01—Abstract
Summary
Summary of the 10-Q filed July 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Live Nation Entertainment, Inc. reported revenue of $7.67 billiona for the second quarter of 2026, up from $7.01 billion a year earlier, with operating income of $521.9 million versus $486.7 million.
For the six months ended June 30, 2026, revenue rose to $11.46 billionb from $10.39 billion, but operating income fell to $151.4 million from $601.4 million. The decline was driven by a $450.0 million charge recorded within Corporate expenses for Governmental Investigations and Litigation, reflecting the company's best estimate of the ultimate loss associated with the settling states and the jury's damages award in the Department of Justice antitrust case. Net income attributable to common stockholders of Live Nation was $294.4 million for the quarter but a loss of $94.7 million for the six months.
Consolidated AOI, a non-GAAP measure, rose to $817.0 millionc in the quarter from $798.4 million and to $1.19 billion for the six months from $1.14 billion. Within segments, Concerts AOI declined 14% for both the quarter and six months, which the filing attributes largely to the geographic mix of stadium shows shifting into the third quarter due to the FIFA World Cup, while Ticketing and Sponsorship & Advertising AOI grew. Fee-bearing tickets sold rose to 90.1 million in the quarter from 83.3 million.
Cash and cash equivalents increased to $9.07 billiond, while total debt principal reached $9.28 billion, including a new VenueCo financing and a $2.97 billion current portion driven by the 3.125% convertible notes due 2029 and the 6.5% senior secured notes maturing May 15, 2027. The filing states that the Company's post-trial motions are scheduled for argument on July 31, 2026, and that it intends to appeal as needed to the U.S. Court of Appeals for the Second Circuit.
The proposed settlement with the United States remains subject to court approval under the Tunney Act, and the FTC consumer protection lawsuit is at the motion-to-dismiss stage with no probable loss identified. Management states it expects Concerts to end 2026 with double-digit AOI growth and anticipates mid-single-digit AOI growth for Ticketing and double-digit AOI growth for Sponsorship & Advertising for the full year.
02—Key points
Key Highlights
- Second-quarter revenue of $7.67 billion rose from $7.01 billion, with Concerts revenue up $498.0 million, Ticketing up $109.5 million, and Sponsorship & Advertising up $42.4 million.
- Six-month operating income fell to $151.4 million from $601.4 million, primarily due to a $450.0 million charge for Governmental Investigations and Litigation recorded in Corporate expenses.
- Net loss attributable to common stockholders was $94.7 million for the six months, compared with net income of $266.6 million a year earlier; quarterly net income attributable to common stockholders was $294.4 million.
- Consolidated AOI increased to $817.0 million in the quarter and $1.19 billion for the six months, though Concerts AOI declined 14% in both periods.
- Ticketing fee-bearing tickets sold rose to 90.1 million in the quarter from 83.3 million, and fee-bearing GTV grew from $9.1 billion to $10.4 billion.
- Total debt principal was $9.28 billion at June 30, 2026, with $2.97 billion classified as current, including the 2029 convertible notes and the 6.5% senior secured notes due May 15, 2027.
- VenueCo issued €610 million of fixed-rate senior secured notes in April 2026 secured by four venues and their pledged revenues, and cash and cash equivalents rose to $9.07 billion.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 30, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $7.67B$7.01B | +9.4% |
| SG&A Expenses | $1.13B$1.00B | +13.1% |
| Operating Income | $521.92M$486.65M | +7.2% |
| Interest Expense | $97.23M$72.05M | +35.0% |
| Net Income | $294.45M$243.41M | +21.0% |
| EPS (Basic) | $1.06$0.41 | +158.5% |
| EPS (Diluted) | $1.05$0.41 | +156.1% |
| Shares Outstanding (Basic) | 232.84M231.85M | +0.4% |
| Shares Outstanding (Diluted) | 244.04M234.42M | +4.1% |
05—Questions
Frequently Asked Questions
What drove the sharp decline in operating income for the six months ended June 30, 2026?
The filing attributes the decline primarily to a $450.0 million charge recognized within Corporate expenses for Governmental Investigations and Litigation. This represents the Company's best estimate of the ultimate loss associated with the settling states and the jury's damages award in the Department of Justice antitrust case. Concerts operating income also decreased by $100.3 million for the six months, partially offset by gains in Ticketing and Sponsorship & Advertising.
What is the status of the Department of Justice antitrust litigation?
The Company settled with the United States under a Proposed Final Judgment filed June 12, 2026, which remains subject to Tunney Act court approval. Six additional states also settled. The remaining states and the District of Columbia went to trial, and on April 15, 2026, the jury returned a verdict in their favor on all remaining claims. Post-trial motions are scheduled for argument on July 31, 2026, and the Company intends to appeal as needed to the Second Circuit.
Why did Concerts AOI decline in the second quarter despite higher revenue?
The filing states that Concerts AOI declined $49.1 million, or 14%, in the second quarter, largely due to the geographic mix of stadium shows as North American stadium activity shifted from the second quarter to the third quarter of 2026 because of the FIFA World Cup. Higher fixed expenses, including pre-opening costs for new venues and costs tied to international festival growth and acquisitions, also contributed. Management expects Concerts to end 2026 with double-digit AOI growth.
How much debt is coming due, and what new financing has the Company completed?
Current portion of long-term debt was $2.97 billion at June 30, 2026. It includes the full principal of the 3.125% convertible senior notes due 2029, which holders can surrender during a window from July 1 through September 30, 2026, and the 6.5% senior secured notes maturing May 15, 2027. In April 2026, VenueCo issued €610 million of fixed-rate senior secured notes under a non-recourse financing facility, secured by the Ruoff Music Center, Credit Union 1 Amphitheatre, Ziggo Dome and 3Arena. The filing reports $1.69 billion of revolving credit capacity available as of June 30, 2026.
What capital spending and cash flow trends does the filing report?
Net cash provided by operating activities was $2.76 billion for the six months ended June 30, 2026, compared with $1.54 billion a year earlier, driven mainly by changes in operating assets and liabilities from event timing. Capital expenditures for the six months totaled $529.0 million, and the Company expects approximately $1.1 billion of capital expenditures for 2026, with about 85% dedicated to revenue-generating projects.
06—Continue