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Edge6 Dec 2024
Master of Tickets: Breaking Down Live Nation Entertainment
Since merging in 2010, Ticketmaster and Live Nation have built an expansive ecosystem that dominates global live entertainment.
Live Nation Entertainment (LYV) investor relations material
Live Nation Entertainment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved record Q3 results with revenue of $8.5 billion, up 11% year-over-year, and operating income of $793 million, up 24%, driven by strong global demand and robust stadium performance.
Adjusted operating income (AOI) reached $1.03 billion, up 14% from the prior year, with international growth, especially in Mexico, Latin America, and Europe, contributing significantly.
Deferred revenue for future events hit record levels, rising 37% to $3.5 billion, reflecting strong advance ticket sales and consumer demand.
Record attendance, revenue, and AOI are expected to continue into next year, supported by a robust pipeline across all venue types.
International fan growth outpaced the U.S., with Europe and Mexico leading.
Financial highlights
Q3 2025 consolidated revenue: $8.5 billion (+11%); operating income: $792.5 million (+24%); AOI: $1.03 billion (+14%).
Nine-month revenue: $18.9 billion (+8%); operating income: $1.39 billion (+31%); AOI: $2.17 billion (+9%).
Q3 2025 net income: $478 million; diluted EPS: $0.73; cash and cash equivalents at September 30, 2025: $6.8 billion.
AOI for the concert segment grew by about $40 million, driven by 120 more stadium shows and increased activity in operated venues.
Sponsorship revenue grew 14% year-over-year, continuing a multi-year double-digit growth trend.
Outlook and guidance
2025 expected to be the strongest year yet, with double-digit growth in operating income and AOI, supported by a healthy show pipeline and ticket sales up double digits for next year.
2026 large venue show pipeline, sponsorship commitments, and ticket sales are all up double digits.
Margins for Concerts, Ticketmaster, and Sponsorship expected to remain consistent with last year.
Capital expenditures for 2025 projected at $1 billion, with $750 million focused on venue expansion and 85% for revenue-generating projects.
No mitigating factors identified for 2026 AOI growth, but formal guidance will be provided in February.
DOJ/FTC litigation: next steps and timeline
New debt structure and leverage outlook
Venue expansion capex funding and returns
Amphitheater/arena rebound confidence for 2026?
Scalper actions: financial impact on TM AOI?
International ticketing growth drivers and focus?
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Next Live Nation Entertainment earnings date
Investor Update5 Nov, 2025
Next Live Nation Entertainment earnings date
Investor Update5 Nov, 2025
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Frequently asked questions
An entertainment powerhouse
As the owner of both the event promoter and venue operator Live Nation, and the ticket broker platform Ticketmaster, Live Nation Entertainment is a uniquely positioned entertainment powerhouse. Their offering is, just like Spotify's, two-sided, which means they do basically everything from selling tickets to visitors to arranging and advertising the events for artists. Some of Live Nation’s competitors are Eventbrite and Vivid Seats.
An affordable live experience
Live events reached record popularity in 2022, and more artists than ever went on the road. For example, 74 individual artists sold over 250k Live Nation tickets, a result of more larger artists going on tour. Compared to 2012, this number is up more than 120 percent. And with an average ticket price of $73, concerts are an affordable experience compared to other events, such as sports, a Disney World visit, or other comparable experiences.
Live Nation sells more tickets and arranges more events than any other company in the world, by far. In fact, closer to 100 million fans worldwide visit their 40,000 concerts annually. While suffering badly during the pandemic, concerts and live events are now selling out faster than ever before. A clear sign of pent-up demand.
The world’s leading ticketing platform
Live Nation operates the world’s leading ticketing platform, Ticketmaster, annually getting over 500 million tickets in the hands of fans spread across 29 countries. The Ticketmaster platform has over 20 million MAUs and has grown its revenue beyond service fees with a CAGR of over 20 percent since 2016. A result of widening their product portfolio with, among others, enterprise tools, insurance, parking, payment integrations, travel, and upsells.
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