What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2025-11-04 · 133 added, 260 removed, 409 unchanged (49% of the section changed)

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CONSOLIDATED BALANCE SHEETS

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

ASSETS (in thousands)

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Prepaid expenses 2,217,054 1,453,732

Restricted cash 12,539 10,685

Other current assets 381,342 417,405

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Accounts payable, client accounts $ 2,174,981 $ 1,941,389

Accounts payable 355,427 242,978

Accrued expenses 3,803,822 3,057,334

Accrued expenses and accounts payable 3,562,342 3,555,811

Deferred revenue 7,410,720 4,461,959

Current portion of long-term debt, net 1,800,776 587,630

Current portion of operating lease liabilities 160,458 153,406

Other current liabilities 467,757 482,061

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Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(in thousands except share and per share data)

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Corporate expenses 560,294 86,236

Operating income 792,451 639,525 1,393,873 1,063,954

Operating income (loss) ( 370,516 ) 114,769

Interest expense 90,522 80,343

Interest income ( 39,467 ) ( 34,061 )

Equity in losses of nonconsolidated affiliates 5,209 13,987 462 8,527

Equity in losses (earnings) of nonconsolidated affiliates 2,883 ( 479 )

Other expense (income), net ( 12,351 ) 2,953

Income before income taxes 729,818 585,912 1,216,217 1,040,618

Income tax expense 251,840 70,229 389,196 191,412

Net income 477,978 515,683 827,021 849,206

Income (loss) before income taxes ( 412,103 ) 66,013

Income tax expense (benefit) ( 32,085 ) 19,711

Net income (loss) ( 380,018 ) 46,302

Net income attributable to noncontrolling interests 9,086 23,099

Net income attributable to common stockholders of Live Nation $ 431,458 $ 451,805 $ 698,072 $ 695,300

Basic net income per common share available to common stockholders of Live Nation $ 0.74 $ 1.72 $ 0.83 $ 2.21

Diluted net income per common share available to common stockholders of Live Nation $ 0.73 $ 1.66 $ 0.82 $ 2.18

Net income (loss) attributable to common stockholders of Live Nation $ ( 389,104 ) $ 23,203

Basic and diluted net loss per common share available

to common stockholders of Live Nation $ ( 1.85 ) $ ( 0.32 )

Weighted average common shares outstanding:

Basic 232,043,356 230,374,307 231,706,216 229,923,989

Diluted 234,752,332 245,319,968 234,725,805 235,928,752

Reconciliation to net income available to common stockholders of Live Nation:

Net income attributable to common stockholders of Live Nation $ 431,458 $ 451,805 $ 698,072 $ 695,300

Basic and diluted 232,400,991 231,220,841

Reconciliation to net loss available to common stockholders of Live Nation:

Net income (loss) attributable to common stockholders of Live Nation $ ( 389,104 ) $ 23,203

Accretion of redeemable noncontrolling interests ( 41,279 ) ( 98,094 )

Net income available to common stockholders of Live Nation—basic

$ 171,608 $ 397,269 $ 192,327 $ 508,330

Convertible debt interest, net of tax — 10,790 — 6,971

Net income available to common stockholders of Live Nation—diluted

Net loss available to common stockholders of Live Nation—basic and diluted

$ ( 430,383 ) $ ( 74,891 )

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LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(in thousands)

Net income $ 477,978 $ 515,683 $ 827,021 $ 849,206

Other comprehensive income, net of tax:

Net income (loss) $ ( 380,018 ) $ 46,302

Other comprehensive income (loss), net of tax:

Unrealized gain (loss) on cash flow hedge 977 ( 1,504 )

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Foreign currency translation adjustments 31,010 59,092

Comprehensive income 471,533 463,828 1,003,242 647,145

Comprehensive income (loss) ( 350,684 ) 100,554

Comprehensive income attributable to noncontrolling interests

46,520 63,878 128,949 153,906

Comprehensive income attributable to common stockholders of Live Nation

Comprehensive income (loss) attributable to common stockholders of Live Nation

$ ( 359,770 ) $ 77,455

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(in thousands, except share data) (in thousands)

Balances at June 30, 2025 232,351,848 $ 2,324 $ 1,788,393 $ ( 1,271,336 ) $ ( 6,865 ) $ ( 152,446 ) $ 567,847 $ 927,917 $ 1,377,665

Balances at December 31, 2025 232,837,623 $ 2,328 $ 1,455,925 $ ( 1,041,978 ) $ ( 30,396 ) $ ( 114,872 ) $ 623,368 $ 894,375 $ 924,472

Non-cash and stock-based compensation — — 38,723 — — — — 38,723 —

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Comprehensive income (loss):

Net income — — — 431,458 — — 45,279 476,737 1,241

Net income (loss) — — — ( 389,104 ) — — 3,238 ( 385,866 ) 5,848

Unrealized gain on cash flow hedge — — — — — 977 — 977 —

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Foreign currency translation adjustments — — — — — 31,010 — 31,010 —

Balances at September 30, 2025 232,617,271 $ 2,326 $ 1,524,648 $ ( 839,878 ) $ ( 6,865 ) $ ( 158,891 ) $ 607,485 $ 1,128,825 $ 852,702

Balances at March 31, 2026 233,265,589 $ 2,333 $ 1,405,279 $ ( 1,431,082 ) $ ( 30,396 ) $ ( 85,538 ) $ 621,222 $ 481,818 $ 951,724

See Notes to Consolidated Financial Statements

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Foreign currency translation adjustments — — — — — 59,092 — 59,092 —

Balances at September 30, 2025 232,617,271 $ 2,326 $ 1,524,648 $ ( 839,878 ) $ ( 6,865 ) $ ( 158,891 ) $ 607,485 $ 1,128,825 $ 852,702

See Notes to Consolidated Financial Statements

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Live Nation Stockholders’ Equity

Common Shares Issued Common Stock Additional Paid-In Capital Accumulated Deficit Cost of Shares Held in Treasury Accumulated Other Comprehensive Loss Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests

(in thousands, except share data) (in thousands)

Balances at June 30, 2024 230,711,943 $ 2,307 $ 2,240,759 $ ( 2,199,611 ) $ ( 6,865 ) $ ( 122,756 ) $ 594,240 $ 508,074 $ 970,574

Non-cash and stock-based compensation — — 23,829 — — — — 23,829 —

Common stock issued under stock plans, net of shares withheld for employee taxes 30,770 — ( 2,322 ) — — — — ( 2,322 ) —

Exercise of stock options 250,641 3 6,520 — — — — 6,523 —

Acquisitions — — — — — — 17,216 17,216 9,606

Purchases of noncontrolling interests — — ( 363 ) — — — — ( 363 ) ( 21,283 )

Redeemable noncontrolling interests fair value adjustments — — ( 53,485 ) — — — — ( 53,485 ) 53,549

Contributions received — — — — — — 3,000 3,000 ( 28 )

Cash distributions — — — — — — ( 21,827 ) ( 21,827 ) ( 6,099 )

Other — — — — — — 4,420 4,420 ( 1,562 )

Comprehensive income (loss):

Net income — — — 451,805 — — 44,728 496,533 19,150

Unrealized loss on cash flow hedge — — — — — ( 8,062 ) — ( 8,062 ) —

Realized gain on cash flow hedge — — — — — ( 4,878 ) — ( 4,878 ) —

Foreign currency translation adjustments — — — — — ( 38,915 ) — ( 38,915 ) —

Balances at September 30, 2024 230,993,354 $ 2,310 $ 2,214,938 $ ( 1,747,806 ) $ ( 6,865 ) $ ( 174,611 ) $ 641,777 $ 929,743 $ 1,023,907

See Notes to Consolidated Financial Statements

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Live Nation Stockholders’ Equity

Common Shares Issued Common Stock Additional Paid-In Capital Accumulated Deficit Cost of Shares Held in Treasury Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests

(in thousands, except share data) (in thousands)

Balances at December 31, 2023 229,785,241 $ 2,298 $ 2,367,918 $ ( 2,443,106 ) $ ( 6,865 ) $ 27,450 $ 604,305 $ 552,000 $ 859,930

Non-cash and stock-based compensation — — 86,969 — — — — 86,969 —

Common stock issued under stock plans, net of shares withheld for employee taxes 530,107 5 ( 40,878 ) — — — — ( 40,873 ) —

Exercise of stock options 678,006 7 19,335 — — — — 19,342 —

Acquisitions — — — — — — 54,594 54,594 45,378

Purchases of noncontrolling interests — — ( 29,692 ) — — — ( 15,264 ) ( 44,956 ) ( 32,296 )

Redeemable noncontrolling interests fair value adjustments — — ( 188,714 ) — — — — ( 188,714 ) 189,366

Contributions received — — — — — — 3,000 3,000 —

Cash distributions — — — — — — ( 126,054 ) ( 126,054 ) ( 73,780 )

Other — — — — — — 5,182 5,182 ( 2,583 )

Comprehensive income (loss):

Net income — — — 695,300 — — 116,014 811,314 37,892

Unrealized gain on cash flow hedge — — — — — 3,320 — 3,320 —

Realized gain on cash flow hedge — — — — — ( 14,370 ) — ( 14,370 ) —

Foreign currency translation adjustments — — — — — ( 191,011 ) — ( 191,011 ) —

Balances at September 30, 2024 230,993,354 $ 2,310 $ 2,214,938 $ ( 1,747,806 ) $ ( 6,865 ) $ ( 174,611 ) $ 641,777 $ 929,743 $ 1,023,907

Balances at March 31, 2025 232,157,838 $ 2,322 $ 1,906,145 $ ( 1,514,747 ) $ ( 6,865 ) $ ( 280,860 ) $ 691,810 $ 797,805 $ 1,311,555

See Notes to Consolidated Financial Statements

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CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

(in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income $ 827,021 $ 849,206

Net income (loss) $ ( 380,018 ) $ 46,302

Reconciling items:

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Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets ( 6,189 ) ( 5,467 )

Gain on sale of operating and fixed assets ( 19,390 ) ( 3,064 )

Loss (gain) on forward currency exchange contracts ( 17,306 ) 13,361

Other, net ( 6,002 ) ( 4,485 )

Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:

Increase in accounts receivable ( 753,810 ) ( 565,093 )

Decrease (increase) in accounts receivable 70,629 ( 70,535 )

Increase in prepaid expenses and other assets ( 783,967 ) ( 592,946 )

Increase in accounts payable, accrued expenses and other liabilities 1,019,909 586,960

Decrease in deferred revenue ( 4,498 ) ( 288,566 )

Increase (decrease) in accrued expenses, accounts payable and other liabilities 281,040 ( 545,945 )

Increase in deferred revenue 2,978,360 2,266,061

Net cash provided by operating activities 2,338,835 1,321,251

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Collections of notes receivable 5,920 9,375

Disposal of operating assets, net of cash sold 25,232 4,829

Investments made in nonconsolidated affiliates ( 9,649 ) ( 3,887 )

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Cash paid for acquisitions, net of cash acquired ( 113,203 ) ( 31,346 )

Proceeds from sale of intangible assets 20,040 —

Other, net 10,115 6,457

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Other, net ( 859 ) ( 150 )

Net cash used in financing activities ( 322,780 ) ( 692,460 )

Net cash provided by (used in) financing activities 117,481 ( 173,190 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 54,613 ) 131,471

Net increase (decrease) in cash, cash equivalents and restricted cash 656,978 ( 738,153 )

Net increase in cash, cash equivalents and restricted cash 1,983,964 1,062,137

Cash, cash equivalents and restricted cash at beginning of period 7,106,986 6,106,109

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Internationally, this cash is from a combination of both events in our owned or operated venues, as well as events in third-party venues associated with our promoters’ share of tickets in allocation markets.

We record these ticket sales as revenue when the event occurs.

We record ticket sales related to owned and operated venues as revenue when the event occurs.

Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.

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We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding.

As of September 30, 2025 and December 31, 2024, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $ 802.5 million and $ 839.9 million of assets and $ 753.0 million and $ 577.6 million of liabilities, respectively, related to VIEs included in our balance sheets.

None of our VIEs are significant on an individual basis.

Cash and Cash Equivalents

Our cash and cash equivalents are primarily invested in demand deposits, short-term time deposits and money market funds.

The carrying amount of our cash and cash equivalents represents the historical cost, plus accrued interest, which approximates fair value because of the short maturities of the instruments.

Included in the September 30, 2025 and December 31, 2024 cash and cash equivalents balance is $ 2.1 billion and $ 1.6 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients.

As of March 31, 2026 and December 31, 2025, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $ 859.5 million and $ 941.4 million of assets and $ 834.7 million and $ 875.4 million of liabilities, respectively, related to VIEs included in our balance sheets.

Our VIEs are not significant on an individual or aggregate basis.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less.

Our cash and cash equivalents include domestic and foreign bank accounts as well as interest-bearing accounts consisting primarily of bank deposits and money market accounts managed by third-party financial institutions.

These balances are stated at cost, which approximates fair value.

Restricted cash primarily consists of cash held in escrow accounts to fund capital improvements of certain leased or operated venues.

The cash is held in these accounts pursuant to the related lease or operating agreement.

As of March 31, 2026 and December 31, 2025, we had restricted cash of $ 13.1 million and $ 12.8 million, respectively, included in other current assets on our consolidated balance sheets.

Included in the March 31, 2026 and December 31, 2025 cash and cash equivalents balance is $ 1.8 billion and $ 1.6 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients.

These amounts due to our clients are included in accounts payable, client accounts.

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We have established a policy of including interest related to tax loss contingencies in income tax expense (benefit) in the statements of operations.

We treat the taxes due on future Global Intangible Low-Taxed Income (“GILTI”) inclusions in United States taxable income as a current-period expense when incurred.

The One Big Beautiful Bill Act (the “Act”) was enacted on July 4, 2025.

The Act makes key elements of the Tax Cuts and Jobs Act permanent, including 100% bonus depreciation, domestic research cost expensing, the business interest expense limitation and makes modifications to the international tax framework.

The financial reporting implications of the Act were recorded in the income tax provision for the three and nine months ended September 30, 2025.

Accounting Standards Updates (ASU)

In August 2023, the FASB issued ASU 2023-05, “ Business Combinations—Joint Venture Formations (Subtopic 805-60):

Recognition and Initial Measurement ,” which requires joint ventures to initially measure all contributions received upon its formation at fair value.

We adopted this guidance prospectively for all joint venture formations with a formation date on or after January 1, 2025.

The adoption did not and is not expected to have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-08, "Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60):

Accounting for and Disclosure of Crypto Assets," which requires measurement of crypto assets at fair value each reporting period with changes in fair value recognized on the income statement.

This guidance also requires disclosure on significant holdings, contractual sale restrictions and changes during the reporting period of crypto assets.

We adopted ASU 2023-08 on January 1, 2025 under the modified retrospective method and recorded a $ 8.9 million decrease to the opening balance of accumulated deficit and a corresponding increase to intangible assets.

We do not engage in speculative investment activities related to crypto assets.

In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740):

Improvements to Income Tax Disclosures ,” which prescribes standardized categories and disaggregation of information in the reconciliation of provision for income taxes, requires disclosure of disaggregated income taxes paid, and modifies other income tax-related disclosure requirements.

We are required to adopt these disclosures for our annual reporting period ending December 31, 2025.

This guidance may be applied retrospectively.

We do not expect the adoption to have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “ Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

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We are currently evaluating this guidance and we expect the adoption will result in additional disclosures.

In November 2024, the FASB issued ASU 2024-04, “ Debt with Conversion and Other Options (Subtopic 470-20):

Induced Conversions of Convertible Debt Instruments, ” which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion.

We prospectively adopted this guidance on January 1, 2026 and are applying the amendments to any settlements of convertible debt instruments.

In September 2025, the FASB issued ASU 2025-07, “ Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606):

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For certain projects with significant expected costs and an extended construction period, we capitalize interest.

For the nine months ended September 30, 2025, we recorded $ 12.0 million of capitalized interest.

For the three months ended March 31, 2026, we recorded $ 6.9 million of capitalized interest.

Property, plant and equipment, net consisted of the following:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in thousands)

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Definite-lived Intangible Assets

The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the nine months ended September 30, 2025:

The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the three months ended March 31, 2026:

contracts Client /

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23,792 36,115 3,774 — — 63,681

Acquisitions and additions prior year

557 160 ( 2 ) — 1,091 1,806

Foreign exchange ( 397 ) ( 2,570 ) ( 907 ) 518 ( 214 ) ( 3,570 )

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Net change ( 4,457 ) ( 4,839 ) ( 7,555 ) ( 3,250 ) 15,988 ( 4,113 )

Balance as of September 30, 2025:

Balance as of March 31, 2026:

Gross carrying amount

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(2) Other primarily includes netdowns of fully amortized or impaired assets as well as mark-to-market adjustments of crypto assets.

Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisitions of an artist management business and a concert promotion business, both located in Latin America, concert and festival promotion businesses in Europe and an artist management business in the United States.

Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisitions of an artist management business located in the United States and a venue management business located in Europe.

The 2026 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:

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Client/vendor relationships 5

Trademarks and naming rights 5

Venue management 10

All categories 6

Amortization of definite-lived intangible assets for the three months ended September 30, 2025 and 2024 was $ 68.3 million and $ 61.3 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $ 193.0 million and $ 185.0 million, respectively.

Amortization of definite-lived intangible assets for the three months ended March 31, 2026 and 2025 was $ 69.7 million and $ 60.0 million, respectively.

As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.

The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the nine months ended September 30, 2025:

The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the three months ended March 31, 2026:

Concerts Ticketing Sponsorship

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Foreign exchange ( 3,467 ) ( 1,884 ) ( 5,138 ) ( 10,489 )

Balance as of September 30, 2025:

Balance as of March 31, 2026:

Goodwill 1,648,724 1,012,576 707,306 3,368,606

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Net $ 1,213,361 $ 1,012,576 $ 707,306 $ 2,933,243

Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of an artist management business and a concert promotion business, both located in Latin America, as well as a concert and festival promotion business located in Europe.

Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of an artist management business located in the United States and a venue management business located in Europe.

We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and our allocation between segments.

Investments in Nonconsolidated Affiliates

At September 30, 2025 and December 31, 2024, we had investments in nonconsolidated affiliates of $ 492.9 million and $ 504.2 million, respectively, included in other long-term assets on our consolidated balance sheets.

At March 31, 2026 and December 31, 2025, we had investments in nonconsolidated affiliates of $ 549.4 million and $ 515.6 million, respectively, included in other long-term assets on our consolidated balance sheets.

NOTE 3— LEASES

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Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(in thousands)

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Supplemental cash flow information for our operating leases is as follows:

Nine Months Ended

September 30,

Three Months Ended

(in thousands)

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Lease assets obtained in exchange for lease obligations, net of terminations $ 90,260 $ 86,559

As of September 30, 2025, we have additional operating leases that have not yet commenced, with total lease payments of $ 1.3 billion.

These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2025 to June 2030, with lease terms ranging from 5 to 49 years.

As of March 31, 2026, we have additional operating leases that have not yet commenced, with total lease payments of $ 1.4 billion .

These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2026 to June 2030 with lease terms ranging from 5 to 49 years.

NOTE 4— LONG-TERM DEBT

Long-term debt, which includes finance leases, consisted of the following:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in thousands)

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Term loan B $ 1,296,750 $ 1,300,000

Revolving credit facility 775,000 —

6.5% Senior Secured Notes due 2027 1,200,000 1,200,000

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4.75% Senior Notes due 2027 950,000 950,000

3.125% Convertible Senior Notes due 2029 999,958 999,958

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Total long-term debt, net $ 6,709,420 $ 7,612,018

(1) As of September 30, 2025, the current portion includes the full principal amount of the 3.125 % convertible senior notes due 2029 (the “2029 Notes”) as, in accordance with the 2029 Notes indenture, the closing price of our common stock achieved specified targets during the three months ended September 30, 2025, which gives the holders of the 2029 Notes the option to surrender all or any portion of the 2029 Notes.

(1) As of March 31, 2026, the current portion includes the full principal amount of the 3.125 % convertible senior notes due 2029 (the “2029 Notes”) as, in accordance with the 2029 Notes indenture, the closing price of our common stock achieved specified targets during the three months ended March 31, 2026, which gives the holders of the 2029 Notes the option to surrender all or any portion of the 2029 Notes.

The Company can elect to settle any surrendered 2029 Notes with common stock and/or cash.

The surrender window is currently from October 1, 2025 through December 31, 2025 and may be extended at each quarter end thereafter depending on our future stock price.

The surrender window is currently from April 1, 2026 through June 30, 2026 and may be extended at each quarter end thereafter depending on our future stock price.

All debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above.

See Note 5 – Fair Value Measurements for discussion of the fair value measurement of our debt.

As of September 30, 2025, other debt includes $ 275.0 million for a note due in 2026 related to an acquisition of a venue in the United States during the first quarter of 2023 and $ 136.1 million for a Euro denominated note due in 2025.

Debt Extinguishment

On February 18, 2025, we utilized $ 84.8 million of our existing cash balance to repay the remaining aggregate principal amount of our 2.0 % convertible senior notes due February 2025 plus accrued interest and we issued 182,560 shares of common stock to holders as a result of conversion.

Subsequent Events

2.875% Convertible Senior Notes due 2031

On October 10, 2025, we issued $ 1.4 billion aggregate principal amount of 2.875 % Convertible Senior Notes due 2031 (the “Notes”).

In conjunction with this issuance, we intend to use the net proceeds from the Notes, together with borrowings under the new senior secured credit facility detailed below, (i) to fund the redemption (the “Redemption”) in full of all of the Company’s 2026 Notes, (ii) to repay in full amounts outstanding under the Company’s term loan B facility and the revolving credit facilities under the Company’s existing senior secured credit facility, (iii) to pay related fees and expenses in connection with the uses described in clauses (i) and (ii), and (iv) for general corporate purposes.

Interest on the Notes is payable semi-annually in arrears on April 15 and October 15, beginning on April 15, 2026, at a rate of 2.875 % per annum.

The Notes will mature on October 15, 2031, unless earlier repurchased, redeemed or converted.

The Notes will be convertible, under certain circumstances, until July 15, 2031, and on or after such date without condition, at an initial conversion rate of 4.4459 shares of our common stock per $ 1,000 principal amount of notes, subject to adjustment.

conversion, the notes may be settled in, at our election, shares of common stock or cash or a combination of cash and shares of common stock.

We may redeem for cash all or any portion of the Notes, at our option, on or after October 20, 2028 and before the 41 st scheduled trading day before the maturity date, if the sales price of our common stock reaches specified targets as defined in the indenture.

The redemption price will equal 100 % of the principal amount of the notes plus accrued interest, if any.

If we experience a fundamental change, as defined in the indenture governing the Notes, the holders of the Notes may require us to purchase for cash all or a portion of the Notes, subject to specified exceptions, at a repurchase price equal to the principal amount of the Notes plus accrued and unpaid interest, if any.

5.625% Senior Notes due 2026 Note Redemption

In connection with the Redemption, on October 9, 2025, the Company issued a notice of conditional full redemption to redeem the 2026 Notes on November 8, 2025 (the “Redemption Date”) at a redemption price determined in accordance with the indenture governing the 2026 Notes plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

Senior Secured Credit Facility

On August 14, 2025, we drew down $ 775.0 million from our existing senior secured credit facility primarily to finance the acquisition of an additional 24 % interest in OCESA from CIE and for other general corporate purposes.

This borrowing was fully repaid in October 2025.

On October 21, 2025, we amended, amended and restated and refinanced, our existing senior secured credit facility and entered into an amended and restated credit agreement (the “2025 Credit Agreement”).

The 2025 Credit Agreement provides for, among other things, (i) a $ 1.3 billion term loan B facility (the “new term loan B facility”) , (ii) a $ 700.0 million delayed draw term loan A facility (the “new delayed draw term loan A facility”), (iii) a $ 1.3 billion multicurrency revolving credit facility (the “new multicurrency revolving credit facility”), and (iv) a $ 400.0 million venue expansion revolving credit facility (the “new venue expansion revolving credit facility” and together with the new multicurrency revolving credit facility, the “new revolving credit facilities”).

We are required to pay a commitment fee of 0.35 % per year on the undrawn portion available under the new revolving facilities and the new delayed draw term loan A facility, and customary letter of credit fees, as necessary.

The 2025 Credit Agreement contains a financial covenant that requires us to maintain a maximum ratio of consolidated net debt to consolidated EBITDA (both as defined in the 2025 Credit Agreement) that ranges from 6.75 x to 5.25 x, with the first measurement occurring after the quarter ended March 31, 2026, the first step down of 0.50 x occurring on March 31, 2027 and additional step downs of 0.50 x occurring annually thereafter.

The new revolving facilities and new delayed draw term loan A facility mature on October 21, 2030 if certain conditions are met in accordance with the 2025 Credit Agreement.

The new term loan B facility matures on October 21, 2032.

Upon closing of the 2025 Credit Agreement, the new term loan B facility of $ 1.3 billion was fully drawn while the new delayed draw term loan A facility and the new revolving credit facilities were undrawn.

Subsequent Event

On April 30, 2026, Live Nation VenueCo, LLC (“VenueCo”), a bankruptcy-remote, special purpose vehicle owned by certain bankruptcy-remote, special purpose entities (the “Participants”), which are indirect subsidiaries of the Company, entered into an agreement to issue € 610 million aggregate principal amount of fixed rate senior secured notes (the “Notes”) under a bankruptcy-remote, non-recourse financing facility.

The Notes are proposed to be issued in the following tranches:

(i) Series 2026 A-1 and A-2 with an aggregate principal amount of € 345 million with an annual interest rate of 5.67 % maturing on December 31, 2047, (ii) Series 2026 B-2 with an aggregate principal amount of € 45 million with an annual interest rate of 5.38 % maturing on December 31, 2037, (iii) Series 2026 C-1 and C-2 with an aggregate principal amount of € 145 million with an annual interest rate of 5.03 % maturing on December 31, 2032, and (iv) Series 2026 D-1 with an aggregate principal amount of € 75 million with an annual interest rate of 5.77 % maturing on December 31, 2055.

Each tranche amortizes on a scheduled basis except that the Series 2026 B-2 is non-amortizing prior to its stated maturity.

VenueCo and the other Members also entered into a Master Trust Indenture and a First Supplemental Indenture, in each case, with Mount Street Mortgage Servicing Limited as master trustee and master servicer, HSBC Bank USA, N.A.

as depositary and the other parties thereto.

The offering of the Notes is expected to close on or about May 8, 2026.

The Notes are secured by, among other things, the real property and related personal property comprising the following venues:

Ruoff Music Center (Noblesville, IN);

Credit Union 1 Amphitheatre (Tinley Park, IL);

Ziggo Dome (Amsterdam, Netherlands);

and 3Arena (Dublin, Ireland) (the “Venues”), together with the monthly current and deferred revenues from the Venues after deduction of operating expenses (“Pledged Revenues”).

The Pledged Revenues (other than deferred revenues, to the extent not yet released) are applied towards payment of agreed fees and expenses and agreed reserve accounts for debt service and for the operation, maintenance and capital expenditures associated with the Venues.

Only if all the foregoing reserve accounts are fully funded, no event of default exists, and the Venues meet specified minimum historical and projected senior and combined debt service coverage ratios (collectively, “Release Conditions”) may cash be allocated to subordinated indebtedness and distributed to VenueCo and then, through various distributions or intercompany loans, potentially to the Company.

The proceeds from the Notes, after payment of transaction expenses and funding of required reserves, will be used to repay secured debt at one of the Venues and may be retained by the Participants or be made available as a distribution or loan to the Company or one or more of its other subsidiaries, in each case, for general corporate purposes.

NOTE 5— FAIR VALUE MEASUREMENTS

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Estimated Fair Value

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Level 1 Level 2 Total Level 1 Level 2 Total

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Crypto assets $ 3,630 $ — $ 3,630 $ 6,249 $ — $ 6,249

$ 14,366 $ — $ 14,366 $ — $ — $ —

Interest rate swaps $ — $ 10,926 $ 10,926 $ — $ 9,672 $ 9,672

___________________

(1) Refer to Note 1 – Basis of Presentation and Other Information — Accounting Standards Updates for further discussion on the adoption of ASU 2023-08.

Short-term investments consist of money market funds and have original maturities beyond three months but less than one year.

Total $ 47,393 $ 10,926 $ 58,319 $ 82,799 $ 9,672 $ 92,471

Short-term investments consist of money market funds and have original maturities beyond three months but less than one year, or not readily convertible to cash.

Crypto assets consist of cryptocurrencies.

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Estimated Fair Value at

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in thousands)

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4.75% Senior Notes due 2027 $ 945,288 $ 952,765

4.75% Senior Notes due 2027 $ 944,110 $ 919,049

3.125% Convertible Senior Notes due 2029 $ 1,524,866 $ 1,456,399

$ — $ 103,032

2.875% Convertible Senior Notes due 2030 $ 1,191,608 $ 1,161,182

2.875% Convertible Senior Notes due 2031 $ 1,419,698 $ 1,379,560

___________________

(1) During the nine months ended September 30, 2025, we repurchased the remaining aggregate principal amount.

Refer to Note 4 – Long-Term Debt for further discussion.

The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs.

Non-recurring

For the nine months ended September 30, 2025, there were no significant non-recurring fair value measurements.

For the nine months ended September 30, 2024, we recorded a gain related to an investment in a nonconsolidated affiliate of $ 31.8 million as well as a gain related to a warrant on the same investment in a nonconsolidated affiliate of $ 38.5 million, as a component of other income, net.

To calculate the gain on the investment, we remeasured the investment to fair value of $ 142.2 million using an observable price from orderly transactions for a similar investment of the same issuer.

We remeasured the warrant to fair value of $ 62.2 million using an option pricing model.

For the nine months ended September 30, 2024, we also recorded a gain related to an investment in a nonconsolidated affiliate of $ 24.4 million, as a component of other income, net.

The gain was related to the acquisition of a controlling interest in a concert business, which was previously accounted for as an equity-method investment.

To calculate the gain, we remeasured the investment to fair value of $ 35.9 million using the income approach method.

The key inputs in these fair value measurements include a future cash flow projection, including revenue, profit margins, and adjustment related to discount for lack of marketability.

The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.

NOTE 6— COMMITMENTS AND CONTINGENT LIABILITIES

Governmental Investigations and Litigation

Department of Justice Complaint

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and Ticketmaster in the United States District Court for the Southern District of New York alleging violations of various federal and state laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action.

The United States filed an Amended Complaint in August 2024, adding ten additional states as plaintiffs but not otherwise materially amending the claims asserted in the lawsuit.

The Complaint requests various forms of relief for the alleged violations, including without limitation the divestiture of Ticketmaster by the Company, cancellation of certain ticketing contracts, enjoining the Company from engaging in anticompetitive practices, and other forms of relief.

Twenty-four states also seek damages for their citizens allegedly caused by anticompetitive ticketing practices.

As of this date, discovery is substantially completed.

The 24 states seeking damages have disclosed a damages study asserting that the allegedly anticompetitive ticketing practices raised ticketing fees.

The Company contests that the alleged overcharge (the amount of which is subject to a confidentiality order) has occurred or was caused by anticompetitive conduct.

The Company intends to file summary judgment motions in November 2025.

Trial is currently set for March 2026.

The Company believes it has substantial defenses to the claims asserted in the lawsuit and will vigorously defend itself.

Nevertheless, the defense or resolution of this matter could involve significant monetary costs or penalties and have a significant impact on the Company’s financial results and operations.

There can be no assurance that the Company will be successful in negotiating a favorable settlement or in litigation.

Any remedies or compliance requirements could adversely affect the Company’s ability to operate our business or have a materially adverse impact on the Company’s financial results.

At this stage, we are unable to estimate a reasonably possible financial loss or range of any potential financial loss, if any, as a result of this litigation.

The United States filed an Amended Complaint in August 2024, adding ten additional states as plaintiffs.

The Complaint requested various forms of relief for the alleged violations, including without limitation the divestiture of Ticketmaster by the Company, cancellation of certain ticketing contracts, enjoining the Company from engaging in anticompetitive practices, and other forms of relief.

Twenty-five states also seek damages for their citizens allegedly caused by anticompetitive ticketing practices.

In the fall of 2025, the Company filed a motion for summary judgment.

In February 2026, the court granted the motion in part and denied the motion in part.

In March 2026, the remaining claims proceeded to trial.

Early in the trial, the Company entered into a binding term sheet with the United States settling the lawsuit (“the Settlement”).

The terms of the Settlement, which were made public on March 9, 2026, provide for injunctive and structural relief addressing all of the United States’ claims, and provide for a $ 280 million settlement fund to address damages and civil penalty claims by plaintiff states.

Under the Tunney Act, the district court judge presiding over the matter must approve the settlement before it takes final effect, following a process prescribed by statute.

In the ensuing weeks, six additional states (“the Settling States”) also settled their claims for the same injunctive relief and their shares of the settlement fund totaling approximately $ 18.6 million.

The remaining states and District of Columbia (“the Litigating States”) proceeded to trial.

On April 15, 2026, the jury returned a verdict for the Litigating States on all claims that remained, including an award of damages measured on a per-ticket-sold basis, but without calculating the number of tickets to which the damages would be applied.

After the verdict, the Court ordered the parties to meet and confer to propose a schedule for subsequent phases of the litigation, including post-trial motions and a “remedies” phase in which the plaintiff States will propose and the Court will assess equitable remedies the plaintiffs have sought, including among others those enumerated above, as well as civil penalties under certain state laws.

The Company believes the jury verdict and damages award are legally infirm in a number of respects, many of which it has already raised in a pre-verdict motion for judgment as a matter of law.

The Company intends to raise those issues and others in post-trial motions at the district court and, as needed and in due course, by filing an appeal to the U.S.

Court of Appeals for the Second Circuit.

As a result, we have recognized $ 450 million for the three months ended March 31, 2026, within selling, general and administrative expenses which represents our best estimate of the ultimate loss associated with the Settling States and the jury’s damages award.

There can be no assurance that the Court will approve the Settlement with the United States and the Settling States or that the Company will be successful in challenging the verdict reached by the jury on the remaining claims brought by the Litigating States or otherwise settling those remaining claims.

Accordingly, the continued defense and ultimate resolution of this matter could involve significant monetary costs or penalties and involve potential remedies or compliance requirements imposed by the Court which could adversely affect the Company’s ability to operate our business or have a materially adverse impact on the Company’s financial results.

Federal Trade Commission Complaint

In September 2025, the United States Federal Trade Commission (the “FTC”), joined by the attorneys general of seven states, filed a lawsuit against Live Nation Entertainment, Inc.

and Ticketmaster L.L.C.

in the Central District of California.

The plaintiffs allege that Live Nation and Ticketmaster advertised ticket prices to consumers that were deceptively lower than prices displayed at checkout, deceived consumers about the enforcement of advertised event ticket purchase limits and facilitated the sale of tickets unlawfully acquired by ticket brokers.

The plaintiffs also allege that the Company violated the Better Online Ticket Sales Act and Section 5 of the FTC Act, as well as various state consumer protection statutes.

The plaintiffs seek injunctive relief, statutory penalties and restitution for consumers.

The Company filed a motion to dismiss the complaint in January 2026.

Based on information presently known to management, we do not believe that a loss is probable of occurring at this time, and considerable uncertainty exists regarding the monetary penalties or other relief that the FTC could obtain in litigation.

The Company will vigorously defend itself.

Antitrust Litigation

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In January 2025, the Company filed a motion to dismiss the lawsuit, which was granted in part and denied in part in April 2025.

Class certification briefing is underway.

In December 2025, the court granted the plaintiffs’ motion for class certification.

The Company believes it has substantial defenses to the claims alleged in the lawsuit and will continue to vigorously defend itself.

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While these lawsuits are at their initial stages, the Company believes it has substantial defenses to the claims alleged therein and will vigorously defend itself.

Federal Trade Commission Complaint

In September 2025, the United States Federal Trade Commission (the “FTC”), joined by the attorneys general of seven states, filed a lawsuit against Live Nation Entertainment, Inc.

and Ticketmaster L.L.C.

in the Central District of California.

The plaintiffs also allege that the Company violated the Better Online Ticket Sales Act and Section 5 of the FTC Act, as well as various state consumer protection statutes.

The plaintiffs seek injunctive relief, statutory penalties and restitution for consumers.

The Company will vigorously defend itself.

Other Litigation

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Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2025:

The following table presents changes in the components of AOCI, net of taxes, for the three months ended March 31, 2026:

Cash Flow Hedge Cumulative Foreign Currency Translation Adjustments Total

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Balance at December 31, 2025 $ 3,872 $ ( 118,744 ) $ ( 114,872 )

Other comprehensive income (loss) before reclassifications

Other comprehensive income before reclassifications

977 31,010 31,987

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Net other comprehensive income (loss) ( 1,676 ) 31,010 29,334

Balance at September 30, 2025 $ 10,329 $ ( 169,220 ) $ ( 158,891 )

Balance at March 31, 2026 $ 2,196 $ ( 87,734 ) $ ( 85,538 )

Earnings Per Share

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The calculation of diluted net income per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted and deferred stock awards and the assumed conversion of our convertible senior notes, where dilutive.

The following table sets forth the computation of weighted average common shares outstanding:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Weighted average common shares—basic 232,043,356 230,374,307 231,706,216 229,923,989

Effect of dilutive securities:

Stock options and restricted stock 2,708,976 1,941,001 2,891,759 2,226,003

Convertible senior notes — 13,004,660 127,830 3,778,760

Weighted average common shares—diluted 234,752,332 245,319,968 234,725,805 235,928,752

The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive:

For the three months ended March 31, 2026 and 2025, there were no reconciling items to the weighted average common shares outstanding in the calculation of diluted net loss per common share.

The following table shows securities excluded from the calculation of diluted net loss per common share because such securities are anti-dilutive:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Options to purchase shares of common stock 900,302 1,400,572

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Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 25,446,218 20,026,055

Transactions with Noncontrolling and Redeemable Noncontrolling Interest Partners

During the nine months ended September 30, 2025, we paid $ 122.3 million to purchase a portion of the noncontrolling interest in certain subsidiaries in Europe.

We also acquired an additional 24 % interest in OCESA from CIE, which resulted in a decrease of $ 746.1 million in redeemable noncontrolling interest.

NOTE 8— SEGMENTS AND REVENUE RECOGNITION

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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.

We also exclude from AOI the impact of estimated or realized liabilities for settlements or damages arising out of the Astroworld matter that exceed our estimated insurance recovery, due to the significant and non-recurring nature of the matter.

Ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI.

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.

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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, Astroworld estimated loss contingencies 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 and nine months ended September 30, 2025 and 2024:

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:

Concerts Ticketing Sponsorship

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(in thousands)

Three Months Ended September 30, 2025

Revenue $ 7,282,473 $ 797,572 $ 442,689 $ ( 23,591 ) $ — $ 8,499,143

% of Consolidated Revenue 85.7 % 9.4 % 5.2 % (0.3) %

Other Segment Items $ 6,768,306 $ 511,623 $ 129,617 $ ( 17,420 ) $ 74,044 $ 7,466,170

AOI $ 514,167 $ 285,949 $ 313,072 $ ( 6,171 ) $ ( 74,044 ) $ 1,032,973

Intersegment revenue $ 12,727 $ 7,211 $ 3,653 $ ( 23,591 ) $ — $ —

Three Months Ended September 30, 2024

Revenue $ 6,580,595 $ 693,704 $ 390,345 $ ( 13,557 ) $ — $ 7,651,087

% of Consolidated Revenue 86.0 % 9.1 % 5.1 % (0.2) %

Other Segment Items $ 6,106,542 $ 458,000 $ 115,016 $ ( 6,484 ) $ 68,182 $ 6,741,256

AOI $ 474,053 $ 235,704 $ 275,329 $ ( 7,073 ) $ ( 68,182 ) $ 909,831

Intersegment revenue $ 7,268 $ 6,289 $ — $ ( 13,557 ) $ — $ —

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Revenue $ 2,775,526 $ 765,016 $ 258,593 $ ( 6,106 ) $ — $ 3,793,029

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Intersegment revenue $ 3,061 $ 3,045 $ — $ ( 6,106 ) $ — $ —

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Revenue $ 2,484,076 $ 694,672 $ 216,066 $ ( 12,697 ) $ — $ 3,382,117

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Intersegment revenue $ 8,207 $ 4,243 $ 247 $ ( 12,697 ) $ — $ —

The following table sets forth the reconciliation of consolidated AOI to operating income for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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,

(in thousands)

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Gain on sale of operating assets ( 6,022 ) ( 2,202 )

Astroworld estimated loss contingencies ( 553 ) — ( 8,353 ) 279,915

Governmental Investigations and Litigation 450,000 —

Stock-based compensation expense 32,777 24,550

Operating income $ 792,451 $ 639,525 $ 1,393,873 $ 1,063,954

Operating income (loss) $ ( 370,516 ) $ 114,769

Contract Advances

At September 30, 2025 and December 31, 2024, we had ticketing contract advances of $ 216.4 million and $ 158.1 million, respectively, recorded in prepaid expenses and $ 139.4 million and $ 128.9 million, respectively, recorded in long-term advances on the consolidated balance sheets.

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 September 30, 2025, we had contracted sponsorship agreements with terms greater than one year that had approximately $ 1.4 billion of revenue related to future benefits to be provided by us.

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.

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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 nine months ended September 30, 2025 and 2024:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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,

(in thousands)

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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-Q

Item 1. Financial Statements