LEASES

3 Months Ended

Mar. 31, 2026

The significant components of operating lease expense are as follows:


	Three Months Ended March 31,
		2026		2025
		(in thousands)
Operating lease expense		$	77,611	$	70,028
Variable and short-term lease expense		36,258		27,722
Sublease income		(1,715)		(1,602)
Net lease expense		$	112,154	$	96,148

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:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	87,596	$	77,543
Lease assets obtained in exchange for lease obligations, net of terminations	$	90,260	$	86,559

As of March 31, 2026, we have additional operating leases that have not yet commenced, with total lease payments of $1.4 billion. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2026 to June 2030 with lease terms ranging from 5 to 49 years.