Live Nation Entertainment Inc 2025年度报告

LIVE NATION ENTERTAINMENT, INC. 9348 Civic Center DriveBeverly Hills, CA 90210(Address of principal executive offices, including zip code)(310)867-7000(Registrant’s telephone number, including area code)____________________________________ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 ofthis chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large Accelerated FilerNon-accelerated Filer AcceleratedFilerSmallerReportingCompanyEmerging Growth Company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reportingunder Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction ofan error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).☐YesNo On June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the Common Stock beneficially held by non-affiliates of the registrant was approximately $24.1billion. (For purposes hereof, directors, executive officers and 10% or greater stockholders have been deemed affiliates). INDEX TO FORM10-KPagePARTIITEM 1.BUSINESS2ITEM 1A.RISK FACTORS13ITEM 1B.UNRESOLVED STAFF COMMENTS25ITEM 1C.CYBERSECURITY26ITEM 2.PROPERTIES27ITEM 3.LEGAL PROCEEDINGS27PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS ANDISSUER PURCHASES OF EQUITY SECURITIES28ITEM 6.[RESERVED]28ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS29ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK46ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA47ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE94ITEM 9A.CONTROLS AND PROCEDURES94ITEM 9B.OTHER INFORMATION96ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS96PART IIIITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE96ITEM 11.EXECUTIVE COMPENSATION96ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDSTOCKHOLDER MATTERS96ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE96ITEM 14.PRINCIPAL ACCOUNTING FEES AND SERVICES96PART IVITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES97ITEM 16.FORM 10-K SUMMARY102 LIVE NATION ENTERTAINMENT, INC. GLOSSARY OF KEY TERMS PART I “Live Nation” (which may be referred to as the “Company,” “we,” “us” or “our”) means Live Nation Entertainment, Inc. and itssubsidiaries, or one of our segments or subsidiaries, as the context requires. Special Note About Forward-Looking Statements Certain statements contained in this Form 10-K (or otherwise made by us or on our behalf from time to time in other reports, filingswith the SEC, news releases, conferences, internet postings or otherwise) that are not statements of historical fact constitute “forward-looking statements” within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Exchange Act of1934, as amended, notwithstanding that such statements are not specifically identified. Forward-looking statements include, but are notlimited to, statements about our financial position, business strategy, competitive position, potential growth opportunities, potential operatingperformance improvements, the effects of competition, the effects of future legislation or regulations an