — | — | — | 6,613 | (8,153) | (12,960) | |||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests fair value adjustments | — | — | (91,889) | — | — | — | — | (91,889) | 91,889 | |||||||||||||||||||||||||||||||||||||||||||||||
| Contributions received | — | — | — | — | — | — | 27,829 | 27,829 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Cash distributions | — | — | — | — | — | — | (121,293) | (121,293) | (67,442) | |||||||||||||||||||||||||||||||||||||||||||||||
| Other | — | — | — | — | — | — | (8,596) | (8,596) | 6,979 | |||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | (94,658) | — | — | 94,866 | 208 | 22,658 | |||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized gain on cash flow hedge | — | — | — | — | — | 1,097 | — | 1,097 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Realized gain on cash flow hedge | — | — | — | — | — | (5,241) | — | (5,241) | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | — | — | — | — | (23,050) | — | (23,050) | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Balances at June 30, 2026 | 233,527,654 | $ | 2,335 | $ | 1,389,093 | $ | (1,136,636) | $ | (30,396) | $ | (142,066) | $ | 673,233 | $ | 755,563 | $ | 1,063,602 |
See Notes to Consolidated Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
| Live Nation Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except share data) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances at March 31, 2025 | 232,157,838 | $ | 2,322 | $ | 1,906,145 | $ | (1,514,747) | $ | (6,865) | $ | (280,860) | $ | 691,810 | $ | 797,805 | $ | 1,311,555 | |||||||||||||||||||||||||||||||||||||||
| Non-cash and stock-based compensation | — | — | 59,180 | — | — | — | — | 59,180 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued under stock plans, net of shares withheld for employee taxes | 166,614 | 1 | (21,577) | — | — | — | — | (21,576) | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | 27,396 | 1 | 836 | — | — | — | — | 837 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | — | — | — | — | — | — | 38,171 | 38,171 | 14,470 | |||||||||||||||||||||||||||||||||||||||||||||||
| Purchases of noncontrolling interests | — | — | (5,865) | — | — | — | (146,565) | (152,430) | (48,560) | |||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests fair value adjustments | — | — | (150,326) | — | — | — | — | (150,326) | 150,485 | |||||||||||||||||||||||||||||||||||||||||||||||
| Contributions received | — | — | — | — | — | — | 6,652 | 6,652 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Cash distributions | — | — | — | — | — | — | (71,205) | (71,205) | (59,872) | |||||||||||||||||||||||||||||||||||||||||||||||
| Other | — | — | — | — | — | — | 624 | 624 | (1,383) | |||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | 243,411 | — | — | 48,360 | 291,771 | 10,970 | |||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized gain on cash flow hedge | — | — | — | — | — | 251 | — | 251 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Realized gain on cash flow hedge | — | — | — | — | — | (3,560) | — | (3,560) | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | — | — | — | — | 131,723 | — | 131,723 | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Balances at June 30, 2025 | 232,351,848 | $ | 2,324 | $ | 1,788,393 | $ | (1,271,336) | $ | (6,865) | $ | (152,446) | $ | 567,847 | $ | 927,917 | $ | 1,377,665 |
See Notes to Consolidated Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
| Live Nation Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except share data) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances at December 31, 2024 | 231,295,639 | $ | 2,313 | $ | 2,059,746 | $ | (1,546,819) | $ | (6,865) | $ | (335,112) | $ | 645,730 | $ | 818,993 | $ | 1,126,302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cumulative effect of change in accounting principle | — | — | — | 8,869 | — | — | — | 8,869 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-cash and stock-based compensation | — | — | 89,333 | — | — | — | — | 89,333 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued under stock plans, net of shares withheld for employee taxes | 732,860 | 7 | (86,592) | — | — | — | — | (86,585) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | 140,789 | 2 | 3,441 | — | — | — | — | 3,443 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of 2.0% convertible senior notes due 2025 | 182,560 | 2 | (4) | — | — | — | — | (2) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | — | — | — | — | — | — | 103,113 | 103,113 | 74,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchases of noncontrolling interests | — | — | (8,075) | — | — | — | (145,039) | (153,114) | (57,556) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interests fair value adjustments | — | — | (269,456) | — | — | — | — | (269,456) | 269,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contributions received | — | — | — | — | — | — | 8,245 | 8,245 | 3,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash distributions | — | — | — | — | — | — | (99,312) | (99,312) | (65,507) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | — | — | — | — | — | — | (6,619) | (6,619) | 6,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | 266,614 | — | — | 61,729 | 328,343 | 20,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized loss on cash flow hedge | — | — | — | — | — | (1,253) | — | (1,253) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Realized gain on cash flow hedge | — | — | — | — | — | (6,896) | — | (6,896) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | — | — | — | — | 190,815 | — | 190,815 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances at June 30, 2025 | 232,351,848 | $ | 2,324 | $ | 1,788,393 | $ | (1,271,336) | $ | (6,865) | $ | (152,446) | $ | 567,847 | $ | 927,917 | $ | 1,377,665 |
See Notes to Consolidated Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in thousands) | |||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net income | $ | 22,866 | $ | 349,043 | |||||||
| Reconciling items: | |||||||||||
| Depreciation | 221,063 | 183,804 | |||||||||
| Amortization of definite-lived intangibles | 136,692 | 124,676 | |||||||||
| Amortization of non-recoupable ticketing contract advances | 48,240 | 45,443 | |||||||||
| Deferred income taxes | 7,537 | 25,129 | |||||||||
| Amortization of debt issuance costs and discounts | 11,291 | 8,131 | |||||||||
| Stock-based compensation expense | 94,808 | 86,097 | |||||||||
| Unrealized changes in fair value of contingent consideration | 14,238 | 9,304 | |||||||||
| Equity in losses of nonconsolidated affiliates, net of distributions | 14,167 | 8,774 | |||||||||
| Provision for uncollectible accounts receivable | 18,974 | 13,539 | |||||||||
| Loss (gain) on mark-to-market of investments in nonconsolidated affiliates and crypto assets | (66,465) | 133 | |||||||||
| Loss (gain) on forward currency exchange contracts | (15,167) | 31,584 | |||||||||
| Other, net | (14,866) | (9,730) | |||||||||
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
| Increase in accounts receivable | (855,217) | (622,765) | |||||||||
| Increase in prepaid expenses and other assets | (1,215,956) | (822,523) | |||||||||
| Increase in accrued expenses, accounts payable and other liabilities | 1,507,529 | 225,791 | |||||||||
| Increase in deferred revenue | 2,828,374 | 1,888,292 | |||||||||
| Net cash provided by operating activities | 2,758,108 | 1,544,722 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Advances of notes receivable | (8,602) | (19,156) | |||||||||
| Collections of notes receivable | 8,085 | 17,784 | |||||||||
| Investments made in nonconsolidated affiliates | (42,223) | (14,492) | |||||||||
| Purchases of property, plant and equipment | (598,502) | (434,207) | |||||||||
| Cash paid for acquisition of right-of-use assets | — | (20,800) | |||||||||
| Cash paid for acquisitions, net of cash acquired | (242,567) | (50,090) | |||||||||
| Proceeds from sale of intangible assets | — | 20,040 | |||||||||
| Other, net | 6,600 | 8,495 | |||||||||
| Net cash used in investing activities | (877,209) | (492,426) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Proceeds from debt, net of debt issuance costs | 1,021,866 | 62,764 | |||||||||
| Payments on debt including extinguishment costs | (237,478) | (103,625) | |||||||||
| Contributions from noncontrolling interests | 27,829 | 11,264 | |||||||||
| Distributions to noncontrolling interests | (188,735) | (164,819) | |||||||||
| Purchases of noncontrolling interests, net | (236,759) | (206,112) | |||||||||
| Proceeds from exercise of stock options | 5,057 | 3,443 | |||||||||
| Taxes paid for net share settlement of equity awards | (64,111) | (86,585) | |||||||||
| Payments for deferred and contingent consideration | (18,552) | (14,399) | |||||||||
| Other, net | (1,014) | (383) | |||||||||
| Net cash provided by (used in) financing activities | 308,103 | (498,452) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (124,361) | 409,647 | |||||||||
| Net increase in cash, cash equivalents and restricted cash | 2,064,641 | 963,491 | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 7,106,986 | 6,106,109 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 9,171,627 | $ | 7,069,600 | |||||||
See Notes to Consolidated Financial Statements
LIVE NATION ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1—BASIS OF PRESENTATION AND OTHER INFORMATION
Preparation of Interim Financial Statements
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2025 Annual Report on Form 10-K filed with the SEC on February 19, 2026.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Seasonality
Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venue concerts and festivals primarily occur from May through October in most major markets. Our Ticketing segment revenue is impacted by fluctuations in the availability and timing of events for sale to the public, which vary depending upon scheduling by our clients.
Cash flows from our Concerts segment typically have a slightly different seasonality as partial payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales in advance of when the event occurs. In the United States, this cash is largely associated with events in our operated venues, notably amphitheaters, festivals, theaters and clubs. Internationally, this cash is from a combination of both events in our owned or operated venues, as well as events in third-party venues associated with our promoters’ share of tickets in allocation markets. We record ticket sales related to owned and operated venues as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.
We expect our seasonality trends to evolve as we continue to expand our global operations.
Variable Interest Entities
In the normal course of business, we enter into joint ventures or make investments in companies that will allow us to expand our core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct activities that most significantly impact the economic performance of the entity and have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities we believe most significantly impact the economic performance of our VIEs include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with artists, among others. We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding.
As of June 30, 2026 and December 31, 2025, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $946.6 million and $941.4 million of assets and $849.7 million and $875.4 million of liabilities, respectively, related to VIEs included in our balance sheets. Our VIEs are not significant on an individual or aggregate basis.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Our cash and cash equivalents include domestic and foreign bank accounts as well as interest-bearing accounts consisting primarily of bank deposits and money market accounts managed by third-party financial institutions. These balances are stated at cost, which approximates fair value.
Restricted cash primarily consists of cash held in escrow accounts to fund capital improvements of certain leased or operated venues. The cash is held in these accounts pursuant to the related lease or operating agreement. As of June 30, 2026 and December 31, 2025, we had restricted cash of $99.7 million and $12.8 million, respectively, included in other current assets on our consolidated balance sheets.
Included in the June 30, 2026 and December 31, 2025 cash and cash equivalents balance is $1.9 billion and $1.6 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. These amounts due to our clients are included in accounts payable, client accounts.
Income Taxes
We account for income taxes using the liability method which results in deferred tax assets and liabilities based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. We assess the realizability of our deferred tax assets, considering all relevant factors, at each reporting period. As almost all earnings from our continuing foreign operations are permanently reinvested and not distributed, our income tax provision does not include additional United States state and foreign withholding or transaction taxes on those foreign earnings that would be incurred if they were distributed. It is not practicable to determine the amount of state and foreign income taxes, if any, that might become due in the event that any remaining available cash associated with these earnings were distributed.
The FASB guidance for income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement.
We have established a policy of including interest related to tax loss contingencies in income tax expense (benefit) in the statements of operations.
Accounting Standards Updates (ASU)
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual periods beginning after December 15, 2027, with early adoption permitted. The guidance is to be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating this guidance and we expect the adoption will result in additional disclosures.
In November 2024, the FASB issued ASU 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments,” which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. We prospectively adopted this guidance on January 1, 2026 and are applying the amendments to any settlements of convertible debt instruments.
In September 2025, the FASB issued ASU 2025-06, “Intangibles: Goodwill and Other‒Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which removes references to software development stages and includes an updated framework for capitalizing internal software costs. This guidance is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. The guidance can be applied either prospectively, retrospectively or under a modified transition approach. We are currently evaluating the impact of adopting this guidance.
In September 2025, the FASB issued ASU 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract,” which expands Topic 815 scope exceptions to include contracts for which settlement is based on operations or activities specific to one of the parties to the contract. This guidance also clarifies how Topic 606 applies for share-based payments received as noncash consideration from customers. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods, with early adoption permitted and is to be applied either prospectively to new contracts entered into on or after the date of adoption, or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption for contracts existing as of the beginning of the annual reporting period of adoption. We are currently evaluating the impact of adopting this guidance and we do not expect the adoption to have a material impact on our consolidated financial statements.
NOTE 2—LONG-LIVED ASSETS, INTANGIBLES, AND GOODWILL
Property, Plant and Equipment, Net
Property, plant and equipment includes expenditures for the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements, along with the renewal and improvement of existing venues and technology systems, web development and administrative offices. For certain projects with significant expected costs and an extended construction period, we capitalize interest. For the six months ended June 30, 2026, we recorded $13.0 million of capitalized interest.
Property, plant and equipment, net consisted of the following:
| June 30, 2026 | December 31, 2025 | |||||||||||||
| (in thousands) | ||||||||||||||
| Land, buildings and improvements | $ | 3,387,962 | $ | 2,873,491 | ||||||||||
| Computer equipment and capitalized software | 846,817 | 815,403 | ||||||||||||
| Furniture and other equipment | 1,077,401 | 952,651 | ||||||||||||
| Construction in progress | 844,281 | 830,878 | ||||||||||||
| Property, plant and equipment, gross | 6,156,461 | 5,472,423 | ||||||||||||
| Less: accumulated depreciation | 2,192,468 | 2,056,652 | ||||||||||||
| Property, plant and equipment, net | $ | 3,963,993 | $ | 3,415,771 |
Definite-lived Intangible Assets
The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the six months ended June 30, 2026:
| Revenue- generating contracts | Client / vendor relationships | Venue management | Trademarks and naming rights | Technology and other (1) | Total | ||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025: | |||||||||||||||||||||||||||||||||||
| Gross carrying amount | $ | 786,202 | $ | 731,488 | $ | 242,430 | $ | 103,289 | $ | 51,406 | $ | 1,914,815 | |||||||||||||||||||||||
| Accumulated amortization | (335,483) | (334,693) | (91,472) | (52,658) | (22,056) | (836,362) | |||||||||||||||||||||||||||||
| Net | 450,719 | 396,795 | 150,958 | 50,631 | 29,350 | 1,078,453 | |||||||||||||||||||||||||||||
| Gross carrying amount: | |||||||||||||||||||||||||||||||||||
| Acquisitions and additions current year | 92,410 | 93,843 | 74,017 | — | — | 260,270 | |||||||||||||||||||||||||||||
| Acquisitions and additions prior year | 205 | 1,015 | (559) | — | 1,901 | 2,562 | |||||||||||||||||||||||||||||
| Dispositions | (9,274) | — | — | — | — | (9,274) | |||||||||||||||||||||||||||||
| Foreign exchange | 11,837 | (513) | (1,067) | 2,236 | 110 | 12,603 | |||||||||||||||||||||||||||||
| Other (2) | (23,595) | (38,638) | (8,391) | (571) | (22,680) | (93,875) | |||||||||||||||||||||||||||||
| Net change | 71,583 | 55,707 | 64,000 | 1,665 | (20,669) | 172,286 | |||||||||||||||||||||||||||||
| Accumulated amortization: | |||||||||||||||||||||||||||||||||||
| Amortization | (48,548) | (60,883) | (16,148) | (6,252) | (4,861) | (136,692) | |||||||||||||||||||||||||||||
| Dispositions | 3,993 | — | — | — | — | 3,993 | |||||||||||||||||||||||||||||
| Foreign exchange | (3,875) | 2,457 | 617 | (1,097) | (9) | (1,907) | |||||||||||||||||||||||||||||
| Other (2) | 23,538 | 38,631 | 8,193 | 564 | 18,929 | 89,855 | |||||||||||||||||||||||||||||
| Net change | (24,892) | (19,795) | (7,338) | (6,785) | 14,059 | (44,751) | |||||||||||||||||||||||||||||
| Balance as of June 30, 2026: | |||||||||||||||||||||||||||||||||||
| Gross carrying amount | 857,785 | 787,195 | 306,430 | 104,954 | 30,737 | 2,087,101 | |||||||||||||||||||||||||||||
| Accumulated amortization | (360,375) | (354,488) | (98,810) | (59,443) | (7,997) | (881,113) | |||||||||||||||||||||||||||||
| Net | $ | 497,410 | $ | 432,707 | $ | 207,620 | $ | 45,511 | $ | 22,740 | $ | 1,205,988 |
(1) Other primarily includes crypto assets.
(2) Other primarily includes netdowns of fully amortized or impaired assets as well as mark-to-market adjustments of crypto assets.
Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisitions of a venue management business and a concert promotion business, both located in Latin America, a ticketing services business located in Asia and an artist management business located in the United States. We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including intangible assets and our allocation between segments.
The 2026 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:
| Weighted-Average Life (years) | |||||
| Revenue-generating contracts | 6 | ||||
| Client/vendor relationships | 5 | ||||
| Venue management | 30 | ||||
| All categories | 12 |
Amortization of definite-lived intangible assets for the three months ended June 30, 2026 and 2025 was $67.0 million and $64.7 million, respectively and for the six months ended June 30, 2026 and 2025 was $136.7 million and $124.7 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.
Goodwill
The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the six months ended June 30, 2026:
| Concerts | Ticketing | Sponsorship & Advertising | Total | |||||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025: | ||||||||||||||||||||||||||||||||
| Goodwill | $ | 1,615,188 | $ | 1,014,580 | $ | 694,773 | $ | 3,324,541 | ||||||||||||||||||||||||
| Accumulated impairment losses | (435,363) | — | — | (435,363) | ||||||||||||||||||||||||||||
| Net | 1,179,825 | 1,014,580 | 694,773 | 2,889,178 | ||||||||||||||||||||||||||||
| Acquisitions—current year | 146,101 | — | 44,837 | 190,938 | ||||||||||||||||||||||||||||
| Acquisitions—prior year | 635 | (144) | — | 491 | ||||||||||||||||||||||||||||
| Dispositions | (16,449) | — | — | (16,449) | ||||||||||||||||||||||||||||
| Foreign exchange | (7,333) | 4,406 | 2,495 | (432) | ||||||||||||||||||||||||||||
| Balance as of June 30, 2026: | ||||||||||||||||||||||||||||||||
| Goodwill | 1,738,142 | 1,018,842 | 742,105 | 3,499,089 | ||||||||||||||||||||||||||||
| Accumulated impairment losses | (435,363) | — | — | (435,363) | ||||||||||||||||||||||||||||
| Net | $ | 1,302,779 | $ | 1,018,842 | $ | 742,105 | $ | 3,063,726 |
Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of venue management businesses in Latin America and Europe.
We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and our allocation between segments.
Investments in Nonconsolidated Affiliates
At June 30, 2026 and December 31, 2025, we had investments in nonconsolidated affiliates of $736.3 million and $515.6 million, respectively, included in other long-term assets on our consolidated balance sheets.
NOTE 3—LEASES
The significant components of operating lease expense are as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Operating lease expense | $ | 79,389 | $ | 77,157 | $ | 157,000 | $ | 147,185 | |||||||||||||||
| Variable and short-term lease expense | 56,017 | 47,218 | 92,275 | 74,940 | |||||||||||||||||||
| Sublease income | (1,914) | (1,745) | (3,629) | (3,347) | |||||||||||||||||||
| Net lease expense | $ | 133,492 | $ | 122,630 | $ | 245,646 | $ | 218,778 |
Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables. Contingent rent obligations, including those related to subsequent changes in the prevailing index or market rate after lease inception, are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved.
Supplemental cash flow information for our operating leases is as follows:
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in thousands) | |||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | $ | 164,589 | $ | 153,397 | |||||||
| Lease assets obtained in exchange for lease obligations, net of terminations | $ | 104,031 | $ | 157,038 |
As of June 30, 2026, we have additional operating leases that have not yet commenced, with total lease payments of $876.0 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from July 2026 to June 2030 to correlate with the completion of construction activities by the lessor with lease terms ranging from 5 to 49 years.
NOTE 4—LONG-TERM DEBT
Long-term debt, which includes finance leases, consisted of the following:
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Senior Secured Credit Facility: | |||||||||||||||||||||||
| Term loan B | $ | 1,293,500 | $ | 1,300,000 | |||||||||||||||||||
| 6.5% Senior Secured Notes due 2027 | 1,200,000 | 1,200,000 | |||||||||||||||||||||
| 3.75% Senior Secured Notes due 2028 | 500,000 | 500,000 | |||||||||||||||||||||
| 4.75% Senior Notes due 2027 | 950,000 | 950,000 | |||||||||||||||||||||
| 3.125% Convertible Senior Notes due 2029 | 999,956 | 999,958 | |||||||||||||||||||||
| 2.875% Convertible Senior Notes due 2030 | 1,100,000 | 1,100,000 | |||||||||||||||||||||
| 2.875% Convertible Senior Notes due 2031 | 1,400,000 | 1,400,000 | |||||||||||||||||||||
| VenueCo Notes | 692,413 | — | |||||||||||||||||||||
| Other debt | 1,146,468 | 818,701 | |||||||||||||||||||||
| Total principal amount | 9,282,337 | 8,268,659 | |||||||||||||||||||||
| Less: unamortized discounts and debt issuance costs | (80,872) | (69,011) | |||||||||||||||||||||
| Total debt, net of unamortized discounts and debt issuance costs | 9,201,465 | 8,199,648 | |||||||||||||||||||||
| Less: current portion (1) | 2,968,381 | 587,630 | |||||||||||||||||||||
| Total long-term debt, net | $ | 6,233,084 | $ | 7,612,018 | |||||||||||||||||||
| __________ | |||||||||||||||||||||||
| (1) | As of June 30, 2026, the current portion includes the full principal amount of the 3.125% convertible senior notes due 2029 (the “2029 Notes”) as, in accordance with the 2029 Notes indenture, the closing price of our common stock achieved specified targets during the three months ended June 30, 2026, which gives the holders of the 2029 Notes the option to surrender all or any portion of the 2029 Notes. The Company can elect to settle any surrendered 2029 Notes with common stock and/or cash. The surrender window is currently from July 1, 2026 through September 30, 2026 and may be extended at each quarter end thereafter depending on our future stock price. The current portion also includes the full principal amount of the 6.5% Senior Secured Notes as the notes will mature on May 15, 2027. |
All debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 5 – Fair Value Measurements for discussion of the fair value measurement of our debt.
Other Debt
As of June 30, 2026, other debt includes $145.2 million of finance leases primarily related to a venue in the United States.
VenueCo Financing
On April 30, 2026, Live Nation VenueCo, LLC (“VenueCo”), a bankruptcy-remote, special purpose vehicle owned by certain bankruptcy-remote, special purpose entities (the “Participants”), which are indirect subsidiaries of the Company, entered into an agreement to issue €610 million aggregate principal amount of fixed rate senior secured notes (the “Notes”) under a bankruptcy-remote, non-recourse financing facility. The Notes were issued in the following tranches: (i) Series 2026 A-1 and A-2 with an aggregate principal amount of €345 million with an annual interest rate of 5.67% maturing on December 31, 2047, (ii) Series 2026 B-2 with an aggregate principal amount of €45 million with an annual interest rate of 5.38% maturing on December 31, 2037, (iii) Series 2026 C-1 and C-2 with an aggregate principal amount of €145 million with an annual interest rate of 5.03% maturing on December 31, 2032, and (iv) Series 2026 D-1 with an aggregate principal amount of €75 million with an annual interest rate of 5.77% maturing on December 31, 2055. Each tranche amortizes on a scheduled basis except that the Series 2026 B-2 is non-amortizing prior to its stated maturity. Voluntary prepayments are permitted at any time, in whole or in part, at par plus accrued interest plus a “make-whole” premium based on discounted remaining cash flows using a reference government yield plus a specified spread. Mandatory prepayments are required from certain specified proceeds.
The Notes were issued pursuant to a Note Purchase Agreement dated April 30, 2026 providing for the issuance of the Notes by VenueCo on behalf of and as representative for issuers located in other jurisdictions (together with VenueCo, the “Members”). VenueCo and the Members also entered into a Master Trust Indenture, dated April 30, 2026, and a First Supplemental Indenture, dated May 8, 2026, in each case with respect to such indenture and supplement, with Mount Street Mortgage Servicing Limited as master trustee and master servicer, HSBC Bank USA, N.A. as depositary and the other parties thereto.
The Notes are secured by, among other things, the real property and related personal property comprising the following venues: Ruoff Music Center (Noblesville, IN); Credit Union 1 Amphitheatre (Tinley Park, IL); Ziggo Dome (Amsterdam, Netherlands); and 3Arena (Dublin, Ireland) (the “Venues”), together with the monthly current and deferred revenues from the Venues after deduction of operating expenses (“Pledged Revenues”). The Pledged Revenues (other than deferred revenues, to the extent not yet released) are applied towards payment of agreed fees and expenses and agreed reserve accounts for debt service and for the operation, maintenance and capital expenditures associated with the Venues. Only if all the foregoing reserve accounts are fully funded, no event of default exists, and the Venues meet specified minimum historical and projected senior and combined debt service coverage ratios (collectively, “Release Conditions”) may cash be allocated to subordinated indebtedness and distributed to VenueCo and then, through various distributions or intercompany loans, potentially to the Company. As of June 30, 2026, we had restricted cash of $85.3 million due to the VenueCo Note Purchase Agreement included in other current assets on our consolidated balance sheets.
A portion of proceeds from the Notes, after payment of transaction expenses and funding of required reserves, was used to repay secured debt at one of the Venues and the remaining proceeds were retained by the Participants and may be made available as a distribution or loan to the Company or one or more of its other subsidiaries, in each case, or for general corporate purposes.
Certain actions (including admission or withdrawal of Participants and their related venues, incurrence of additional indebtedness, changes in service providers, certain collateral releases and framework restructuring events) are conditioned on receipt of a confirmation from a ratings agency that no downgrade of the rating of the Notes and other secured indebtedness of VenueCo below a specified ratings level (a “Ratings Trigger Event”) will result. Certain mandatory prepayment obligations may be triggered by a Ratings Trigger Event, and certain actions (such as change of control, addition of a venue or participant and issuance of additional debt) are only permitted if no Ratings Trigger Event will occur.
The Notes include customary covenants for structured and project-style financings, including limitations on additional indebtedness, liens, asset dispositions, investments, restricted payments, affiliate transactions, negative pledges and mergers or acquisitions involving the Members and the Participants. The Master Indenture and related intercompany loan agreements also include financial maintenance covenants with respect to the Members and the Participants, specifically minimum historical and projected senior debt service coverage ratios, tested quarterly, with a limited equity cure feature. The documentation also includes customary representations, warranties and events of default.
NOTE 5—FAIR VALUE MEASUREMENTS
Recurring
The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis.
| Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term investments | $ | 65,632 | $ | — | $ | 65,632 | $ | 76,550 | $ | — | $ | 76,550 | |||||||||||||||||||||||||||||||||||||||||||||||
| Crypto assets | 2,874 | — | 2,874 | 6,249 | — | $ | 6,249 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate swaps | — | 5,094 | 5,094 | — | 9,672 | $ | 9,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 68,506 | $ | 5,094 | $ | 73,600 | $ | 82,799 | $ | 9,672 | $ | 92,471 | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments consist of money market funds and have original maturities beyond three months but less than one year, or not readily convertible to cash. Crypto assets consist of cryptocurrencies. Fair values for short-term investments and crypto assets are based on quoted prices in an active market. The fair value for our interest rate swaps are based upon inputs corroborated by observable market data with similar tenors.
For the six months ended June 30, 2026, we recorded a gain of $54.1 million within Other Expense (Income) for an investment held by a noncontrolling interest partner. To calculate the gain on the investment, we measured the fair value using a quoted price for the investment in an active market, which are considered Level 1 inputs.
Our outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. Our debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the FASB guidance.
The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes:
| Estimated Fair Value at | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Level 2 | |||||||||||
| (in thousands) | |||||||||||
| 6.5% Senior Secured Notes due 2027 | $ | 1,201,008 | $ | 1,211,148 | |||||||
| 3.75% Senior Secured Notes due 2028 | $ | 490,665 | $ | 492,740 | |||||||
| 4.75% Senior Notes due 2027 | $ | 948,243 | $ | 952,765 | |||||||
| 3.125% Convertible Senior Notes due 2029 | $ | 1,783,872 | $ | 1,456,399 | |||||||
| 2.875% Convertible Senior Notes due 2030 | $ | 1,316,909 | $ | 1,161,182 | |||||||
| 2.875% Convertible Senior Notes due 2031 | $ | 1,545,278 | $ | 1,379,560 |
The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs.
NOTE 6—COMMITMENTS AND CONTINGENT LIABILITIES
Litigation
Governmental Investigations and Litigation
Department of Justice Complaint
In May 2024, the United States Department of Justice, Antitrust Division, together with the attorneys general of twenty-nine states plus the District of Columbia, filed a civil antitrust complaint (the “Complaint”) against Live Nation Entertainment, Inc. and Ticketmaster in the United States District Court for the Southern District of New York alleging violations of various federal and state laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action. The United States filed an Amended Complaint in August 2024, adding ten additional states as plaintiffs. The Complaint requested various forms of relief for the alleged violations, including without limitation the divestiture of Ticketmaster by the Company, cancellation of certain ticketing contracts, enjoining the Company from engaging in anticompetitive practices, and other forms of relief. Twenty-five states also seek damages for their citizens allegedly caused by anticompetitive ticketing practices.
In the fall of 2025, the Company filed a motion for summary judgment. In February 2026, the court granted the motion in part and denied the motion in part. In March 2026, the remaining claims proceeded to trial.
Early in the trial, the Company entered into a binding term sheet with the United States settling the lawsuit (“the Settlement”). The terms of the Settlement, which were made public on March 9, 2026, provide for injunctive and structural relief addressing all of the United States’ claims, and initially provided for a $280 million settlement fund to address damages and civil penalty claims by plaintiff states. In the ensuing weeks, six additional states (“the Settling States”) also settled their claims for the same injunctive relief and their shares of the settlement fund totaling approximately $18.6 million. The Settlement was subsequently formalized in a Proposed Final Judgment filed with the district court on June 12, 2026. Under the Tunney Act, the district court judge presiding over the matter must approve the settlement before it takes final effect, following a process prescribed by statute.
The remaining states and District of Columbia (“the Litigating States”) proceeded to trial. On April 15, 2026, the jury returned a verdict for the Litigating States on all claims that remained, including an award of damages measured on a per-ticket-sold basis, but without calculating the number of tickets to which the damages would be applied.
After the verdict, the Court ordered the parties to meet and confer to propose a schedule for subsequent phases of the litigation, including post-trial motions and a “remedies” phase in which the Litigating States will propose and the Court will assess equitable remedies the plaintiffs have sought, including among others those enumerated above, as well as civil penalties under certain state laws. The Company believes the jury verdict and damages award are legally infirm in a number of respects, many of which it had raised in a pre-verdict motion for judgment as a matter of law. The Company raised those issues and others in post-trial motions at the district court which are scheduled for argument on July 31, 2026. As needed and in due course, the Company intends to file an appeal to the U.S. Court of Appeals for the Second Circuit.
As a result of the damages verdict, we have recognized $450 million for the six months ended June 30, 2026, within Corporate expenses which represents our best estimate of the ultimate loss associated with the Settling States and the jury’s damages award. There can be no assurance that the Court will approve the Settlement with the United States and the Settling States or that the Company will be successful in challenging the verdict reached by the jury on the remaining claims brought by the Litigating States or otherwise settling those remaining claims. Accordingly, the continued defense and ultimate resolution of this matter could involve significant monetary costs or penalties and involve potential remedies or compliance requirements imposed by the Court which could adversely affect the Company’s ability to operate our business or have a materially adverse impact on the Company’s financial results.
Federal Trade Commission Complaint
In September 2025, the United States Federal Trade Commission (the “FTC”), joined by the attorneys general of seven states, filed a lawsuit against Live Nation Entertainment, Inc. and Ticketmaster L.L.C. in the Central District of California. The plaintiffs allege that Live Nation and Ticketmaster advertised ticket prices to consumers that were deceptively lower than prices displayed at checkout, deceived consumers about the enforcement of advertised event ticket purchase limits and facilitated the sale of tickets unlawfully acquired by ticket brokers. The plaintiffs also allege that the Company violated the Better Online Ticket Sales Act and Section 5 of the FTC Act, as well as various state consumer protection statutes. The plaintiffs seek injunctive relief, statutory penalties and restitution for consumers. The Company filed a motion to dismiss the complaint in January 2026.
Based on information presently known to management, we do not believe that a loss is probable of occurring at this time, and considerable uncertainty exists regarding the monetary penalties or other relief that the FTC could obtain in litigation. The Company will vigorously defend itself.
Antitrust Litigation
The Company is a defendant in three putative antitrust consumer class actions alleging violations of federal and state antitrust laws, among other causes of action. In Heckman, et al. v. Live Nation Entertainment, et al., filed in the Central District of California in January 2022, the District Court denied defendants’ motion to compel arbitration in August 2023. The Ninth Circuit affirmed the District Court’s ruling in October 2024. In January 2025, the Company filed a motion to dismiss the lawsuit, which was granted in part and denied in part in April 2025. In December 2025, the court granted the plaintiffs’ motion for class certification. The Company believes it has substantial defenses to the claims alleged in the lawsuit and will continue to vigorously defend itself.
Two other putative class actions were filed in the Southern District of New York in August and September 2024: In Re Live Nation Entertainment, Inc. and Ticketmaster L.L.C. Antitrust Litigation, and Jacobson v. Live Nation Entertainment, Inc., et al. In June 2026, the court granted the Company’s motion to compel arbitration in both matters and stayed both cases pending the conclusion of those proceedings. The Company believes it has substantial defenses to the claims alleged in these matters and will vigorously defend itself.
Other Litigation
From time to time, we are involved in other legal proceedings arising in the ordinary course of our business, including proceedings and claims based upon purported violations of antitrust laws, intellectual property rights and tortious interference, which could cause us to incur significant expenses. We have also been the subject of personal injury and wrongful death claims relating to accidents at certain venues in connection with our operations. As required, we have accrued our estimate of the probable settlement or other losses for the resolution of any outstanding claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings.
NOTE 7—EQUITY
Accumulated Other Comprehensive Income (Loss)
The following table presents changes in the components of AOCI, net of taxes, for the six months ended June 30, 2026:
| Cash Flow Hedge | Cumulative Foreign Currency Translation Adjustments | Total | |||||||||||||||
| (in thousands) | |||||||||||||||||
| Balance at December 31, 2025 | $ | 3,872 | $ | (118,744) | $ | (114,872) | |||||||||||
| Other comprehensive income (loss) before reclassifications | 1,097 | (23,050) | (21,953) | ||||||||||||||
| Amount reclassified from AOCI | (5,241) | — | (5,241) | ||||||||||||||
| Net other comprehensive loss | (4,144) | (23,050) | (27,194) | ||||||||||||||
| Balance at June 30, 2026 | $ | (272) | $ | (141,794) | $ | (142,066) |
Earnings Per Share
Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The calculation of diluted net income (loss) per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted and deferred stock awards and the assumed conversion of our convertible senior notes, where dilutive.
The following table sets forth the computation of weighted average common shares outstanding:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Weighted average common shares—basic | 232,838,912 | 231,845,412 | 232,621,161 | 231,534,852 | |||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||
| Stock options and restricted stock | 1,971,925 | 2,572,016 | — | 2,930,952 | |||||||||||||||||||
| Convertible senior notes | 9,225,494 | — | — | 192,804 | |||||||||||||||||||
| Weighted average common shares—diluted | 244,036,331 | 234,417,428 | 232,621,161 | 234,658,608 |
The following table shows securities excluded from the calculation of diluted net income (loss) per common share because such securities are anti-dilutive:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Restricted stock and deferred stock—unvested | 696,934 | 1,188,300 | 3,171,415 | 1,188,300 | |||||||||||||||||||
| Conversion shares related to the convertible senior notes | 11,944,810 | 14,946,450 | 21,170,304 | 14,946,450 | |||||||||||||||||||
| Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 12,641,744 | 16,134,750 | 24,341,719 | 16,134,750 |
NOTE 8—SEGMENTS AND REVENUE RECOGNITION
Our reportable segments are Concerts, Ticketing and Sponsorship & Advertising. We use AOI to evaluate the performance of our operating segments and define AOI as operating income (loss) before certain acquisition expenses (including ongoing legal costs stemming from the Ticketmaster merger, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), amortization of non-recoupable ticketing contract advances, depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets, and stock-based compensation expense. Due to the significant and non-recurring nature of the matters, we also exclude from AOI the impact of realized liabilities for settlements and expenses for regulatory compliance matters associated with the provision for losses arising from certain significant governmental investigations and litigations under ASC 450 - Contingencies, which are described under the heading “Governmental Investigations and Litigation” in Note 6 of the Notes to the Consolidated Financial Statements herein. Except as described above, ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results.
Revenue and expenses earned and charged between segments are eliminated in consolidation. Our capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords and noncontrolling interest partners or replacements funded by insurance proceeds.
We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets and related depreciation and amortization have not been presented.
The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”) and evaluates the operating performance of our operating segments based on AOI. The CODM uses segment AOI for evaluating performance of each segment and for making decisions on allocating capital and other resources to each segment. We have not identified any segment expenses that are considered significant and segment expenses are not regularly provided to the CODM. Other segments items are direct operating expenses and selling, general and administrative expenses (excluding acquisition expenses, amortization of non-recoupable ticketing contract advance, expenses for regulatory compliance matters associated with the provision for (possible) losses arising from certain significant governmental investigations and litigations and stock-based compensation expense) which represents the difference between each operating segment’s revenue and AOI.
The following table presents the results of operations for our reportable segments for the three and six months ended June 30, 2026 and 2025:
| Concerts | Ticketing | Sponsorship & Advertising | Other & Eliminations | Corporate | Consolidated | |||||||||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 6,444,351 | $ | 852,218 | $ | 382,969 | $ | (12,680) | $ | — | $ | 7,666,858 | ||||||||||||||||||||||||||
| % of Consolidated Revenue | 84.1% | 11.1% | 5.0% | (0.2)% | ||||||||||||||||||||||||||||||||||
| Other Segment Items | $ | 6,134,797 | $ | 521,181 | $ | 126,119 | $ | (7,010) | $ | 74,759 | $ | 6,849,846 | ||||||||||||||||||||||||||
| AOI | $ | 309,554 | $ | 331,037 | $ | 256,850 | $ | (5,670) | $ | (74,759) | $ | 817,012 | ||||||||||||||||||||||||||
| Intersegment revenue | $ | 5,950 | $ | 6,730 | $ | — | $ | (12,680) | $ | — | $ | — | ||||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 5,946,377 | $ | 742,696 | $ | 340,561 | $ | (22,993) | $ | — | $ | 7,006,641 | ||||||||||||||||||||||||||
| % of Consolidated Revenue | 84.9% | 10.6% | 4.9% | (0.4)% | ||||||||||||||||||||||||||||||||||
| Other Segment Items | $ | 5,587,695 | $ | 452,603 | $ | 112,973 | $ | (16,285) | $ | 71,232 | $ | 6,208,218 | ||||||||||||||||||||||||||
| AOI | $ | 358,682 | $ | 290,093 | $ | 227,588 | $ | (6,708) | $ | (71,232) | $ | 798,423 | ||||||||||||||||||||||||||
| Intersegment revenue | $ | 17,257 | $ | 5,983 | $ | (247) | $ | (22,993) | $ | — | $ | — | ||||||||||||||||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 9,219,877 | $ | 1,617,234 | $ | 641,562 | $ | (18,786) | $ | — | $ | 11,459,887 | ||||||||||||||||||||||||||
| % of Consolidated Revenue | 80.5% | 14.1% | 5.6% | (0.2)% | ||||||||||||||||||||||||||||||||||
| Other Segment Items | $ | 8,907,436 | $ | 1,030,598 | $ | 220,160 | $ | (9,003) | $ | 122,705 | $ | 10,271,896 | ||||||||||||||||||||||||||
| AOI | $ | 312,441 | $ | 586,636 | $ | 421,402 | $ | (9,783) | $ | (122,705) | $ | 1,187,991 | ||||||||||||||||||||||||||
| Intersegment revenue | $ | 9,011 | $ | 9,775 | $ | — | $ | (18,786) | $ | — | $ | — | ||||||||||||||||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 8,430,453 | $ | 1,437,368 | $ | 556,627 | $ | (35,690) | $ | — | $ | 10,388,758 | ||||||||||||||||||||||||||
| % of Consolidated Revenue | 81.1% | 13.8% | 5.4% | (0.3)% | ||||||||||||||||||||||||||||||||||
| Other Segment Items | $ | 8,065,200 | $ | 894,216 | $ | 193,075 | $ | (23,092) | $ | 119,885 | $ | 9,249,284 | ||||||||||||||||||||||||||
| AOI | $ | 365,253 | $ | 543,152 | $ | 363,552 | $ | (12,598) | $ | (119,885) | $ | 1,139,474 | ||||||||||||||||||||||||||
| Intersegment revenue | $ | 25,464 | $ | 10,226 | $ | — | $ | (35,690) | $ | — | $ | — |
The following table sets forth the reconciliation of consolidated AOI to operating income for the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| AOI | $ | 817,012 | $ | 798,423 | $ | 1,187,991 | $ | 1,139,474 | |||||||||||||||
| Acquisition expenses | 30,901 | 79,133 | 100,325 | 108,890 | |||||||||||||||||||
| Amortization of non-recoupable ticketing contract advances | 22,220 | 20,721 | 48,240 | 45,443 | |||||||||||||||||||
| Depreciation and amortization | 188,459 | 159,025 | 357,755 | 308,480 | |||||||||||||||||||
| Gain on sale of operating assets | (8,516) | (856) | (14,538) | (3,058) | |||||||||||||||||||
| Astroworld loss contingencies | — | (7,800) | — | (7,800) | |||||||||||||||||||
| Governmental Investigations and Litigation | — | — | 450,000 | — | |||||||||||||||||||
| Stock-based compensation expense | 62,031 | 61,547 | 94,808 | 86,097 | |||||||||||||||||||
| Operating income | $ | 521,917 | $ | 486,653 | $ | 151,401 | $ | 601,422 |
Contract Advances
At June 30, 2026 and December 31, 2025, we had ticketing contract advances of $262.8 million and $298.7 million, respectively, recorded in prepaid expenses and $161.0 million and $155.7 million, respectively, recorded in long-term advances on the consolidated balance sheets.
Sponsorship Agreements
At June 30, 2026, we had contracted sponsorship agreements with terms greater than one year that had approximately $1.7 billion of revenue related to future benefits to be provided by us. We expect to recognize, based on current projections, approximately 29%, 31%, 18% and 22% of this revenue in the remainder of 2026, 2027, 2028 and thereafter, respectively.
Deferred Revenue
The majority of our deferred revenue is typically classified as current and is shown as a separate line item on the consolidated balance sheets. Deferred revenue that is not expected to be recognized within the next twelve months is classified as long-term and reflected in other long-term liabilities on the consolidated balance sheets.
The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Concerts | $ | 1,767,280 | $ | 1,532,258 | $ | 2,635,616 | $ | 2,214,108 | |||||||||||||||
| Ticketing | 84,381 | 74,744 | 151,279 | 140,663 | |||||||||||||||||||
| Sponsorship & Advertising | 14,425 | 19,405 | 42,195 | 75,655 | |||||||||||||||||||
| $ | 1,866,086 | $ | 1,626,407 | $ | 2,829,090 | $ | 2,430,426 |
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