Live Nation Ent. Release 2025 Third Quarter Results – $8.5B Revenue.

“Strong fan demand drove another record quarter, as we continue to attract more fans to more shows globally. With these tailwinds, 2026 is off to a strong start with a double-digit increase in our large venue show pipeline and increased sell-through levels for these shows. At the same time, we’re continuing to invest in new venues to grow the market, create jobs, and give artists even more ways to reach fans, positioning Live Nation on a clear path for double-digit operating income and AOI growth this year and compounding at this growth level over the next several years.” –Michael Rapino, President and CEO

GLOBAL FAN DEMAND POWERS RECORD QUARTER WITH STRENGTH ACROSS ALL SEGMENTS
(vs 3Q24)

• Revenue of $8.5 billion, up 11%
• Operating income of $793 million, up 24%
• Adjusted operating income (AOI) of $1.03 billion, up 14%
• Record stadium show count, up 60% globally
• Fan spending onsite remains strong with continued growth across our amphitheaters up 8%, and major festivals (>100k fans) up 6%, year-to-date
• Ticketing AOI gained significant momentum, up 21% driven by a 12% increase in fee-bearing gross transaction value (GTV)
• Sponsorship AOI up 14%, fueled by the addition of several new strategic partnerships 
• Record Q3 deferred revenue, reflecting robust consumer demand for upcoming 2025 and 2026 shows
  • Event-Related Deferred Revenue of $3.5 billion, up 37%
  • Ticketmaster Deferred Revenue of $231 million, up 30%

CLOSING OUT OUR STRONGEST YEAR YET (through October vs same period last year)

• Ticket sales for Live Nation concerts in 2025 up 4% to 150 million fans, tracking towards approximately 160 million fans for the full year
  • October continued to show strong demand with ticket sales pacing ahead of last year, driving an acceleration in fan growth in Q4 across indoor venues (arenas, theaters, and clubs)
  • Growth continues to be led by our international markets, where fan count is on track to surpass the U.S. for the first time
• Ticketmaster added 26.5 million net new client tickets, already ahead of full year 2024 net new tickets
• Sponsorship on track to deliver double-digit growth, with commitments for the year largely booked

LEADING INDICATORS POINT TO CONTINUED GROWTH IN 2026 (through October vs same period last year)

• Large venue show pipeline for 2026 up double-digits, with almost three-quarters of expected show count either committed or with an offer submitted
• Ticket sales for Live Nation concerts in 2026 have reached 26 million, up double-digits overall and for each of stadiums, arenas, and festivals, reflecting broad-based demand
• Average grosses for 2026 shows at large venues are up double-digits as sell-through levels are up for these shows
• 2026 sponsorship commitments up double-digits, with approximately 65% booked

GLOBAL STADIUM ACTIVITY DRIVES RECORD CONCERTS RESULTS (vs 3Q24)

• Revenue of $7.3 billion, up 11%
• AOI of $514 million, up 8%
• Margin of 7.1%, consistent with last year, with high growth in fans at third-party venues
• Hosted over 51 million fans, led by stadiums where fan count was up double-digits in all major markets
• Fan growth across our international markets led by Europe and Mexico both up double-digits

DELIVERING ANOTHER RECORD YEAR

• Fan growth expected to accelerate in 4Q driven by increased arena, theater and club activity, tracking to approximately 160 million fans for the full year
• Margins expected to be consistent with last year, with high growth in fans at third-party venues
• On track to deliver double-digit AOI growth for the full year

VENUE NATION CONTINUES TO ENHANCE HOSPITALITY OFFERINGS (through October vs same period last year)

• Continued growth in onsite spending at amphitheaters driven by fan segmentation and product innovation
  • Fan spending up 8%, with an 8% increase in average order size
  • Broader ready-to-drink options drove a $2 per fan increase in category spending
  • Non-alcoholic beverages spending rose by 20% per fan
• Fan spending up 6% across our major global festivals, driven by higher spending on concessions and premium experiences

VENUE INVESTMENTS CONTINUE TO YIELD 20%+ IRRs (through October vs same period last year)

• Refurbished venues delivering strong results compared to pre-renovation levels:
  • Onsite spend per fan at Jones Beach grew by more than $5, up 35%
  • Onsite spend per fan at Estadio GNP tripled from higher spending on food, beverage, and premium experiences 
• Large venues (>3k in capacity and above) opening in 2025 and through the end of 2026 are expected to add approximately five million fans in annual capacity, with over half in international markets
  • These include recently opened U.S. amphitheaters, Rogers Stadium, and Vive Claro, which are expected to contribute 1.5 million fans this year
  • Coca-Cola and Allianz amphitheaters are already delivering strong returns with food and beverage per fan spending up double-digits compared to the existing portfolio, and with premium seat inventory sold out under multi-year commitments

CONCERTS DEMAND FUELS RECORD 3Q FOR TICKETMASTER (vs 3Q24)

• Revenue of $798 million, up 15%
• AOI of $286 million, up 21%
• Margin of 36%
• 89 million fee-bearing tickets, up 4%
• Fee-bearing GTV up 12%, driven by continued demand and market pricing for the best seats

CONTINUED TAILWINDS FROM INTERNATIONAL MARKETS (through October vs same period last year)

• Total fee-bearing GTV up 7%, fueled by international markets up 16%
  • Primary fee-bearing GTV grew 8%, led by growth at Live Nation concerts where GTV increased 16%
  • Secondary GTV declined 1%, with lower activity in sports
• Enterprise client wins total 26.5 million net new tickets, with 70% coming from international markets
• Ticketmaster Deferred Revenue grew 30% to $231 million, with international markets accounting for 75% of this growth
• Full year margins expected to be similar to last year

GLOBAL SCALE DRIVES RECORD SPONSORSHIP RESULTS (vs 3Q24)

• Revenue of $443 million, up 13%
• AOI of $313 million, up 14%
• Margin of 71%

CONTINUING TO CONNECT BRANDS WITH OUR GLOBAL FAN BASE (through October vs same period last year)

• Number of strategic partners increased 14%, driven by our venue portfolio and ticket access deals
• Added several major new agreements including: 
  • Leading consumer brands Hollister, Kraft Heinz, and Patrón
  • A new multi-year deal with Trip.com across our Asian markets
  • An expansion of our partnership with Mastercard to additional markets including Hong Kong, Middle East, and South Africa
• Venue portfolio continues to drive sponsorship growth, including a multi-year naming rights agreement for our Toronto Amphitheater with RBC, the Royal Bank of Canada
• Full year margins expected to be similar to last year
• AOI growth expected to accelerate in Q4, delivering another year of double-digit AOI growth

DRIVING LONG TERM GROWTH THROUGH VENUE INVESTMENTS

• On track to grow operating cash flow and free cash flow-adjusted by double-digits for the full year
• Year-to-date capital expenditures totaled approximately $680 million, on track for full year spend of approximately $1 billion
  • $750 million of total capex is focused on venue expansion and enhancement projects; cash needs for this capex expected to be reduced by approximately $200 million from funding by joint-venture partners, sponsorship agreements and other sources
  • Maintenance capex spend remains consistent with historical levels

RECENT REFINANCING ACTIVITY STRENGTHENS BALANCE SHEET

• Refinanced $1.9 billion of debt and increased liquidity by $1.5 billion, providing financial flexibility to pursue venue expansion efforts
• Annual interest expense is expected to be approximately $350 million per annum with a weighted average cost of debt of 4.2%, down 30 basis points due to our refinancing
• Pro-forma total leverage remains 3.5x, in line with historical levels, with free cash of approximately $2.3 billion

SUPPLEMENTAL FINANCIAL DETAILS

• Accretion expense, primarily related to OCESA, is expected to be approximately $40 million in Q4
• Additional full year information:
  • Non-controlling interest expense as a percentage of AOI is expected to be in line with last year
  • Tax expense expected to be 15-20% of AOI, with cash taxes estimated at approximately 80% of tax expense due to historical net operating losses and initial impacts from the One Big Beautiful Bill
  • Depreciation and amortization expected to increase by approximately $100 million compared to last year
  • 2025 share count not expected to change materially from 2024

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