# Live Nation Entertainment, Inc. (LYV)

Informational only - not investment advice.

CIK: 0001335258
SIC: 7900 Services-Amusement & Recreation Services
SIC breadcrumb: [Services](/division/I/) > [Amusement And Recreation Services](/major-group/79/) > [SIC 7900 Services-Amusement & Recreation Services](/industry/7900/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=1335258
Filing source: https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001335258-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001335258.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 25,201,406,000 USD | 2025 | verified |
| Net income | 495,972,000 USD | 2025 | verified |
| Assets | 22,912,533,000 USD | 2025 | verified |
| Free cash flow | 333,611,000 USD | 2025 | computed |
| Net margin | 1.97% | 2025 | computed |
| Operating margin | 4.96% | 2025 | computed |
| Revenue YoY | +8.83% | 2025 | computed |
| ROE | 183.01% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | LYV | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.0% | 2.7% | 38 | 9 |
| Operating margin | 5.0% | 5.0% | 50 | 9 |
| Revenue growth | 8.8% | 10.5% | 38 | 9 |
| ROE | 183.0% | 3.7% | 100 | 8 |
| ROA | 2.2% | 0.9% | 75 | 9 |
| Liabilities / equity | 83.55 | 2.57 | 100 | 8 |
| Current ratio | 1.00 | 1.00 | 50 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7900 Services-Amusement & Recreation Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 25201406000 | USD | 2025 | 2026-02-19 |
| Net income | 495972000 | USD | 2025 | 2026-02-19 |
| Assets | 22912533000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001335258.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2009 | 2010 | 2011 | 2012 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 7,826,336,000 | 9,687,222,000 | 10,787,800,000 | 11,547,969,000 | 1,861,178,000 | 6,268,447,000 | 16,681,254,000 | 22,726,317,000 | 23,155,625,000 | 25,201,406,000 |
| Net income |  |  |  |  | 2,942,000 | -6,015,000 | 60,249,000 | 69,889,000 | -1,724,535,000 | -650,904,000 | 266,440,000 | 556,893,000 | 896,287,000 | 495,972,000 |
| Operating income |  |  |  |  | 194,940,000 | 91,397,000 | 272,536,000 | 324,844,000 | -1,653,192,000 | -417,858,000 | 722,031,000 | 1,084,933,000 | 824,510,000 | 1,251,217,000 |
| Diluted EPS |  |  |  |  |  |  |  |  | -8.12 | -3.09 | 0.52 | 1.34 | 2.74 | -0.24 |
| Operating cash flow |  |  |  |  | 598,739,000 | 623,522,000 | 941,586,000 | 469,783,000 | -1,083,388,000 | 1,780,568,000 | 1,835,047,000 | 1,362,974,000 | 1,725,175,000 | 1,395,316,000 |
| Capital expenditures |  |  |  |  | 173,827,000 | 238,435,000 | 239,833,000 | 323,566,000 | 213,746,000 | 152,734,000 | 347,206,000 | 438,604,000 | 646,634,000 | 1,061,705,000 |
| Share buybacks | 5,803,000 | 1,567,000 | 0.00 | 0.00 |  |  |  |  |  |  |  | 0.00 | 0.00 | 23,531,000 |
| Assets |  |  |  |  | 6,764,266,000 | 7,504,263,000 | 8,496,886,000 | 10,975,615,000 | 10,589,303,000 | 14,402,318,000 | 16,460,841,000 | 19,029,640,000 | 19,638,771,000 | 22,912,533,000 |
| Stockholders' equity |  |  |  |  | 1,126,016,000 | 1,181,196,000 | 1,098,981,000 | 1,145,820,000 | -471,772,000 | -582,651,000 | -367,569,000 | -52,305,000 | 173,263,000 | 271,007,000 |
| Cash and cash equivalents |  |  |  |  | 1,526,591,000 | 1,825,322,000 | 2,371,540,000 | 2,470,362,000 | 2,537,787,000 | 4,884,729,000 | 5,606,457,000 | 6,231,866,000 | 6,095,424,000 | 7,094,200,000 |
| Free cash flow |  |  |  |  | 424,912,000 | 385,087,000 | 701,753,000 | 146,217,000 | -1,297,134,000 | 1,627,834,000 | 1,487,841,000 | 924,370,000 | 1,078,541,000 | 333,611,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2009 | 2010 | 2011 | 2012 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | 0.04% | -0.06% | 0.56% | 0.61% | -92.66% | -10.38% | 1.60% | 2.45% | 3.87% | 1.97% |
| Operating margin |  |  |  |  | 2.49% | 0.94% | 2.53% | 2.81% | -88.83% | -6.67% | 4.33% | 4.77% | 3.56% | 4.96% |
| Return on equity |  |  |  |  | 0.26% | -0.51% | 5.48% | 6.10% |  |  |  |  |  | 183.01% |
| Return on assets |  |  |  |  | 0.04% | -0.08% | 0.71% | 0.64% | -16.29% | -4.52% | 1.62% | 2.93% | 4.56% | 2.16% |
| Liabilities / equity |  |  |  |  | 5.01 | 5.35 | 6.73 | 8.58 |  |  |  |  |  | 83.55 |
| Current ratio |  |  |  |  | 1.09 | 0.88 | 1.03 | 1.02 | 0.96 | 0.97 | 0.98 | 0.95 | 0.99 | 1.00 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/LYV/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001335258.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.39 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.25 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.02 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 8,152,019,000 | 483,495,000 | 1.78 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 5,838,941,000 | -210,728,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 3,799,529,000 | -46,733,000 | -0.53 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 6,023,416,000 | 297,970,000 | 1.03 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 7,651,087,000 | 451,805,000 | 1.66 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 5,681,593,000 | 200,987,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 3,382,117,000 | 23,203,000 | -0.32 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 7,006,641,000 | 243,411,000 | 0.41 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 8,499,143,000 | 431,458,000 | 0.73 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 6,313,505,000 | -202,100,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 3,793,029,000 | -389,104,000 | -1.85 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 7,666,858,000 | 294,446,000 | 1.05 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from LYV's latest 10-K: [/company/LYV/business/](/company/LYV/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from LYV's latest 10-K: [/company/LYV/risk-factors/](/company/LYV/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1335258/000133525826000035/lyv-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

“Live Nation” (which may be referred to as the “Company,” “we,” “us” or “our”) means Live Nation Entertainment, Inc. and its subsidiaries, or one of our segments or subsidiaries, as the context requires. You should read the following discussion of our financial condition and results of operations together with the unaudited consolidated financial statements and notes to the financial statements included elsewhere in this quarterly report.

Special Note About Forward-Looking Statements

Certain statements contained in this quarterly report (or otherwise made by us or on our behalf from time to time in other reports, filings with the SEC, news releases, conferences, internet postings or otherwise) that are not statements of historical fact constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, notwithstanding that such statements are not specifically identified. Forward-looking statements include, but are not limited to, statements about our financial position, business strategy, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition, the effects of future legislation or regulations and plans and objectives of our management for future operations. We have based our forward-looking statements on our beliefs and assumptions considering the information available to us at the time the statements are made. Use of the words “may,” “should,” “continue,” “plan,” “potential,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “could,” “target,” “project,” “seek,” “predict,” or variations of such words and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, those set forth below under Part II—Other Information—Item 1A.—Risk Factors, in Part I—Item IA.—Risk Factors of our 2025 Annual Report on Form 10-K as well as other factors described herein or in our annual, quarterly and other reports we file with the SEC (collectively, “cautionary statements”). Based upon changing conditions, should any risk or uncertainty that has already materialized, worsen in scope, impact or duration, or should one or more of the currently unrealized risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described in any forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary 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. We do not intend to update these forward-looking statements, except as required by applicable law.

Executive Overview

The second quarter continued the robust trend we saw in the first quarter of 2026, with ongoing consumer demand for live experiences demonstrated in our year-over-year global ticket sales trends across all of our major markets and with double-digit growth for amphitheater, arena and stadium sales. Onsite spend is up across multiple markets and venue types, and our two newest amphitheaters are already among our top performers on premium spending. Finally, our lineup of amphitheater, arena and stadium shows for the remainder of the year is almost fully booked. These indicators, coupled with our current event-related deferred revenue balance of $6.4 billion as of June 30, 2026, which increased $1.3 billion or 25% compared to June 30, 2025, makes us optimistic for continued growth in the remainder of the year.

Our consolidated revenue for the second quarter of 2026 increased by 9% to $7.7 billion on a reported basis as compared to the same period last year. Two-thirds of the growth came from our Concerts segment as a result of increased fan count in our international markets and more arena activity globally. Revenues for both Ticketing and Sponsorship & Advertising grew by double digits in the second quarter, indicating strength across all three of our reporting segments. Our consolidated operating income for the quarter increased by $35.3 million, or 7%, from $486.7 million in the second quarter of 2025 to $521.9 million in the second quarter of 2026. AOI for the quarter grew by $18.6 million or 2%.

For the first six months of 2026, our consolidated revenue increased by $1.1 billion on a reported basis, or 10%, compared to the same period last year, from $10.4 billion to $11.5 billion. Our consolidated operating income was $151.4 million for the first six months of 2026, compared to $601.4 million for the first six months of 2025, a decrease of $450.0 million, or 75%. The decrease in operating income was primarily due to Governmental Investigations and Litigation as discussed in Note 6 – Commitments and Contingent Liabilities. Consolidated AOI for the first six months increased by $48.5 million, or 4%, compared to the same period in 2025, from $1.1 billion to $1.2 billion.

23

Table of Contents

Our Concerts segment’s revenue for the quarter increased by $498.0 million, or 8%, from $5.9 billion in the second quarter of 2025 to $6.4 billion in the second quarter of 2026. The overall number of events for the second quarter of 2026 was approximately 15,300, 7% higher than last year. The number of fans for the quarter grew by 4.5 million or 10%, from 44.2 million last year to 48.7 million this year. The fan count growth was driven by our international markets, particularly mainland Europe and South America. Stadium fans were down in North America but up in International while arena fans were up globally. Some of the notable acts touring in the second quarter included Bruno Mars, BTS, Bad Bunny and Harry Styles. Onsite spend in our large owned and operated amphitheaters grew by 10%, driven by higher food & beverage per caps. At our larger festivals, we saw strong growth in onsite spend with Governors Ball, Beyond Wonderland, Parklife and Isle of Wight all posting double digit gains over the prior year. Concerts AOI for the second quarter declined by $49.1 million or 14%, from $358.7 million in 2025 to $309.6 million in 2026. This was largely driven by the geographic mix of stadium shows as stadium activity for North America shifted from the second quarter to the third quarter of 2026 as a result of the FIFA World Cup. We also had higher fixed expenses attributable to pre-opening costs for venues opening in 2026 and beyond as well as costs associated with International festival growth and acquisitions where benefits are substantially recognized in our Sponsorship & Advertising segment.

As of June 30, 2026, our ticket sales for events playing off in calendar year 2026 are pacing up 11% compared to last year, while our event-related deferred revenue is our highest ever for the second quarter, up 25% year-over-year. The phasing of the event-related deferred revenue to be recognized in the second half of 2026 indicates more of it will be recognized in the fourth quarter of 2026 compared to the previous year. This is consistent with our operating metrics which point to a shift of activity from the third quarter to the fourth quarter of 2026. With both our ticket sales and deferred revenue up double-digits, we are confident that we are positioned for another record Concerts year.

For the first six months of 2026, our Concerts segment’s revenue grew $789.4 million compared to the same period in 2025, from $8.4 billion to $9.2 billion. Revenue growth resulted from approximately 1,000 additional shows in the first six months of 2026 compared to the same period in 2025. Concerts fan count for the first six months of 2026 was 72.5 million compared to 66.5 million for the same period in 2025, an improvement of 6.0 million fans or 9%. International fan count grew by 15% in the first six months of 2026 and accounted for almost 90% of our fan growth for the first six months of 2026. Arena fan count was the largest contributor, with growth in almost every one of our global markets. Concerts AOI for the first six months decreased by $52.8 million, or 14%, compared to the same period in 2025, from $365.3 million to $312.4 million. The decline was driven by geographic show mix, quarterly phasing, and the fixed cost drivers explained for the quarter. We are projecting the second half of the year to more than make up for this shortfall and we believe Concerts will end 2026 with double-digit AOI growth.

Our Ticketing segment’s revenue for the quarter increased by $109.5 million, or 15%, from $742.7 million in the second quarter of 2025 to $852.2 million in the second quarter of 2026. Consumer demand in our ticketing business is strong, particularly for concert events. Fee-bearing ticket sales grew from 83.3 million in the second quarter of 2025 to 90.1 million in the second quarter of 2026, an increase of 6.7 million tickets or 8%. Sales were up in both North America and in our international markets with concert events accounting for over 90% of the increase. GTV growth was even stronger as fee-bearing GTV grew from $9.1 billion in the second quarter of 2025 to $10.4 billion in the second quarter of 2026, up $1.3 billion or 15%. Again, concert activity drove almost the entire increase year-over-year. AOI increased from $290.1 million in the second quarter of 2025 to $331.0 million in the second quarter of 2026, up $40.9 million, or 14%.

Ticketing’s deferred tickets are up 10% year-over-year as of the end of the second quarter of 2026, and GTV associated with those deferred tickets is up 16%. As of June 30, 2026, our deferred service fee revenue to be recognized in future periods was also up double digits versus the prior year and was our highest Ticketing deferred service fee revenue ever.

For the first six months of 2026, our Ticketing segment’s revenue increased by $179.9 million, or 13%, compared to the same period in 2025, from $1.4 billion to $1.6 billion. Ticketing AOI for the first six months of 2026 increased by $43.5 million, or 8%, compared to the same period in 2025, from $543.2 million to $586.6 million. Through June 30, 2026, our fee-bearing ticket sales were 170.7 million tickets, an increase of 9.8 million tickets, or 6%, compared to the first six months of 2025. We have signed clients with approximately 16 million net new tickets so far this year, of which over 85% are in our international markets, which gives us confidence our ticketing platforms’ features and functionalities are continuing to compete effectively. Given the performance of our Ticketing segment in the first six months of 2026, we are anticipating mid-single digit AOI growth for the segment for the full year.

Our Sponsorship & Advertising segment’s revenue for the quarter increased by $42.4 million, or 12%, from $340.6 million in the second quarter of 2025 to $383.0 million in the second quarter of 2026. AOI for the quarter increased by $29.3 million, or 13%, from $227.6 million in the second quarter of 2025 to $256.9 million in the second quarter of 2026. Growth in the quarter was largely driven by new venue and festival deals across multiple markets in Europe as well as Latin America. This included newly acquired venues in Italy, Chile and Argentina.

24

Table of Contents

For the first six months of 2026, our Sponsorship & Advertising segment’s revenue grew $84.9 mill

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231.htm
Complete FY 2025 MD&A: /company/LYV/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion of our financial condition and results of operations together with the audited consolidated financial statements and notes to the consolidated financial statements included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under Item 1A.—Risk Factors and other sections in this Annual Report.

The following discussion of our financial condition and results of operations generally discusses 2025 and 2024 items along with year-over-year comparisons between these two years. Discussion of 2023 items and year-over-year comparisons between 2024 and 2023 can be found in Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K.

Executive Overview

2025 was another record year for the Company with operating income up 52% and AOI up 10% versus 2024. We saw demand for live experiences growing across the globe, notably in our international markets, with superstar acts performing to packed houses from Toronto to Taipei and from Buenos Aires to Berlin. We had our highest ever volume of stadium shows in 2025, fueling our best topline revenue in the Company’s 20-year history. Once again, our Concerts segment led our segments in terms of growth, generating $687.1 million in AOI, an increase of 30% over 2024. We added 8 million fans in 2025 and over half of our full year fan count came from markets outside the United States – the first time this has happened. Our global footprint of venues continued to expand during the year with more new club, theater, amphitheater, arena and stadium opportunities around the globe planned in 2026 and beyond.

Our overall revenue increased by $2.0 billion, or 9%, to $25.2 billion as compared to last year. The increase in revenue was $1.8 billion without the impact of changes in foreign exchange rates. Operating income for the year improved by $426.7 million or 52%, largely from the impact of the Astroworld losses recorded in 2024. The increase in operating income was $416.0 million without the impact of changes in foreign exchange rates. Consolidated AOI for the year increased by $220.5 million, or 10%, to $2.4 billion this year.

Our event-related deferred revenue balance increased by $698.7 million, or 21%, to $4.0 billion as of December 31, 2025 compared to December 31, 2024. This, coupled with current ticket sales for 2026, which are up 10% versus the same point in 2025, suggests ongoing strong demand for concerts, making us confident in our continued success in the year ahead.

For the year, we experienced favorable foreign currency translation impacts of $199.0 million on revenues and $10.7 million on operating income. The majority of the favorable impact came from the Euro and British Pound, partially offset by the Mexican and Argentinian Pesos.

All of the segment financial comments below are based on reported foreign currency exchange rates.

Our Concerts segment revenue for the year increased by $1.8 billion, or 10% compared to 2024, from $19.0 billion to $20.9 billion. Approximately 159 million fans attended our shows in the year, our largest annual fan count ever, compared to approximately 151 million last year, for growth of 8 million or 5%. The growth was focused in our international markets, most notably in Europe, Mexico and Asia. Growth in stadium content drove fan count increases in nearly all of our markets, hitting an all-time high. Some of the larger acts touring globally in the year included Shakira, Kendrick Lamar, The Weeknd and Oasis, reflecting the global diversified base of the industry.

Concerts AOI for the year increased by $157.3 million, or 30%, compared to 2024, from $529.7 million to $687.1 million. Our ancillary revenue spending at our United States amphitheater shows was over $45 per fan for the year, with onsite spend growing by 6%. On the venue front, we had several notable developments. We opened Rogers Stadium in Toronto, which hosted nearly 700 thousand fans over the summer with even more shows and more fans planned in 2026. After extensive renovations, we also re-opened an arena in Hamilton, Ontario Canada as TD Coliseum with Paul McCartney headlining the venue’s first show. Our first venue in South America, the Vive Claro stadium in Bogota, Colombia opened in August 2025 with capacity for 40 thousand fans per show. Finally, two new amphitheaters and one large indoor/outdoor theater opened in the United States.

29

Our Ticketing segment revenue for the year increased by $92.5 million, or 3%, compared to 2024, from $3.0 billion to $3.1 billion. Ticketing AOI for the year was $1.1 billion, up 1% compared to our 2024 results. We sold 346 million fee-bearing tickets in 2025 compared to 340 million tickets last year, up 6 million tickets or 2%. Concerts fee-bearing tickets were up 4% while we saw reductions in the Sports, Arts and Family categories. Secondary tickets remain a small portion of our fee-bearing business and we continued to invest to align with artist and fans’ interest. Fee-bearing GTV for the year was $37.1 billion, up $2.1 billion, or 6% compared to 2024. Again, concerts led this favorability, growing GTV by 9% where our other sales genres saw an overall drop in GTV. The year also ended on a positive note with the fourth quarter coming in as our highest quarter ever for reported ticket sales and GTV. It was our second highest quarter ever for transacted ticket sales and GTV, fueled by record stadium sales in our international markets for 2026 events. This resulted in our highest fourth quarter deferred revenue for Ticketing.

We signed 27.0 million net new tickets in 2025, of which 20.5 million, or roughly 75%, are from clients outside of North America, highlighting the significance of our international operations and our global expansion opportunity. This gives us confidence that our ticketing platforms’ features and functionalities will continue to fuel growth going forward.

Our Sponsorship & Advertising segment revenue for the year increased by $134.2 million, or 11%, compared to 2024 from $1.2 billion to $1.3 billion. Sponsorship & Advertising AOI increased by $81.4 million, or 11%, compared to 2024, from $763.8 million to $845.2 million. The increase was largely driven by the United States, Latin America and Europe. Naming rights and other innovative deals attached to our new venues drove venue sponsorship up 15% year-over-year. New and expanded digital platform integrations further drove United States sponsorship growth while multiple Europe markets were successful in scaling high impact partnerships and bundled programs. Latin America saw growth from our new arena, Vive Claro, and a full-year of Estadio GNP.

We are optimistic about the long-term potential of our Company and remain focused on the key elements of our business model: expanding our global platforms to connect artists and fans.

30

Consolidated Results of Operations

[[GREPCENT_TABLE]]
[["","Year Ended December 31,","","% Change 2025 vs 2024","","% Change 2024 vs 2023"],["","2025","","2024","","2023"],["","As Reported","","Currency Impacts","","Constant Currency*","","As Reported","","As Reported","","As Reported","","Constant Currency*","","As Reported"],["","(in thousands)"],["Revenue","$","25,201,406","","","$","(198,971)","","","$","25,002,435","","","$","23,155,625","","","$","22,726,317","","","9%","","8%","","2%"],["Operating expenses:"],["Direct operating expenses","18,763,356","","","","","","","17,380,866","","","17,290,718","","","8%","","","","1%"],["Selling, general and administrative expenses","4,091,759","","","","","","","4,043,712","","","3,516,979","","","1%","","","","15%"],["Depreciation and amortization","638,872","","","","","","","549,923","","","516,797","","","16%","","","","6%"],["Gain on disposal of operating assets","(18,528)","","","","","","","(11,015)","","","(13,927)","","","68%","","","","(21)%"],["Corporate expenses","474,730","","","","","","","367,629","","","330,817","","","29%","","","","11%"],["Operating income","1,251,217","","","(10,746)","","","1,240,471","","","824,510","","","1,084,933","","","52%","","50%","","(24)%"],["Operating margin","5.0%","","","","5.0%","","3.6%","","4.8%"],["Interest expense","316,033","","","","","","","325,974","","","350,244"],["Loss on extinguishment of debt","780","","","","","","","2,563","","","18,504"],["Interest income","(150,445)","","","","","","","(156,254)","","","(237,818)"],["Equity in losses (earnings) of nonconsolidated affiliates","(3,206)","","","","","","","16,675","","","5,455"],["Other expense (income), net","57,528","","","","","","","(103,874)","","","35,274"],["Income before income taxes","1,030,527","","","","","","","739,426","","","913,274"],["Income tax expense (benefit)","339,787","","","","","","","(391,698)","","","209,476"],["Net income","690,740","","","","","","","1,131,124","","","703,798"],["Net income attributable to noncontrolling interests","194,768","","","","","","","234,837","","","146,905"],["Net income attributable to common stockholders of Live Nation","$","495,972","","","","","","","$","896,287","","","$","556,893"]]
[[/GREPCENT_TABLE]]

________

[[GREPCENT_TABLE]]
[["*","Constant currency is a non-GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period\u2019s currency exchange rates and the comparable prior period\u2019s 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."]]
[[/GREPCENT_TABLE]]

Revenue

Revenue increased $2.0 billion during the year ended December 31, 2025 as compared to the prior year driven by increased revenue in our Concerts segment of $1.8 billion, Ticketing segment of $92.5 million and Sponsorship & Advertising segment of $134.2 million as further discussed within each segment’s operating results.

31

Operating income

Operating income increased $426.7 million during the year ended December 31, 2025 as compared to the prior year primarily driven by increased operating income in our Concerts segment of $467.5 million and Sponsorship & Advertising segment of $81.6 million. These were partially offset by higher certain acquisition expenses of $87.6 million, as further discussed within each segment’s operating results.

Other expense (income), net

For the year ended December 31, 2025, we had other expense, net of $57.5 million, which primarily consisted of net foreign exchange rate losses of $61.1 million. For the year ended December 31, 2024, we had other income, net of $103.9 million, which primarily includes mark to market adjustments for certain investments in nonconsolidated affiliates of $99.2 million.

Income taxes

For the year ended December 31, 2025, we had a net tax expense of $339.8 million on income before income taxes of $1.0 billion compared to a net tax benefit of $391.7 million on income before income taxes of $739.4 million for 2024. In 2025, the net income tax expense consisted of $49.0 million of tax expense related to United States federal income taxes, $277.3 million of tax expense related to foreign entities and $13.5 million of tax expense related to state and local income taxes. The net increase in tax expense of $731.5 million is primarily related to the release of valuation allowances in 2024, due

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/LYV/mda/fy2025/
All MD&A years: /company/LYV/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/LYV/mda/fy2024/): filed 2025-02-21; accession 0001335258-25-000028 (https://www.sec.gov/Archives/edgar/data/1335258/000133525825000028/lyv-20241231.htm)
- [FY 2023 MD&A](/company/LYV/mda/fy2023/): filed 2024-02-22; accession 0001335258-24-000017 (https://www.sec.gov/Archives/edgar/data/1335258/000133525824000017/lyv-20231231.htm)
- [FY 2022 MD&A](/company/LYV/mda/fy2022/): filed 2023-02-23; accession 0001335258-23-000014 (https://www.sec.gov/Archives/edgar/data/1335258/000133525823000014/lyv-20221231.htm)
- [FY 2021 MD&A](/company/LYV/mda/fy2021/): filed 2022-02-23; accession 0001335258-22-000019 (https://www.sec.gov/Archives/edgar/data/1335258/000133525822000019/lyv-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7900 Services-Amusement & Recreation Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/LYV.md · JSON record: /company/LYV.json · verified financials: /company/LYV/financials.json / /company/LYV/financials.csv · machine TOC for the whole site: /llms.txt