LEASES

9 Months Ended

Sep. 30, 2025

The significant components of operating lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Operating lease expense	$	73,558	$	64,543	$	220,743	$	197,051
Variable and short-term lease expense	83,003		74,936		157,943		148,848
Sublease income	(1,972)		(1,447)		(5,319)		(4,560)
Net lease expense	$	154,589	$	138,032	$	373,367	$	341,339

Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables. Contingent rent obligations, including those related to subsequent changes in the prevailing index or market rate after lease inception, are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved.

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


	Nine Months Ended September 30,
	2025		2024
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	176,531	$	212,983
Lease assets obtained in exchange for lease obligations, net of terminations	$	234,390	$	200,039

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.

Live Nation Entertainment, Inc. 10-Q