01—Abstract
Summary
Summary of the 8-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Live Nation Entertainment, Inc. (NYSE: LYV) furnished a press release as Exhibit 99.1 announcing results for the quarter and year ended December 31, 2025.
For full-year 2025, revenue was $25.2 billiona, up 9%; operating income was $1.3 billion, up 52%; and adjusted operating income (AOI) was $2.4 billion, up 10%. Concerts AOI rose 30% to $687 million with a 3.3% margin, Ticketing AOI was $1.1 billion (up 1%), and Sponsorship AOI grew 11% to $845 million. Fan attendance rose 5% to 159 million, and year-end event-related deferred revenue was $4 billion, up 21%.
Management points to early 2026 demand: over 80% of 2026 large venue shows are booked, pacing up high-single digits globally and up double digits in North America, and Ticketmaster's January concert GTV was up over 50%. Management expects double-digit operating income and AOI growth in 2026. The company guided to 2026 capital expenditures of $1.1 to $1.2 billionb, interest expense of $280 million, and preopening costs of approximately $50 million, and expects AOI-to-free-cash-flow conversion to be higher than in 2025.
On a GAAP basis, the company reported a net loss attributable to common stockholders for 2025 after accretion of redeemable noncontrolling interests of $550.8 millionc, with diluted loss per share of $(0.24), compared with diluted income per share of $2.74 in 2024. Operating cash flow was $1.4 billion and free cash flow—adjusted was $1.3 billion.
02—Key points
Key Highlights
- Revenue of $25.2 billion for 2025, up 9%; operating income of $1.25 billion, up 52% from $824.5 million.
- Adjusted operating income of $2.37 billion, up 10%; Concerts AOI up 30% to $687.1 million with a best-ever margin of 3.3%.
- Sponsorship AOI up 11% to $845.2 million; Ticketing AOI up 1% to $1.13 billion.
- Fan attendance up 5% to 159 million; over 80% of 2026 large venue shows booked, pacing up high-single digits globally.
- Year-end 2025 event-related deferred revenue of $4 billion, up 21%; Ticketmaster deferred revenue of $226 million, up 7%.
- Diluted net loss per share of $(0.24) for 2025 versus diluted EPS of $2.74 in 2024, reflecting $550.8 million of accretion of redeemable noncontrolling interests.
- 2026 guidance: capex of $1.1 to $1.2 billion, interest expense of $280 million, and management expects double-digit operating income and AOI growth.
03—Questions
Frequently Asked Questions
How did Live Nation perform financially in 2025?
Revenue rose 9% to $25.2 billion, operating income rose 52% to $1.25 billion, and AOI rose 10% to $2.37 billion. Concerts AOI grew 30% and Sponsorship AOI grew 11%, while Ticketing AOI grew 1%.
What does management expect for 2026?
Management said it is positioned for another year of double-digit operating income and AOI growth in 2026. It expects concerts AOI growth for the full year, primary fee-bearing GTV growth of mid to high-single digits, and AOI-to-free-cash-flow conversion higher than in 2025.
What early demand indicators did the company cite for 2026?
Over 80% of 2026 large venue shows were booked (confirmed and offer-in), pacing up high-single digits globally and up double digits in North America. Ticket sales for Live Nation concerts were up double digits to approximately 67 million fans, and Ticketmaster's concert GTV rose over 50% in January.
Why was there a GAAP net loss to common stockholders in 2025 despite higher operating income?
Net income attributable to common stockholders of $496.0 million was reduced by $550.8 million of accretion of redeemable noncontrolling interests, producing a net loss available to common stockholders of $(54.8) million, or $(0.24) per diluted share.
What were the free cash flow results?
The company generated operating cash flow of $1.4 billion and free cash flow—adjusted of $1.3 billion for 2025. Free cash flow—adjusted was $1,298.2 million, up from $1,150.0 million in 2024.
04—Continue