Financial Analysis

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 …

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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 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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 …

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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 quarte …

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Accounting Standards Updates (ASU) In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense 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 Companys 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 …

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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 p …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 sharesbasic 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 sharesdiluted 244, …

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