Live Nation Entertainment, Inc. (LYV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.57	$1.05	+84.2%	—	$7.7B	—
Q1 26	-$0.32	-$1.85	-478.1%	—	$3.8B	—
Q4 25	-$1.05	-$1.06	-1.0%	—	$6.3B	—
Q3 25	$1.49	$0.73	-51.0%	—	$8.5B	—
Q2 25	$1.02	$0.41	-59.8%	—	$7B	—
Q1 25	-$0.16	-$0.32	-100.0%	—	$3.4B	—
Q4 24	-$1.05	$1.39	+232.4%	—	$5.7B	—
Q3 24	$1.67	$1.89	+13.2%	—	$7.7B	—
Q2 24	$1.08	$1.53	+41.7%	—	$6B	—
Q1 24	-$0.14	$0.6	+528.6%	—	$3.8B	—
Q4 23	-$0.94	-$1.02	-8.5%	—	$5.8B	—
Q3 23	$1.27	$1.78	+40.2%	—	$8.2B	—
Q2 23	$0.63	$1.02	+61.9%	—	$5.6B	—
Q1 23	-$0.42	-$0.25	+40.5%	—	$3.1B	—
Q4 22	-$0.92	-$0.87	+5.4%	—	$4.3B	—
Q3 22	$1.03	$1.39	+35.0%	—	$6.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.24	—	—	$25.2B	—
FY24	—	$2.77	—	—	$23.2B	—
FY23	—	$1.38	—	—	$22.7B	—
FY22	—	$0.66	—	—	$16.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.8B	$9.7B	$10.8B	$11.5B	$1.9B	$6.3B	$16.7B	$22.7B	$23.2B	$25.2B
YoY change	+8.01%	+23.8%	+11.4%	+7.05%	-83.9%	+236.8%	+166.1%	+36.4%	+1.79%	+8.83%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.8B	9.7B	10.8B	11.5B	1.9B	6.3B	16.7B	22.7B	23.2B	25.2B
Cost of revenue	5.6B	7.2B	8B	8.5B	1.4B	4.4B	12.3B	17.3B	17.3B	18.8B
Gross profit	2.2B	2.5B	2.8B	3.1B	458.8M	1.9B	4.3B	5.5B	5.8B	6.4B
Gross margin	27.9%	25.9%	26.1%	26.7%	24.6%	30.5%	26%	24%	25.2%	25.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.5B	1.9B	2B	2.1B	1.5B	1.7B	3B	3.6B	4.1B	4.1B
Operating expenses	1.7B	2B	2.2B	2.3B	1.6B	1.9B	3.2B	3.9B	4.5B	4.6B
Operating income	195.1M	90.4M	282.9M	322.5M	-1.7B	-410.1M	701M	1.1B	813.5M	1.2B
Operating margin	2.49%	0.93%	2.62%	2.79%	-88.8%	-6.54%	4.2%	4.63%	3.51%	4.89%
Non-operating income, net	-42.8M	2.2M	-19.8M	5.7M	11.1M	74.6M	5.3M	-45.6M	95.7M	-36.6M
Pretax income	48.3M	-9.4M	131.1M	185.1M	-1.9B	-611.3M	505.4M	894.5M	739.4M	1B
Income tax	28M	-17.2M	40.8M	66.9M	-28.9M	-2.5M	96.3M	160.2M	-391.7M	339.8M
Net income	20.3M	7.8M	90.3M	118.2M	-1.8B	-608.8M	409.2M	734.3M	1.1B	-54.8M
Net margin	0.26%	0.08%	0.84%	1.02%	-98.2%	-9.71%	2.45%	3.23%	4.88%	-0.22%
EBITDA	487.6M	469.6M	669M	783.1M	-1.1B	11.7M	1.2B	1.8B	1.7B	2B
EPS	-0.23	-0.48	-0.09	-0.02	-8.12	-3.09	0.66	1.38	2.77	-0.24
Diluted EPS	-0.23	-0.48	-0.09	-0.02	-8.12	-3.09	0.64	1.37	2.74	-0.24

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	8.2B	5.8B	3.8B	6B	7.7B	5.7B	3.4B	7B	8.5B	6.3B	3.8B	7.7B
Cost of revenue	6.3B	4.7B	2.6B	4.4B	5.8B	4.5B	2.3B	5.2B	6.4B	4.9B	2.5B	5.7B
Gross profit	1.9B	1.2B	1.2B	1.6B	1.9B	1.2B	1.1B	—	—	—	—	1.9B
Gross margin	22.8%	19.8%	30.3%	26.8%	24.5%	21%	33.3%	—	—	—	—	25.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	974.1M	1B	981.6M	926.2M	1B	1.2B	778.9M	1B	1B	1.3B	961.5M	1.1B
Operating expenses	1.1B	1.1B	1.1B	1B	1.1B	1.3B	865.2M	1.2B	1.1B	1.4B	1.5B	1.2B
Operating income	652.1M	-87M	-37.2M	465M	635.6M	-245.1M	112.6M	485.8M	777.6M	-143.3M	-376.5M	513.4M
Operating margin	8%	-1.49%	-0.98%	7.72%	8.31%	-4.31%	3.33%	6.93%	9.15%	-2.27%	-9.93%	6.7%
Non-operating income, net	-12.3M	-26.1M	77.8M	26.9M	2.2M	-11.3M	-272K	-31.3M	-4.2M	-896K	15.5M	59.7M
Pretax income	631.7M	-143M	3.2M	456.4M	585.9M	-301.2M	66M	420.4M	729.8M	-185.7M	-412.1M	518.6M
Income tax	50.3M	38.9M	35.4M	80.2M	70.2M	-583.1M	19.7M	117.6M	251.8M	-49.4M	-32.1M	115.7M
Net income	581.4M	-181.9M	-32.2M	376.2M	515.7M	281.9M	46.3M	302.7M	478M	-136.3M	-380M	402.9M
Net margin	7.13%	-3.12%	-0.85%	6.25%	6.74%	4.96%	1.37%	4.32%	5.62%	-2.16%	-10%	5.25%
EBITDA	847M	79.2M	215.8M	673.3M	806.9M	14.9M	293.6M	650.6M	960.9M	62.6M	-158.3M	795.8M
EPS	2.01	—	-0.53	1.05	1.72	—	-0.32	0.41	0.74	—	-1.85	1.06
Diluted EPS	1.93	—	-0.53	1.03	1.66	—	-0.32	0.41	0.73	—	-1.85	1.05

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.4B	8.7B	10.2B	15B	15.6B	26B	15.7B	21.4B	29.8B	33B	40B
Enterprise value	6.2B	9.2B	10.7B	17.3B	19.5B	28.6B	17.8B	23.6B	32B	36.3B	43.8B
Shares outstanding	202.1M	204.9M	207.4M	210.1M	212.3M	217.2M	224.8M	228.6M	230.1M	231.8M	231.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	264.8	1.1K	113.1	127	—	—	38.3	29.1	26.3	—	117.5
P/S	0.69	0.9	0.95	1.3	8.38	4.15	0.94	0.94	1.29	1.31	1.53
P/B	3.17	5.25	6.11	7.85	112.5	71.5	20.5	14.5	15.3	18.2	484.6
EV/EBITDA	12.6	19.6	15.9	22.2	-17.1	2.5K	14.8	13.4	18.7	18.5	28.2
EV/Sales	0.79	0.95	0.99	1.5	10.5	4.56	1.07	1.04	1.38	1.44	1.67
Earnings yield	0.38%	0.09%	0.88%	0.79%	—	—	2.61%	3.43%	3.8%	—	0.85%
FCF yield	7.79%	4.29%	6.52%	0.69%	-8.37%	6.23%	9.43%	4.18%	3.52%	0.92%	4.23%
PEG	—	—	—	—	—	—	—	—	—	—	0.74

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	27.9%	25.9%	26.1%	26.7%	24.6%	30.5%	26%	24%	25.2%	25.5%	25.3%
Operating margin	2.49%	0.93%	2.62%	2.79%	-88.8%	-6.54%	4.2%	4.63%	3.51%	4.89%	6.7%
Net margin	0.26%	0.08%	0.84%	1.02%	-98.2%	-9.71%	2.45%	3.23%	4.88%	-0.22%	0.51%
ROE	1.2%	0.47%	5.4%	6.18%	-1.3K%	-167.5%	53.6%	49.6%	58.1%	-3.01%	17.7%
ROA	0.3%	0.1%	1.06%	1.08%	-17.3%	-4.23%	2.49%	3.85%	5.76%	-0.24%	2.1%
ROIC	3.3%	4.23%	9.21%	4.85%	-40.7%	-14%	19.9%	23.4%	19.7%	16.1%	10.7%
Return on tangible assets	2.23%	0.43%	3.24%	2.63%	-47.1%	-9.47%	4.78%	6.92%	9.7%	-0.39%	1.93%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.09	0.88	1.03	1.02	0.96	0.97	0.98	0.96	0.99	1	0.85
Quick ratio	1.08	0.88	1.02	1.02	0.96	0.97	0.98	0.96	0.99	0.99	0.85
Debt / equity	1.36	1.38	1.68	2.51	46.6	20.5	10.1	5.7	4.25	5.72	6.2
Debt / assets	0.34	0.31	0.33	0.44	0.61	0.52	0.47	0.44	0.42	0.45	0.4
Net debt / EBITDA	1.61	1.01	0.66	2.98	-3.43	220.9	1.74	1.25	1.28	1.68	1.33
Interest coverage	1.45	0.91	1.93	2.18	-7.19	-1.16	2.82	3.55	3.27	4.26	2.85
Effective tax rate	58%	0%	31.1%	36.1%	0%	0%	19%	17.9%	0%	33%	44%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	38.7	47.3	52	55	8.77	28.9	74.2	99.5	100.6	108.7	113.1
EPS (basic)	-0.23	-0.48	-0.09	-0.02	-8.12	-3.09	0.66	1.38	2.77	-0.24	-0.24
EPS (diluted)	-0.23	-0.48	-0.09	-0.02	-8.12	-3.09	0.64	1.37	2.74	-0.24	-1.11
Book value per share	8.4	8.11	8.06	9.11	0.65	1.67	3.4	6.48	8.45	7.85	0.36
FCF per share	2.07	1.83	3.21	0.49	-6.15	7.46	6.58	3.92	4.56	1.32	5.63
Cash per share	7.55	8.91	11.4	11.8	12	22.5	24.9	27.3	26.5	30.6	38.9
Capex per share	0.86	1.16	1.16	1.54	1.01	0.7	1.54	1.92	2.9	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.22%	2.46%	2.22%	2.8%	11.5%	2.44%	2.08%	1.93%	2.88%	—	—
Capex / operating cash flow	26.2%	28.5%	20.5%	54%	-16.6%	8.53%	17%	29.3%	36.4%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$8.2B	$5.8B	$3.8B	$6B	$7.7B	$5.7B	$3.4B	$7B	$8.5B	$6.3B	$3.8B	$7.7B
YoY change	+32.5%	+36.1%	+21.5%	+6.97%	-6.17%	-2.69%	-11%	+16.3%	+11.1%	+11.1%	+12.1%	+9.42%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.5B	1.8B	2.4B	2.5B	2.5B	4.9B	5.6B	6.2B	6.1B	7.1B
Receivables	568.9M	725.3M	829.3M	994.6M	486.7M	1.1B	1.5B	2.1B	1.7B	2B
Inventory	15.1M	17.5M	12.6M	16.1M	22M	33.8M	38.7M	45.1M	50.1M	56.6M
Total current assets	2.7B	3.2B	3.8B	4.2B	3.6B	6.7B	8.2B	9.6B	9.3B	11B
Property, plant & equipment	751.5M	885.9M	946.6M	2.5B	2.5B	2.6B	3.1B	3.7B	4.1B	5.3B
Goodwill & intangibles	5.9B	5.7B	5.7B	6.5B	6.7B	8B	7.9B	8.5B	8B	8.7B
Total assets	6.8B	7.5B	8.5B	11B	10.6B	14.4B	16.5B	19.1B	19.6B	22.9B
Accounts payable	781.5M	1B	1.1B	1.1B	830.5M	1.6B	2B	2.1B	2.1B	2.2B
Short-term debt	53.3M	347.6M	82.1M	159.7M	160.6M	709M	760.3M	1.3B	414.3M	755.4M
Total current liabilities	2.5B	3.6B	3.7B	4.1B	3.8B	6.9B	8.3B	10B	9.4B	11B
Long-term debt	2.3B	2B	2.7B	4.6B	6.3B	6.8B	6.9B	7.1B	7.9B	9.6B
Total liabilities	5.1B	5.8B	6.8B	9.1B	10.5B	14B	15.7B	17.6B	17.7B	21.1B
Shareholders' equity	1.7B	1.7B	1.7B	1.9B	138.7M	363.5M	763.6M	1.5B	1.9B	1.8B
Total debt	2.3B	2.3B	2.8B	4.8B	6.5B	7.5B	7.7B	8.4B	8.3B	10.4B
Net debt	786.5M	474.6M	443.5M	2.3B	3.9B	2.6B	2.1B	2.2B	2.2B	3.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.9B	6.2B	6.5B	6.4B	5.5B	6.1B	7.2B	7.1B	6.8B	7.1B	9.1B	9.1B
Receivables	2.5B	2.1B	2.3B	2.5B	2.7B	1.7B	1.9B	2.5B	2.6B	2B	2B	2.9B
Inventory	—	45.1M	—	—	—	50.1M	—	—	—	56.6M	—	—
Total current assets	10B	9.6B	10.4B	10.7B	9.8B	9.3B	11.1B	11.8B	11.3B	11B	13.6B	15B
Property, plant & equipment	3.5B	3.7B	3.7B	3.8B	4B	4.1B	4.4B	4.7B	4.9B	5.3B	5.6B	5.8B
Goodwill & intangibles	8.3B	8.5B	8.5B	8.3B	8.2B	8B	8.2B	8.6B	8.5B	8.7B	8.7B	9.3B
Total assets	19.1B	19.1B	20B	20.5B	19.7B	19.6B	21.8B	23.2B	22.9B	22.9B	26.1B	28.2B
Accounts payable	2B	2.1B	2.1B	2.1B	2.4B	2.1B	2.3B	2.5B	2.8B	2.2B	2.2B	2.3B
Short-term debt	200.9M	1.3B	1.3B	1.3B	749.1M	414.3M	631.5M	1.6B	1.4B	755.4M	1.8B	3B
Total current liabilities	8.8B	10B	11.3B	11.6B	9.7B	9.4B	11.5B	13.5B	12.3B	11B	15.4B	17.6B
Long-term debt	8.2B	7.1B	6.7B	6.7B	7.4B	7.9B	7.7B	6.8B	8B	9.6B	8.8B	8.3B
Total liabilities	17.4B	17.6B	18.6B	18.9B	17.8B	17.7B	19.7B	20.8B	20.9B	21.1B	24.6B	26.4B
Shareholders' equity	1.7B	1.5B	1.5B	1.6B	2B	1.9B	2.1B	2.3B	2B	1.8B	1.4B	1.8B
Total debt	8.4B	8.4B	8B	8B	8.2B	8.3B	8.3B	8.4B	9.4B	10.4B	10.6B	11.3B
Net debt	2.5B	2.2B	1.5B	1.6B	2.7B	2.2B	1.1B	1.4B	2.6B	3.3B	1.5B	2.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	20.3M	7.8M	90.3M	118.2M	-1.8B	-608.8M	409.2M	734.3M	1.1B	690.7M
Depreciation & amortization	318.6M	372.2M	386.5M	444M	485M	416.3M	450M	516.8M	549.9M	638.9M
Stock-based compensation	32.7M	42.8M	45.6M	48.8M	116.9M	209.3M	110M	116M	110.3M	155.2M
Change in working capital	211.9M	368.1M	532.6M	-117.4M	-62.2M	1.7B	905.8M	42.8M	673.3M	55.6M
Operating cash flow	663.9M	835.8M	1.2B	599.3M	-1.3B	1.8B	2B	1.5B	1.8B	1.4B
Capital expenditure	-173.8M	-238.4M	-239.8M	-323.6M	-213.7M	-152.7M	-347.2M	-438.6M	-666.6M	—
Investing cash flow	-420.2M	-316.6M	-461.3M	-648.7M	-215.2M	-559.9M	-778.6M	-659.2M	-845.8M	-136.1M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	-23.5M
Financing cash flow	78.9M	-178.2M	166.2M	314.8M	1.3B	1.1B	-179.1M	-106.5M	-684.6M	401.4M
Net change in cash	322.6M	341.1M	874.8M	265.4M	-183.9M	2.4B	1.1B	729.4M	299.4M	1.7B
Free cash flow	418.7M	374.1M	666.1M	104M	-1.3B	1.6B	1.5B	895.5M	1.1B	305M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	553.7M	-181.9M	-32.2M	386.7M	515.7M	281.9M	46.3M	302.7M	478M	-136.3M	-380M	402.9M
Depreciation & amortization	130.7M	134.4M	132.6M	137.7M	137M	142.6M	149.5M	159M	165.6M	164.8M	169.3M	188.5M
Stock-based compensation	30.6M	30.1M	31.4M	28.3M	25.7M	24.9M	24.6M	61.5M	40.8M	28.3M	32.8M	62M
Change in working capital	-2B	291.5M	1.3B	181.9M	-1.7B	940M	1.6B	-158.3M	-1.2B	-206M	3.3B	150.7M
Operating cash flow	-1.2B	267.6M	1.4B	716.5M	-1.1B	727.2M	1.9B	223.5M	-95.7M	-53.7M	2.3B	419.3M
Capital expenditure	-102.4M	-133.7M	-134.1M	-199.6M	-158.1M	-174.9M	-191.6M	—	—	—	—	—
Investing cash flow	-163.2M	-231.8M	-159M	-270M	-200M	-211.4M	-217.4M	-31.7M	-64.8M	-13.9M	-108.8M	-169.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-31.9M	-143.1M	-480.1M	-175.7M	-56M	27.2M	-175.8M	-326.1M	174.1M	752.8M	116.7M	186.3M
Net change in cash	-1.4B	-107.4M	795.7M	270.9M	-1.3B	543M	1.5B	-134.3M	13.6M	685.2M	2.3B	435.7M
Free cash flow	-996.1M	474.6M	843.1M	218.7M	-887.4M	870.1M	1.1B	-39.9M	-371.3M	-413.5M	2B	129.7M

Live Nation Entertainment, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement