Live Nation Entertainment, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
LYV$175.25-3.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001335258-26-000035
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001335258-26-000053
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 143 previous paragraphs and 153 current paragraphs.
89 unchanged; 47 reworded; 17 added; 5 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
The third quarter of 2026 yielded our highest consolidated operating income and AOI results ever. All three of our reporting segments grew AOI by double digits, underlining sustained consumer demand for the live experience. As well, all of our key performance indicators are meaningfully up year-over-year, giving us confidence in a successful conclusion to 2026. Double-digit ticket sales growth versus 2025 across all of our major markets for amphitheater, arena and stadium sales demonstrates strong fan demand. We have no material content risk remaining in the fourth quarter with respect to large venue shows, and ticket sales for our remaining arena tours remain solid.
Current report
Our Concerts segment’s revenue for the quarter increased by $1.5 billion, or 20%, from $7.3 billion in the third quarter of 2025 to $8.7 billion in the third quarter of 2026. The overall number of events for the third quarter of 2026 was approximately 13,100, 7% higher than last year. The number of fans for the quarter grew by 9.8 million or 19%, from 51.3 million last year to 61.1 million this year. Fan count grew across all of our major markets but weighted towards our International territories, which were up 29%, with all International regions up at least 15%. In particular, the United Kingdom and Europe had their strongest summers ever with record stadium fan count, while South America fan count grew by approximately five times compared to the third quarter of last year with the Rock in Rio festival playing off this year, as well as our expanded venue footprint with our Movistar venues in Santiago and Buenos Aires. North America fan count was also up double-digits with growth in our owned and operated amphitheater fans as well as more stadium fans this year. Some of the notable acts touring in the third quarter included The Weeknd, Bruno Mars, BTS and Karol G. Concerts AOI for the third quarter increased by $88.7 million or 17%, from $514.2 million in 2025 to $602.9 million in 2026.
Current report
Revenue increased $1.6 billion during the three months ended September 30, 2026 as compared to the same period of the prior year primarily due to increased revenue in our Concerts segment of $1.5 billion, Ticketing segment of $72.7 million and Sponsorship & Advertising segment of $63.0 million, as further discussed within each segment’s operating results.
Current report
Net income attributable to noncontrolling interests increased $72.5 million during the three months ended September 30, 2026 as compared to the same period of the prior year primarily due to higher show activity from certain concert businesses in North America and Europe during 2026.
Current report
Senior Secured Credit Facility
Current report
On September 25, 2026, we drew down $453.8 million from our multicurrency revolving credit facility to finance the acquisition of Plenitude Arena in Europe as discussed in Note 2 – Long-Lived Assets, Intangibles, and Goodwill.
Current report
Subsequent Events
Current report
Senior Notes due 2032 and 6.500% Senior Secured Notes due 2027 Redemption
Current report
On October 15, 2026, we issued $730.0 million in aggregate principal amount of 7.125% senior notes due 2032 (the “U.S. Dollar Notes”) and €600.0 million in aggregate principal amount of 6.125% senior notes due 2032 (the “Euro Notes” and, together with the U.S. Dollar Notes, the “Notes”).
Current report
We used the net proceeds from the offering to fund the redemption in full of all of our outstanding 6.500% Senior Secured Notes due 2027, to pay fees and expenses related to the offering, and for general corporate purposes, which may include the repayment or repurchase of certain of our indebtedness.
Current report
Pursuant to the Notes Indenture, the U.S. Dollar Notes will bear interest at the rate of 7.125% per annum, payable on April 15 and October 15 of each year beginning on April 15, 2027. The Euro Notes will bear interest at the rate of 6.125% per annum, payable on April 15 and October 15 of each year beginning on April 15, 2027. The Notes will mature on October 15, 2032.
Current report
Prior to April 15, 2029, (a) we may redeem up to 40% of the original aggregate principal amount of the U.S. Dollar Notes using the proceeds of certain equity offerings at a redemption price equal to 107.125% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, and (b) we may redeem up to 100% of the U.S. Dollar Notes at a price up to 100% of the principal amount thereof, plus any accrued and unpaid interest to, but excluding, the date of redemption, plus a “make-whole” premium described in the Notes Indenture. In addition, on or after April 15, 2029, we may redeem some or all of the U.S. Dollar Notes at any time at the redemption prices specified in the Notes Indenture, plus any accrued and unpaid interest to, but excluding, the date of redemption. We are required to offer to purchase the U.S. Dollar Notes at 101% of their aggregate principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date, if specified change of control events occur.
Current report
Prior to April 15, 2029, (a) we may redeem up to 40% of the original aggregate principal amount of the Euro Notes using the proceeds of certain equity offerings at a redemption price equal to 106.125% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, and (b) we may redeem up to 100% of the Euro Notes at a price up to 100% of the principal amount thereof, plus any accrued and unpaid interest to, but excluding, the date of redemption, plus a “make-whole” premium described in the Notes Indenture. In addition, on or after April 15, 2029, we may redeem some or all of the Euro Notes at any time at the redemption prices specified in the Notes Indenture, plus any accrued and unpaid interest to, but excluding, the date of redemption. We are required to offer to purchase the Euro Notes at 101% of their aggregate principal amount, plus accrued and unpaid interest to, but excluding, the repurchase date, if specified change of control events occur.
Current report
In connection with the offering, we entered into cross-currency swap agreements that effectively convert the $730.0 million of 7.125% U.S. Dollar Notes into approximately €652.1 million of euro-denominated fixed-rate obligations at a weighted average rate of approximately 5.68% per annum through October 15, 2031. After giving effect to the swap agreements, the weighted average interest rate of the Notes is approximately 5.89% per annum, compared to 6.500% per annum on the 6.500% Senior Secured Notes due 2027 that we redeemed with the net proceeds of the offering.
Current report
On October 15, 2026, we entered into Amendment No. 1 (the “Amendment”) to our existing senior secured credit facility dated as of October 21, 2025 (as amended, restated, supplemented, or modified from time to time prior to the effectiveness of the Amendment, the “Credit Agreement” and as amended by the Amendment, the “Amended Credit Agreement”), as described in more detail below.
Current report
The Amendment, among other things, amended the Credit Agreement to (i) extend the stated maturity of the revolving credit facilities (as defined below) and the delayed draw term loan A facility (as defined below) by one year to October 21, 2031, (ii) increase commitments under (a) the multicurrency revolving credit facility (the “multicurrency revolving credit facility”) to $1.45 billion, (b) the venue expansion revolving credit facility (the “venue expansion revolving credit facility” and together with the multicurrency revolving credit facility, the “revolving credit facilities”) to $435.0 million, and (c) the delayed draw term loan A facility (the “delayed draw term loan A facility”) to $725.0 million, and (iii) provide for certain amendments to the covenants and component defined terms used therein.
Current report
Subject to certain conditions and amounts, we will continue to have the right under the Amended Credit Agreement to increase the term loan B facility, the delayed draw term loan A facility, the multicurrency revolving credit facility, and/or the venue expansion revolving credit facility (or establish new (i) incremental revolving facilities or (ii) incremental term loan facilities).
Removed paragraphs (5)
Previous report
The second quarter continued the robust trend we saw in the first quarter of 2026, with ongoing consumer demand for live experiences demonstrated in our year-over-year global ticket sales trends across all of our major markets and with double-digit growth for amphitheater, arena and stadium sales. Onsite spend is up across multiple markets and venue types, and our two newest amphitheaters are already among our top performers on premium spending. Finally, our lineup of amphitheater, arena and stadium shows for the remainder of the year is almost fully booked. These indicators, coupled with our current event-related deferred revenue balance of $6.4 billion as of June 30, 2026, which increased $1.3 billion or 25% compared to June 30, 2025, makes us optimistic for continued growth in the remainder of the year.
Previous report
Our Concerts segment’s revenue for the quarter increased by $498.0 million, or 8%, from $5.9 billion in the second quarter of 2025 to $6.4 billion in the second quarter of 2026. The overall number of events for the second quarter of 2026 was approximately 15,300, 7% higher than last year. The number of fans for the quarter grew by 4.5 million or 10%, from 44.2 million last year to 48.7 million this year. The fan count growth was driven by our international markets, particularly mainland Europe and South America. Stadium fans were down in North America but up in International while arena fans were up globally. Some of the notable acts touring in the second quarter included Bruno Mars, BTS, Bad Bunny and Harry Styles. Onsite spend in our large owned and operated amphitheaters grew by 10%, driven by higher food & beverage per caps. At our larger festivals, we saw strong growth in onsite spend with Governors Ball, Beyond Wonderland, Parklife and Isle of Wight all posting double digit gains over the prior year. Concerts AOI for the second quarter declined by $49.1 million or 14%, from $358.7 million in 2025 to $309.6 million in 2026. This was largely driven by the geographic mix of stadium shows as stadium activity for North America shifted from the second quarter to the third quarter of 2026 as a result of the FIFA World Cup. We also had higher fixed expenses attributable to pre-opening costs for venues opening in 2026 and beyond as well as costs associated with International festival growth and acquisitions where benefits are substantially recognized in our Sponsorship & Advertising segment.
Previous report
Ticketing’s deferred tickets are up 10% year-over-year as of the end of the second quarter of 2026, and GTV associated with those deferred tickets is up 16%. As of June 30, 2026, our deferred service fee revenue to be recognized in future periods was also up double digits versus the prior year and was our highest Ticketing deferred service fee revenue ever.
Previous report
Revenue increased $660.2 million during the three months ended June 30, 2026 as compared to the same period of the prior year primarily due to increased revenue in our Concerts segment of $498.0 million, Ticketing segment of $109.5 million and Sponsorship & Advertising segment of $42.4 million, as further discussed within each segment’s operating results.
Previous report
Other expense (income), net
Reworded paragraphs (47)
Previous wording
Our consolidated revenue for the second quarter of 2026 increased by 9% to $7.7 billion on a reported basis as compared to the same period last year. Two-thirds of the growth came from our Concerts segment as a result of increased fan count in our international markets and more arena activity globally. Revenues for both Ticketing and Sponsorship & Advertising grew by double digits in the second quarter, indicating strength across all three of our reporting segments. Our consolidated operating income for the quarter increased by $35.3 million, or 7%, from $486.7 million in the second quarter of 2025 to $521.9 million in the second quarter of 2026. AOI for the quarter grew by $18.6 million or 2%.
Current wording
Our consolidated revenue for the third quarter of 2026 increased by 19% to $10.1 billion as compared to the same period last year. Over 90% of the growth came from our Concerts segment as a result of increased fan count in our international markets and more stadium, amphitheater and arena activity globally. Revenue for both Ticketing and Sponsorship & Advertising also grew in the third quarter, indicating strength across all three of our reporting segments. Our consolidated operating income for the quarter increased by $99.5 million, or 13%, from $792.5 million in the third quarter of 2025 to $892.0 million in the third quarter of 2026. AOI for the quarter grew by $146.3 million or 14% from $1.0 billion in the third quarter of 2025 to $1.2 billion in the third quarter of 2026.
Previous wording
For the first six months of 2026, our consolidated revenue increased by $1.1 billion on a reported basis, or 10%, compared to the same period last year, from $10.4 billion to $11.5 billion. Our consolidated operating income was $151.4 million for the first six months of 2026, compared to $601.4 million for the first six months of 2025, a decrease of $450.0 million, or 75%. The decrease in operating income was primarily due to Governmental Investigations and Litigation as discussed in Note 6 – Commitments and Contingent Liabilities. Consolidated AOI for the first six months increased by $48.5 million, or 4%, compared to the same period in 2025, from $1.1 billion to $1.2 billion.
Current wording
For the first nine months of 2026, our consolidated revenue increased by $2.7 billion, or 14%, compared to the same period last year, from $18.9 billion to $21.6 billion. Our consolidated operating income was $1.0 billion for the first nine months of 2026, compared to $1.4 billion for the first nine months of 2025, a decrease of $350.5 million, or 25%. The decrease in operating income was primarily due to Governmental Investigations and Litigation as discussed in Note 6 – Commitments and Contingent Liabilities, which included an accrual of $450 million. Consolidated AOI for the first nine months increased by $194.9 million, or 9%, compared to the same period in 2025, from $2.2 billion to $2.4 billion.
Previous wording
As of June 30, 2026, our ticket sales for events playing off in calendar year 2026 are pacing up 11% compared to last year, while our event-related deferred revenue is our highest ever for the second quarter, up 25% year-over-year. The phasing of the event-related deferred revenue to be recognized in the second half of 2026 indicates more of it will be recognized in the fourth quarter of 2026 compared to the previous year. This is consistent with our operating metrics which point to a shift of activity from the third quarter to the fourth quarter of 2026. With both our ticket sales and deferred revenue up double-digits, we are confident that we are positioned for another record Concerts year.
Current wording
As of October 19, 2026, our ticket sales for events playing off in calendar year 2026 are pacing up 13% compared to last year, while our event-related deferred revenue is our highest ever for the third quarter, up 8% year-over-year. With our summer season completed and ticket sales for the year continuing to pace double-digits ahead of last year, we are confident that we are positioned for another record Concerts AOI year.
Previous wording
For the first six months of 2026, our Concerts segment’s revenue grew $789.4 million compared to the same period in 2025, from $8.4 billion to $9.2 billion. Revenue growth resulted from approximately 1,000 additional shows in the first six months of 2026 compared to the same period in 2025. Concerts fan count for the first six months of 2026 was 72.5 million compared to 66.5 million for the same period in 2025, an improvement of 6.0 million fans or 9%. International fan count grew by 15% in the first six months of 2026 and accounted for almost 90% of our fan growth for the first six months of 2026. Arena fan count was the largest contributor, with growth in almost every one of our global markets. Concerts AOI for the first six months decreased by $52.8 million, or 14%, compared to the same period in 2025, from $365.3 million to $312.4 million. The decline was driven by geographic show mix, quarterly phasing, and the fixed cost drivers explained for the quarter. We are projecting the second half of the year to more than make up for this shortfall and we believe Concerts will end 2026 with double-digit AOI growth.
Current wording
For the first nine months of 2026, our Concerts segment’s revenue grew $2.3 billion compared to the same period in 2025, from $15.7 billion to $18.0 billion. Revenue growth resulted from additional shows in the first nine months of 2026 compared to the same period in 2025. Concerts fan count for the first nine months of 2026 was 133.6 million compared to 117.8 million for the same period in 2025, an improvement of 15.8 million fans or 13%. International fan count grew by 20% during this period, accounting for two-thirds of our fan growth for the first nine months of 2026. Nearly 40% of our fan growth so far this year has been generated by our owned or operated arenas, notably from our recent footprint expansions in South America and Europe. Concerts AOI for the first nine months increased by $35.9 million, or 4%, compared to the same period in 2025, from $879.4 million to $915.3 million. As we indicated last quarter, our Concerts growth in 2026 is weighted towards the back half of the year with record stadium fans, more arena content and higher utilization of our owned and operated amphitheaters from July through December.
Previous wording
Our Ticketing segment’s revenue for the quarter increased by $109.5 million, or 15%, from $742.7 million in the second quarter of 2025 to $852.2 million in the second quarter of 2026. Consumer demand in our ticketing business is strong, particularly for concert events. Fee-bearing ticket sales grew from 83.3 million in the second quarter of 2025 to 90.1 million in the second quarter of 2026, an increase of 6.7 million tickets or 8%. Sales were up in both North America and in our international markets with concert events accounting for over 90% of the increase. GTV growth was even stronger as fee-bearing GTV grew from $9.1 billion in the second quarter of 2025 to $10.4 billion in the second quarter of 2026, up $1.3 billion or 15%. Again, concert activity drove almost the entire increase year-over-year. AOI increased from $290.1 million in the second quarter of 2025 to $331.0 million in the second quarter of 2026, up $40.9 million, or 14%.
Current wording
Our Ticketing segment’s revenue for the quarter increased by $72.7 million, or 9%, from $797.6 million in the third quarter of 2025 to $870.3 million in the third quarter of 2026. Consumer demand in our ticketing business is strong, particularly for concert events. Fee-bearing ticket sales grew from 89.1 million in the third quarter of 2025 to 98.3 million in the third quarter of 2026, an increase of 9.2 million tickets or 10%. Sales were up across all major markets with concert events accounting for over 95% of the increase. GTV growth was even stronger as fee-bearing GTV grew from $9.9 billion in the third quarter of 2025 to $11.2 billion in the third quarter of 2026, up $1.3 billion or 13%. Again, concert activity drove almost the entire increase year-over-year. AOI increased from $285.9 million in the third quarter of 2025 to $315.7 million in the third quarter of 2026, up $29.8 million, or 10%. Ticketing’s deferred tickets are up year-over-year as of the end of the third quarter of 2026, and GTV associated with those deferred tickets is up 8%.
Previous wording
For the first six months of 2026, our Ticketing segment’s revenue increased by $179.9 million, or 13%, compared to the same period in 2025, from $1.4 billion to $1.6 billion. Ticketing AOI for the first six months of 2026 increased by $43.5 million, or 8%, compared to the same period in 2025, from $543.2 million to $586.6 million. Through June 30, 2026, our fee-bearing ticket sales were 170.7 million tickets, an increase of 9.8 million tickets, or 6%, compared to the first six months of 2025. We have signed clients with approximately 16 million net new tickets so far this year, of which over 85% are in our international markets, which gives us confidence our ticketing platforms’ features and functionalities are continuing to compete effectively. Given the performance of our Ticketing segment in the first six months of 2026, we are anticipating mid-single digit AOI growth for the segment for the full year.
Current wording
For the first nine months of 2026, our Ticketing segment’s revenue increased by $252.6 million, or 11%, compared to the same period in 2025, from $2.2 billion to $2.5 billion. Ticketing AOI for the first nine months of 2026 increased by $73.3 million, or 9%, compared to the same period in 2025, from $829.1 million to $902.4 million. Through September 30, 2026, our fee-bearing ticket sales were 268.9 million tickets, an increase of 19.0 million tickets, or 8%, compared to the first nine months of 2025. We have signed clients with approximately 23 million net new tickets so far this year, of which almost 75% are in our international markets, which gives us confidence that our ticketing platforms’ features and functionalities are continuing to compete effectively.
Previous wording
Our Sponsorship & Advertising segment’s revenue for the quarter increased by $42.4 million, or 12%, from $340.6 million in the second quarter of 2025 to $383.0 million in the second quarter of 2026. AOI for the quarter increased by $29.3 million, or 13%, from $227.6 million in the second quarter of 2025 to $256.9 million in the second quarter of 2026. Growth in the quarter was largely driven by new venue and festival deals across multiple markets in Europe as well as Latin America. This included newly acquired venues in Italy, Chile and Argentina.
Current wording
Our Sponsorship & Advertising segment’s revenue for the quarter increased by $63.0 million, or 14%, from $442.7 million in the third quarter of 2025 to $505.7 million in the third quarter of 2026. AOI for the quarter increased by $37.2 million, or 12%, from $313.1 million in the third quarter of 2025 to $350.2 million in the third quarter of 2026. Growth in the quarter was driven by the Rock in Rio festival in Brazil that runs every two years, as well as global expansion in venue sponsorship, including new venues in Europe, South America and Canada.
Previous wording
For the first six months of 2026, our Sponsorship & Advertising segment’s revenue grew $84.9 million, or 15%, compared to the same period in 2025, from $556.6 million to $641.6 million. Sponsorship & Advertising AOI for the first six months increased by $57.9 million, or 16% compared to the same period in 2025, from $363.6 million to $421.4 million. The growth in revenue and AOI in the first six months of 2026 was driven by new venue and festival deals in Canada, Europe and Latin America, including growth driven by new venue and festival assets in those markets. Our committed sponsorship sales are up double-digits year-over-year and over 95% of our projected revenue for the year is accounted for, giving us confidence we will deliver double-digit AOI growth for the year once again in our Sponsorship & Advertising segment.
Current wording
For the first nine months of 2026, our Sponsorship & Advertising segment’s revenue grew $147.9 million, or 15%, compared to the same period in 2025, from $999.3 million to $1.1 billion. Sponsorship & Advertising AOI for the first nine months increased by $95.0 million, or 14% compared to the same period in 2025, from $676.6 million to $771.6 million. The growth in revenue and AOI in the first nine months of 2026 was driven by new venue and festival deals across our international markets. Our committed sponsorship sales are up double-digits year-over-year and virtually all of our projected revenue for the year is accounted for, giving us confidence we will deliver double-digit AOI growth for the year once again in our Sponsorship & Advertising segment.
Previous wording
Operating income increased $35.3 million during the three months ended June 30, 2026 as compared to the same period of the prior year primarily driven by increased operating income in our Ticketing segment of $35.3 million and Sponsorship & Advertising segment of $26.3 million as well as lower Corporate expenses due to certain acquisition expenses in the prior year. These were partially offset by decreased operating income in our Concerts segment of $70.2 million as further discussed within each segment’s operating results.
Current wording
Operating income increased $99.5 million during the three months ended September 30, 2026 as compared to the same period of the prior year primarily driven by increased operating income in our Concerts segment of $40.5 million, Ticketing segment of $26.4 million and Sponsorship & Advertising segment of $32.5 million as further discussed within each segment’s operating results.
Previous wording
Interest expense increased $25.2 million during the three months ended June 30, 2026 as compared to the same period of the prior year primarily driven by the issuance of VenueCo notes in the current year.
Current wording
Interest expense increased $21.8 million during the three months ended September 30, 2026 as compared to the same period of the prior year primarily driven by the issuance of VenueCo notes in the current year.
Previous wording
Revenue increased $1.1 billion during the six months ended June 30, 2026 as compared to the same period of the prior year, driven by increased revenue in our Concerts segment of $789.4 million, Ticketing segment of $179.9 million and Sponsorship & Advertising segment of $84.9 million, as further discussed within each segment’s operating results.
Current wording
Revenue increased $2.7 billion during the nine months ended September 30, 2026 as compared to the same period of the prior year, driven by increased revenue in our Concerts segment of $2.3 billion, Ticketing segment of $252.6 million and Sponsorship & Advertising segment of $147.9 million, as further discussed within each segment’s operating results.
Previous wording
Operating income decreased $450.0 million during the six months ended June 30, 2026 as compared to the same period of the prior year primarily associated with Governmental Investigations and Litigation as discussed in Note 6 – Commitments and Contingent Liabilities and decreased operating income in our Concerts segment of $100.3 million. These were partially offset by increased operating income in our Ticketing segment of $28.0 million and Sponsorship & Advertising segment of $51.8 million, as further discussed within each segment’s operating results.
Current wording
Operating income decreased $350.5 million during the nine months ended September 30, 2026 as compared to the same period of the prior year primarily associated with Governmental Investigations and Litigation as discussed in Note 6 – Commitments and Contingent Liabilities, which included a $450 million reserve, and decreased operating income in our Concerts segment of $59.7 million. These were partially offset by increased operating income in our Ticketing segment of $54.4 million and Sponsorship & Advertising segment of $84.3 million, as further discussed within each segment’s operating results.
Previous wording
Interest expense increased $35.4 million during the six months ended June 30, 2026 as compared to the same period of the prior year primarily driven by the issuance of VenueCo notes in the current year.
Current wording
Interest expense increased $57.2 million during the nine months ended September 30, 2026 as compared to the same period of the prior year primarily driven by the issuance of VenueCo notes in the current year.
Previous wording
For the six months ended June 30, 2026, we had other income, net of $68.0 million, which primarily consisted of mark to market adjustments for certain investments held by noncontrolling interest partners of $66.5 million. For the six months ended June 30, 2025, we had other expense, net of $39.3 million, which primarily consisted of net foreign exchange rate losses of $34.5 million.
Current wording
For the nine months ended September 30, 2026, we had other income, net of $66.5 million, which primarily consisted of mark to market adjustments for certain investments held by noncontrolling interest partners of $65.0 million. For the nine months ended September 30, 2025, we had other expense, net of $53.1 million, which primarily consisted of net foreign exchange rate losses of $59.2 million compared to $1.9 million of net foreign exchange rate gains during the nine months ended September 30, 2026.
Previous wording
For the six months ended June 30, 2026, we recorded a net income tax expense of $83.6 million on pretax income of $106.5 million, compared to a net income tax expense of $137.4 million on pretax income of $486.4 million for the six months ended June 30, 2025. The net decrease in income tax expense of $53.7 million was primarily due to a decrease in pretax income in 2026 as compared to the same period of the prior year, partially offset by the nondeductible tax impact of the Governmental Investigations and Litigation accrual as discussed in Note 6 – Commitments and Contingent Liabilities.
Current wording
For the nine months ended September 30, 2026, we recorded a net income tax expense of $341.7 million on pretax income of $931.4 million, compared to a net income tax expense of $389.2 million on pretax income of $1.2 billion for the nine months ended September 30, 2025. The net decrease in income tax expense of $47.5 million was primarily due to a decrease in pretax income in 2026 as compared to the same period of the prior year, partially offset by the nondeductible tax impact of the Governmental Investigations and Litigation accrual as discussed in Note 6 – Commitments and Contingent Liabilities.
Previous wording
Net income attributable to noncontrolling interests increased $49.1 million during the three months ended June 30, 2026 as compared to the same period of the prior year primarily due to a gain of $54.1 million for an investment held by a noncontrolling interest partner.
Current wording
Net income attributable to noncontrolling interests increased $107.6 million during the nine months ended September 30, 2026 as compared to the same period of the prior year primarily due to higher show activity from certain concert businesses in North America during 2026 as well as a gain of $46.5 million for an investment held by a noncontrolling interest partner.
Previous wording
The following table sets forth the reconciliation of consolidated operating income to consolidated AOI for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table sets forth the reconciliation of consolidated operating income to consolidated AOI for the three and nine months ended September 30, 2026 and 2025:
Previous wording
Concerts revenue increased $498.0 million during the three months ended June 30, 2026 as compared to the same period of the prior year primarily due to fan count growth from more shows driven by our International markets, particularly mainland Europe and South America, as well as revenue of $30.3 million from newly opened venues. Concerts had incremental revenue of $109.1 million during the three months ended June 30, 2026 from acquisitions.
Current wording
Concerts revenue increased $1.5 billion during the three months ended September 30, 2026 as compared to the same period of the prior year primarily due to fan count growth from more shows driven by our United States and International markets, particularly in Europe, as well as revenue of $103.3 million from newly opened operated venues. Concerts had incremental revenue of $168.2 million during the three months ended September 30, 2026 from acquisitions.
Previous wording
Concerts AOI decreased $49.1 million and operating income decreased $70.2 million during the three months ended June 30, 2026 as compared to the same period of the prior year. The decrease in AOI was primarily driven by the geographic mix of stadium shows as stadium activity for North America shifted from the second quarter to the third quarter of 2026 as a result of the FIFA World Cup. We also had higher selling, general and administrative expenses attributable to pre-opening costs for venues opening in 2026 and beyond as well as costs associated with International festival growth and acquisitions where benefits are substantially recognized in our Sponsorship & Advertising segment. The remaining change in operating income outside of AOI of $21.1 million is primarily associated with higher depreciation and amortization expense of $29.3 million related to our ongoing venue build and upgrade program.
Current wording
Concerts AOI increased $88.7 million and operating income increased $40.5 million during the three months ended September 30, 2026 as compared to the same period of the prior year. The increase in AOI was primarily driven by more stadium shows with strong results in Europe as well as additional amphitheater shows in the United States. We also had higher selling, general and administrative expenses attributable to pre-opening costs for venues in 2026 as well as costs associated with International festival growth and acquisitions where benefits are substantially recognized in our Sponsorship & Advertising segment. The remaining change in operating income outside of AOI of $48.2 million is primarily associated with a lower non-recurring gain on disposal of operating assets of $22.3 million.
Previous wording
Concerts revenue increased $789.4 million during the six months ended June 30, 2026 as compared to the same period of the prior year primarily due to approximately 1,000 more shows driven by International fan count growth, particularly Arena fan count growth in almost every one of our global markets, as well as revenue of $36.9 million from newly opened venues. Concerts had incremental revenue of $288.6 million during the six months ended June 30, 2026 from acquisitions.
Current wording
Concerts revenue increased $2.3 billion during the nine months ended September 30, 2026 as compared to the same period of the prior year primarily due to approximately 1,900 more shows, increased stadium fan count growth in Europe and arena fan count growth in the United States, as well as revenue of $140.7 million from newly opened operated venues. Concerts had incremental revenue of $471.0 million during the nine months ended September 30, 2026 from acquisitions.
Previous wording
Concerts AOI decreased $52.8 million and operating income decreased $100.3 million during the six months ended June 30, 2026 as compared to the same period of the prior year. The decrease in AOI was primarily driven by geographic show mix, quarterly phasing, and higher selling, general and administrative expenses attributable to pre-opening costs for venues opening in 2026 and beyond as well as costs associated with International festival growth and acquisitions where benefits are substantially recognized in our Sponsorship & Advertising segment. The remaining change in operating income outside of AOI of $47.5 million is primarily associated with higher depreciation and amortization expense of $42.7 million related to our ongoing venue build and upgrade program.
Current wording
Concerts AOI increased $35.9 million and operating income decreased $59.7 million during the nine months ended September 30, 2026 as compared to the same period of the prior year. The increase in AOI was primarily driven by more stadium shows in Europe as well as more arena shows in the United States. We also had higher selling, general and administrative expenses attributable to pre-opening costs for venues in 2026 as well as costs associated with International festival growth and acquisitions where benefits are substantially recognized in our Sponsorship & Advertising segment. The remaining change in operating income outside of AOI of $95.6 million is primarily associated with higher depreciation and amortization expense of $55.8 million related to our ongoing venue build and upgrade program.
Previous wording
Ticketing revenue increased $109.5 million during the three months ended June 30, 2026 as compared to the same period of the prior year primarily due to higher primary ticket sales driven by more concert events in North America and international markets.
Current wording
Ticketing revenue increased $72.7 million during the three months ended September 30, 2026 as compared to the same period of the prior year primarily due to higher primary ticket sales driven by more concert events across all major markets.
Previous wording
Ticketing AOI increased $40.9 million and operating income increased $35.3 million during the three months ended June 30, 2026 as compared to the same period of the prior year primarily driven by higher revenue discussed above. This was partially offset by an increase in direct operating expenses due to greater ticket sales.
Current wording
Ticketing AOI increased $29.8 million and operating income increased $26.4 million during the three months ended September 30, 2026 as compared to the same period of the prior year primarily driven by higher revenue discussed above. This was partially offset by an increase in direct operating expenses due to greater ticket sales.
Previous wording
Ticketing revenue increased $179.9 million during the six months ended June 30, 2026 as compared to the same period of the prior year primarily due to higher primary ticket sales driven by more concert events in North America and international markets.
Current wording
Ticketing revenue increased $252.6 million during the nine months ended September 30, 2026 as compared to the same period of the prior year primarily due to higher primary ticket sales driven by more concert events across all major markets.
Previous wording
Ticketing AOI increased $43.5 million and operating income increased $28.0 million during the six months ended June 30, 2026 as compared to the same period of the prior year primarily driven by higher revenue discussed above. This was partially offset by an increase in direct operating expenses due to greater ticket sales.
Current wording
Ticketing AOI increased $73.3 million and operating income increased $54.4 million during the nine months ended September 30, 2026 as compared to the same period of the prior year primarily driven by higher revenue discussed above. This was partially offset by an increase in direct operating expenses due to greater ticket sales.
Previous wording
Sponsorship & Advertising revenue increased $42.4 million during the three months ended June 30, 2026 as compared to the same period of the prior year primarily due to increased festival sponsorships as well as venue sponsorship deals across multiple markets in Europe and Latin America.
Current wording
Sponsorship & Advertising revenue increased $63.0 million during the three months ended September 30, 2026 as compared to the same period of the prior year primarily due to the Rock in Rio festival in Brazil that runs every two years, as well as venue sponsorship deals across Europe, South America and North America.
Previous wording
Sponsorship & Advertising AOI increased $29.3 million and operating income increased $26.3 million during the three months ended June 30, 2026 as compared to the same period of the prior year. These increases were primarily due to increased revenues from sponsorship activity discussed above.
Current wording
Sponsorship & Advertising AOI increased $37.2 million and operating income increased $32.5 million during the three months ended September 30, 2026 as compared to the same period of the prior year. These increases were primarily due to increased revenue from sponsorship activity discussed above.
Previous wording
Sponsorship & Advertising revenue increased $84.9 million during the six months ended June 30, 2026 as compared to the same period of the prior year primarily due to increased festival sponsorships as well as venue sponsorship deals across multiple markets in Canada, Europe and Latin America. Sponsorship & Advertising had incremental revenue of $22.8 million during the six months ended June 30, 2026 from acquisitions.
Current wording
Sponsorship & Advertising revenue increased $147.9 million during the nine months ended September 30, 2026 as compared to the same period of the prior year primarily due to increased festival sponsorships as well as venue sponsorship deals across our international markets. Sponsorship & Advertising had incremental revenue of $47.2 million during the nine months ended September 30, 2026 from acquisitions.
Previous wording
Sponsorship & Advertising AOI increased $57.9 million and operating income increased $51.8 million during the six months ended June 30, 2026 as compared to the same period of the prior year. These increases were primarily due to increased revenues from sponsorship activity discussed above as well as incremental AOI of $21.7 million during the six months ended June 30, 2026 from acquisitions.
Current wording
Sponsorship & Advertising AOI increased $95.0 million and operating income increased $84.3 million during the nine months ended September 30, 2026 as compared to the same period of the prior year. These increases were primarily due to increased revenue from sponsorship activity discussed above, as well as incremental AOI of $45.1 million during the nine months ended September 30, 2026 from acquisitions.
Previous wording
Our cash is centrally managed on a worldwide basis. Our primary short-term liquidity needs are to fund general working capital requirements, capital expenditures and debt service requirements while our long-term liquidity needs are primarily related to acquisitions and debt repayment. Our primary sources of funds for our short-term liquidity needs will be cash flows from operations and borrowings under our amended senior secured credit facility, while our long-term sources of funds will be from cash flows from operations, long-term bank borrowings and other debt or equity financings. We may from time to time engage in open market purchases of our outstanding debt securities or redeem or otherwise repay such debt.
Current wording
Our cash is centrally managed on a worldwide basis. Our primary short-term liquidity needs are to fund general working capital requirements, capital expenditures and debt service requirements while our long-term liquidity needs are primarily related to our venue expansion strategy, acquisitions and debt repayment. Our primary sources of funds for our short-term liquidity needs will be cash flows from operations and borrowings under our amended senior secured credit facility, while our long-term sources of funds will be from cash flows from operations, long-term bank borrowings and other debt or equity financings. We may from time to time engage in open market purchases of our outstanding debt securities or redeem or otherwise repay such debt.
Previous wording
Our balance sheet reflects cash and cash equivalents of $9.1 billion and $7.1 billion and short-term investments of $65.6 million and $76.6 million at June 30, 2026 and December 31, 2025, respectively. Included in the June 30, 2026 and December 31, 2025 cash and cash equivalents balances are $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, which we refer to as client cash. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to clients on a regular basis, though we may do so from time to time. Our foreign subsidiaries held approximately $5.9 billion in cash and cash equivalents, excluding client cash, at June 30, 2026. We generally do not repatriate these funds, but if we did, we would need to accrue and pay United States state income taxes as well as any applicable foreign withholding or transaction taxes on future repatriations.
Current wording
Our balance sheet reflects cash and cash equivalents of $8.3 billion and $7.1 billion and short-term investments of $69.1 million and $76.6 million at September 30, 2026 and December 31, 2025, respectively. Included in the September 30, 2026 and December 31, 2025 cash and cash equivalents balances are $2.7 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, which we refer to as client cash. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to clients on a regular basis, though we may do so from time to time. Our foreign subsidiaries held approximately $4.9 billion in cash and cash equivalents, excluding client cash, at September 30, 2026. We generally do not repatriate these funds, but if we did, we would need to accrue and pay United States state income taxes as well as any applicable foreign withholding or transaction taxes on future repatriations.
Previous wording
We may from time to time enter into borrowings under our revolving credit facility. If the original maturity of these borrowings is 90 days or less, we present the borrowings and subsequent repayments on a net basis in the statement of cash flows to better represent our financing activities. Our balance sheet reflects total net debt of $9.2 billion and $8.2 billion at June 30, 2026 and December 31, 2025, respectively. Our weighted-average cost of debt, excluding unamortized debt discounts and debt issuance costs on our term loans and notes, was 4.3% at June 30, 2026, with approximately 85% of our debt at fixed rates. Our weighted-average cost of debt for short-term borrowings outstanding at June 30, 2026, excluding unamortized debt discounts and debt issuance costs on our term loans and notes, was 4.7%.
Current wording
We may from time to time enter into borrowings under our revolving credit facility. If the original maturity of these borrowings is 90 days or less, we present the borrowings and subsequent repayments on a net basis in the statement of cash flows to better represent our financing activities. Our balance sheet reflects total net debt of $9.7 billion and $8.2 billion at September 30, 2026 and December 31, 2025, respectively. Our weighted-average cost of debt, excluding unamortized debt discounts and debt issuance costs on our term loans and notes, was 4.3% at September 30, 2026, with approximately 80% of our debt at fixed rates. Our weighted-average cost of debt for short-term borrowings outstanding at September 30, 2026, excluding unamortized debt discounts and debt issuance costs on our term loans and notes, was 3.8%.
Previous wording
The lenders under our revolving loans and counterparty to our interest rate hedge agreement consists of banks and other third-party financial institutions. While we currently have no indications or expectations that such lenders will be unable to fund their commitments as required, we can provide no assurances that future funding availability will not be impacted by adverse conditions in the financial markets. Should an individual lender default on its obligations, the remaining lenders would not be required to fund the shortfall, resulting in a reduction in the total amount available to us for future borrowings, but would remain obligated to fund their own commitments. Should the counterparty to our interest rate hedge agreement default on its obligation, we could experience higher interest rate volatility during the period of any such default.
Current wording
The lenders under our revolving loans and the counterparty to our interest rate hedge agreement consist of banks and other third-party financial institutions. While we currently have no indications or expectations that such lenders will be unable to fund their commitments as required, we can provide no assurances that future funding availability will not be impacted by adverse conditions in the financial markets. Should an individual lender default on its obligations, the remaining lenders would not be required to fund the shortfall, resulting in a reduction in the total amount available to us for future borrowings, but would remain obligated to fund their own commitments. Should the counterparty to our interest rate hedge agreement default on its obligation, we could experience higher interest rate volatility during the period of any such default.
Previous wording
We are required to pay a commitment fee equal to 0.35% per annum on the undrawn portion available under the revolving facilities and the delayed draw term loan A facility, and customary letter of credit fees, as necessary. Based on our outstanding letters of credit of $11.7 million, $1.69 billion was available for future borrowings from our revolving facilities as of June 30, 2026.
Current wording
We are required to pay a commitment fee equal to 0.35% per annum on the undrawn portion available under the revolving facilities and the delayed draw term loan A facility, and customary letter of credit fees, as necessary. Based on our outstanding letters of credit of $11.7 million, $1.23 billion was available for future borrowings from our revolving facilities as of September 30, 2026.
Previous wording
As of June 30, 2026, we believe we were in compliance with all of our debt covenants related to our corporate senior secured credit facility, senior secured notes, senior notes, convertible senior notes and VenueCo notes. We expect to remain in compliance with all of these covenants throughout 2026.
Current wording
As of September 30, 2026, we believe we were in compliance with our debt covenants related to our corporate senior secured credit facility, senior secured notes, senior notes, convertible senior notes and VenueCo notes. We expect to remain in compliance with these covenants throughout 2026.
Previous wording
During the six months ended June 30, 2026, we completed various acquisitions that resulted in cash paid, net of cash acquired of $242.6 million.
Current wording
During the nine months ended September 30, 2026, we completed various acquisitions that resulted in cash paid, net of cash acquired of $572.3 million.
Previous wording
Revenue generating capital expenditures during the first six months of 2026 increased from the same period of the prior year primarily due to venue expansion and enhancements across the United States, Latin America and Europe.
Current wording
Revenue generating capital expenditures during the first nine months of 2026 increased from the same period of the prior year primarily due to venue expansion and enhancements across North America, Latin America and Europe.
Previous wording
We expect capital expenditures to be approximately $1.1 billion for the year ending December 31, 2026 with approximately 85% dedicated to revenue generating projects, including $800 million of spend relating to our venue expansion and enhancement plans. Approximately $200 million of our capital expenditure estimate is being funded outside our cash flow by third party equity partners, sponsors, pre-selling certain premium rights and project-based debt.
Current wording
We expect gross capital expenditures to be approximately $1.1 billion for the year ending December 31, 2026 with approximately 85% dedicated to revenue generating projects, including $800 million of spend relating to our venue expansion and enhancement plans. Approximately $200 million of our capital expenditure estimate is being funded outside our cash flow by third party equity partners, sponsors, pre-selling certain premium rights and project-based debt.
Previous wording
Cash provided by operating activities increased $1.2 billion for the six months ended June 30, 2026 as compared to the same period of the prior year primarily due to changes in operating assets and liabilities from timing of events on sale, payments and receipts partially offset by an overall decrease in net income and gains from mark-to-market of investments in nonconsolidated affiliates and crypto assets.
Current wording
Cash provided by operating activities increased $651.4 million for the nine months ended September 30, 2026 as compared to the same period of the prior year primarily due to changes in operating assets and liabilities from timing of events on sale, payments and receipts partially offset by an overall decrease in net income, which included a $450 million reserve during the current year as discussed in Note 6 – Commitments and Contingent Liabilities.
Previous wording
Cash used in investing activities increased $384.8 million for the six months ended June 30, 2026 as compared to the same period of the prior year primarily due to an increase in acquisitions as well as purchases of property, plant and equipment for revenue generating capital expenditures. See “—Uses of Cash - Acquisitions and Capital Expenditures” above for further discussion.
Current wording
Cash used in investing activities increased $665.6 million for the nine months ended September 30, 2026 as compared to the same period of the prior year primarily due to an increase in acquisitions as well as purchases of property, plant and equipment for revenue generating capital expenditures. See “—Uses of Cash - Acquisitions and Capital Expenditures” above for further discussion.
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Previous report — wording carried elsewhere
For the three months ended June 30, 2026, we had other income, net of $55.7 million, which primarily consisted of mark to market adjustments for certain investments held by noncontrolling interest partners of $60.3 million. For the three months ended June 30, 2025, we had other expense, net of $36.4 million, which primarily consisted of net foreign exchange rate losses of $27.2 million.
Previous report — wording carried elsewhere
Net income attributable to noncontrolling interests increased $35.1 million during the six months ended June 30, 2026 as compared to the same period of the prior year primarily due to a gain of $54.1 million for an investment held by a noncontrolling interest partner.