The Irish rock band U2 hasn't toured since 2006, but it stands to make $25 million in a sweetheart stock deal, according to SEC filings Wednesday and people familiar with the matter.

In March, the band struck a 12-year deal with Live Nation Inc., that called for the concert promotion giant to pay U2 partly with stock. Live Nation promised to pay tens of millions of dollars to high-profile artists in exchange for several years' worth of revenue from a broad range of their work, including concerts, online fan clubs and t-shirt...