Live Nation Entertainment (LYV) Company Report

Live Nation expects double-digit AOI growth in 2026, driven by strong Sponsorship and Concerts performance alongside modest Ticketing improvement despite some one-time headwinds.
Sponsorship AOI is projected to grow double digits in 2026, with over 70% of the pipeline already booked.
Ticketmaster’s GTV grew 6% in 2025 (Concerts +9%, Sports & third-party –1%); underlying mid-single-digit growth is anticipated for 2026.
Concert supply for 2026 is up double digits across arenas, stadiums, and large venues, with approximately 80% of shows booked globally.
A US District Court granted summary judgment dismissing monopoly claims in promotion/booking and the national consumer ticketing market, reducing the risk of a structural breakup.

Feb 19, 2026, 10:00 PM

Transcript

Live Nation reports Q4 2025 results and 2026 outlook

LYV

Earnings

Guidance Update

Legal Proceedings

2026 AOI growth guidance: sponsorship expected to grow double digits, ticketing to see mid-single-digit underlying growth, and concerts to deliver double-digit AOI expansion, driven by over 70% sponsorship bookings and only modest headwinds in ticketing.
Robust supply pipeline: bookings for large venues and amphitheaters are ahead of 2024/2025, arenas are up double digits (U.S.-driven), and stadium shows are up double digits globally—particularly in the U.K. and Europe.
Antitrust ruling update: DOJ summary judgment dismissed monopoly claims in promotion/booking and the national consumer market, undermining breakup arguments and requiring proof of harm to venues rather than consumers.
Secondary-market reforms: broker listings on Ticketmaster cut by roughly 50% through one-broker-per-tax-ID limits, enhanced identity verification at account creation and queues, and expanded use of Face Value Exchange to give artists greater control.
Venue Nation ramp-up: pre-opening costs rose from $25 million in 2025 to $50 million in 2026; projects indicate AOI will accelerate over a 2–3-year maturity curve as fan counts and profitability per fan reach steady state.

Feb 19, 2026, 10:00 PM

Transcript

Live Nation previews double-digit AOI growth in 2026 on Q4 2025 call

LYV

Earnings

Guidance Update

Legal Proceedings

Live Nation expects double-digit AOI growth in 2026, with sponsorship up double digits (70% booked), concerts driving double-digit gains, and ticketing at mid-single-digit growth offset by one-time secondary headwinds.
Venue Nation pre-opening costs will rise to $50 million in 2026 (from $25 million in 2025), as the company scales owned/operated venues; new openings in 2025–26 and acquisitions like Italy’s ForumNet boost its global pipeline.
DOJ granted summary-judgment dismissals of promotion & booking and national consumer monopoly claims, reducing breakup risk, while FTC-driven measures have halved broker ticket listings and expanded identity-verification and face-value exchange tools to curb scalping.
The company continues international expansion, targeting under-developed arenas in key cities and executing on Arena acquisitions to improve venue capabilities and returns.

Feb 19, 2026, 10:00 PM

Transcript

Live Nation reports Q4 2025 results and 2026 outlook

LYV

Earnings

Guidance Update

Legal Proceedings

Double-digit AOI growth targeted for 2026, driven by Sponsorship (over 70% booked), modest mid-single-digit Ticketing, and double-digit Concerts growth on robust global demand and supply dynamics.
Ticketmaster’s GTV rose 6% in 2025—Concerts +9%, Sports/third-party –1%—with an expectation of accelerated growth in 2026.
Venue Nation pre-opening costs ramped from $25 million in 2025 to $50 million in 2026; full mature returns expected after 2–3 years, supported by a global arena acquisition pipeline.
DOJ summary judgment partly in Live Nation’s favor dismisses promotion/booking monopoly claims and national consumer market suit, narrowing structural-remedy risk; remaining trial to focus on venue harm.
Secondary-market measures halved broker listings via account limits, enhanced identity verification, and expanded Face Value Exchange to 100+ artists; company supports artist-centric price-cap legislation.

Feb 19, 2026, 10:00 PM

Transcript

Live Nation Entertainment reports Q4 and full-year 2025 results

LYV

Earnings

Guidance Update

New Projects/Investments

Q4 2025 revenue of $6.31 billion, up 11% YoY, and full-year 2025 revenue of $25.20 billion, up 9% vs. 2024.
FY 2025 operating income of $1.25 billion, up 52%, and adjusted operating income (AOI) of $2.37 billion, up 10%; Concerts AOI reached a record $687 million, up 30%, with margin expansion to 3.3%.
FY 2025 generated adjusted free cash flow of $1.30 billion, up double-digits, with AOI-to-free cash flow conversion expected to improve in 2026.
Early 2026 bookings include $4 billion of event-related deferred revenue (up 21%) and over 80% of large-venue shows already booked; company forecasts another year of double-digit operating income and AOI growth in 2026.

Feb 19, 2026, 9:29 PM

8-K

Live Nation reports Q4 and full-year 2025 results

LYV

Earnings

Guidance Update

Live Nation delivered full-year 2025 revenue of $25.2 billion (up 9%), operating income of $1.25 billion (up 52%) and adjusted operating income of $2.37 billion (up 10%).
In Q4 2025, revenue was $6.31 billion (up 11% reported; 9% constant currency) with AOI of $194 million (up 23% reported; 13% constant currency).
The company generated $1.3 billion of free cash flow—adjusted in 2025 (up double-digits) and expects 2026 capital expenditures of $1.1–$1.2 billion, with improved AOI-to-FCF conversion; interest expense of $280 million and tax rate of 15–20% of AOI.
Early 2026 momentum includes $4 billion of deferred revenue (up 21%), over 80% of large-venue shows booked and double-digit ticket sales growth.

Feb 19, 2026, 9:07 PM

Press Release

Live Nation reports strong FY sales and DOJ trial expected

LYV

Earnings

Guidance Update

Legal Proceedings

Live Nation’s full-year revenue rose 9% to $25.2 billion, with global attendance climbing to roughly 159 million.
Annual operating profit jumped over 50% to $1.3 billion; Q4 revenue of $6.31 billion topped expectations, as Q4 concert revenue rose 12% to $5.15 billion and operating losses narrowed 40% to $142.7 million.
Full-year net income fell to $690.7 million (loss per share of $0.24) from $1.13 billion (EPS $2.74) in 2024.
Management forecasts further operating income growth amid a deep pipeline of large-scale shows, while facing a DOJ antitrust trial next month.

Feb 19, 2026, 8:53 PM

WSJ

Live Nation to acquire Paris La Défense Arena

LYV

M&A

Live Nation signed an agreement to acquire Paris La Défense Arena, Europe’s largest indoor arena (45,000 capacity), subject to French Competition Authority approval.
The acquisition furthers Live Nation’s international expansion amid U.S. antitrust scrutiny and follows its recent planned takeover of Thailand’s Impact Arena.
Live Nation will undertake a major modernization program to lower the technical grid, speed show turnarounds, and upgrade artist and audience facilities while keeping the venue open to all promoters.
Since opening in 2017, the arena has hosted major concerts—including Taylor Swift’s 2024 Eras Tour—and international sporting events like Olympic competitions and the Rolex Paris Masters.

Jan 6, 2026, 1:34 PM

Barron's

Live Nation signs exclusive operator deal for McKinney Amphitheater

LYV

New Projects/Investments

Live Nation entered a 5-year Operator Agreement (with four 5-year renewal options) as the exclusive tenant and booking agent for VENU’s 20,000-capacity Sunset Amphitheater in McKinney, TX.
Under the deal, Live Nation will pay VENU escalating per-ticket rent, profit-share on net event profits, and parking fees, backed by annual ticket-sales targets with shortfall fees to protect revenue.
VENU retains 100% of sponsorship and naming rights, while Live Nation secures a right of first offer on venue sales, plus termination rights tied to milestone openings.
The partnership supports VENU’s plan for three new venues in 2026 and 40 by 2030, backed by equity commitments, and gives Live Nation access to premium, state-of-the-art venues without ownership costs.

Dec 12, 2025, 3:13 PM

Press Release

Live Nation Entertainment under investigation over alleged ticketing practices

LYV

Legal Proceedings

On September 18, 2025, the FTC and seven states filed a civil complaint accusing Live Nation and Ticketmaster of deceptively low pricing, misrepresenting ticket limits, and earning hundreds of millions in unlawful revenue.
The complaint alleges a broker used hundreds of accounts to purchase 9,000 tickets for a Beyoncé concert and resell 2,500 on the secondary market, generating extra fees and inflating fan prices.
Senior officers are alleged to have directed management to “turn a blind eye” to enforcement circumvention, leading to a 3% drop in Live Nation shares upon filing.
Berman Tabacco is investigating potential breaches of fiduciary duties by Live Nation’s board and officers.