What changed in this filing

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Item 1. Business

2026-02-19 compared with 2025-02-21 · 63 added, 65 removed, 330 unchanged (28% of the section changed)

We believe that we are the largest live entertainment company in the world, connecting over 805 million fans across all of our concerts and ticketing platforms in 55 countries during 2025.

We believe we are the largest producer of live music concerts in the world, based on total fans that attend Live Nation events as compared to events of other promoters, connecting 151 million fans to approximately 11,000 artists at 54,000 events in 2024.

Live Nation owns, operates, has exclusive booking rights for or has an equity interest for which we have a significant influence in 394 venues globally, including House of Blues ® music venues and prestigious locations such as The Fillmore ® in San Francisco, Brooklyn Bowl ® in New York City , the Hollywood Palladium in Los Angeles, the Moody Center © arena in Austin, the Ziggo Dome in Amsterdam, 3Arena in Dublin, Royal Arena in Copenhagen and Spark Arena in Auckland.

We believe we are the largest producer of live music concerts in the world, based on total fans that attend Live Nation events as compared to events of other promoters, connecting 159 million fans to over 11,000 artists at 55,000 events in 2025.

Live Nation owns, operates, has exclusive booking rights for or has an equity interest in 460 venues globally, including House of Blues ® music venues and prestigious locations such as The Fillmore ® in San Francisco, Brooklyn Bowl ® in New York City , the Hollywood Palladium in Los Angeles, the Moody Center © arena in Austin, the Ziggo Dome in Amsterdam, 3Arena in Dublin, Royal Arena in Copenhagen and Spark Arena in Auckland.

We believe we are one of the world’s leading artist management companies based on the number of artists represented.

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We believe we are the world’s leading live entertainment ticketing sales and marketing company, based on the number of tickets we sell.

Ticketmaster provides ticket sales services and marketing and distribution globally through www.ticketmaster.com and www.livenation.com and our mobile apps, other websites and numerous retail outlets, distributing over 637 million tickets through our systems in 2024.

Ticketmaster serves approximately 11,500 clients worldwide across multiple event categories, providing ticketing services for leading arenas, stadiums, festival and concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters.

Ticketmaster serves 10,500 clients worldwide across multiple event categories, providing ticketing services for leading arenas, stadiums, festival and concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters.

We believe our global footprint is one of the world’s largest music advertising networks for corporate brands and includes one of the world’s leading ecommerce websites based on a comparison of gross sales of top internet retailers.

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Live Nation is listed on the New York Stock Exchange, trading under the symbol “LYV.”

Our strategy is to grow our global leadership position in live entertainment, promote more shows, sell more tickets and partner with more sponsors, thereby increasing our revenue, earnings and cash flow.

We serve artists, venues and sports teams and leagues to secure content and tickets;

we invest in technology to build innovative products which advance our ticketing, digital presence, including mobile platforms, and advertising;

and we are paid by advertisers that want to connect their brands with our passionate fan base.

Our strategy is to grow the global live entertainment industry by connecting artists with their fans, selling more tickets and partnering with additional sponsors.

We invest nearly $15 billion annually in artist performances – from club and theater acts to global superstars – more than any other company in the industry.

In addition, we are investing in venue infrastructure around the world to support artists, meet rising fan demand and strengthen our long-term growth.

Our core businesses surrounding the promotion of live events include ticketing and sponsorship and advertising.

We believe our focus on growing these businesses will increase shareholder value as we continue to enhance our revenue streams and achieve economies of scale with our global platforms.

We also continue to strengthen our core operations, further expanding into global markets and optimizing our cost structure.

We believe our focus on growing these businesses will increase shareholder value as we continue to enhance our revenue streams.

In our ticketing business, we serve artists, venues, and sports teams and leagues to secure content and tickets as well as invest in technology to build innovative products which advance our ticketing, including mobile platforms and advertising.

Lastly, we are paid by sponsors and advertisers that want to connect their brands with a passionate fan base.

We execute on our strategy and thereby grow and innovate through the initiatives listed below.

• Expand our Concert Platform .

We will deliver more shows, grow our fan base and increase our ticket sales by continuing to build our portfolio of concerts globally, expanding our business into additional top global music markets, and further building our presence in existing markets.

This includes investing capital expenditures in new venues and enhancements to existing venues.

We will deliver more shows, grow the fan base and increase our ticket sales by continuing to build our portfolio of concerts globally, expanding our business into additional top global music markets, and further building our presence in existing markets.

Through our culture of serving artists and a focus on supporting the development of emerging artists, we believe we can continue to expand our concert base.

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We will grow our revenue per show across our venues through more effective ticket pricing, broader ticketing distribution and more targeted promotional marketing.

We will also grow our onsite fan monetization by improving ease of purchase, through improved onsite food and beverage and other products, merchandising, and enhanced experiences for our fans.

We will also grow our onsite fan monetization by improving ease of purchase, through improved onsite food and beverage and other products, merchandising, and enhanced experiences for the fans.

• Invest in Venue Infrastructure and Enhancement Projects.

To support the continued growth of artists and global fan demand, we are investing capital expenditures to expand our venue footprint – focusing on large theaters, amphitheaters, arenas and stadiums - to more markets around the world and upgrading our existing venues to enhance hospitality efforts for the fan base.

• Invest in our Ticketing Platform .

We will continue to invest in our ticketing enterprise system and develop innovative products to better serve our enterprise clients and continue to build our global client base.

These include technological and digital transformations, enhanced marketing capabilities, and improved analytical tools to meet the needs of venues, event organizers and our fans.

These include technological and digital transformations, enhanced marketing capabilities, and improved analytical tools to meet the needs of venues, event organizers and fans.

• Grow our Marketplace Capabilities .

We are focused on selling tickets through a wide set of sales channels including mobile, online and affiliate partners while continuing to broaden our digital rollout.

We will grow the volume of secondary tickets sold through a trusted environment for fan ticket exchanges, allowing our fans to have a dependable, secure destination for secondary ticket acquisition for all events.

Within this, we will continue to invest in tools that reduce fraud and help artists and teams determine how to get their tickets into the hands of real fans.

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• Grow Sponsorship and Advertising Partnerships .

We will continue to drive growth in our sponsorship relationships and capture a larger share of the global music sponsorship market by further monetizing our fan base and growing our portfolio of brands.

We will continue to drive growth in our sponsorship relationships and capture a larger share of the global music sponsorship market by further monetizing our venue portfolio as well as grow our portfolio of brands connecting with fans.

We will focus on expanding existing partnerships and developing new corporate sponsor partners to provide them with targeted strategic programs, accessing the fans attending our shows.

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In 2025, we promoted shows for approximately 11,000 artists globally.

In addition, through our artist management companies, we managed more than 380 artists in 2024.

In addition, through our artist management companies, we managed approximately 360 artists in 2025.

• Digital Platforms and Ticketing .

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Our primary commercial websites, www.livenation.com and www.ticketmaster.com , together with our other branded ticketing websites, are designed to promote ticket sales for live events.

We also have both Live Nation and Ticketmaster mobile apps that our fans can use to access event information and buy tickets.

We also have both Live Nation and Ticketmaster mobile apps that fans can use to access event information and buy tickets.

• Distribution Network .

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Resale tickets are also referred to as secondary tickets.

Generally, the ticket resale company is paid a service charge when the ticket is resold and the remaining ticket value is paid to the holder.

Generally, the ticket resale company is paid a service charge by both seller and buyer, when the ticket is resold and the remaining ticket value is paid to the holder.

The sponsorship and advertising industry within the live entertainment business involves the sale of international, national, regional and local advertising and promotional programs to a variety of companies to advertise or promote their brand, product or service.

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Including intersegment revenue, our Concerts business generated $20.9 billion, or 83%, of our total revenue during 2025.

We promoted more than 54,000 live music and other events in 2024.

We promoted approximately 55,000 live music and other events in 2025.

While our Concerts segment traditionally operates year-round, we experience higher revenue during the second and third quarters due to the seasonal nature of shows at our outdoor amphitheaters and festivals, which primarily occur from May through October.

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Stadiums typically have 30,000 or more seats.

Although they are the largest venues available for live music, they are not specifically designed for live music.

Although they are not specifically designed for live music, they are the largest venues available and have become increasingly popular for concerts.

• Amphitheaters —Amphitheaters are generally outdoor venues with between 5,000 and 30,000 seats that are used primarily in the summer season.

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Clubs can also be used year-round.

• Restaurants & Music Halls —Restaurants & Music Halls are indoor venues that offer customers an integrated live music, entertainment and dining experience.

This category includes our House of Blues® and Brooklyn Bowl® venues whose live music halls are specially designed to provide optimum acoustics and typically can accommodate between 1,000 to 2,000 guests.

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We believe that the strength of the brand and the quality of the food, service and unique atmosphere in our restaurants attract customers to these venues independently from a live music event and generate a significant amount of repeat business from local customers.

• Festival Sites —Festival sites are outdoor locations used primarily in the summer season to stage large single-day or multi-day concert events featuring several artists on multiple stages.

• Outdoor Spaces —Outdoor spaces include green spaces, fields and parking lots that were not originally designed for live music and are temporarily adapted to host occasional events such as festivals and concerts.

Outdoor spaces include festival sites used primarily in the summer season to stage large single-day or multi-day concert events featuring several artists on multiple stages.

Depending on the location, festival site capacities can range from 10,000 to over 100,000 fans per day.

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• Other Venues —Other venues includes restaurants and exhibition and convention halls that typically are not used for live music events.

The following table summarizes the number of venues by type that we owned, leased, operated, had exclusive booking rights for or had an equity interest over which we had a significant influence as of December 31, 2024:

Venue Type Capacity Owned Leased Operated Exclusive

Rights Equity

The following table summarizes the number of venues by type that we owned, other operated or had an equity interest over which we had a significant influence as of December 31, 2025:

Venue Type Capacity Owned Other Operated (1)

Interest Total

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Club Less than 2,000 11 113 1 125

Restaurants & Music Halls 1,000 - 2,000 2 15 — — — 17

Festival Sites (1)

Outdoor Spaces (2)

Varies 2 65 — 67

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International 16 111 — 127

(1) Operated festival sites includes multi-year agreements providing us the right to use public or private land for a defined period of time leading up to and continuing after the festival.

(1) Other operated includes leased venues, operated venues and venues where we have exclusive booking rights.

(2) Outdoor spaces includes operated festival sites with multi-year agreements providing us the right to use public or private land for a defined period of time leading up to and continuing after the festival.

We may enter into multiple agreements for a single festival site or use the same site for multiple festivals.

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Consequently, touring artists have various alternatives to our venues when scheduling tours.

Our main competitors in venue management include ASM Global, Madison Square Garden Entertainment Corp., The Nederlander Organization and Bowery Presents, in addition to numerous smaller regional companies in North America, Europe, Australia and New Zealand.

Our main competitors in venue management include Legends Global, Madison Square Garden Entertainment Corp., The Nederlander Organization and Bowery Presents, in addition to numerous smaller regional companies in North America, Europe, Australia and New Zealand.

Some of our competitors in venue management may have more attractive or a greater number of venues in certain markets, and may have greater financial resources in those markets.

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We also face significant and increasing competition from companies that sell self-ticketing systems, as well as from venues that choose to integrate self-ticketing systems into their existing operations or acquire primary ticketing service providers.

Our competitors include primary ticketing companies such as Tickets.com, AXS, Paciolan, Inc., CTS Eventim AG, Eventbrite, eTix, SeatGeek, Ticketek, See Tickets and Dice;

Our competitors include primary ticketing companies such as Tickets.com, AXS, Paciolan, Inc., CTS Eventim AG, Eventbrite, eTix, SeatGeek, Ticketek and Fever;

secondary ticketing companies such as StubHub, Vivid Seats, Viagogo and SeatGeek;

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We are required to comply with federal, state and international laws regarding privacy and the storing, sharing, use, disclosure and protection of personally identifiable information and user data, an area that is increasingly subject to legislation and regulations in numerous jurisdictions around the world, including the European Union’s GDPR (as defined and discussed below in Item 1A.—Risk Factors) and the California Consumer Protection Act.

In addition, the Digital Services Act (“DSA”) in the European Union came into force in November 2022 and the majority of its substantive provisions took effect in February 2024.

The DSA imposes new obligations around illegal services or content on our sites, traceability of business users, and enhanced transparency measures.

We are required to comply with the laws of the countries in which we operate and also the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act 2010 regarding anti-bribery regulations.

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Our People and Culture

Bringing more than 54,000 events to life and connecting over 788 million fans across all of our concerts and ticketing platforms, as we did in 2024, is a massive undertaking, made possible by our thousands of employees spread across 47 countries.

Bringing approximately 55,000 events to life and connecting over 805 million fans across all of our concerts and ticketing platforms, as we did in 2025, is a massive undertaking, made possible by our thousands of employees spread across 51 countries.

Our teams come together every day to grow our business, and we recognize our people are the key to our success—whether they’re putting on a show at one of our venues, selling tickets, working with our brand partners or supporting our businesses in a myriad of other ways.

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• Taking Care of Yourself :

To enhance overall happiness and wellness, we offer flexible vacation time, free ticket perks, in-house and on-demand virtual meditation sessions, crisis support, crowdfunding networks, and more.

We launched Sober Nation to provide sobriety and recovery support for our employees and help destigmatize addiction and recovery in the industry.

In 2024, we extended our offerings to include part-time club staff and partnered with artists to host events at our headquarters highlighting the intersection of sobriety and mental health.

To support employee well-being, we offer flexible vacation time, free ticket perks, wellness resources such as in-house and on-demand virtual meditation, crisis support, crowdfunding networks, and sobriety and recovery support through our Sober Nation programs.

In 2025, we added the Sabbatical Program to reward long standing employees and their commitment to the company.

• Taking Care of Your Health :

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• Taking Care of Your Mental Health :

Our mental well-being offerings include free virtual mental health coaching or therapy sessions, group support sessions, 24/7 counselor support line, and both in-person and virtual meditation and yoga sessions.

In 2024, we extended our offerings to include part-time club staff.

• Taking Care of Your Family :

We provide assistance with fertility needs such as egg-freezing, egg-donation and IVF, as well as adoption or surrogacy, primary caregiver leave for new parents, sick leave to care for loved ones, and leave for bereavement or end-of-life care.

We provide assistance with fertility needs such as egg-freezing, egg-donation and IVF, as well as adoption or surrogacy, primary caregiver leave for new parents, sick leave to care of loved ones, and leave for bereavement or end-of-life care.

• Taking Care of Your Career :

Our School of Live learning and development center at our Los Angeles headquarters has furthered our career advancement opportunities including leadership workshops for mid-career employees.

In 2024, we expanded offerings to include more global live and on-demand learning and professional development and coaching opportunities for employees.

We also offer recognition for successful patent recipient applications and tuition reimbursement to further ongoing education.

Our School of Live learning and development center, located at our Los Angeles headquarters, supports employee career advancement through leadership development programs for mid-career employees and internal career coaching opportunities.

In 2025, we expanded our learning portfolio with more than 20 new global, live, and on-demand courses designed to strengthen professional and operational capabilities across the organization.

These offerings enhance access to scalable learning, professional development, and coaching opportunities for employees worldwide.

We also provide recognition for successful patent applications and offer tuition reimbursement programs to support continuing education.

• Taking Care of Your Wealth :

To support long-term financial goals, we traditionally provide 401(k) or pension matching, a stock reimbursement program, and student loan repayment assistance.

In 2024, we expanded our $20.00 per hour minimum wage to our part-time club and seasonal amphitheater staff based on tenure.

We support employees’ long-term financial well-being through retirement benefits, including 401(k) or pension matching, a stock reimbursement program, and student loan repayment assistance.

We also provide a minimum hourly wage of $20.00 for eligible part-time club and seasonal amphitheater staff based on tenure.

• Taking Care of Our Own :

During life’s most difficult moments, we offer employees financial support to help them through a variety of crises, including unexpected deaths, natural disasters, and escaping domestic violence.

Through the end of 2024, our Crew Nation global relief fund has provided financial support to over 16,000 live music crews in over 50 countries to which we have donated over $15 million since March 2020.

• Taking Care of Others :

In order to empower our employees to get involved in causes that are meaningful to them, we provide paid time off for them to volunteer in their local communities.

We are committed to supporting the communities around us in meaningful ways.

In addition to providing employees paid time off to volunteer locally, since March 2020 our Crew Nation Global Relief Fund has delivered over $16.5 million in financial support to more than 16,000 live music crew members across 51 countries.

We aspire to foster a workplace where all employees can contribute fully and feel valued.

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• Industry Engagement :

In 2024, we partnered with various nonprofit organizations to launch music business intensive courses and paid internship programs to introduce the next generation of industry newcomers to the technical skills required to succeed in careers in the live industry.

We partner with various nonprofit organizations to launch music business intensive courses and paid internship programs to introduce the next generation of industry newcomers to the technical skills required to succeed in careers in the live industry.

Human Capital

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We further strive to reward individual achievements and contributions that are both aligned with and supportive of our short- and long-term goals and core business values.

We believe that our efforts in these areas are working and contributing to the overall success of the Company, as evidenced by accolades such as obtaining a Great Place to Work® certification (2017-19, 2022-24), placing on Forbes’ World’s Best Employers List (2023), America’s Best Large Employers List (2022-24) and America’s Dream Employers List (2025), placing on TIME’s World’s Best Companies (2023) and 100 Most Influential Companies (2023), Newsweek’s America’s Best of the Best (2024) and placing on Fortune’s World’s Most Admired Companies List (2018-21, 2024, 2025), Most Innovative Companies List (2024) and 500 List (2010-2020, 2023, 2024).

We believe that our efforts in these areas are working and contributing to the overall success of the Company, as evidenced by accolades such as obtaining recognition for the following:

• Great Place to Work® certification (2017-19, 2022-25),

• Forbes’ World’s Top Companies for Women (2023-2025), World’s Best Employers List (2023-2025), America’s Best Employers for Company Culture (2025), America’s Best-in-State Employers (2025), America’s Best Employers For Women (2022-2023, 2025), America's Best Employers for New Grads (2022-25), America’s Best Large Employers List (2022-25), Most Trusted Companies in America (2026), and America’s Dream Employers List (2025-26),

• TIME’s World’s Best Companies (2023, 2025), 100 Most Influential Companies (2023), and America’s Growth Leaders (2025), placing on Newsweek’s America’s Best of the Best (2024), America's Greatest Workplaces for Parents & Families (2024-25), America's Greatest Workplaces (2023-25), America's Greatest Workplaces for Job Starters (2024), America’s Greatest Workplaces for Mental Well-being (2025), America's Greatest Workplaces for Women (2024-25), America’s Greatest Workplaces for Diversity (2024-25), America’s Greatest Workplaces for Culture, Belonging & Community (2026), and

• Fortune’s World’s Most Admired Companies List (2018-21, 2024-26), Sector Leaders (2024), Most Innovative Companies List (2024-25) and 500 List (2010-2020, 2023-25).

As of December 31, 2025, we had approximately 17,700 full-time employees.

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Michael Rapino 60 President, Chief Executive Officer and Director

Omar Al-Joulani 47 Co-President–U.S.

Concerts and President–Touring

Carlos Alvarez 50 Chief Technology Officer–Ticketmaster

Omar Al-Joulani 48 President–Touring

Joe Berchtold 61 President and Chief Financial Officer

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Arthur Fogel 72 Chairman–Global Music and President–Global Touring

Matthew Hansen 44 Chief Strategy Officer

Kaitlyn Henrich 35 Senior Vice President–Corporate Communications and Social Impact

John Hopmans 67 Executive Vice President–Mergers and Acquisitions and Strategic Finance

Saumil Mehta 43 President–Ticketmaster

Bob Roux 68 President–U.S.

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Michael Wichser 47 Chief Operating Officer–Ticketmaster

Mark Yovich 50 President–Ticketmaster

Jordan Zachary 42 Co-President–U.S.

Concerts and President–Regions U.S.

Jordan Zachary 43 Global President–Venue Nation

Michael Rapino is our President and Chief Executive Officer and has served in this capacity since August 2005.

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Rapino has worked for us or our predecessors since 1999.

Omar Al-Joulani is our Co-President of U.S.

Concerts and President of Touring and has served in this capacity since September 2021.

Omar Al-Joulani is our President of Touring and has served in this capacity since September 2021.

Prior to that, Mr.

Al-Joulani served in various North America touring roles since joining us in March 2010.

Carlos Alvarez is our Chief Technology Officer of Ticketmaster and has served in this capacity since September 2020.

Prior to that, Mr.

Alvarez served in various information technology roles since joining us in August 2014.

Joe Berchtold is our President and Chief Financial Officer.

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Fogel has worked for us or our predecessors since 1999.

Matthew Hansen is our Chief Strategy Officer and has served in this capacity since August 2020.

Prior to that, Mr.

Hansen served in various strategic initiatives and operations roles since joining us in February 2012.

Kaitlyn Henrich is our Senior Vice President of Corporate Communications and Social Impact and has served in this capacity since January 2022.

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John Hopmans is our Executive Vice President of Mergers and Acquisitions and Strategic Finance and has served in this capacity since joining us in April 2008.

Saumil Mehta is President of Ticketmaster and has served in this capacity since October 2025.

Bob Roux is President of our U.S.

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Wichser served in various mergers and acquisitions and strategy and development roles since joining us in September 2014.

Mark Yovich is President of Ticketmaster and has served in this capacity since December 2020.

Jordan Zachary is our Global President of Venue Nation and has served in this capacity since January 2025.

Prior to that, Mr.

Yovich served as President of Ticketmaster’s International division since November 2011.

Yovich has worked for us or our predecessors since 2000.

Jordan Zachary is our Co-President of U.S.

Zachary served as Co-President of U.S.

Concerts and President of Regions U.S.

Concerts and has served in this capacity since April 2021.

Prior to that, Mr.

Zachary served in various strategy and development roles since joining us in April 2015.

Concerts since April 2021, and in various strategy and development roles since joining us in April 2015.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business