01—Abstract
Summary
Summary of the 10-Q filed May 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Live Nation Entertainment, Inc. (LYV) reported first-quarter 2026 revenue of $3.79 billiona, up from $3.38 billion a year earlier, with growth in all three segments: Concerts ($2.78 billion), Ticketing ($765.0 million) and Sponsorship & Advertising ($258.6 million).
However, the company posted an operating loss of $370.5 millionb and a net loss attributable to common stockholders of $389.1 million (loss per share of $1.85), driven primarily by a $450 million charge within selling, general and administrative expenses for Governmental Investigations and Litigation. That charge reflects the company's best estimate of the ultimate loss associated with settling states and a jury damages award in the Department of Justice antitrust case, after the jury returned a verdict for the Litigating States on April 15, 2026. Consolidated AOI, a non-GAAP measure, rose to $370.979 million from $341.051 million.
Balance sheet and cash flow figures show cash and cash equivalents of $9.08 billionc at March 31, 2026, up from $7.09 billion at year-end 2025, largely reflecting deferred revenue growth to $7.41 billion. Operating cash flow was $2.34 billion versus $1.32 billion a year earlier. Total equity fell to $481.8 million from $894.4 million, and Live Nation stockholders' equity turned negative at $(139.4) million.
Total debt, net of discounts, was $8.51 billiond, and the 2029 convertible notes are classified as current because holders may surrender them during the April 1 to June 30, 2026 window. Capital expenditures were $249.3 million in the quarter, and the company expects $1.1 to $1.2 billion for 2026.
After quarter-end, on April 30, 2026, VenueCo agreed to issue €610 million of fixed-rate, non-recourse senior secured notes secured by four venues, with closing expected around May 8, 2026. The company also said the FTC lawsuit is at the motion-to-dismiss stage and that it does not believe a loss is probable at this time.
02—Key points
Key Highlights
- Revenue rose 12% to $3.79 billion on a reported basis (9% at constant currency), with Concerts up $291.5 million, Ticketing up $70.3 million and Sponsorship & Advertising up $42.5 million.
- Operating loss of $370.5 million versus operating income of $114.8 million a year earlier, primarily due to the $450 million Governmental Investigations and Litigation charge recorded in Corporate expenses.
- Net loss attributable to common stockholders of $389.1 million, or $(1.85) per share, compared with net income of $23.2 million in the prior-year quarter.
- Consolidated AOI of $371.0 million, up from $341.1 million, a non-GAAP measure the company uses to evaluate segment performance.
- Total equity declined to $481.8 million, and Live Nation stockholders' equity was negative at $(139.4) million, after the net loss and accretion of redeemable noncontrolling interests.
- Deferred revenue of $7.41 billion (up from $4.46 billion at year-end 2025) contributed to operating cash flow of $2.34 billion and cash and cash equivalents of $9.08 billion.
- Subsequent event: on April 30, 2026, VenueCo agreed to issue €610 million of senior secured notes backed by four venues, with closing expected around May 8, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 5, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $3.79B$3.38B | +12.1% |
| SG&A Expenses | $961.52M$778.92M | +23.4% |
| Operating Income | -$370.52M$114.77M | −422.8% |
| Interest Expense | $90.52M$80.34M | +12.7% |
| Net Income | -$389.10M$23.20M | −1777.0% |
| EPS (Basic) | $-1.85$-0.32 | −478.1% |
| EPS (Diluted) | $-1.85$-0.32 | −478.1% |
| Shares Outstanding (Basic) | 232.40M231.22M | +0.5% |
| Shares Outstanding (Diluted) | 232.40M231.22M | +0.5% |
05—Questions
Frequently Asked Questions
What drove the swing to an operating loss in the first quarter of 2026?
The company recorded $450 million for Governmental Investigations and Litigation within selling, general and administrative expenses, which management describes as its best estimate of the ultimate loss associated with the Settling States and the jury's damages award in the DOJ antitrust case. This charge is recorded in Corporate expenses, which rose to $560.3 million from $86.2 million.
What is the status of the DOJ antitrust litigation?
The U.S. settled through a binding term sheet that provides injunctive and structural relief and a $280 million settlement fund for state damages and civil penalties; six additional states settled for approximately $18.6 million. The Tunney Act requires court approval, which is not assured. On April 15, 2026, a jury returned a verdict for the remaining Litigating States, including damages measured per ticket sold without a ticket count. The company intends to pursue post-trial motions and possibly an appeal to the Second Circuit.
How much debt does the company carry, and what near-term maturities are notable?
Total principal debt was $8.58 billion at March 31, 2026, with $8.51 billion net of discounts and issuance costs. Current debt of $1.80 billion includes the full principal of the 3.125% convertible senior notes due 2029, which holders may surrender during the April 1 to June 30, 2026 window. The company reports a weighted-average cost of debt of 4.2% and approximately 83.3% of debt at fixed rates.
What is the outlook for the rest of 2026?
Management said early in the second quarter, ticket sales for events playing off in calendar 2026 are pacing up high single-digits year over year, and event-related deferred revenue is up double-digits. Event-related deferred revenue was $6.6 billion at March 31, 2026, up $1.2 billion or 22% from a year earlier. The company expects 2026 capital expenditures of $1.1 billion to $1.2 billion.
Why did cash rise so much despite the net loss?
Operating cash flow of $2.34 billion was driven mainly by a $2.98 billion increase in deferred revenue, reflecting ticket sales received in advance of events. Cash and cash equivalents reached $9.08 billion, of which $1.8 billion is client cash that must be remitted to ticketing clients, so this cash is not fully available to the company.
06—Continue