Live Nation Entertainment, Inc.

LYV · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Valuation
Market cap	$33,090	$29,863	$21,558	$16,102	$26,890	$16,508	$16,056	$11,065	$9,564	$5,976	$5,520	$5,193	$3,831	$1,741	$1,516	$1,878	$703	$438	$994	$1,453	$875	–	–	$733	$733
Enterprise value	$39,060	$32,685	$24,369	$18,655	$29,860	$20,770	$18,710	$11,752	$10,275	$6,986	$6,472	$6,061	$4,521	$2,633	$2,543	$2,854	$1,280	$1,185	$1,539	$1,854	$865	–	–	–	–
P/E (TTM) at period end	–	46.79×	69.67×	134.55×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	1.31×	1.29×	0.95×	0.97×	4.29×	8.87×	1.39×	1.03×	0.99×	0.76×	0.76×	0.76×	0.59×	0.30×	0.28×	0.37×	0.17×	0.11×	0.26×	0.44×	0.30×	–	–	0.30×	0.29×
P/B at period end	122.10×	172.35×	–	–	–	–	14.01×	10.07×	8.10×	5.31×	4.46×	4.00×	2.72×	1.28×	1.04×	1.38×	1.08×	0.70×	1.15×	2.27×	1.37×	–	–	3.17×	0.20×
EV / EBITDA (TTM)	24.03×	29.07×	18.03×	19.68×	–	–	34.31×	25.66×	42.63×	20.90×	24.37×	45.12×	17.27×	25.57×	17.24×	11.06×	12.10×	–	11.01×	14.48×	16.81×	–	–	–	–
EV / Sales (TTM)	1.55×	1.41×	1.07×	1.12×	4.76×	11.16×	1.62×	1.09×	1.06×	0.89×	0.89×	0.88×	0.70×	0.45×	0.47×	0.56×	0.31×	0.29×	0.41×	0.56×	0.29×	–	–	–	–
Returns
Return on equity	(20.2%)	368.3%	–	–	–	–	(0.4%)	(1.6%)	(8.3%)	(4.2%)	(5.3%)	(7.4%)	(3.1%)	(12.1%)	(5.7%)	(16.4%)	(20.9%)	(38.5%)	(1.4%)	(4.9%)	(20.5%)	10.4%	30.3%	(1701.3%)	(6.9%)
Return on invested capital	13.4%	27.5%	30.3%	25.6%	(17.5%)	(42.9%)	5.5%	10.5%	–	3.8%	–	0.3%	6.7%	(1.0%)	0.5%	(2.7%)	(4.3%)	(19.4%)	1.2%	(0.0%)	(2.1%)	9.3%	(5.5%)	4.3%	(5.1%)
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.00×	0.99×	0.95×	0.98×	0.97×	0.96×	1.02×	1.03×	0.88×	1.09×	1.09×	1.13×	0.96×	1.03×	1.06×	1.09×	0.95×	0.83×	0.92×	0.96×	1.08×	0.82×	0.77×	–	–
Debt / equity	30.26×	37.16×	(126.06×)	(16.06×)	(9.84×)	(10.40×)	2.89×	2.56×	1.95×	2.05×	1.65×	1.58×	1.28×	1.28×	1.17×	1.27×	1.13×	1.42×	0.95×	1.00×	0.58×	4.15×	3.28×	–	–
Effective tax rate	33.0%	(53.0%)	22.9%	23.6%	0.4%	1.6%	36.1%	31.1%	182.9%	58.0%	348.2%	(4.6%)	(601.1%)	(22.5%)	27.1%	(8.0%)	(9.9%)	6.8%	(31.2%)	51.3%	(88.9%)	(10.4%)	16.6%	89.4%	0.2%
Share count
Diluted shares outstanding	232	236	231	232	217	212	210	207	205	202	201	199	194	187	182	164	83	76	68	65	67	68	68	68	68

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Revenue and gross profit
Revenue	$26,273	$25,201	$23,156	$22,726	$16,681	$6,268	$1,861	$11,548	$10,788	$9,687	$7,826	$7,246	$6,867	$6,479	$5,819	$5,384	$5,064	$4,181	$4,085	$3,755	$3,294	$2,937	$2,806	$2,708	$2,473	$2,544
Cost of revenue	($14,496)	($19,402)	($17,328)	($17,251)	($12,348)	($4,356)	($1,402)	($8,467)	($7,968)	($7,182)	($5,639)	($5,196)	($4,920)	($4,681)	($4,151)	($3,789)	($3,658)	($3,357)	($3,299)	($3,049)	($2,713)	($2,830)	($2,185)	($2,507)	($1,853)	($2,387)
Gross profit	$11,776	$5,799	$5,827	$5,476	$4,334	$1,912	$459	$3,081	$2,820	$2,505	$2,187	$2,049	$1,947	$1,798	$1,668	$1,595	$1,405	$824	$786	$706	$582	$107	$621	$201	$620	$157
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($4,406)	($4,092)	($4,044)	($3,517)	($2,956)	($1,755)	($1,524)	($2,145)	($1,997)	($1,908)	($1,548)	($1,412)	($1,337)	($1,227)	($1,144)	($1,112)	($1,014)	($618)	($672)	($593)	($469)	($51)	($460)	–	($450)	–
Total operating expenses	($10,975)	($4,548)	($5,003)	($4,391)	($3,612)	($2,330)	($2,112)	($2,756)	($2,547)	($2,414)	($1,992)	($1,918)	($1,940)	($1,658)	($1,689)	($1,576)	($1,469)	($876)	($1,083)	($689)	($583)	($120)	($562)	($247)	($525)	($347)
Total costs and expenses	($25,471)	($23,950)	($22,331)	($21,641)	($15,959)	($6,686)	($3,514)	($11,223)	($10,515)	($9,596)	($7,631)	($7,114)	($6,860)	($6,339)	($5,841)	($5,366)	($5,127)	($4,233)	($4,383)	($3,739)	($3,295)	($2,950)	($2,747)	($2,754)	($2,378)	($2,734)
Operating income	$801	$1,251	$825	$1,085	$722	($418)	($1,653)	$325	$273	$91	$195	$131	$7	$140	($22)	$18	($64)	($52)	($297)	$17	($1)	($13)	$59	($46)	$95	($190)
Earnings
EBITDA	$1,213	$1,626	$1,125	$1,352	$948	($195)	($1,407)	$545	$458	$241	$334	$266	$134	$262	$103	$148	$258	$106	($149)	$140	$128	$51	$123	$17	–	–
Interest income	$161	$150	$156	$238	$78	$7	$12	$14	$9	$6	$3	$4	$4	$5	$4	$4	$4	$2	–	–	$12	–	–	–	–	–
Interest expense	($351)	($316)	($326)	($350)	($278)	($282)	($227)	($158)	($141)	($108)	($107)	($103)	($106)	($112)	($124)	($120)	($117)	($66)	($63)	–	($37)	($52)	–	($3)	–	–
Pre-tax income	$651	$1,031	$739	$913	$491	($611)	($1,857)	$185	$131	($9)	$48	$6	($100)	($5)	($132)	($97)	($189)	($115)	($358)	($43)	$36	($69)	$15	$68	$32	($255)
Income tax expense	($286)	($340)	$392	($209)	($116)	$2	$29	($67)	($41)	$17	($28)	($22)	($5)	($31)	($30)	$26	($15)	($11)	$24	($13)	($19)	($61)	$2	($11)	($29)	$1
Net income	$135	$496	$896	$557	$266	($651)	($1,725)	$70	$60	($6)	$3	($33)	($91)	($43)	($163)	($83)	($228)	($60)	($239)	($12)	($31)	($131)	$16	$57	($3,929)	($255)
Per share
Diluted EPS (GAAP)	($1.12)	($0.24)	$2.74	$1.34	$0.52	($3.09)	($8.12)	($0.02)	($0.09)	($0.48)	($0.23)	($0.33)	($0.49)	($0.23)	($0.88)	($0.46)	($1.39)	($0.73)	($3.14)	($0.17)	($0.48)	($1.96)	$0.24	$0.84	($58.15)	($3.77)
Basic EPS (GAAP)	($1.10)	($0.24)	$2.77	$1.35	$0.53	($3.09)	($8.12)	($0.02)	($0.09)	($0.48)	($0.23)	($0.33)	($0.49)	($0.23)	($0.88)	($0.46)	($1.39)	($0.73)	($3.14)	($0.17)	($0.48)	($1.96)	$0.24	$0.84	($58.15)	($3.77)
Basic shares outstanding	233	232	230	229	225	217	212	210	207	205	202	201	199	194	187	182	164	83	76	68	65	67	68	68	68	68
Margins
Gross margin	44.8%	23.0%	25.2%	24.1%	26.0%	30.5%	24.6%	26.7%	26.1%	25.9%	27.9%	28.3%	28.4%	27.8%	28.7%	29.6%	27.8%	19.7%	19.2%	18.8%	17.7%	3.6%	22.1%	7.4%	25.1%	6.2%
Operating margin	3.0%	5.0%	3.6%	4.8%	4.3%	(6.7%)	(88.8%)	2.8%	2.5%	0.9%	2.5%	1.8%	0.1%	2.2%	(0.4%)	0.3%	(1.3%)	(1.3%)	(7.3%)	0.4%	(0.0%)	(0.4%)	2.1%	(1.7%)	3.8%	(7.5%)
Net margin	0.5%	2.0%	3.9%	2.5%	1.6%	(10.4%)	(92.7%)	0.6%	0.6%	(0.1%)	0.0%	(0.4%)	(1.3%)	(0.7%)	(2.8%)	(1.5%)	(4.5%)	(1.4%)	(5.9%)	(0.3%)	(1.0%)	(4.4%)	0.6%	2.1%	(158.8%)	(10.0%)

Analyst consensus

Buy46 analysts

Bearish · 0 · Hold · 6 · Bullish · 40

Earnings history

	EPS	Estimate
Q3 2024	$1.66	$1.59	Beat
Q4 2024	$0.56	$-0.93	Beat
Q1 2025	$-0.32	$-0.41	Beat
Q2 2025	$0.41	$1.03	Miss
Q3 2025	$0.73	$1.31	Miss
Q4 2025	$-1.06	$-1.02	Miss
Q1 2026	$-1.85	$-0.35	Miss
Q2 2026	$1.05	$0.66	Beat

Peers

Company overview

IPO dateDec 21, 2005

CEOMichael Rapino

Employees17,700

SectorCommunication Services

IndustryEntertainment

CountryUS

ExchangeNew York Stock Exchange

Websitewww.livenationentertainment.com

Live Nation Entertainment, Inc., incorporated in 2005 and formerly known as Live Nation, Inc. until its name change in January 2010, is a global leader in live entertainment, headquartered in Beverly Hills, California. The company's diverse operations are organized into three primary business segments: Concerts, Ticketing, and Sponsorship & Advertising. The Concerts segment is responsible for organizing and promoting live musical performances, utilizing its extensive portfolio of owned or managed venues, as well as various rented third-party locations. This division also oversees the management and operation of music venues, produces major music festivals, develops related content, and offers management and other support services to artists. Through its Ticketing segment, Live Nation manages a comprehensive suite of ticketing operations. This includes supplying advanced ticketing software and services to its clients and facilitating the sale of tickets for both its own events and a wide array of third-party performances and gatherings. These range from professional sports and collegiate athletics to performing arts, museums, and theaters, with tickets distributed via leading online platforms like livenation.com and ticketmaster.com, mobile applications, and various physical outlets. The segment also provides services for ticket resale. The Sponsorship & Advertising division focuses on developing and executing global, national, and local sponsorship programs and advertising campaigns. This involves selling placements for signage, promotional activities, and rich media advertisements—including those associated with live streaming and music-related content—distributed throughout its vast ecosystem of venues, events, and digital properties. Additionally, this segment specializes in crafting and producing bespoke events and programs tailored to specific brand requirements. As of December 31, 2021, Live Nation Entertainment owned, operated, or leased 165 entertainment venues across North America and an additional 94 international entertainment venues.

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