v3.26.1
SEGMENTS AND REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
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 $(12,697)$—$—
Reconciliation of AOI to Operating Income (Loss)
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 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 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