Live Nation earnings
Live Nation's next results are expected on November 3, 2026. Watch whether Live Nation turns summer demand into earnings and cash while antitrust remedies shape the business.
What has Live Nation guided for 2026?
Management expects another strong year, but its central promise is not simply more fans; it is more profitable growth that turns into cash. For 2026, Live Nation expects fan attendance to rise 10.0% and Venue Nation, its owned or operated venue business, to host 75 million fans. Operating a venue lets the company earn beyond promotion and ticketing, including from food, parking, security, premium seating and sponsorship. That is why management says faster growth in operated venues should improve margins.
The clearer cash promise is 55.0% conversion of AOI into adjusted free cash flow. That means $100 of AOI would produce $55 under Live Nation’s definition, after maintenance capital spending and payments to minority partners. It does not deduct all growth investment. Live Nation expects $1,100 million of capital expenditure in 2026, including $800 million for venue expansion. Depreciation and amortization are expected to grow 12.0%–15.0%, reflecting the expanding asset base.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Full-year fan attendance growth (%) | Year to Dec 2026 | 10.0% | 10.0% | July 30, 2026 |
| Venue Nation fans (millions) | Year to Dec 2026 | 75 | 75 | July 30, 2026 |
| Full year capital expenditures | Year to Dec 2026 | 1,100 | 1,100 | July 30, 2026 |
| Venue expansion and enhancement projects | Year to Dec 2026 | 800 | 800 | July 30, 2026 |
| Depreciation and amortization growth (%) | Year to Dec 2026 | 12.0% | 15.0% | July 30, 2026 |
| Full year AOI to free cash flow—adjusted conversion (%) | Year to Dec 2026 | 55.0% | July 30, 2026 |
What this means. The company's capital spending total may be different from the cash it paid for buildings and equipment because the two measures count different things.
Did Live Nation keep its past promises?
Management has also kept some promises. For 2025, it forecast double-digit operating-income and AOI growth. Reported growth was 52% and 10%, respectively. Venue expansion became a central commitment in November 2025, while Berchtold continued in July 2026 to describe investment decisions through required returns. The returns from the full expansion programme remain unfinished business.
What is Live Nation's revenue and profit trend?
The June 2026 quarter showed healthy demand, but revenue growth exceeded operating-profit growth and concealed weaker Concerts contribution.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,666,858 | 3,793,029 | 6,313,505 | 8,499,143 | 7,006,641 | 3,382,117 | 5,681,593 | 7,651,087 |
| Gross margin | 25.3% | 34.7% | 23.0% | 24.3% | 25.6% | 33.3% | 21.0% | 24.5% |
| Operating income | 521,917 | -370,516 | -142,656 | 792,451 | 486,653 | 114,769 | -239,444 | 639,525 |
| Net income | 294,446 | -389,104 | -202,100 | 431,458 | 243,411 | 23,203 | 200,987 | 451,805 |
| EPS, diluted | 1.05 | -1.85 | -1.06 | 0.73 | 0.41 | -0.32 | 0.56 | 1.66 |
| = Free cash flow | 129,749 | 2,029,857 | -405,638 | -371,266 | -39,945 | 1,150,460 | 890,239 | -878,963 |
What this means. Free cash flow is not all the cash the company has left because this table subtracts only spending on equipment and buildings, not other cash uses.
What should Live Nation watch in the next results?
The decisive evidence will come from year-end execution and the antitrust remedies imposed on the company. The September-quarter report is estimated for November 3, 2026, but that date is unconfirmed. It should show whether the summer schedule translated into earnings and cash, and whether the improvement expected in the fourth quarter remains achievable.