LEASES

6 Months Ended

Jun. 30, 2026

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 years.