Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 6,750,548 $ 6,095,424
Accounts receivable 2,606,747 1,747,316
Prepaid expenses 1,525,485 1,247,184
Restricted cash 12,539 10,685
Other current assets 412,502 189,528
Total current assets 11,307,821 9,290,137
Property, plant and equipment, net 3,121,609 2,441,872
Operating lease assets 1,757,740 1,618,033
Intangible assets    
Definite-lived intangible assets, net 1,064,105 985,812
Indefinite-lived intangible assets, net 369,012 380,558
Goodwill 2,841,716 2,620,911
Long-term advances 600,365 520,482
Other long-term assets 1,825,451 1,780,966
Total assets 22,887,819 19,638,771
Current liabilities    
Accounts payable, client accounts 2,418,554 1,859,678
Accounts payable 355,427 242,978
Accrued expenses 3,803,822 3,057,334
Deferred revenue 4,064,154 3,721,092
Current portion of long-term debt, net 1,250,813 [1] 260,901
Current portion of operating lease liabilities 160,458 153,406
Other current liabilities 222,345 62,890
Total current liabilities 12,275,573 9,358,279
Long-term debt, net 6,106,712 6,177,168
Long-term operating lease liabilities 1,870,718 1,680,266
Other long-term liabilities 653,289 477,763
Commitments and contingent liabilities (see Note 6)
Redeemable noncontrolling interests 852,702 1,126,302
Stockholders' equity    
Common stock 2,326 2,313
Additional paid-in capital 1,524,648 2,059,746
Accumulated deficit (839,878) (1,546,819)
Cost of shares held in treasury (6,865) (6,865)
Accumulated other comprehensive loss (158,891) (335,112)
Total Live Nation stockholders' equity 521,340 173,263
Noncontrolling interests 607,485 645,730
Total equity 1,128,825 818,993
Total liabilities and equity $ 22,887,819 $ 19,638,771
[1]
As of September 30, 2025, 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 September 30, 2025, 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 October 1, 2025 through December 31, 2025 and may be extended at each quarter end thereafter depending on our future stock price.