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SEGMENTS AND REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENTS AND REVENUE RECOGNITION 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 providing insights into both operations and the other factors that affect reported results.
Revenue and expenses earned and charged between segments are eliminated in consolidation. Our capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords and noncontrolling interest partners or replacements funded by insurance proceeds.
We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets and related depreciation and amortization have not been presented.
The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”) and evaluates the operating performance of our operating segments based on AOI. The CODM uses segment AOI for evaluating performance of each segment and for making decisions on allocating capital and other resources to each segment. We have not identified any segment expenses that are considered significant and segment expenses are not regularly provided to the CODM. Other segments items are direct operating expenses and selling, general and administrative expenses (excluding acquisition expenses, amortization of non-recoupable ticketing contract advance, expenses for regulatory compliance matters associated with the provision for (possible) losses arising from certain significant governmental investigations and litigations and stock-based compensation expense) which represents the difference between each operating segment’s revenue and AOI.
The following table presents the results of operations for our reportable segments for the three months ended March 31, 2026 and 2025:
ConcertsTicketingSponsorship
& Advertising		Other & EliminationsCorporateConsolidated
(in thousands)
Three Months Ended March 31, 2026
Revenue$2,775,526 $765,016 $258,593 $(6,106)$— $3,793,029 
% of Consolidated Revenue73.2%20.2%6.8%(0.2)%
Other Segment Items$2,772,639 $509,417 $94,041 $(1,993)$47,946 $3,422,050 
AOI$2,887 $255,599 $164,552 $(4,113)$(47,946)$370,979 
Intersegment revenue$3,061 $3,045 $— $(6,106)$— $— 
Three Months Ended March 31, 2025
Revenue$2,484,076 $694,672 $216,066 $(12,697)$— $3,382,117 
% of Consolidated Revenue73.4%20.5%6.4%(0.3)%
Other Segment Items$2,477,505 $441,613 $80,102 $(6,807)$48,653 $3,041,066 
AOI$6,571 $253,059 $135,964 $(5,890)$(48,653)$341,051 
Intersegment revenue$8,207 $4,243 $247 $(12,697)$—$—
The following table sets forth the reconciliation of consolidated AOI to operating income (loss) for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
(in thousands)
AOI$370,979 $341,051 
Acquisition expenses69,424 29,757 
Amortization of non-recoupable ticketing contract advances26,020 24,722 
Depreciation and amortization169,296 149,455 
Gain on sale of operating assets(6,022)(2,202)
Governmental Investigations and Litigation450,000 — 
Stock-based compensation expense32,777 24,550 
Operating income (loss)$(370,516)$114,769 
Contract Advances
At March 31, 2026 and December 31, 2025, we had ticketing contract advances of $224.0 million and $298.7 million, respectively, recorded in prepaid expenses and $147.2 million and $155.7 million, respectively, recorded in long-term advances on the consolidated balance sheets.
Sponsorship Agreements
At March 31, 2026, we had contracted sponsorship agreements with terms greater than one year that had approximately $1.8 billion of revenue related to future benefits to be provided by us. We expect to recognize, based on current projections, approximately 36%, 28%, 17% and 19% of this revenue in the remainder of 2026, 2027, 2028 and thereafter, respectively.
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 months ended March 31, 2026 and 2025:
Three Months Ended March 31,
20262025
(in thousands)
Concerts$868,336 $681,850 
Ticketing66,898 65,937 
Sponsorship & Advertising27,770 56,249 
$963,004 $804,036