Nov 5, 2026, 4:17 PM ETCommunication Services

Live Nation Entertainment — Third Quarter 2026 Earnings Summary

LYVLIVE NATION ENTERTAINMENT INC

Financial Performance

Consolidated revenue reached $10.1 billion for Q3 2026, a 19% increase year-over-year compared to $8.5 billion in Q3 2025.
Operating income was $892 million, up 13% from $792.5 million in the prior year period.
Adjusted Operating Income (AOI) totaled $1.18 billion, representing a 14% increase year-over-year.
Global fan attendance grew 19% to 61 million in Q3 2026.
Fee-bearing tickets reached 98 million, up 10%, with fee-bearing Gross Transaction Value (GTV) of $11.2 billion, up 13%.
International markets drove 60% of total fan growth, with attendance up 29%, and contributed 75% of fee-bearing ticket growth.
Record event-related deferred revenue of $3.8 billion was reported for Q3 2026, up 8% year-over-year.
Year-to-date operating cash flow was $2.1 billion, up 45%, while free cash flow—adjusted was $1.6 billion, up 25%.
AOI to free cash flow—adjusted conversion was 69% year-to-date, up from 60% in the prior year.
Year-to-date capital expenditures totaled $722 million, with $800 million directed toward venue expansion and improvement.
Net interest expense is expected to be approximately $280 million for the full year.
Income tax expense is expected to be 15–20% of AOI for the full year.

Full-year 2026 fan attendance is expected to approach 180 million, delivering double-digit growth.
Venue Nation attendance is now expected to exceed 75 million for the full year, up more than 15% year-over-year.
The company expects to deliver double-digit AOI growth for the full year across all three segments.
Full-year AOI growth for Ticketing is now expected to be up high single-digits.
Sponsorship AOI is on track to grow double-digits for the full year.
Depreciation and amortization is expected to grow 12–15% for the full year.
Corporate/Other and Eliminations expense is expected to increase in line with AOI growth.
Full-year foreign exchange benefit is projected to be reduced by approximately $20 million compared to mid-year estimates.
Noncontrolling interest expense is expected to be approximately $325 million for the full year.
Accretion expense is projected to be one-third of the prior year's level.
2026 share count is not expected to change materially from 2025.

Concerts: Revenue was $8.7 billion, up 20%, with AOI of $603 million, up 17%. North American attendance grew 13%, driven by stadiums and amphitheaters, while international attendance grew 29%.
Venue Nation: Hosted 26 million fans in Q3, up 17%. Arenas outside the U.S. are expected to deliver 75% of owned or operated fan growth at large venues for the full year. On track to open or acquire 10 large venues (over 3,000 capacity) by year-end, expected to deliver over 5 million fans this year.
Sponsorship & Advertising: Revenue was $506 million, up 14%, with AOI of $350 million, up 12%. International sponsorship AOI surpassed North America for the quarter.
Ticketing: Revenue was $870 million, up 9%, with AOI of $316 million, up 10%. Secondary ticket GTV was flat. Net new ticketing agreements added 23 million tickets, with over 70% from international markets.
VIP and Upselling: At U.S. amphitheaters, upgrade purchases and VIP revenue per ticket grew double-digits, while value menu unit sales more than doubled. Onsite spending at European arenas grew double-digits.

International markets surpassed the U.S. in both concert attendance and sponsorship revenue year-to-date.
Ticket sales for 2026 shows reached approximately 170 million through late October, up 13% and exceeding full-year 2025 sales.
Stadium, arena, and amphitheater fan counts were each up mid-teens or higher.
Concerts accounted for 95% of fee-bearing ticket growth, benefiting from successful early 2027 on-sales.
Sell-through rates are ahead of last year, while cancellation rates are pacing below year-to-date levels.
September marked an all-time monthly high for amphitheater attendance and number of shows.
Ticket sales exceeded prior-year levels every month of 2026 through October.

Forward-looking statements caution that actual results could differ due to operational challenges in achieving strategic objectives, market evolution risks, potential economic slowdowns, and operational challenges associated with selling tickets and staging events.
Noncontrolling interest expense projections may be further impacted by mark-to-market revaluations of investments.
The company references its SEC filings for additional risk factors, including those detailed in "Item 1A. Risk Factors" of the most recent Form 10-K and Form 10-Q.

CEO Michael Rapino stated that in a world of AI-generated content, "being there" remains irreplicable, noting artists are reaching more fans in more places than ever.
Management expressed confidence in delivering another record year and sustaining double-digit growth for years to come.
Rapino highlighted that international markets are a "powerful sign of how global live music has become," with international sponsorship AOI surpassing North America.
The tone emphasized strong consumer priority for concerts, with record attendance and sell-through rates.

In October, the company refinanced debt to extend maturities to 2031, providing financial flexibility for venue expansion.
80% of debt is fixed-rate with a weighted average cost of debt of 4.3%.
Euro-denominated debt aligns with the company's growing international business.
Approximately $200 million of venue capital expenditures is funded by joint-venture partners, sponsorship agreements, and other sources.
The company has connected artists with more than 1.5 billion fans across 55 countries since 2005.
A webcast teleconference was scheduled for November 5, 2026, at 2:00 p.m. Pacific Time to discuss results.
Supplemental statistical and financial information is available on the company's investor website.