Live Nation Entertainment Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

LONG-LIVED ASSETS

LONG-LIVED ASSETS

12 Months Ended

Dec. 31, 2025

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 year ended December 31, 2025, we recorded $24.0 million of capitalized interest.

Property, plant and equipment consisted of the following:


	December 31,
	2025		2024
	(in thousands)
Land, buildings and improvements	$	2,873,491	$	2,325,929
Computer equipment and capitalized software	815,403		867,294
Furniture and other equipment	952,651		757,803
Construction in progress	830,878		386,880
Property, plant and equipment, gross	5,472,423		4,337,906
Less: accumulated depreciation	2,056,652		1,896,034
Property, plant and equipment, net	$	3,415,771	$	2,441,872

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 years ended December 31, 2025 and 2024:


	Revenue- generating contracts		Client / vendor relationships		Venue management		Trademarks and naming rights		Technology and Other (1)		Total
			(in thousands)
Balance as of December 31, 2023:
Gross carrying amount	$	925,257	$	583,436	$	226,788	$	183,493	$	20,220	$	1,939,194
Accumulated amortization	(336,625)		(251,649)		(79,218)		(104,036)		(6,045)		(777,573)
Net	588,632		331,787		147,570		79,457		14,175		1,161,621
Gross carrying amount:
Acquisitions and additions current year	68,453		52,406		35,273		7,331		7,551		171,014
Acquisitions and additions prior year	826		4,066		3		—		—		4,895

Foreign exchange	(96,995)		(32,993)		(6,954)		(14,096)		(709)		(151,747)
Other (2)	(77,947)		(39,343)		(23,930)		(14,240)		(825)		(156,285)
Net change	(105,663)		(15,864)		4,392		(21,005)		6,017		(132,123)
Accumulated amortization:
Amortization	(111,711)		(86,637)		(23,978)		(17,791)		(9,142)		(249,259)

Foreign exchange	29,331		12,013		2,185		5,096		89		48,714
Other (2)	79,707		39,892		24,066		11,763		1,432		156,860
Net change	(2,673)		(34,732)		2,273		(932)		(7,621)		(43,685)
Balance as of December 31, 2024:
Gross carrying amount	819,594		567,572		231,180		162,488		26,237		1,807,071
Accumulated amortization	(339,298)		(286,381)		(76,945)		(104,968)		(13,667)		(821,259)
Net	480,296		281,191		154,235		57,520		12,570		985,812
Gross carrying amount:
Acquisitions and additions current year	52,409		203,456		22,529		2,241		20,934		301,569
Acquisitions and additions prior year	—		165		—		—		—		165

Foreign exchange	74,948		24,818		6,882		8,354		1,087		116,089
Other (2)	(160,749)		(64,523)		(18,161)		(69,794)		3,148		(310,079)
Net change	(33,392)		163,916		11,250		(59,199)		25,169		107,744
Accumulated amortization:
Amortization	(107,524)		(102,548)		(30,033)		(14,270)		(10,196)		(264,571)

Foreign exchange	(29,106)		(10,085)		(2,774)		(3,225)		(479)		(45,669)
Other (2)	140,445		64,321		18,280		69,805		2,286		295,137
Net change	3,815		(48,312)		(14,527)		52,310		(8,389)		(15,103)
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

___________________

(1) Other primarily includes crypto assets and intangible assets for non-compete agreements.

(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 for 2025 are definite-lived intangible assets primarily associated with the acquisitions of an artist management business and a concert promotion business, both located in Latin America, as well as a festival promotion business in Europe, a concert promotion business in Asia Pacific and an artist management business in the United States.

Included in the current year acquisitions amounts above for 2024 are definite-lived intangible assets primarily associated with the acquisitions of certain festival promotion, venue and artist management businesses located in the United States.

The additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:


	Weighted-Average Life
	2025	2024
	(in years)
Revenue-generating contracts	5	9
Client/vendor relationships	6	5
Trademarks and naming rights	5	6
Technology	5	3

Venue management	3	6

All categories	6	7

Amortization of definite-lived intangible assets for the years ended December 31, 2025, 2024 and 2023 was $264.6 million, $249.3 million and $237.6 million, respectively.

The following table presents our estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2025:


	(in thousands)
2026	$	248,128
2027	$	213,169
2028	$	181,755
2029	$	153,145
2030	$	103,539

As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.

Indefinite-lived Intangibles

We have indefinite-lived intangible assets which consist of trade names. These indefinite-lived intangible assets had a carrying value of $369.0 million and $380.6 million as of December 31, 2025 and 2024, respectively.

Goodwill

The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the years ended December 31, 2025 and 2024:


	Concerts		Ticketing		Sponsorship & Advertising		Total
	(in thousands)
Balance as of December 31, 2023:
Goodwill	$	1,439,579	$	1,012,530	$	674,720	$	3,126,829
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	1,004,216		1,012,530		674,720		2,691,466

Acquisitions—current year	41,095		507		1,015		42,617
Acquisitions—prior year	4,136		—		—		4,136


Foreign exchange	(22,708)		(48,816)		(45,784)		(117,308)

Balance as of December 31, 2024:
Goodwill	1,462,102		964,221		629,951		3,056,274
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	1,026,739		964,221		629,951		2,620,911

Acquisitions—current year	144,657		9,727		—		154,384
Acquisitions—prior year	(274)		—		—		(274)


Foreign exchange	8,703		40,632		64,823		114,157

Balance as of December 31, 2025:
Goodwill	1,615,188		1,014,580		694,774		3,324,541
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	$	1,179,825	$	1,014,580	$	694,774	$	2,889,178

Included in the current year acquisitions amounts above for 2025 is goodwill primarily associated with the acquisitions of an artist management business and a concert promotion business, both located in Latin America, as well as a venue management business and a concert and festival promotion business located in Europe.

Included in the current year acquisitions amounts above for 2024 is goodwill primarily associated with the acquisitions of an artist management business and certain festival and concert promotion businesses 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 goodwill and the allocation between segments.