v3.26.1
SEGMENTS AND REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
The following table presents the results of operations for our reportable segments for the three and six months ended June 30, 2026 and 2025:
ConcertsTicketingSponsorship
& Advertising		Other & EliminationsCorporateConsolidated
(in thousands)
Three Months Ended June 30, 2026
Revenue$6,444,351 $852,218 $382,969 $(12,680)$— $7,666,858 
% of Consolidated Revenue84.1%11.1%5.0%(0.2)%
Other Segment Items$6,134,797 $521,181 $126,119 $(7,010)$74,759 $6,849,846 
AOI$309,554 $331,037 $256,850 $(5,670)$(74,759)$817,012 
Intersegment revenue$5,950 $6,730 $— $(12,680)$— $— 
Three Months Ended June 30, 2025
Revenue$5,946,377 $742,696 $340,561 $(22,993)$— $7,006,641 
% of Consolidated Revenue84.9%10.6%4.9%(0.4)%
Other Segment Items$5,587,695 $452,603 $112,973 $(16,285)$71,232 $6,208,218 
AOI$358,682 $290,093 $227,588 $(6,708)$(71,232)$798,423 
Intersegment revenue$17,257 $5,983 $(247)$(22,993)$— $— 
Six Months Ended June 30, 2026
Revenue$9,219,877 $1,617,234 $641,562 $(18,786)$— $11,459,887 
% of Consolidated Revenue80.5%14.1%5.6%(0.2)%
Other Segment Items$8,907,436 $1,030,598 $220,160 $(9,003)$122,705 $10,271,896 
AOI$312,441 $586,636 $421,402 $(9,783)$(122,705)$1,187,991 
Intersegment revenue$9,011 $9,775 $— $(18,786)$— $— 
Six Months Ended June 30, 2025
Revenue$8,430,453 $1,437,368 $556,627 $(35,690)$— $10,388,758 
% of Consolidated Revenue81.1%13.8%5.4%(0.3)%
Other Segment Items$8,065,200 $894,216 $193,075 $(23,092)$119,885 $9,249,284 
AOI$365,253 $543,152 $363,552 $(12,598)$(119,885)$1,139,474 
Intersegment revenue$25,464 $10,226 $— $(35,690)$—$—
Reconciliation of AOI to Operating Income (Loss)
The following table sets forth the reconciliation of consolidated AOI to operating income for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
AOI$817,012 $798,423 $1,187,991 $1,139,474 
Acquisition expenses30,901 79,133 100,325 108,890 
Amortization of non-recoupable ticketing contract advances22,220 20,721 48,240 45,443 
Depreciation and amortization188,459 159,025 357,755 308,480 
Gain on sale of operating assets(8,516)(856)(14,538)(3,058)
Astroworld loss contingencies— (7,800)— (7,800)
Governmental Investigations and Litigation— — 450,000 — 
Stock-based compensation expense62,031 61,547 94,808 86,097 
Operating income$521,917 $486,653 $151,401 $601,422 
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 and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Concerts$1,767,280 $1,532,258 $2,635,616 $2,214,108 
Ticketing84,381 74,744 151,279 140,663 
Sponsorship & Advertising14,425 19,405 42,195 75,655 
$1,866,086 $1,626,407 $2,829,090 $2,430,426