Quarterly report [Sections 13 or 15(d)]

SEGMENTS AND REVENUE RECOGNITION (Tables)

v3.26.1
SEGMENTS AND REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
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) $ — $ —
Reconciliation of AOI to Operating Income (Loss)
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 with Customer, Asset and Liability
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