Live Nation Entertainment Inc【LYV】株式ニュース

LIVE NATION ENTERTAINMENT REPORTS FIRST QUARTER 2026 RESULTSMay 5, 2026 4:10 PM
PR Newswire (US) LOS ANGELES, May 5, 2026 /PRNewswire/ -- "2026 is off to a powerful start, with first quarter revenue climbing 12% to $3.8 billion. In an increasingly digital and AI-driven world, the global desire for authentic human connection has never been stronger. We are seeing a fundamental shift as fans prioritize the 'live' experience—the chance to be physically present with their favorite artists and share that energy with friends and fellow fans in a way a screen simply cannot replicate.This cultural demand is driving record-breaking activity across our business. We have already booked over 85% of our large-venue shows for the year, with show counts up year-over-year across stadiums, arenas, and amphitheaters. Our momentum is clear: we have sold over 107 million tickets to date—an 11% increase—and Venue Nation is on track to grow fan attendance at our owned and operated venues by double-digits. As we continue to expand our global footprint to meet this growing demand for physical connection, we are well positioned for long-term compounding double-digit growth." –Michael Rapino, President and CEOLIVE NATION PACES FOR DOUBLE-DIGIT GROWTH IN 2026 (1Q26 vs. 1Q25)Revenue of $3.8 billion, up 12%Operating loss of $371 million, impacted by a $450 million legal accrualAdjusted operating income (AOI) of $371 million, up 9% with operating strength across all segments:Concerts AOI of $3 million with fan attendance of 24 million, up 7%Ticketing AOI of $256 million, driven by 81 million fee-bearing tickets, up 4%Sponsorship AOI up 21% to $165 million, driven by brand demand to connect with our global fan baseQ1 deferred revenue for Concerts and Ticketmaster at record levels:Event-related deferred revenue of $6.6 billion, up 22%—largest deferred revenue balance in company historyTicketing deferred revenue of $368 million, up 29%, accounting for $5.5 billion in deferred ticketing gross transaction value (GTV)While 2026 operating income will be impacted by a $450 million legal accrual, on pace to grow adjusted operating income by double-digits this yearGLOBAL ARTIST AND TOURING MOMENTUM ACCELERATE 2026 CONCERTS PERFORMANCE Revenue of $2.8 billion, up 12% vs. 1Q25Q1 AOI of $3 million and $12 million on a constant currency basisOver 85% of 2026 large venue shows booked (confirmed and offer-in) through the end of April, pacing up high-single digits so far this year, with stadium, arena, and amphitheater show count all up year-on-yearTickets sold through the end of April for 2026 Live Nation concerts up 11% to over 107 million, with consistent double-digit growth across key venue types—stadiums, arenas, amphitheaters, and festivalsFull year fan attendance projected to grow high-single digits with timing shifts due to venue mix:Top driver of Q2 fan growth expected to be third-party arenas70% of amphitheater fan growth expected to occur in Q3, in line with the summer calendarAll stadium fan growth will occur in the second halfFor the full year, Concerts on track to deliver double-digit AOI growth with margins positioned to build on last year'sVENUE NATION EXPANDS GLOBAL FOOTPRINT AND DELIVERS DEEPER FAN ENGAGEMENT Venues opened in 2025 on track to reach their run-rate annual AOI across Concerts and Sponsorship by 2028, delivering 20%+ IRRs:TD Coliseum in Hamilton, Canada delivered a strong Q1 with show count up double-digits and set to deliver 80 shows for the full year—surpassing initial projectionsAt Rogers Stadium in Toronto, projected show count for the full-year is up 40% compared to its inaugural year in 2025Ongoing roll out of premium hospitality, Live Nation's Vinyl Room, delivering strong results so far this year with onsite spending at the Hollywood Palladium over $100 per fan, and up 30% per fan at Ziggo Dome in AmsterdamVenue Nation on track to grow fans at owned or operated venues by double-digits in 2026:Recently completed three acquisitions: Movistar Arena Santiago, Unipol Forum in Milan, and IMPACT Arena in Bangkok, with a cumulative annual fan capacity of approximately four million2026 major projects include two U.S. amphitheaters and one stadium in Guadalajara, Mexico2026 preopening costs for all venues under development expected to remain at approximately $50 millionVenues opening in 2026 are projected to reach their run-rate annual AOI across Concerts and Sponsorship by 2029, continuing to deliver 20%+ IRRsCONCERTS DEMAND DRIVES TICKETMASTER STRENGTH IN Q1 (vs. 1Q25 unless otherwise noted)Revenue of $765 million, up 10%AOI of $256 million, up 1%$30 million in expenses related to legal and operational improvementsPrimary GTV grew 14%, with concerts delivering most of the growthTicketmaster well positioned for sustained long-term growth:Ticketmaster total fee-bearing tickets transacted through April for 2026 up 9% to 138 million, with GTV of $17 billion, up 15%Primary fee-bearing ticket volume expected to grow mid-single digits for the full year Ongoing efforts to reduce scalper activity expected to impact full-year Ticketmaster AOI by mid-single digitsFull year AOI margin expected to be similar to last yearTHE POWER OF PRESENCE: BRANDS PRIORITIZE AUTHENTIC CONNECTION AS GLOBAL SPONSORSHIP ACTIVITY REACHES NEW HEIGHTS (vs. 1Q25 unless otherwise noted)Revenue of $259 million, up 20%AOI of $165 million, up 21%, reflecting the strength of international festivals in South America and our growing venue portfolio85% of 2026 sponsorship commitments booked as of end of April, up double-digitsAOI expected to grow double-digits for the full year, driven by venue portfolio expansion including naming rights across major arenas and festivals globallyFull year AOI margin expected to be similar to last yearCAPITAL ALLOCATION SUPPORTS VENUE EXPANSION AND LONG-TERM GROWTH Q1 capital expenditures totaled $249 million; full year spend expected to be $1.1 to $1.2 billion: Approximately $800 to $850 million of total capex is for venue expansion and enhancement projectsVenue investment cash requirements expected to be reduced by approximately $250 million from funding by joint-venture partners, sponsorship agreements, and other sourcesAdditional capex allocated to our ticketing and sponsorship growth initiatives, as well as ongoing maintenance at our venuesFull year AOI to free cash flow—adjusted conversion expected to be in line with or higher than 2025CONTINUED TO BOLSTER OUR BALANCE SHEET IN Q1Cash and cash equivalents of $9.1 billion, up from $7.2 billion last year and free cash of $1.7 billion, up from $1.1 billion last yearLeverage stands at 3.6x, in line with historical levels, with a weighted average cost of debt of 4.2%In April, raised approximately €610 million in long-term debt at 5.5% through an investment grade financing vehicle backed by a portfolio of major venuesFULL-YEAR INCOME STATEMENT DETAILS (vs. FY25)Depreciation and amortization expected to grow 12-15%Net interest expense is expected to be $280 millionIncome tax expense is expected to be 15-20% of AOI, with cash taxes projected to be 80% of that amountBelow the line items:A $450 million legal accrual impacted Q1 operating income and earnings per share by $(1.93)Noncontrolling interest expense is expected to grow 25% driven by strong performance across our global partnershipsAccretion expense is expected to be $160-180 million2026 share count not expected to change materially from 2025Compare Our Operating Results to Past Quarters In The Trended Results Grid:
https://investors.livenationentertainment.com/financial-information/financial-resultsThe company will webcast a teleconference today, May 5, 2026, at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the "News / Events" section of the company's website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the "Financial Info" section of the website. A replay of the webcast will also be available on the Live Nation website. The link to the 1Q26 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.Notice Regarding Financial Statements
The company has provided certain financial statements at the end of this press release for reference. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company's Annual Report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the Securities and Exchange Commission today and available on the SEC's website at sec.gov.About Live Nation Entertainment:
Live Nation Entertainment, Inc. (NYSE: LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit investors.livenationentertainment.com.FINANCIAL HIGHLIGHTS – FIRST QUARTER(unaudited; $ in millions)

Q1 2026
Reported
Q1 2025 Reported
Change
Q1 2026Currency
Impacts
Q1 2026
Constant
Currency
Change at
Constant
CurrencyRevenue

Concerts$      2,775.5
$       2,484.1
12 %
$     (89.9)
$      2,685.6
8 %Ticketing765.0
694.7
10 %
(19.0)
746.0
7 %Sponsorship & Advertising258.6
216.1
20 %
(12.3)
246.3
14 %Other and Eliminations(6.1)
(12.8)
*
0.0
(6.1)
*
$      3,793.0
$       3,382.1
12 %
$    (121.2)
$      3,671.8
9 %

Consolidated Operating Income (Loss)$       (370.5)
$         114.8
*
$       12.7
$       (357.8)
*

Adjusted Operating Income (Loss)

Concerts$           2.9
$            6.6
(56) %
$        8.9
$          11.8
79 %Ticketing255.6
253.1
1 %
(6.6)
249.0
(2) %Sponsorship & Advertising164.6
136.0
21 %
(9.5)
155.1
14 %Other and Eliminations(4.2)
(5.9)
*
0.1
(4.1)
*Corporate(47.9)
(48.7)
2 %
0.0
(47.9)
2 %
$        371.0
$         341.1
9 %
$       (7.1)
$        363.9
7 %* Percentages are not meaningfulReconciliation of Operating Income (Loss) to Adjusted Operating Income(unaudited; $ in millions)

Q1 2026Q1 2025Operating Income (Loss)$            (370.5)$              114.8Acquisition expenses69.429.7Amortization of non-recoupable ticketing contract advances26.024.7Depreciation and amortization169.3149.5Gain on sale of operating assets(6.0)(2.2)Governmental Investigations and Litigation450.0—Stock-based compensation expense32.824.6Adjusted Operating Income$             371.0$              341.1Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures(unaudited; $ in millions)Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities

Q1 2026
Q1 2025Net cash provided by operating activities$            2,338.8
$            1,321.3Changes in operating assets and liabilities (working capital)(2,546.1)
(1,056.6)Governmental Investigations and Litigation450.0
—Free cash flow from earnings$              242.7
$              264.7Less: Maintenance capital expenditures(30.0)
(14.9)          Distributions to noncontrolling interests(38.0)
(33.7)Free cash flow — adjusted$              174.7
$              216.1

Net cash used in investing activities$             (417.7)
$             (217.4)

Net cash provided by (used in) financing activities$              117.5
$             (173.2)Reconciliation of Free Cash to Cash and Cash Equivalents
($ in millions)March 31,
2026March 31,
2025Cash and cash equivalents$               9,077.8$               7,158.7Short-term investments43.864.5Client cash(1,810.8)(1,559.9)Deferred revenue — event-related(6,601.7)(5,395.9)Accrued artist fees(173.8)(125.5)Collections on behalf of others(164.5)(140.5)Prepaid expenses — event-related1,336.61,117.5Free cash$               1,707.4$               1,118.9Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations:Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to statements regarding the company's prospects for a record year in 2026 with anticipated double-digit growth, and its positioning for long-term compounding double-digit growth; expectations for operating income and adjusted operating income levels in 2026; expected Venue Nation fan growth at owned or operated venues in 2026; anticipated full year adjusted operating income growth for the company's concerts business, as well as expected full year fan attendance and anticipated shifts in seasonality by venue type, and full year margin expectations; pacing for venues opened in 2025 to reach their run-rate annual adjusted operating income across concerts and sponsorship by 2028 as well as expected IRRs, as well as expectations for show count at these venues; expectations for Venue Nation fan growth at owned or operated venues for 2026 versus 2025; expected 2026 Venue Nation new builds; anticipated 2026 preopening costs for venues under development; the projection that venues opening in 2026 will reach their run-rate annual adjusted operating income across concerts and sponsorship by 2029, as well as expected IRRs; Ticketmaster's positioning for sustained long-term growth, including full year expectations for growth in primary fee-bearing tickets, the impact to full year adjusted operating income from ongoing efforts to reduce scalper activity, and full year 2026 adjusted operating income margin expectations; expectations for full year 2026 adjusted operating income growth in the company's sponsorship & advertising business, as well as full year adjusted operating income margin for the business; expected capital expenditure levels in 2026; expectations for full year 2026 adjusted operating income to free cash flow—adjusted conversion rates; expectations for full year 2026 levels of depreciation and amortization, net interest expense, income tax expense as a percentage of adjusted operating income, accretion expense, noncontrolling interest expense, and share count.Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company's plans, the risk that the company's markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events.Live Nation refers you to the documents it files from time to time with the U.S. Securities and Exchange Commission, or SEC, specifically the section titled "Item 1A. Risk Factors" of the company's most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the company's projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements by or concerning Live Nation are expressly qualified in their entirety by the cautionary statements above. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein.Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that we define 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. 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 in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Except as described above, ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. We use AOI to evaluate the performance of our operating segments. We believe that information about 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. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.AOI margin is a non-GAAP financial measure that we calculate by dividing AOI by revenue. We use AOI margin to evaluate the performance of our operating segments. We believe that information about AOI margin 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. AOI margin is not calculated or presented in accordance with GAAP. A limitation of the use of AOI margin as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI margin should be considered in addition to, and not as a substitute for, operating income (loss) margin, and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI margin as presented herein may not be comparable to similarly titled measures of other companies.Constant Currency is a non-GAAP financial measure when applied to a GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period's currency exchange rates and the comparable prior period's currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.Free Cash Flow — Adjusted, or FCF, is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners. We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures. We believe that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. FCF is not calculated or presented in accordance with GAAP. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, FCF as presented herein may not be comparable to similarly titled measures of other companies.Free Cash is a non-GAAP financial measure that we define as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaids. We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. Free cash is not calculated or presented in accordance with GAAP. A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash should be considered in addition to, and not as a substitute for, cash and cash equivalents and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash as presented herein may not be comparable to similarly titled measures of other companies.LIVE NATION ENTERTAINMENT, INC.CONSOLIDATED BALANCE SHEETS(unaudited)

March 31,
2026
December 31,
2025
(in thousands)ASSETS

Current assets

    Cash and cash equivalents$          9,077,847
$          7,094,200    Accounts receivable, less allowance of $78,255 and $73,912, respectively1,965,296
2,009,055    Prepaid expenses2,217,054
1,453,732    Other current assets381,342
417,405Total current assets13,641,539
10,974,392Property, plant and equipment, net3,664,231
3,415,771Operating lease assets1,910,332
1,869,753Intangible assets

    Definite-lived intangible assets, net1,071,290
1,078,453    Indefinite-lived intangible assets, net368,961
369,015Goodwill2,933,243
2,889,178Long-term advances667,912
631,071Other long-term assets1,810,584
1,684,900Total assets$         26,068,092
$         22,912,533LIABILITIES AND EQUITY

Current liabilities

    Accounts payable, client accounts$          2,174,981
$          1,941,389    Accrued expenses and accounts payable3,562,342
3,555,811    Deferred revenue7,410,720
4,461,959    Current portion of long-term debt, net1,800,776
587,630    Other current liabilities467,757
482,061Total current liabilities15,416,576
11,028,850Long-term debt, net6,709,420
7,612,018Long-term operating lease liabilities2,073,207
2,036,974Other long-term liabilities435,347
415,844Commitments and contingent liabilities

Redeemable noncontrolling interests951,724
924,472Stockholders' equity

    Common stock2,333
2,328    Additional paid-in capital1,405,279
1,455,925    Accumulated deficit(1,431,082)
(1,041,978)    Cost of shares held in treasury (30,396)
(30,396)    Accumulated other comprehensive loss(85,538)
(114,872)Total Live Nation stockholders' equity(139,404)
271,007Noncontrolling interests621,222
623,368Total equity481,818
894,375Total liabilities and equity$         26,068,092
$         22,912,533 LIVE NATION ENTERTAINMENT, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)

Three Months Ended March 31,
2026
2025
(in thousands except share and per share data)Revenue$           3,793,029
$           3,382,117Operating expenses:

Direct operating expenses2,478,458
2,254,937Selling, general and administrative expenses961,519
778,922Depreciation and amortization169,296
149,455Gain on disposal of operating assets(6,022)
(2,202)Corporate expenses560,294
86,236Operating income (loss)(370,516)
114,769Interest expense90,522
80,343Interest income(39,467)
(34,061)Equity in losses (earnings) of nonconsolidated affiliates2,883
(479)Other expense (income), net(12,351)
2,953Income (loss) before income taxes(412,103)
66,013Income tax expense (benefit)(32,085)
19,711Net income (loss)(380,018)
46,302Net income attributable to noncontrolling interests9,086
23,099Net 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 and diluted232,400,991
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)
$               23,203Accretion of redeemable noncontrolling interests(41,279)
(98,094)Net loss available to common stockholders of Live Nation—basic and diluted$            (430,383)
$             (74,891)

LIVE NATION ENTERTAINMENT, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)

Three Months Ended March 31,
2026
2025
(in thousands)CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)$        (380,018)
$          46,302Reconciling items:

Depreciation99,565
89,462Amortization of definite-lived intangibles69,731
59,993Amortization of non-recoupable ticketing contract advances26,020
24,722Deferred income taxes(44,693)
4,271Amortization of debt issuance costs and discounts5,150
3,684Stock-based compensation expense32,777
24,550Unrealized changes in fair value of contingent consideration10,409
1,169Equity in losses of nonconsolidated affiliates, net of distributions4,553
3,480Provision for uncollectible accounts receivable(1,224)
3,574Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets(6,189)
(5,467)Loss (gain) on forward currency exchange contracts(17,306)
13,361Other, net(6,002)
(4,485)Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:

Decrease (increase) in accounts receivable70,629
(70,535)Increase in prepaid expenses and other assets(783,967)
(592,946)Increase (decrease) in accrued expenses, accounts payable and other liabilities281,040
(545,945)Increase in deferred revenue2,978,360
2,266,061Net cash provided by operating activities2,338,835
1,321,251

CASH FLOWS FROM INVESTING ACTIVITIES

Advances of notes receivable(1,944)
(6,403)Collections of notes receivable5,920
9,375Investments made in nonconsolidated affiliates(9,649)
(3,887)Purchases of property, plant and equipment(308,978)
(170,791)Cash paid for acquisition of right-of-use assets—
(20,800)Cash paid for acquisitions, net of cash acquired(113,203)
(31,346)Other, net10,115
6,457Net cash used in investing activities(417,739)
(217,395)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from debt, net of debt issuance costs226,161
11,059Payments on debt including extinguishment costs(6,611)
(86,828)Contributions from noncontrolling interests11,349
4,612Distributions to noncontrolling interests(38,000)
(33,742)Purchases of noncontrolling interests, net(25,882)
(4,496)Proceeds from exercise of stock options783
2,606Taxes paid for net share settlement of equity awards(47,930)
(65,009)Payments for deferred and contingent consideration(1,530)
(1,242)Other, net(859)
(150)Net cash provided by (used in) financing activities117,481
(173,190)Effect of exchange rate changes on cash, cash equivalents and restricted cash(54,613)
131,471Net increase in cash, cash equivalents and restricted cash1,983,964
1,062,137Cash, cash equivalents and restricted cash at beginning of period7,106,986
6,106,109Cash, cash equivalents and restricted cash at end of period$       9,090,950
$       7,168,246 View original content to download multimedia:https://www.prnewswire.com/news-releases/live-nation-entertainment-reports-first-quarter-2026-results-302763185.htmlSOURCE Live Nation Entertainment Original: LIVE NATION ENTERTAINMENT REPORTS FIRST QUARTER 2026 RESULTS

LIVE NATION ENTERTAINMENT FULL YEAR AND FOURTH QUARTER 2025 RESULTSFebruary 19, 2026 4:07 PM
PR Newswire (US)

LOS ANGELES, Feb. 19, 2026 /PRNewswire/ --

"In 2025, the bond between artists and their global fan bases reached new heights, fueling another year of double-digit growth. As artists continue to unlock untapped markets and headline the world's most iconic stadiums, we've built momentum that carries us into a record-breaking 2026. We're not just building venues; we're crafting world-class stages designed to elevate the artist's vision and their connection to fans. By strategically expanding our global footprint and investing in premium, upgraded infrastructure, we provide the canvas for career-defining performances. This investment doesn't just drive ticket sales—it revitalizes local economies and cements our venues as cultural anchors. With a deep pipeline of large-scale shows and ticket demand continuing its ascent, we are positioned for another year of double-digit operating income and AOI growth in 2026. Our commitment to being the ultimate partner for artists ensures we are set to compound this double-digit growth for years to come." – Michael Rapino, President and CEOARTIST MOMENTUM AND GLOBAL FAN PASSION FUELED RECORD-SETTING 2025 (vs FY24)Revenue of $25.2 billion, up 9%Operating income of $1.3 billion, up 52%Adjusted operating income (AOI) of $2.4 billion, up 10%Concerts delivered record results with AOI of $687 million, up 30% with best-ever margin of 3.3%Fan attendance increased 5% to 159 million, driven by growth in activity at stadiums and across international marketsInvested nearly $15 billion in artists and shows, reinforcing Live Nation as the leading financial supporter of artistsTicketing fee-bearing gross transaction value (GTV) for concerts grew 9% to $26 billionSponsorship AOI grew 11% to $845 million driven by strength across both online and onsite brand activityARTISTS REACH NEW HEIGHTS: EARLY DEMAND SETS THE STAGE FOR GROWTH IN 2026 (through early February vs same period last year)Year-end 2025 event-related deferred revenue of $4 billion, up 21%Over 80% of 2026 large venue shows booked (confirmed and offer-in), pacing up high-single digits globally and up double-digits in North AmericaU.S. owned or operated large amphitheater shows (confirmed and offer-in) pacing higher than 2025 and a record 2024Ticket sales for Live Nation concerts this year up double-digits to approximately 67 million fans, pointing to an acceleration in fan growth globallyFan demand shattered records with Bruno Mars delivering largest single-day ticket sales in Live Nation history, Harry Styles hitting 11.5 million pre-sale registrations, and BTS selling out a 41-date stadium tourEarly indicators point to strong festival demand, with Electric Daisy Carnival sold out and ticket sales for Austin City Limits, Reading, and Leeds up double-digitsTicketmaster delivered a record January with concert ticket GTV up over 50% led by North America on-salesVenue Nation expected to host over 70 million fans in 2026, growing high-single to low-double digitsOver 70% of 2026 sponsorship commitments booked, up double-digitsGLOBAL ARTIST REACH FUELED BEST-EVER FINANCIAL PERFORMANCE IN 2025 (vs FY24)Revenue of $20.9 billion, up 10%AOI of $687 million, up 30%Margins expanded to 3.3%, one-half percent higher than last yearHosted 159 million fans, up 5%, across 55 thousand shows globally:International markets delivered record fan count, exceeding the U.S. for the first time and with double-digit fan growth across all major venue typesNorth American stadium fan count more than doubled20% of fans attending our top 50 tours were for international acts, reflecting broad-based demand for all genres of musicDelivered higher value to artists with average U.S. stadium grosses growing double-digits to help offset rising production costsPrioritized fan affordability with get-in prices across all U.S. venue types holding flat to 2024 levels and pacing below inflation, with 75% of all U.S. tickets available for under $100EARLY FAN DEMAND SIGNALS A RECORD 2026 FOR ARTISTS WORLDWIDEConcerts expected to deliver double-digit AOI growth for the full yearEXPANDING THE ARTIST'S GLOBAL STAGE IN 2025: VENUE NATION UNLOCKS NEW MARKETS FOR TALENT (vs FY24)Hosted 65 million fans at our operated venues, up 8%Amphitheaters delivered 6% growth in onsite spending, driven by a double-digit increase in non-alcoholic beverages and liquor salesExpanded portfolio of large venues (>3k in capacity) in 2025 by six million fans on a run-rate basis:All newly opened U.S. amphitheaters delivered strong performance with food and beverage spending higher by double-digits than the rest of our amphitheatersBoth Rogers Stadium and Estadio Vive Claro exceeded expectations for onsite spendingSuccessfully reopened TD Coliseum following an extensive renovation, driving double-digit growth in premium revenue per show compared to pre-renovation levels2025 preopening costs for all venues under development were approximately $25 millionVenues opened in 2025 are on track to reach their projected run-rate annual AOI across concerts and sponsorship by 2028, delivering 20%+ IRRsVENUE NATION CONTINUES TO PROVIDE THE WORLD'S PREMIER ARTISTS WITH NEW PATHWAYS TO FANSVenue Nation expected to host over 70 million fans in 2026, up high-single to low-double digits compared to last yearLarge venues opening through new builds and acquisitions planned for 2026 expected to add five to seven million fans on a run-rate basis, with over half in international markets:Includes two U.S. amphitheaters and an additional stadium in MexicoExpanding our global arena portfolio through several acquisitions across Latin America and Europe, including La Défense in Paris2026 preopening costs for all venues under development are expected to be approximately $50 millionVenues opening in 2026 are projected to reach their run-rate annual AOI across concerts and sponsorship by 2029, delivering 20%+ IRRsCONCERTS ACTIVITY LED TICKETMASTER GROWTH IN 2025 (vs FY24)Revenue of $3.1 billion, up 3%AOI of $1.1 billion, up 1%Margin of 37%, continuing in the high 30sConcerts outperformed all other categories:Fee-bearing tickets increased 2% to 346 million, driven by concerts up 4% offsetting a 2% decline in sports and other third-party activityTotal fee-bearing GTV increased 6%, driven by a 9% increase in concerts offsetting a 1% decline in sports and other third-party activityTicketmaster achieved strong client-win momentum, adding 27 million net new enterprise tickets, led by our international marketsBOTH NORTH AMERICA AND INTERNATIONAL MARKETS DRIVING GROWTH IN 2026 (through early February vs same period last year)Primary fee-bearing GTV expected to grow mid to high-single digits, with concerts contributing majority of this growth:Year-end 2025 Ticketmaster deferred revenue of $226 million, up 7%Signed four million net new enterprise tickets in the month of January, with two-thirds coming from international marketsOngoing initiatives to combat scalpers and bots expected to limit secondary activity, which we expect will impact ticketing AOI by mid-single digits for the full yearNearly all new features under development are leveraging artificial intelligence with a focus on value-added services for venues and improving the customer experienceGLOBAL REACH UNLOCKS NEW BRAND PARTNERSHIPS FOR ARTISTS AND FANS IN 2025 (vs FY24)Revenue of $1.3 billion, up 11%AOI of $845 million, up 11%Margin of 64%, consistent with last yearBroad-based strength across both online and onsite advertising and across several major categories, as brand partners increasingly recognize the power of our global platform:Sponsorship spending at our global venue portfolio grew mid-teens, with strong ongoing momentumTravel and entertainment, beverages, and financial services categories grew double-digits, with multiple additions and expansions to our portfolio including Bang & Olufsen, Anheuser-Busch InBev, and Santander BankSTRONG 2026 OUTLOOK: EARLY FAN COMMITMENT SIGNALS A LANDMARK YEAR FOR ARTISTS Sponsorship AOI growth expected to be heavily driven by our venue portfolio expansion and global festivalsSTRONG FREE CASH FLOW PROFILE 2025 generated operating cash flow of $1.4 billion and free cash flow—adjusted of $1.3 billion, up double-digits and with higher AOI to free cash flow—adjusted conversion than 20242026 full-year AOI to free cash flow—adjusted conversion is expected to be higher than 2025CAPITAL DEPLOYMENT TO SUPPORT VENUE OPPORTUNITIES2026 capital expenditures expected to be $1.1 to $1.2 billionApproximately $800 to $850 million of total capex is for venue expansion and enhancement projectsVenue investment cash requirements expected to be reduced by approximately $250 million from funding by joint-venture partners, sponsorship agreements, and other sourcesAdditional capex allocated to our ticketing and sponsorship growth initiatives, as well as ongoing maintenance at our venuesADDITIONAL INCOME STATEMENT DETAILS FOR FULL YEAR 2026 (vs FY25)Depreciation and amortization expense expected to grow by 10%Interest expense, net of interest income, is expected to be $280 millionTax expense expected to be 15-20% of AOI, with cash taxes estimated at approximately 80% of that amount due to various tax benefits and timing differences across our global marketsBelow the line items:Accretion expense is expected to be $160-180 millionNoncontrolling interest expense is expected to increase by 20%2026 share count not expected to change materially from 2025Compare Our Operating Results to Past Quarters In The Trended Results Grid:
https://investors.livenationentertainment.com/financial-information/financial-resultsThe company will webcast a teleconference today, February 19, 2026, at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the "News / Events" section of the company's website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the "Financial Info" section of the website. A replay of the webcast will also be available on the Live Nation website. The link to the 4Q25 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.Notice Regarding Financial Statements
The company has provided certain financial statements at the end of this press release for reference. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the Securities and Exchange Commission today and available on the SEC's website at sec.gov.About Live Nation Entertainment:
Live Nation Entertainment, Inc. (NYSE: LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit investors.livenationentertainment.com. FINANCIAL HIGHLIGHTS – FOURTH QUARTER(unaudited; $ in millions)
Q4 2025
Reported
Q4 2024Reported
Change
Q4 2025
Currency
Impacts
Q4 2025 at
Constant
Currency
Change at
Constant
CurrencyRevenue

Concerts$       5,147.8
$        4,577.3
12 %
$      (93.7)
$       5,054.1
10 %Ticketing846.2
841.1
1 %
(13.0)
833.2
(1) %Sponsorship & Advertising329.9
281.2
17 %
(11.0)
318.9
13 %Other and Eliminations(10.4)
(18.0)
*
(0.1)
(10.5)
*
$       6,313.5
$        5,681.6
11 %
$     (117.8)
$       6,195.7
9 %

Consolidated Operating Loss$        (142.7)
$          (239.4)
40 %
$        (8.5)
$        (151.2)
37 %

Adjusted Operating Income (Loss)

Concerts$        (192.3)
$          (213.2)
10 %
$        (4.8)
$        (197.1)
8 %Ticketing305.3
311.2
(2) %
(5.5)
299.8
(4) %Sponsorship & Advertising168.6
135.9
24 %
(5.4)
163.2
20 %Other and Eliminations(5.9)
(5.8)
*
0.1
(5.8)
*Corporate(81.7)
(70.8)
(15) %
0.0
(81.7)
(15) %
$          194.0
$           157.3
23 %
$      (15.6)
$          178.4
13 %
* Percentages are not meaningful FINANCIAL HIGHLIGHTS – 12 MONTHS(unaudited; $ in millions)
12 Months
2025
Reported
12 Months
2024 Reported
Change
12 Months
2025Currency
Impacts
12 Months
2025
Constant
Currency
Change at
Constant
CurrencyRevenue

Concerts$     20,860.7
$      19,024.3
10 %
$     (200.5)
$     20,660.2
9 %Ticketing3,081.2
2,988.7
3 %
1.9
3,083.1
3 %Sponsorship & Advertising1,329.2
1,195.0
11 %
(0.4)
1,328.8
11 %Other and Eliminations(69.7)
(52.4)
*
0.0
(69.7)
*
$     25,201.4
$      23,155.6
9 %
$     (199.0)
$     25,002.4
8 %

Consolidated Operating Income$       1,251.2
$           824.5
52 %
$      (10.7)
$       1,240.5
50 %

Adjusted Operating Income (Loss)

Concerts$          687.1
$           529.7
30 %
$      (20.7)
$          666.4
26 %Ticketing1,134.4
1,123.6
1 %
6.5
1,140.9
2 %Sponsorship & Advertising845.2
763.8
11 %
(1.9)
843.3
10 %Other and Eliminations(24.7)
(28.3)
*
0.1
(24.6)
*Corporate(275.6)
(242.9)
(13) %
0.0
(275.6)
(13) %
$       2,366.4
$        2,145.9
10 %
$      (16.0)
$       2,350.4
10 %
* Percentages are not meaningful Reconciliation of Operating Income (Loss) to Adjusted Operating Income(unaudited; $ in millions)
Q4 2025Q4 2024
12 Months 202512 Months 2024Operating Income (Loss)$               (142.7)$               (239.4)
$             1,251.2$                 824.5Acquisition expenses117.833.3
259.6128.6Amortization of non-recoupable ticketing contract advances26.426.5
88.488.7Depreciation and amortization164.8142.6
638.9549.9Gain on sale of operating assets(0.6)(5.6)
(18.5)(11.0)Astroworld loss contingencies—175.0
(8.4)454.9Stock-based compensation expense28.324.9
155.2110.3Adjusted Operating Income$                 194.0$                 157.3
$             2,366.4$              2,145.9 Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures(unaudited; $ in millions) Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities ($ in millions)Q4 2025
Q4 2024Net cash provided by (used in) operating activities$                 (53.7)
$              1,045.1Changes in operating assets and liabilities (working capital)148.2
(1,259.7)Changes in accrued liabilities for Astroworld loss contingencies—
175.0Free cash flow from earnings$                   94.5
$                 (39.6)Less: Maintenance capital expenditures(45.6)
(51.9)          Distributions to noncontrolling interests(54.2)
(45.8)Free cash flow — adjusted$                   (5.3)
$                (137.3)

Net cash used in investing activities$                (393.7)
$                (211.5)

Net cash provided by financing activities$                 729.3
$                   33.9 Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities ($ in millions)12 Months 2025
12 Months 2024Net cash provided by operating activities$              1,395.3
$              1,725.2Changes in operating assets and liabilities (working capital)287.7
(651.1)Changes in accrued liabilities for Astroworld loss contingencies(8.4)
454.9Free cash flow from earnings$              1,674.6
$              1,529.0Less: Maintenance capital expenditures(125.4)
(133.4)          Distributions to noncontrolling interests(251.0)
(245.6)Free cash flow — adjusted$              1,298.2
$              1,150.0

Net cash used in investing activities$             (1,226.5)
$                (854.3)

Net cash provided by (used in) financing activities$                 406.5
$                (658.6) Reconciliation of Free Cash to Cash and Cash Equivalents ($ in millions)December 31,
2025Cash and cash equivalents$                       7,094.2Short-term investments76.5Client cash(1,621.6)Deferred revenue — event-related(3,982.5)Accrued artist fees(225.4)Collections on behalf of others(143.1)Prepaid expenses — event-related797.7Free cash$                       1,995.8Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations:Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to statements regarding record fan demand driving artist reach in 2026; momentum carrying the company into a record-breaking 2026; the depth of the company's pipeline of large-scale shows and ticketing demand continuing its ascent, positioning the company for another year of double-digit operating income and adjusted operating income growth in 2026, and the company's expectation that it will compound this double-digit growth for years to come; early indicators pointing to strong festival demand in 2026; expectations for Venue Nation fan growth in 2026; early fan demand signaling a record 2026 for artists worldwide; expectations that 2026 will be a record year for the company's concerts business, with global fan attendance projected to grow high-single digits; expectations for adjusted operating income growth for the company's concerts business in 2026; projected run-rate achievement and IRR for venues opened in 2025; the expectation that large venues opening through new builds and acquisitions planned for 2026 will add five to seven million fans on a run-rate basis, with over half in international markets; anticipated 2026 preopening costs for all venues under development and their projected date for annual run-rate achievement and resulting IRRs; the expectation that both North American and international markets will drive ticketing growth in 2026, with primary fee-bearing GTV anticipated to grow mid to high-single digits with concerts contributing the majority of this growth; the anticipated impact to ticketing adjusted operating income from ongoing initiatives to combat scalpers and bots; upward momentum in 2026 for the company's sponsorship and advertising business, with adjusted operating income growth expected to be heavily driven by venue portfolio expansion and global festivals; expected full-year 2026 adjusted operating income to free cash flow—adjusted conversion rates; expectations for full-year 2026 capital expenditures and details of anticipated projects; and full-year 2026 expectations for depreciation and amortization expense, interest expense net of interest income, tax expense and cash taxes, accretion expense, noncontrolling interest expense, and share count.Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company's plans, the risk that the company's markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events.Live Nation refers you to the documents it files from time to time with the U.S. Securities and Exchange Commission, or SEC, specifically the section titled "Item 1A. Risk Factors" of the company's most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the company's projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements by or concerning Live Nation are expressly qualified in their entirety by the cautionary statements above. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein.Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that we define 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. Due to the significant and non-recurring nature of the matters, we also exclude from AOI the impact of realized liabilities for settlements or damages arising out of the Astroworld matter that exceed our estimated insurance recovery, and expenses for regulatory compliance matters associated with the provision for (possible) 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 7 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. Except as described above, ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. We use AOI to evaluate the performance of our operating segments. We believe that information about 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. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.AOI margin is a non-GAAP financial measure that we calculate by dividing AOI by revenue. We use AOI margin to evaluate the performance of our operating segments. We believe that information about AOI margin 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. AOI margin is not calculated or presented in accordance with GAAP. A limitation of the use of AOI margin as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI margin should be considered in addition to, and not as a substitute for, operating income (loss) margin, and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI margin as presented herein may not be comparable to similarly titled measures of other companies.Constant Currency is a non-GAAP financial measure when applied to a GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period's currency exchange rates and the comparable prior period's currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.Free Cash Flow — Adjusted, or FCF, is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners. We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures. We believe that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. FCF is not calculated or presented in accordance with GAAP. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, FCF as presented herein may not be comparable to similarly titled measures of other companies.Free Cash is a non-GAAP financial measure that we define as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaids. We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. Free cash is not calculated or presented in accordance with GAAP. A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash should be considered in addition to, and not as a substitute for, cash and cash equivalents and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash as presented herein may not be comparable to similarly titled measures of other companies. LIVE NATION ENTERTAINMENT, INC.CONSOLIDATED BALANCE SHEETS
December 31,
2025
December 31,
2024
(in thousands except share data)ASSETS

Current assets

    Cash and cash equivalents$               7,094,200
$               6,095,424    Accounts receivable, less allowance of $73,912 and $72,663, respectively2,009,055
1,747,316    Prepaid expenses1,453,732
1,247,184    Other current assets417,405
200,213Total current assets10,974,392
9,290,137Property, plant and equipment, net3,415,771
2,441,872Operating lease assets1,869,753
1,618,033Intangible assets

    Definite-lived intangible assets, net1,078,453
985,812    Indefinite-lived intangible assets, net369,015
380,558Goodwill2,889,178
2,620,911Long-term advances631,071
520,482Other long-term assets1,684,900
1,780,966Total assets$             22,912,533
$             19,638,771LIABILITIES AND EQUITY

Current liabilities

    Accounts payable, client accounts$               1,941,389
$               1,859,678    Accrued expenses and accounts payable3,555,811
3,300,312    Deferred revenue4,461,959
3,721,092    Current portion of long-term debt, net587,630
260,901    Other current liabilities482,061
216,297Total current liabilities11,028,850
9,358,279Long-term debt, net7,612,018
6,177,168Long-term operating lease liabilities2,036,974
1,680,266Other long-term liabilities415,844
477,763Commitments and contingent liabilities

Redeemable noncontrolling interests924,472
1,126,302Stockholders' equity

Preferred stock—Series A Junior Participating, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding                              —
—Preferred stock, $0.01 par value; 30,000,000 shares authorized; no shares issued and outstanding                               —
—Common stock, $0.01 par value; 450,000,000 shares authorized; 235,995,577 and 234,771,759 shares issued and 235,421,446 and 234,363,735 shares outstanding in 2025 and 2024, respectively2,328
2,313    Additional paid-in capital1,455,925
2,059,746    Accumulated deficit(1,041,978)
(1,546,819)    Cost of shares held in treasury(30,396)
(6,865)    Accumulated other comprehensive loss(114,872)
(335,112)Total Live Nation stockholders' equity271,007
173,263Noncontrolling interests623,368
645,730Total equity894,375
818,993Total liabilities and equity$             22,912,533
$             19,638,771 LIVE NATION ENTERTAINMENT, INC.CONSOLIDATED STATEMENTS OF OPERATIONS
Year EndedDecember 31,
2025
2024
2023
(in thousands except share and per share data)Revenue$               25,201,406
$               23,155,625
$               22,726,317Operating expenses:

Direct operating expenses18,763,356
17,380,866
17,290,718Selling, general and administrative expenses4,091,759
4,043,712
3,516,979Depreciation and amortization638,872
549,923
516,797Gain on disposal of operating assets(18,528)
(11,015)
(13,927)Corporate expenses474,730
367,629
330,817Operating income1,251,217
824,510
1,084,933Interest expense316,033
325,974
350,244Loss on extinguishment of debt780
2,563
18,504Interest income(150,445)
(156,254)
(237,818)Equity in losses (earnings) of nonconsolidated affiliates(3,206)
16,675
5,455Other expense (income), net57,528
(103,874)
35,274Income before income taxes1,030,527
739,426
913,274Income tax expense (benefit)339,787
(391,698)
209,476Net income690,740
1,131,124
703,798Net income attributable to noncontrolling interests194,768
234,837
146,905Net income attributable to common stockholders of Live Nation$                    495,972
$                    896,287
$                    556,893

Basic net income (loss) per common share available to common stockholders of Live Nation$                         (0.24)
$                           2.77
$                           1.35Diluted net income (loss) per common share available to common stockholders of Live Nation$                         (0.24)
$                           2.74
$                           1.34

Weighted average common shares outstanding:

Basic231,844,300
230,124,255
228,628,390Diluted231,844,300
236,352,449
230,977,326

Reconciliation to net income (loss) available to common stockholders of Live Nation:

Net income attributable to common stockholders of Live Nation$                    495,972
$                    896,287
$                    556,893Accretion of redeemable noncontrolling interests(550,801)
(258,076)
(247,438)Net income (loss) available to common stockholders of Live Nation—basic$                     (54,829)
$                    638,211
$                    309,455Convertible debt interest, net of tax—
9,187
—Net income (loss) available to common stockholders of Live Nation—diluted$                     (54,829)
$                    647,398
$                    309,455

LIVE NATION ENTERTAINMENT, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2025
2024
2023
(in thousands)CASH FLOWS FROM OPERATING ACTIVITIES

Net income$            690,740
$         1,131,124
$            703,798Reconciling items:

Depreciation374,301
300,003
266,590Amortization of definite-lived intangibles264,571
249,920
250,207Amortization of non-recoupable ticketing contract advances88,386
88,717
83,693Deferred income taxes(20,502)
(708,570)
(44,018)Amortization of debt issuance costs and discounts20,244
17,794
16,884Provision for uncollectible accounts receivable30,784
1,002
78,336Loss on extinguishment of debt780
2,563
18,504Stock-based compensation expense155,219
110,348
115,959Unrealized changes in fair value of contingent consideration91,455
(21,721)
40,151Equity in losses of nonconsolidated affiliates, net of distributions23,227
32,371
30,522Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets(12,112)
(102,929)
(47,878)Gain on sale of operating and fixed assets(20,979)
(7,887)
(2,955)Other, net(3,052)
(18,665)
(9,533)Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:

Decrease (increase) in accounts receivable(147,892)
181,430
(525,739)Increase in prepaid expenses and other assets(343,315)
(22,192)
(202,834)Increase (decrease) in accrued expenses, accounts payable and other liabilities(138,407)
13,782
450,370Increase in deferred revenue341,868
478,085
140,917Net cash provided by operating activities1,395,316
1,725,175
1,362,974

CASH FLOWS FROM INVESTING ACTIVITIES

Advances of notes receivable(77,636)
(119,213)
(181,801)Collections of notes receivable22,855
52,303
17,057Disposal of operating assets, net of cash sold25,536
7,373
1,479Investments made in nonconsolidated affiliates(38,984)
(45,683)
(54,922)Purchases of property, plant and equipment(1,061,705)
(646,634)
(438,604)Cash paid for acquisition of right-of-use assets(20,800)
(20,000)
—Cash paid for acquisitions, net of cash acquired(80,006)
(98,307)
(17,534)Purchases of intangible assets(7,832)
(8,522)
(36,653)Proceeds (cash derecognized) from sale of investments in nonconsolidated affiliates(1,363)
19,594
1,524Other, net13,485
4,808
13,649Net cash used in investing activities(1,226,450)
(854,281)
(695,805)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from debt, net of debt issuance costs3,714,432
1,671,842
1,061,026Payments on debt including extinguishment costs(2,049,287)
(1,959,725)
(730,643)Contributions from noncontrolling interests34,578
3,000
19,602Distributions to noncontrolling interests(250,996)
(245,580)
(239,619)Purchases of noncontrolling interests, net(883,634)
(69,935)
(113,768)Payments for capped call transactions—
—
(75,500)Proceeds from exercise of stock options5,081
26,052
19,264Taxes paid for net share settlement of equity awards(126,691)
(59,756)
(9,484)Common stock repurchases(23,531)
—
—Payments for deferred and contingent consideration(11,785)
(23,733)
(17,757)Other, net(1,660)
(715)
(402)Net cash provided by (used in) financing activities406,507
(658,550)
(87,281)Effect of exchange rate changes on cash, cash equivalents and restricted cash425,504
(345,191)
38,874Net increase (decrease) in cash, cash equivalents and restricted cash1,000,877
(132,847)
618,762Cash, cash equivalents and restricted cash at beginning of period6,106,109
6,238,956
5,620,194Cash, cash equivalents and restricted cash at end of period$         7,106,986
$         6,106,109
$         6,238,956SUPPLEMENTAL DISCLOSURE

Cash paid during the year for:

Interest, net of interest income and capitalized interest$            118,638
$            132,758
$ 57,367Income taxes, net of refunds$            313,038
$            253,652
$            175,148

View original content to download multimedia:https://www.prnewswire.com/news-releases/live-nation-entertainment-full-year-and-fourth-quarter-2025-results-302693023.htmlSOURCE Live Nation Entertainment

Original: LIVE NATION ENTERTAINMENT FULL YEAR AND FOURTH QUARTER 2025 RESULTS