What is Live Nation Entertainment's operating income?

Live Nation Entertainment's total operating income in 2025 was $1.25 billion, based on the following breakdown: Total Gross Profit: $6.44 billion Total Operating Expenses: $5.19 billion

Live Nation Entertainment (LYV) Financials

$188.37 +2.31 (+1.24%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$188.42 +0.05 (+0.02%)

As of 08/14/2026 07:34 PM Eastern

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Annual Income Statements for Live Nation Entertainment

This table shows Live Nation Entertainment's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-33	-47	-98	-18	70	-1,725	-651	266	557	896	496
Consolidated Net Income / (Loss)	-16	20	7.77	90	118	-1,828	-609	375	704	1,131	691
Net Income / (Loss) Continuing Operations	-16	20	7.77	90	118	-1,828	-609	375	704	1,131	691
Total Pre-Tax Income	6.35	48	-9.38	131	185	-1,857	-611	491	913	739	1,031
Total Operating Income	131	195	91	273	325	-1,653	-418	722	1,085	825	1,251
Total Gross Profit	2,049	2,187	2,505	2,820	3,081	459	1,912	4,334	5,436	5,775	6,438
Total Revenue	7,246	7,826	9,687	10,788	11,548	1,861	6,268	16,681	22,726	23,156	25,201
Operating Revenue	7,246	7,826	9,687	10,788	11,548	1,861	6,268	16,681	22,726	23,156	25,201
Total Cost of Revenue	5,196	5,639	7,182	7,968	8,467	1,402	4,356	12,348	17,291	17,381	18,763
Operating Cost of Revenue	5,196	5,639	7,182	7,968	8,467	1,402	4,356	12,348	17,291	17,381	18,763
Total Operating Expenses	1,918	1,992	2,414	2,547	2,756	2,112	2,330	3,612	4,351	4,950	5,187
Selling, General & Admin Expense	1,520	1,674	2,043	2,150	2,314	1,626	1,915	3,194	3,848	4,411	4,566
Depreciation Expense	397	319	372	387	444	485	416	450	517	550	639
Other Special Charges / (Income)	0.85	0.12	-0.97	10	-2.37	0.50	-1.21	-32	-14	-11	-19
Total Other Income / (Expense), net	-125	-147	-101	-141	-140	-203	-193	-232	-172	-85	-221
Interest Expense	103	121	108	141	158	227	282	278	369	329	317
Interest & Investment Income	5.03	-15	6.88	12	21	4.55	93	88	232	140	154
Other Income / (Expense), net	-27	-11	0.12	-12	-3.20	19	-3.69	-41	-35	104	-58
Income Tax Expense	22	28	-17	41	67	-29	-2.48	116	209	-392	340
Net Income / (Loss) Attributable to Noncontrolling Interest	17	17	14	30	48	-103	42	108	147	235	195
Basic Earnings per Share	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.53	$1.35	$2.77	($0.24)
Weighted Average Basic Shares Outstanding	200.97M	202.08M	204.92M	207.44M	210.08M	212.27M	217.19M	224.81M	228.63M	230.12M	231.84M
Diluted Earnings per Share	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.52	$1.34	$2.74	($0.24)
Weighted Average Diluted Shares Outstanding	200.97M	202.08M	204.92M	207.44M	210.08M	212.27M	217.19M	231.56M	230.98M	236.35M	231.84M
Weighted Average Basic & Diluted Shares Outstanding	200.97M	202.08M	204.92M	207.44M	210.08M	212.27M	217.19M	231.59M	230.80M	233.40M	234.80M

This table shows Live Nation Entertainment's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-255	-54	298	452	193	23	243	431	-202	-389	294
Consolidated Net Income / (Loss)	-253	-43	376	516	271	46	303	478	-136	-380	403
Net Income / (Loss) Continuing Operations	-253	-43	376	516	271	46	303	478	-136	-380	403
Total Pre-Tax Income	-159	-1.69	456	586	-306	66	420	730	-186	-412	519
Total Operating Income	-98	-41	466	640	-244	115	487	792	-143	-371	522
Total Gross Profit	1,141	1,148	1,615	1,871	1,188	1,127	1,796	2,061	1,454	1,315	1,943
Total Revenue	5,814	3,800	6,023	7,651	5,682	3,382	7,007	8,499	6,314	3,793	7,667
Operating Revenue	5,814	3,800	6,023	7,651	5,682	3,382	7,007	8,499	6,314	3,793	7,667
Total Cost of Revenue	4,672	2,651	4,408	5,780	4,493	2,255	5,211	6,438	4,860	2,478	5,724
Operating Cost of Revenue	4,672	2,651	4,408	5,780	4,493	2,255	5,211	6,438	4,860	2,478	5,724
Total Operating Expenses	1,239	1,190	1,149	1,231	1,433	1,012	1,309	1,269	1,596	1,685	1,421
Selling, General & Admin Expense	1,111	1,058	1,012	1,098	1,296	865	1,151	1,118	1,432	1,522	1,241
Depreciation Expense	134	133	138	137	143	149	159	166	165	169	188
Other Special Charges / (Income)	-5.84	-0.65	-0.78	-3.97	-5.62	-2.20	-0.86	-15	-0.62	-6.02	-8.52
Total Other Income / (Expense), net	-62	40	-9.43	-54	-62	-49	-66	-63	-43	-42	-3.32
Interest Expense	111	81	80	88	80	80	72	80	84	91	97
Interest & Investment Income	42	43	50	22	24	35	42	31	46	37	38
Other Income / (Expense), net	7.33	77	21	12	-6.19	-2.95	-36	-14	-4.40	12	56
Income Tax Expense	94	41	80	70	-578	20	118	252	-49	-32	116
Net Income / (Loss) Attributable to Noncontrolling Interest	1.96	12	78	64	78	23	59	47	66	9.09	108
Basic Earnings per Share	($1.45)	($0.56)	$1.05	$1.72	$0.53	($0.32)	$0.41	$0.74	($1.07)	($1.85)	$1.06
Weighted Average Basic Shares Outstanding	228.63M	229.47M	229.92M	230.37M	230.12M	231.22M	231.85M	232.04M	231.84M	232.40M	232.84M
Diluted Earnings per Share	($1.36)	($0.56)	$1.03	$1.66	$0.58	($0.32)	$0.41	$0.73	($1.06)	($1.85)	$1.05
Weighted Average Diluted Shares Outstanding	230.98M	229.47M	245.00M	245.32M	236.35M	231.22M	234.42M	234.75M	231.84M	232.40M	244.04M
Weighted Average Basic & Diluted Shares Outstanding	230.80M	231.44M	232.11M	232.35M	233.40M	234.09M	234.47M	234.74M	234.80M	235.55M	235.63M

This table details how cash moves in and out of Live Nation Entertainment's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-79	225	299	549	96	72	2,341	732	619	-133	1,001
Net Cash From Operating Activities	308	599	624	942	470	-1,083	1,781	1,835	1,363	1,725	1,395
Net Cash From Continuing Operating Activities	308	599	624	942	470	-1,083	1,781	1,835	1,363	1,725	1,395
Net Income / (Loss) Continuing Operations	-16	20	7.77	90	118	-1,828	-609	375	704	1,131	691
Consolidated Net Income / (Loss)	-16	20	7.77	90	118	-1,828	-609	375	704	1,131	691
Depreciation Expense	134	139	150	185	220	246	223	226	267	300	374
Amortization Expense	274	277	97	100	328	320	305	95	351	356	373
Non-Cash Adjustments To Reconcile Net Income	59	87	312	305	92	137	97	457	223	-4.92	265
Changes in Operating Assets and Liabilities, net	-143	76	58	260	-288	42	1,764	683	-181	-57	-308
Net Cash From Investing Activities	-291	-426	-328	-497	-691	-224	-567	-785	-696	-854	-1,226
Net Cash From Continuing Investing Activities	-291	-426	-328	-497	-691	-224	-567	-785	-696	-854	-1,226
Purchase of Property, Plant & Equipment	-142	-174	-238	-240	-324	-214	-153	-347	-439	-647	-1,062
Acquisitions	-124	-247	-84	-202	-335	-61	-502	-354	-109	-173	-148
Purchase of Investments	-	-	-	-	-	-	-	-	0.00	0.00	-1.36
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	-	1.48	7.37	26
Sale and/or Maturity of Investments	-	8.05	9.66	34	15	100	114	24	19	72	23
Other Investing Activities, net	-24	-14	-15	-89	-47	-49	-27	-107	-168	-114	-64
Net Cash From Financing Activities	-44	99	-127	189	329	1,350	1,171	-143	-87	-659	407
Net Cash From Continuing Financing Activities	-44	99	-127	189	329	1,350	1,171	-143	-87	-659	407
Repayment of Debt	-71	-617	-111	-405	-437	-31	-110	-46	-731	-1,960	-2,051
Repurchase of Common Equity	-	-	-	-	-	-	-	-	0.00	0.00	-24
Payment of Dividends	-37	-76	-62	-78	-134	-109	-70	-145	-257	-269	-263
Issuance of Debt	57	844	61	859	937	1,607	904	122	1,061	1,672	3,714
Issuance of Common Equity	0.71	0.09	11	4.90	14	5.42	472	15	20	3.00	35
Other Financing Activities, net	6.53	-53	-26	-192	-52	-123	-25	-89	-179	-104	-1,005
Other Net Changes in Cash	-	-47	130	-84	-	30	-	-175	39	-345	426
Cash Interest Paid	93	97	87	100	104	166	224	181	57	133	119
Cash Income Taxes Paid	44	30	45	60	67	26	16	44	175	254	313

This table details how cash moves in and out of Live Nation Entertainment's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	284	270	-100	-909	605	1,062	-99	-307	344	1,984	81
Net Cash From Operating Activities	608	989	412	-721	1,045	1,321	223	-96	-54	2,339	419
Net Cash From Continuing Operating Activities	608	989	412	-721	1,045	1,321	223	-96	-54	2,339	419
Net Income / (Loss) Continuing Operations	-225	-43	376	505	282	46	303	478	-136	-380	403
Consolidated Net Income / (Loss)	-225	-43	376	505	282	46	303	478	-136	-380	403
Depreciation Expense	73	71	76	76	78	89	94	97	93	100	121
Amortization Expense	279	90	87	84	96	88	90	90	105	101	95
Non-Cash Adjustments To Reconcile Net Income	-96	-51	-34	56	24	36	104	2.98	123	17	29
Changes in Operating Assets and Liabilities, net	578	922	-93	-1,441	565	1,061	-367	-764	-238	2,501	-229
Net Cash From Investing Activities	-232	-171	-264	-208	-211	-217	-275	-340	-394	-418	-459
Net Cash From Continuing Investing Activities	-232	-171	-264	-208	-211	-217	-275	-340	-394	-418	-459
Purchase of Property, Plant & Equipment	-134	-134	-200	-158	-175	-171	-263	-276	-352	-309	-290
Acquisitions	-56	-14	-40	-39	-60	-56	-29	-33	-29	-123	-162
Sale and/or Maturity of Investments	9.03	2.64	19	1.50	49	9.38	8.41	3.82	1.26	5.92	2.17
Other Investing Activities, net	-51	-25	-43	-13	-26	0.05	-11	-61	7.33	8.17	-10
Net Cash From Financing Activities	-132	-478	-165	-49	34	-173	-325	176	729	117	191
Net Cash From Continuing Financing Activities	-132	-478	-165	-49	34	-173	-325	176	729	117	191
Repayment of Debt	-106	-374	-4.01	-6.74	-1,576	-87	-17	-7.35	-1,940	-7.47	-231
Payment of Dividends	-90	-73	-120	-29	-48	-35	-144	-29	-55	-40	-168
Issuance of Debt	73	0.56	0.32	1.15	1,670	11	52	885	2,766	226	796
Issuance of Common Equity	4.11	0.03	-	2.97	-	4.61	6.65	2.74	21	11	16
Other Financing Activities, net	-14	-32	-41	-18	-12	-67	-222	-677	-39	-73	-223

This table presents Live Nation Entertainment's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,156	6,764	7,504	8,497	10,976	10,589	14,402	16,461	19,030	19,639	22,913
Total Current Assets	2,288	2,674	3,153	3,848	4,193	3,650	6,684	8,160	9,533	9,290	10,974
Cash & Equivalents	1,303	1,527	1,825	2,372	2,470	2,538	4,885	5,606	6,232	6,095	7,094
Accounts Receivable	453	569	725	829	995	487	1,067	1,465	2,025	1,747	2,009
Prepaid Expenses	496	528	547	598	667	577	655	950	1,148	1,247	1,454
Other Current Assets	36	50	52	43	57	39	75	132	122	200	417
Plant, Property, & Equipment, net	731	752	886	947	1,118	1,101	1,092	1,488	2,101	2,442	3,416
Total Noncurrent Assets	3,137	3,339	3,466	3,702	5,665	5,838	6,626	6,814	7,395	7,907	8,522
Goodwill	1,604	1,747	1,755	1,823	1,998	2,129	2,591	2,529	2,691	2,621	2,889
Intangible Assets	1,147	1,181	1,098	1,030	1,239	1,225	1,395	1,419	1,539	1,366	1,447
Other Noncurrent Operating Assets	385	411	613	849	2,427	2,484	2,640	2,865	3,164	3,919	4,186
Total Liabilities & Shareholders' Equity	6,156	6,764	7,504	8,497	10,976	10,589	14,402	16,461	19,030	19,639	22,913
Total Liabilities	4,446	5,068	5,841	6,825	9,062	10,451	14,039	15,697	17,618	17,693	21,094
Total Current Liabilities	2,101	2,460	3,577	3,750	4,108	3,797	6,856	8,303	9,984	9,358	11,029
Short-Term Debt	42	53	348	82	38	53	585	620	1,134	261	588
Accounts Payable	722	782	1,034	1,127	1,106	830	1,643	1,971	2,134	1,860	1,941
Accrued Expenses	687	781	1,109	1,245	1,391	894	1,646	2,368	3,031	3,300	3,556
Current Deferred Revenue	619	805	925	1,228	1,391	1,839	2,775	3,135	3,398	3,721	4,462
Other Current Liabilities	32	39	161	67	181	179	207	209	287	216	482
Total Noncurrent Liabilities	2,344	2,607	2,264	3,075	4,955	6,654	7,183	7,394	7,633	8,335	10,065
Long-Term Debt	2,003	2,260	1,952	2,733	3,271	4,855	5,145	5,283	5,459	6,177	7,612
Other Noncurrent Operating Liabilities	142	150	174	205	1,505	1,799	2,038	2,110	2,174	2,158	2,453
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	264	347	245	329	449	272	552	670	860	1,126	924
Total Equity & Noncontrolling Interests	1,447	1,350	1,418	1,343	1,464	-134	-188	94	552	819	894
Total Preferred & Common Equity	1,237	1,126	1,181	1,099	1,146	-472	-583	-368	-52	173	271
Total Common Equity	1,237	1,126	1,181	1,099	1,146	-472	-583	-368	-52	173	271
Common Stock	2,431	2,383	2,376	2,270	2,248	2,389	2,900	2,701	2,370	2,062	1,458
Retained Earnings	-1,075	-1,073	-1,079	-1,019	-949	-2,677	-3,328	-2,971	-2,443	-1,547	-1,042
Treasury Stock	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-30
Accumulated Other Comprehensive Income / (Loss)	-112	-177	-109	-145	-146	-177	-148	-90	27	-335	-115
Noncontrolling Interest	210	224	237	244	318	338	394	461	604	646	623

This table presents Live Nation Entertainment's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	19,141	19,030	20,030	20,454	19,747	19,639	21,827	23,150	22,888	26,068	28,181
Total Current Assets	10,007	9,533	10,428	10,684	9,775	9,290	11,069	11,823	11,308	13,642	14,956
Cash & Equivalents	5,949	6,232	6,502	6,399	5,490	6,095	7,159	7,057	6,751	9,078	9,072
Accounts Receivable	2,503	2,025	2,280	2,464	2,694	1,747	1,851	2,465	2,607	1,965	2,885
Prepaid Expenses	1,425	1,148	1,474	1,672	1,446	1,247	1,725	1,912	1,525	2,217	2,535
Other Current Assets	124	122	164	139	134	190	325	377	413	381	463
Plant, Property, & Equipment, net	1,956	2,101	2,117	2,236	2,376	2,442	2,688	2,949	3,122	3,664	3,964
Total Noncurrent Assets	7,178	7,395	7,486	7,534	7,596	7,907	8,070	8,378	8,458	8,762	9,261
Goodwill	2,654	2,691	2,699	2,664	2,670	2,621	2,703	2,821	2,842	2,933	3,064
Intangible Assets	1,500	1,539	1,541	1,476	1,428	1,366	1,408	1,461	1,433	1,440	1,575
Other Noncurrent Operating Assets	3,024	3,164	3,246	3,395	3,498	3,919	3,959	4,096	4,184	4,389	4,623
Total Liabilities & Shareholders' Equity	19,141	19,030	20,030	20,454	19,747	19,639	21,827	23,150	22,888	26,068	28,181
Total Liabilities	17,440	17,618	18,577	18,896	17,793	17,834	19,718	20,845	20,906	24,635	26,362
Total Current Liabilities	8,752	9,984	11,328	11,627	9,681	9,358	11,518	13,459	12,276	15,417	17,563
Short-Term Debt	51	1,134	1,137	1,137	582	261	480	1,485	1,251	1,801	2,968
Accounts Payable	2,019	2,134	2,127	2,107	2,376	2,103	2,284	2,522	2,774	2,175	2,255
Accrued Expenses	3,315	3,031	2,766	3,359	3,454	3,057	2,446	3,286	3,804	3,562	4,728
Current Deferred Revenue	3,084	3,398	5,025	4,799	3,035	3,721	6,077	5,910	4,064	7,411	7,335
Other Current Liabilities	283	287	273	225	234	216	231	256	383	468	277
Total Noncurrent Liabilities	8,688	7,633	7,249	7,269	8,113	8,475	8,200	7,386	8,631	9,218	8,798
Long-Term Debt	6,546	5,459	5,082	5,081	5,673	6,177	5,929	4,991	6,107	6,709	6,233
Other Noncurrent Operating Liabilities	2,142	2,174	2,167	2,188	2,440	2,158	2,272	2,395	2,524	2,509	2,565
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	836	860	984	1,007	1,024	1,126	1,312	1,378	853	952	1,064
Total Equity & Noncontrolling Interests	865	552	469	551	930	819	798	928	1,129	482	756
Total Preferred & Common Equity	222	-52	-115	-43	288	173	106	360	521	-139	82
Total Common Equity	222	-52	-115	-43	288	173	106	360	521	-139	82
Common Stock	2,414	2,370	2,311	2,243	2,217	2,062	1,908	1,791	1,527	1,408	1,391
Retained Earnings	-2,197	-2,443	-2,455	-2,157	-1,748	-1,547	-1,515	-1,271	-840	-1,431	-1,137
Treasury Stock	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-30	-30
Accumulated Other Comprehensive Income / (Loss)	12	27	36	-123	-175	-335	-281	-152	-159	-86	-142
Noncontrolling Interest	643	604	584	594	642	646	692	568	607	621	673

This table displays calculated financial ratios and metrics derived from Live Nation Entertainment's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.52%	8.01%	23.78%	11.36%	7.05%	-83.88%	236.80%	166.11%	36.24%	1.89%	8.83%
EBITDA Growth	33.74%	17.18%	-43.76%	61.72%	59.33%	-222.82%	109.96%	841.86%	66.36%	-4.93%	22.49%
EBIT Growth	9,642.49%	76.68%	-50.29%	184.52%	23.53%	-608.14%	74.21%	261.50%	54.18%	-11.55%	28.58%
NOPAT Growth	-6,602.41%	125.11%	-21.86%	193.53%	10.47%	-657.83%	74.72%	288.50%	51.64%	50.86%	-33.51%
Net Income Growth	84.90%	228.71%	-61.70%	1,062.08%	30.85%	-1,646.20%	66.69%	161.53%	87.89%	60.72%	-38.93%
EPS Growth	32.65%	30.30%	-108.70%	81.25%	77.78%	-40,500.00%	61.95%	116.83%	157.69%	104.48%	-108.76%
Operating Cash Flow Growth	5.37%	94.49%	4.14%	51.01%	-50.11%	-330.61%	264.35%	3.06%	-25.73%	26.57%	-19.12%
Free Cash Flow Firm Growth	-212.80%	111.05%	704.28%	-48.46%	-302.88%	-110.64%	210.13%	-29.82%	-82.31%	615.97%	-72.65%
Invested Capital Growth	5.98%	1.24%	-14.06%	-1.18%	30.32%	-9.01%	-51.76%	-12.58%	67.48%	20.99%	27.81%
Revenue Q/Q Growth	2.33%	-5.64%	12.18%	2.68%	2.55%	-58.76%	64.84%	10.52%	7.18%	-0.66%	2.57%
EBITDA Q/Q Growth	41.77%	-2.35%	-50.42%	27.88%	34.28%	-39.23%	166.06%	-19.66%	16.55%	-4.18%	6.76%
EBIT Q/Q Growth	417.42%	0.18%	-63.71%	75.23%	3.52%	-21.58%	38.90%	-5.87%	4.35%	-13.23%	9.00%
NOPAT Q/Q Growth	-3,005.97%	-25.83%	-62.61%	-36.58%	0.89%	-22.63%	38.67%	-11.77%	-8.74%	80.33%	-40.06%
Net Income Q/Q Growth	90.02%	-48.53%	-91.22%	74.59%	-1.22%	-21.80%	33.11%	-9.60%	-10.83%	77.55%	-37.71%
EPS Q/Q Growth	0.00%	0.00%	-1,300.00%	76.32%	0.00%	0.00%	60.49%	-27.78%	-20.24%	230.12%	-116.78%
Operating Cash Flow Q/Q Growth	8.49%	35.37%	-30.52%	104.31%	-34.66%	-108.33%	98.23%	8.95%	-17.81%	33.09%	-44.06%
Free Cash Flow Firm Q/Q Growth	-51.03%	-15.37%	-16.47%	642.42%	-661.18%	-6.75%	-0.13%	327.83%	-64.98%	166.85%	-86.78%
Invested Capital Q/Q Growth	-11.45%	-11.93%	-14.50%	-23.68%	-4.97%	-10.71%	-8.64%	-40.78%	-24.58%	-21.07%	13.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.28%	27.95%	25.86%	26.14%	26.68%	24.65%	30.51%	25.98%	24.09%	25.17%	25.55%
EBITDA Margin	7.07%	7.67%	3.49%	5.06%	7.53%	-57.42%	1.70%	6.01%	7.34%	6.84%	7.70%
Operating Margin	1.81%	2.49%	0.94%	2.53%	2.81%	-88.83%	-6.67%	4.33%	4.77%	3.56%	4.96%
EBIT Margin	1.44%	2.35%	0.94%	2.41%	2.79%	-87.81%	-6.73%	4.08%	4.62%	4.01%	4.74%
Profit (Net Income) Margin	-0.22%	0.26%	0.08%	0.84%	1.02%	-98.21%	-9.71%	2.25%	3.10%	4.88%	2.74%
Tax Burden Percent	-248.21%	42.00%	-82.88%	68.91%	63.86%	98.44%	99.59%	76.36%	77.06%	152.97%	67.03%
Interest Burden Percent	6.10%	26.25%	-10.25%	50.35%	57.55%	113.60%	145.00%	72.05%	87.01%	79.65%	86.33%
Effective Tax Rate	348.21%	58.00%	0.00%	31.09%	36.14%	0.00%	0.00%	23.64%	22.94%	-52.97%	32.97%
Return on Invested Capital (ROIC)	-13.68%	3.32%	2.77%	8.85%	8.54%	-44.09%	-15.78%	48.77%	59.27%	64.62%	32.18%
ROIC Less NNEP Spread (ROIC-NNEP)	30.55%	-4.74%	-6.17%	-12.61%	-5.49%	-86.04%	-35.52%	17.59%	18.29%	16.97%	11.75%
Return on Net Nonoperating Assets (RNNOA)	12.74%	-2.13%	-2.31%	-3.43%	-1.95%	-134.04%	-226.68%	17.70%	5.43%	2.76%	4.52%
Return on Equity (ROE)	-0.94%	1.19%	0.46%	5.42%	6.59%	-178.13%	-242.47%	66.47%	64.70%	67.38%	36.70%
Cash Return on Invested Capital (CROIC)	-19.49%	2.08%	17.89%	10.04%	-17.78%	-34.66%	54.05%	62.19%	8.82%	45.63%	7.76%
Operating Return on Assets (OROA)	1.72%	2.85%	1.28%	3.25%	3.30%	-15.16%	-3.37%	4.41%	5.92%	4.80%	5.61%
Return on Assets (ROA)	-0.26%	0.31%	0.11%	1.13%	1.21%	-16.95%	-4.87%	2.43%	3.97%	5.85%	3.25%
Return on Common Equity (ROCE)	-0.71%	0.83%	0.32%	3.70%	4.13%	-58.51%	509.12%	-56.04%	-12.49%	2.43%	4.33%
Return on Equity Simple (ROE_SIMPLE)	-1.27%	1.80%	0.66%	8.22%	10.32%	387.43%	104.49%	-101.91%	-1,345.57%	652.84%	0.00%
Net Operating Profit after Tax (NOPAT)	-326	82	64	188	207	-1,157	-293	551	836	1,261	839
NOPAT Margin	-4.50%	1.05%	0.66%	1.74%	1.80%	-62.18%	-4.67%	3.31%	3.68%	5.45%	3.33%
Net Nonoperating Expense Percent (NNEP)	-44.23%	8.06%	8.94%	21.47%	14.04%	41.95%	19.74%	31.18%	40.98%	47.65%	20.43%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.19%	11.70%	17.38%	9.22%
Cost of Revenue to Revenue	71.72%	72.05%	74.14%	73.86%	73.32%	75.35%	69.49%	74.02%	75.91%	74.83%	74.45%
SG&A Expenses to Revenue	20.98%	21.38%	21.09%	19.93%	20.04%	87.39%	30.55%	19.15%	17.11%	19.28%	18.12%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.47%	25.46%	24.92%	23.61%	23.87%	113.47%	37.18%	21.65%	19.32%	21.61%	20.58%
Earnings before Interest and Taxes (EBIT)	104	184	92	260	322	-1,634	-422	681	1,050	928	1,194
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	512	600	338	546	870	-1,069	106	1,002	1,667	1,585	1,941
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.02	4.81	7.45	9.39	13.33	0.00	0.00	0.00	0.00	173.67	123.43
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.69	0.69	0.91	0.96	1.32	8.57	4.29	0.97	0.95	1.30	1.33
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	218.55	0.00	0.00	60.43	38.71	33.57	67.44
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.46%	0.00%	0.00%	1.65%	2.58%	2.98%	1.48%
Enterprise Value to Invested Capital (EV/IC)	2.52	2.73	4.57	5.37	6.14	7.57	23.77	16.62	13.23	15.06	12.35
Enterprise Value to Revenue (EV/Rev)	0.85	0.86	1.01	1.05	1.46	10.17	4.58	1.05	1.03	1.39	1.43
Enterprise Value to EBITDA (EV/EBITDA)	12.08	11.27	28.89	20.75	19.40	0.00	269.55	17.49	14.02	20.31	18.60
Enterprise Value to EBIT (EV/EBIT)	59.38	36.76	106.61	43.51	52.47	0.00	0.00	25.74	22.27	34.68	30.25
Enterprise Value to NOPAT (EV/NOPAT)	0.00	82.67	152.49	60.33	81.35	0.00	0.00	31.78	27.96	25.52	43.05
Enterprise Value to Operating Cash Flow (EV/OCF)	20.10	11.30	15.65	12.03	35.92	0.00	16.11	9.55	17.15	18.66	25.88
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	131.80	23.62	53.22	0.00	0.00	28.63	24.92	187.94	36.15	178.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.20	1.36	1.38	1.68	1.73	35.39	15.77	7.73	4.67	3.31	4.51
Long-Term Debt to Equity	1.17	1.33	1.17	1.63	1.71	35.01	14.16	6.92	3.87	3.18	4.19
Financial Leverage	0.42	0.45	0.37	0.27	0.35	1.56	6.38	1.01	0.30	0.16	0.38
Leverage Ratio	3.60	3.79	4.25	4.80	5.43	10.51	49.77	27.38	16.31	11.52	11.30
Compound Leverage Factor	0.22	1.00	-0.44	2.42	3.13	11.94	72.17	19.73	14.19	9.17	9.76
Debt to Total Capital	54.45%	57.69%	58.04%	62.74%	63.36%	97.25%	94.04%	88.55%	82.36%	76.80%	81.85%
Short-Term Debt to Total Capital	1.13%	1.33%	8.77%	1.83%	0.72%	1.06%	9.60%	9.30%	14.17%	3.11%	5.87%
Long-Term Debt to Total Capital	53.32%	56.36%	49.27%	60.91%	62.64%	96.19%	84.43%	79.25%	68.19%	73.68%	75.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.61%	14.23%	12.15%	12.77%	14.70%	12.10%	15.52%	16.97%	18.29%	21.14%	15.45%
Common Equity to Total Capital	32.94%	28.08%	29.81%	24.49%	21.94%	-9.35%	-9.56%	-5.51%	-0.65%	2.07%	2.71%
Debt to EBITDA	3.99	3.85	6.81	5.16	3.80	-4.59	53.86	5.89	3.96	4.06	4.22
Net Debt to EBITDA	1.45	1.31	1.40	0.80	0.96	-2.21	7.92	0.29	0.21	0.21	0.57
Long-Term Debt to EBITDA	3.91	3.76	5.78	5.00	3.76	-4.54	48.36	5.27	3.27	3.90	3.92
Debt to NOPAT	-6.27	28.25	35.95	14.99	15.95	-4.24	-19.59	10.71	7.89	5.10	9.78
Net Debt to NOPAT	-2.28	9.61	7.36	2.33	4.02	-2.04	-2.88	0.53	0.42	0.26	1.32
Long-Term Debt to NOPAT	-6.14	27.60	30.52	14.55	15.77	-4.20	-17.59	9.58	6.53	4.90	9.08
Altman Z-Score	1.70	1.70	1.97	2.12	2.05	0.21	1.15	1.50	1.90	2.23	2.16
Noncontrolling Interest Sharing Ratio	24.66%	30.65%	31.32%	31.63%	37.39%	67.15%	309.98%	184.31%	119.30%	96.40%	88.20%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.09	1.09	0.88	1.03	1.02	0.96	0.98	0.98	0.95	0.99	1.00
Quick Ratio	0.84	0.85	0.71	0.85	0.84	0.80	0.87	0.85	0.83	0.84	0.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-465	51	413	213	-432	-910	1,002	703	124	891	202
Operating Cash Flow to CapEx	216.05%	344.45%	261.51%	392.60%	145.19%	-506.86%	1,165.80%	528.52%	310.75%	258.79%	134.66%
Free Cash Flow to Firm to Interest Expense	-4.52	0.43	3.83	1.51	-2.74	-4.01	3.55	2.52	0.34	2.71	0.64
Operating Cash Flow to Interest Expense	2.99	4.97	5.79	6.68	2.98	-4.78	6.30	6.59	3.70	5.25	4.40
Operating Cash Flow Less CapEx to Interest Expense	1.61	3.52	3.57	4.98	0.93	-5.72	5.76	5.34	2.51	3.22	1.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.20	1.21	1.36	1.35	1.19	0.17	0.50	1.08	1.28	1.20	1.18
Accounts Receivable Turnover	16.62	15.32	14.97	13.88	12.66	2.51	8.07	13.18	13.02	12.28	13.42
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.16	10.56	11.83	11.77	11.19	1.68	5.72	12.93	12.66	10.19	8.60
Accounts Payable Turnover	7.15	7.50	7.91	7.37	7.58	1.45	3.52	6.83	8.40	8.18	9.87
Days Sales Outstanding (DSO)	21.96	23.82	24.38	26.30	28.82	145.25	45.22	27.70	28.03	29.73	27.20
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	51.06	48.64	46.14	49.51	48.14	252.01	103.63	53.42	43.43	44.62	36.97
Cash Conversion Cycle (CCC)	-29.10	-24.82	-21.76	-23.21	-19.32	-106.76	-58.40	-25.72	-15.41	-14.90	-9.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,453	2,483	2,134	2,109	2,748	2,501	1,206	1,055	1,766	2,137	2,924
Invested Capital Turnover	3.04	3.17	4.20	5.09	4.76	0.71	3.38	14.76	16.11	11.86	9.67
Increase / (Decrease) in Invested Capital	138	31	-349	-25	639	-247	-1,294	-152	712	371	636
Enterprise Value (EV)	6,187	6,768	9,756	11,330	16,877	18,926	28,679	17,524	23,377	32,194	36,104
Market Capitalization	4,972	5,411	8,803	10,320	15,274	15,954	26,890	16,102	21,558	30,090	33,451
Book Value per Share	$6.11	$5.54	$5.71	$5.24	$5.36	($2.17)	($2.59)	($1.59)	($0.23)	$0.75	$1.15
Tangible Book Value per Share	($7.48)	($8.86)	($8.08)	($8.37)	($9.79)	($17.62)	($20.34)	($18.69)	($18.59)	($16.41)	($17.32)
Total Capital	3,756	4,010	3,963	4,487	5,223	5,047	6,094	6,667	8,005	8,383	10,018
Total Debt	2,045	2,313	2,300	2,815	3,309	4,909	5,731	5,903	6,593	6,438	8,200
Total Long-Term Debt	2,003	2,260	1,952	2,733	3,271	4,855	5,145	5,283	5,459	6,177	7,612
Net Debt	742	786	471	437	835	2,362	843	291	354	332	1,105
Capital Expenditures (CapEx)	142	174	238	240	324	214	153	347	439	667	1,036
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,074	-1,260	-1,905	-2,198	-2,351	-2,640	-4,474	-5,136	-5,556	-5,913	-6,561
Debt-free Net Working Capital (DFNWC)	229	267	-77	180	123	-93	414	476	683	193	533
Net Working Capital (NWC)	187	213	-424	98	85	-147	-172	-144	-451	-68	-54
Net Nonoperating Expense (NNE)	-310	62	56	97	89	671	316	177	132	130	148
Net Nonoperating Obligations (NNO)	742	786	471	437	835	2,362	843	291	354	192	1,105
Total Depreciation and Amortization (D&A)	408	416	246	286	548	566	528	321	617	656	748
Debt-free, Cash-free Net Working Capital to Revenue	-14.82%	-16.10%	-19.67%	-20.37%	-20.36%	-141.84%	-71.38%	-30.79%	-24.45%	-25.54%	-26.03%
Debt-free Net Working Capital to Revenue	3.17%	3.41%	-0.79%	1.67%	1.07%	-5.02%	6.60%	2.85%	3.01%	0.83%	2.12%
Net Working Capital to Revenue	2.58%	2.72%	-4.38%	0.91%	0.74%	-7.89%	-2.74%	-0.86%	-1.98%	-0.29%	-0.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.66	$1.38	$2.77	($0.24)
Adjusted Weighted Average Basic Shares Outstanding	202.46M	204.76M	208.17M	210.90M	214.53M	218.05M	224.63M	224.81M	228.63M	230.12M	231.84M
Adjusted Diluted Earnings per Share	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.64	$1.37	$2.74	($0.24)
Adjusted Weighted Average Diluted Shares Outstanding	202.46M	204.76M	208.17M	210.90M	214.53M	218.05M	224.63M	231.56M	230.98M	236.35M	231.84M
Adjusted Basic & Diluted Earnings per Share	($0.33)	($0.23)	($0.48)	($0.09)	($0.02)	($8.12)	($3.09)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	200.97M	202.08M	204.92M	207.44M	210.08M	212.27M	217.19M	231.59M	230.80M	233.40M	234.80M
Normalized Net Operating Profit after Tax (NOPAT)	93	137	63	195	206	-1,157	-293	527	825	569	826
Normalized NOPAT Margin	1.28%	1.74%	0.65%	1.81%	1.78%	-62.16%	-4.68%	3.16%	3.63%	2.46%	3.28%
Pre Tax Income Margin	0.09%	0.62%	-0.10%	1.22%	1.60%	-99.76%	-9.75%	2.94%	4.02%	3.19%	4.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.01	1.53	0.85	1.85	2.04	-7.21	-1.49	2.44	2.85	2.83	3.77
NOPAT to Interest Expense	-3.17	0.68	0.59	1.33	1.32	-5.10	-1.04	1.98	2.27	3.84	2.65
EBIT Less CapEx to Interest Expense	-0.37	0.09	-1.36	0.15	-0.01	-8.15	-2.03	1.20	1.66	0.80	0.50
NOPAT Less CapEx to Interest Expense	-4.55	-0.76	-1.62	-0.37	-0.74	-6.04	-1.58	0.73	1.08	1.81	-0.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-237.27%	372.81%	796.49%	86.31%	113.37%	-5.94%	-11.45%	38.68%	36.57%	23.81%	38.04%
Augmented Payout Ratio	-237.27%	372.81%	796.49%	86.31%	113.37%	-5.94%	-11.45%	38.68%	36.57%	23.81%	41.45%

This table displays calculated financial ratios and metrics derived from Live Nation Entertainment's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	234,801,922.00	235,547,065.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	234,801,922.00	235,547,065.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-1.66	1.25
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	35.49%	21.49%	6.97%	-6.17%	-2.27%	-10.99%	16.32%	11.08%	11.12%	12.15%	9.42%
EBITDA Growth	221.67%	-20.49%	17.00%	35.62%	-129.44%	47.58%	-2.30%	19.11%	170.90%	-154.44%	25.21%
EBIT Growth	39.15%	-64.06%	23.82%	2.74%	-176.68%	213.53%	-7.46%	19.46%	40.13%	-420.32%	28.27%
NOPAT Growth	24.70%	296.67%	11.88%	-6.44%	-149.64%	377.84%	-8.73%	-7.79%	40.42%	-422.19%	15.69%
Net Income Growth	-25.17%	-172.90%	13.55%	-11.31%	207.22%	208.42%	-19.53%	-7.31%	-148.34%	-920.74%	33.08%
EPS Growth	-19.30%	-112.00%	0.98%	-13.99%	142.65%	42.86%	-60.19%	-56.02%	-273.77%	-478.13%	156.10%
Operating Cash Flow Growth	-32.90%	-14.45%	-16.07%	19.20%	71.80%	33.61%	-45.77%	86.73%	-105.14%	77.02%	87.62%
Free Cash Flow Firm Growth	-1,384.48%	-5,029.40%	-268.78%	385.20%	30.56%	86.53%	101.22%	230.05%	-6.83%	311.24%	3,468.32%
Invested Capital Growth	67.48%	187.96%	129.88%	15.61%	20.99%	16.05%	25.30%	-4.87%	27.81%	-35.84%	13.80%
Revenue Q/Q Growth	-28.71%	-34.93%	58.53%	27.02%	-25.74%	-40.47%	107.17%	21.30%	-25.72%	-39.92%	102.13%
EBITDA Q/Q Growth	-56.37%	224.78%	222.82%	24.90%	-109.47%	477.12%	119.03%	52.26%	-94.72%	-409.21%	603.75%
EBIT Q/Q Growth	-114.27%	154.94%	1,099.99%	33.96%	-138.44%	144.63%	302.69%	72.93%	-118.89%	-143.55%	261.26%
NOPAT Q/Q Growth	-111.39%	745.05%	4.38%	46.58%	-130.39%	147.07%	335.36%	48.09%	-119.24%	-159.73%	256.33%
Net Income Q/Q Growth	-143.54%	82.29%	1,267.79%	37.07%	-47.37%	-82.94%	553.84%	57.88%	-128.51%	-178.85%	206.02%
EPS Q/Q Growth	-170.47%	55.08%	294.34%	61.17%	-65.06%	-155.17%	228.13%	78.05%	-245.21%	-74.53%	156.76%
Operating Cash Flow Q/Q Growth	168.18%	62.55%	-58.33%	-274.94%	244.97%	26.42%	-83.09%	-142.81%	43.84%	4,452.94%	-82.07%
Free Cash Flow Firm Q/Q Growth	-2,019.90%	53.31%	0.77%	150.80%	-374.75%	80.40%	104.46%	13,631.73%	-213.13%	130.46%	-24.60%
Invested Capital Q/Q Growth	-24.58%	-36.64%	17.52%	98.14%	-21.07%	-36.85%	26.88%	50.44%	13.52%	-70.39%	125.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.63%	30.35%	26.82%	24.45%	20.91%	33.33%	25.63%	24.25%	23.02%	34.66%	25.34%
EBITDA Margin	4.49%	5.29%	10.78%	10.60%	-1.35%	8.57%	9.06%	11.37%	0.81%	-4.16%	10.36%
Operating Margin	-1.68%	-0.96%	7.73%	8.36%	-4.30%	3.39%	6.95%	9.32%	-2.26%	-9.77%	6.81%
EBIT Margin	-1.56%	1.07%	8.08%	8.52%	-4.41%	3.31%	6.43%	9.16%	-2.33%	-9.44%	7.53%
Profit (Net Income) Margin	-4.35%	-0.85%	6.25%	6.74%	4.78%	1.37%	4.32%	5.62%	-2.16%	-10.02%	5.25%
Tax Burden Percent	158.79%	-1,007.73%	82.44%	88.01%	-88.68%	70.14%	72.02%	65.49%	73.39%	92.21%	77.69%
Interest Burden Percent	176.07%	7.88%	93.80%	89.89%	122.18%	59.04%	93.36%	93.73%	126.27%	115.06%	89.79%
Effective Tax Rate	0.00%	1,107.73%	17.56%	11.99%	0.00%	29.86%	27.99%	34.51%	0.00%	0.00%	22.31%
Return on Invested Capital (ROIC)	-18.99%	289.50%	154.83%	67.92%	-35.71%	43.08%	77.07%	56.79%	-15.30%	-158.10%	75.90%
ROIC Less NNEP Spread (ROIC-NNEP)	-76.19%	407.95%	156.98%	61.16%	126.28%	49.60%	89.24%	50.71%	-20.33%	-139.92%	77.01%
Return on Net Nonoperating Assets (RNNOA)	-22.61%	-122.91%	-42.24%	23.35%	20.55%	-14.62%	-18.12%	17.38%	-7.82%	52.43%	-8.66%
Return on Equity (ROE)	-41.60%	166.59%	112.59%	91.27%	-15.17%	28.47%	58.95%	74.17%	-23.11%	-105.68%	67.24%
Cash Return on Invested Capital (CROIC)	8.82%	-7.12%	-2.89%	13.22%	45.63%	103.15%	74.28%	57.95%	7.76%	76.76%	11.61%
Operating Return on Assets (OROA)	-1.99%	1.29%	9.53%	10.21%	-5.28%	3.59%	6.99%	10.56%	-2.76%	-10.10%	7.71%
Return on Assets (ROA)	-5.58%	-1.02%	7.37%	8.08%	5.72%	1.49%	4.70%	6.48%	-2.56%	-10.72%	5.38%
Return on Common Equity (ROCE)	8.03%	-42.77%	-9.68%	12.73%	-0.55%	-0.07%	4.83%	15.25%	-2.73%	1.00%	7.21%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-572.93%	-1,624.33%	221.23%	0.00%	1,151.12%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-69	368	384	563	-171	80	350	519	-100	-259	405
NOPAT Margin	-1.18%	9.68%	6.38%	7.36%	-3.01%	2.38%	5.00%	6.11%	-1.58%	-6.84%	5.29%
Net Nonoperating Expense Percent (NNEP)	57.20%	-118.45%	-2.15%	6.76%	-161.99%	-6.52%	-12.16%	6.08%	5.03%	-18.18%	-1.11%
Return On Investment Capital (ROIC_SIMPLE)	-0.96%	-	-	-	-2.36%	1.12%	4.73%	6.12%	-1.10%	-2.88%	4.07%
Cost of Revenue to Revenue	80.37%	69.65%	73.18%	75.55%	79.09%	66.67%	74.37%	75.75%	76.98%	65.34%	74.66%
SG&A Expenses to Revenue	19.10%	27.84%	16.81%	14.36%	22.80%	25.58%	16.43%	13.16%	22.68%	40.12%	16.18%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.32%	31.31%	19.08%	16.09%	25.22%	29.93%	18.69%	14.93%	25.28%	44.43%	18.53%
Earnings before Interest and Taxes (EBIT)	-91	41	487	652	-251	112	450	779	-147	-358	578
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	261	201	649	811	-77	290	634	966	51	-158	794
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	88.25	173.67	287.54	98.35	73.49	123.43	0.00	523.88
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.95	1.04	0.91	1.09	1.30	1.34	1.49	1.56	1.33	1.40	1.64
Price to Earnings (P/E)	38.71	46.87	41.40	55.94	33.57	31.29	38.52	42.61	67.44	428.01	320.20
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.58%	2.13%	2.42%	1.79%	2.98%	3.20%	2.60%	2.35%	1.48%	0.23%	0.31%
Enterprise Value to Invested Capital (EV/IC)	13.23	22.05	16.91	10.28	15.06	23.51	21.47	15.67	12.35	42.52	23.09
Enterprise Value to Revenue (EV/Rev)	1.03	1.09	0.97	1.19	1.39	1.40	1.55	1.64	1.43	1.44	1.71
Enterprise Value to EBITDA (EV/EBITDA)	14.02	19.04	16.03	16.83	20.31	18.90	22.10	22.20	18.60	24.64	27.21
Enterprise Value to EBIT (EV/EBIT)	22.27	26.74	21.95	26.01	34.68	31.58	37.97	36.86	30.25	50.87	52.87
Enterprise Value to NOPAT (EV/NOPAT)	27.96	36.46	31.06	39.80	25.52	21.40	24.69	28.85	43.05	100.42	100.23
Enterprise Value to Operating Cash Flow (EV/OCF)	17.15	21.30	20.54	21.47	18.66	15.42	19.67	16.18	25.88	15.26	17.25
Enterprise Value to Free Cash Flow (EV/FCFF)	187.94	0.00	0.00	83.40	36.15	24.48	32.15	26.37	178.46	43.30	211.67
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.67	4.28	3.99	3.20	3.31	3.04	2.81	3.71	4.51	5.94	5.06
Long-Term Debt to Equity	3.87	3.50	3.26	2.90	3.18	2.81	2.16	3.08	4.19	4.68	3.43
Financial Leverage	0.30	-0.30	-0.27	0.38	0.16	-0.29	-0.20	0.34	0.38	-0.37	-0.11
Leverage Ratio	16.31	17.35	15.05	10.64	11.52	11.75	11.29	10.83	11.30	13.52	12.44
Compound Leverage Factor	28.72	1.37	14.12	9.57	14.07	6.94	10.54	10.15	14.27	15.55	11.17
Debt to Total Capital	82.36%	81.06%	79.96%	76.20%	76.80%	75.24%	73.75%	78.78%	81.85%	85.58%	83.49%
Short-Term Debt to Total Capital	14.17%	14.82%	14.63%	7.09%	3.11%	5.63%	16.91%	13.39%	5.87%	18.11%	26.93%
Long-Term Debt to Total Capital	68.19%	66.24%	65.34%	69.11%	73.68%	69.60%	56.83%	65.39%	75.98%	67.47%	56.56%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	18.29%	20.43%	20.59%	20.29%	21.14%	23.52%	22.15%	15.64%	15.45%	15.82%	15.76%
Common Equity to Total Capital	-0.65%	-1.50%	-0.56%	3.51%	2.07%	1.24%	4.10%	5.58%	2.71%	-1.40%	0.75%
Debt to EBITDA	3.96	4.62	4.32	3.78	4.06	3.82	3.89	4.05	4.22	5.70	5.56
Net Debt to EBITDA	0.21	-0.22	-0.13	0.46	0.21	-0.45	-0.36	0.33	0.57	-0.38	0.08
Long-Term Debt to EBITDA	3.27	3.77	3.53	3.43	3.90	3.53	3.00	3.36	3.92	4.49	3.77
Debt to NOPAT	7.89	8.84	8.36	8.94	5.10	4.32	4.35	5.26	9.78	23.21	20.50
Net Debt to NOPAT	0.42	-0.41	-0.26	1.08	0.26	-0.51	-0.40	0.42	1.32	-1.55	0.29
Long-Term Debt to NOPAT	6.53	7.23	6.83	8.11	4.90	4.00	3.35	4.36	9.08	18.30	13.88
Altman Z-Score	1.70	1.74	1.73	2.03	2.03	1.86	1.95	2.18	1.96	1.65	1.81
Noncontrolling Interest Sharing Ratio	119.30%	125.67%	108.60%	86.05%	96.40%	100.25%	91.80%	79.43%	88.20%	100.94%	89.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.95	0.92	0.92	1.01	0.99	0.96	0.88	0.92	1.00	0.88	0.85
Quick Ratio	0.83	0.78	0.76	0.85	0.84	0.78	0.71	0.76	0.83	0.72	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-780	-391	-388	197	-542	-106	4.74	651	-736	224	169
Operating Cash Flow to CapEx	454.94%	737.67%	206.42%	-456.09%	597.61%	773.61%	84.84%	-34.72%	-15.28%	756.96%	144.81%
Free Cash Flow to Firm to Interest Expense	-7.01	-4.85	-4.85	2.24	-6.78	-1.32	0.07	8.11	-8.75	2.48	1.74
Operating Cash Flow to Interest Expense	5.46	12.26	5.15	-8.20	13.08	16.45	3.10	-1.19	-0.64	25.84	4.31
Operating Cash Flow Less CapEx to Interest Expense	4.26	10.59	2.66	-9.99	10.89	14.32	-0.55	-4.62	-4.82	22.42	1.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.28	1.20	1.18	1.20	1.20	1.09	1.09	1.15	1.18	1.07	1.02
Accounts Receivable Turnover	13.02	11.90	10.94	8.97	12.28	11.01	9.63	9.27	13.42	13.42	9.82
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.66	11.70	11.51	10.76	10.19	9.47	9.15	8.94	8.60	8.06	7.60
Accounts Payable Turnover	8.40	8.66	8.87	7.99	8.18	7.68	7.66	7.14	9.87	8.52	8.17
Days Sales Outstanding (DSO)	28.03	30.68	33.36	40.69	29.73	33.15	37.92	39.37	27.20	27.19	37.16
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	43.43	42.14	41.13	45.70	44.62	47.54	47.64	51.10	36.97	42.86	44.70
Cash Conversion Cycle (CCC)	-15.41	-11.46	-7.77	-5.02	-14.90	-14.39	-9.72	-11.73	-9.77	-15.67	-7.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,766	1,163	1,367	2,708	2,137	1,350	1,712	2,576	2,924	866	1,949
Invested Capital Turnover	16.11	29.90	24.29	9.23	11.86	18.10	15.41	9.30	9.67	23.12	14.35
Increase / (Decrease) in Invested Capital	712	759	772	366	371	187	346	-132	636	-484	236
Enterprise Value (EV)	23,377	25,639	23,105	27,834	32,194	31,721	36,765	40,367	36,104	36,815	44,997
Market Capitalization	21,558	24,362	21,695	25,414	30,090	30,478	35,413	38,313	33,451	35,810	43,131
Book Value per Share	($0.23)	($0.50)	($0.19)	$1.24	$0.75	$0.45	$1.54	$2.22	$1.15	($0.59)	$0.35
Tangible Book Value per Share	($18.59)	($18.98)	($18.07)	($16.42)	($16.41)	($17.16)	($16.75)	($16.01)	($17.32)	($19.22)	($19.34)
Total Capital	8,005	7,672	7,776	8,209	8,383	8,518	8,782	9,339	10,018	9,944	11,021
Total Debt	6,593	6,219	6,218	6,255	6,438	6,408	6,476	7,358	8,200	8,510	9,201
Total Long-Term Debt	5,459	5,082	5,081	5,673	6,177	5,929	4,991	6,107	7,612	6,709	6,233
Net Debt	354	-290	-191	754	332	-760	-593	594	1,105	-568	130
Capital Expenditures (CapEx)	134	134	200	158	175	171	263	276	352	309	290
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5,556	-6,273	-6,215	-4,824	-5,913	-7,137	-7,220	-6,480	-6,561	-9,052	-8,711
Debt-free Net Working Capital (DFNWC)	683	237	194	677	193	31	-150	283	533	26	361
Net Working Capital (NWC)	-451	-901	-943	95	-68	-448	-1,635	-968	-54	-1,775	-2,608
Net Nonoperating Expense (NNE)	185	400	7.77	47	-442	34	48	41	36	121	2.58
Net Nonoperating Obligations (NNO)	354	-290	-191	754	192	-760	-593	594	1,105	-568	130
Total Depreciation and Amortization (D&A)	351	161	163	159	174	178	184	187	198	200	217
Debt-free, Cash-free Net Working Capital to Revenue	-24.45%	-26.78%	-26.10%	-20.70%	-25.54%	-31.39%	-30.44%	-26.37%	-26.03%	-35.34%	-33.16%
Debt-free Net Working Capital to Revenue	3.01%	1.01%	0.82%	2.90%	0.83%	0.14%	-0.63%	1.15%	2.12%	0.10%	1.37%
Net Working Capital to Revenue	-1.98%	-3.85%	-3.96%	0.41%	-0.29%	-1.97%	-6.89%	-3.94%	-0.22%	-6.93%	-9.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.45)	($0.53)	$1.05	$1.72	$0.53	($0.32)	$0.41	$0.74	($1.07)	($1.85)	$1.06
Adjusted Weighted Average Basic Shares Outstanding	228.63M	229.47M	229.92M	230.37M	230.12M	231.22M	231.85M	232.04M	231.84M	232.40M	232.84M
Adjusted Diluted Earnings per Share	($1.36)	($0.53)	$1.03	$1.66	$0.58	($0.32)	$0.41	$0.73	($1.06)	($1.85)	$1.05
Adjusted Weighted Average Diluted Shares Outstanding	230.98M	229.47M	245.00M	245.32M	236.35M	231.22M	234.42M	234.75M	231.84M	232.40M	244.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	230.80M	231.44M	232.11M	232.35M	233.40M	234.09M	234.47M	234.74M	234.80M	235.55M	235.63M
Normalized Net Operating Profit after Tax (NOPAT)	-73	-26	383	559	-175	79	350	509	-100	-264	399
Normalized NOPAT Margin	-1.25%	-0.68%	6.36%	7.31%	-3.08%	2.33%	4.99%	5.99%	-1.59%	-6.95%	5.20%
Pre Tax Income Margin	-2.74%	0.08%	7.58%	7.66%	-5.39%	1.95%	6.00%	8.59%	-2.94%	-10.86%	6.76%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.81	0.50	6.08	7.41	-3.13	1.39	6.25	9.70	-1.75	-3.96	5.94
NOPAT to Interest Expense	-0.62	4.56	4.80	6.40	-2.14	1.00	4.86	6.46	-1.19	-2.87	4.17
EBIT Less CapEx to Interest Expense	-2.01	-1.16	3.59	5.61	-5.32	-0.73	2.59	6.27	-5.93	-7.37	2.96
NOPAT Less CapEx to Interest Expense	-1.82	2.90	2.31	4.60	-4.33	-1.12	1.21	3.03	-5.37	-6.28	1.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.57%	41.41%	43.06%	48.87%	23.81%	18.99%	22.35%	23.06%	38.04%	101.10%	79.78%
Augmented Payout Ratio	36.57%	41.41%	43.06%	48.87%	23.81%	18.99%	22.35%	23.06%	41.45%	101.10%	79.78%

Financials Breakdown Chart

Key Financial Trends

Live Nation Entertainment (NYSE: LYV) has shown a dramatic rebound in profitability and liquidity over the past year, but the balance sheet still reflects a highly leveraged and somewhat fragile capital structure. After a difficult Q1 2025, the company generated a strong recovery in Q2 and Q3 2025, and Q1 2026 continued that trend on the cash flow side even though earnings remained negative. The biggest takeaway for retail investors is that operating momentum is improving, but debt and working-capital swings remain key risks.

Revenue has continued to grow over the long run, with Q1 2026 revenue at $3.79 billion versus $3.38 billion in Q1 2025 and $3.13 billion in Q1 2024.
Profitability improved sharply in 2025, highlighted by Q3 2025 net income of $478 million versus a loss in Q1 2025 and only modest profits earlier in the cycle.
Operating income rebounded strongly in 2025, reaching $792 million in Q3 2025 and $487 million in Q2 2025, compared with a loss of $41 million in Q1 2025.
Cash from operations was very strong in Q1 2026 at $2.34 billion, helped by a large $2.5 billion positive swing in operating assets and liabilities.
Cash and equivalents rose to $9.08 billion in Q1 2026, up from $6.75 billion in Q3 2025 and $6.10 billion at year-end 2024.
Total common equity turned positive in Q1 2026 at a modest $139 million, a big improvement from the negative equity position seen in several prior periods.
Q3 2025 and Q2 2025 both showed solid earnings per share, with diluted EPS of $0.73 and $0.41, respectively, after a weak Q1 2025.
The company continues to generate substantial non-cash depreciation and amortization, which supports reported cash flow but also reflects a capital-intensive business model.
Current deferred revenue remains large at $7.41 billion in Q1 2026, which supports near-term liquidity but also indicates a sizable obligation to deliver future services.
Despite the recent improvement, Q1 2026 still reported a net loss of $389 million attributable to common shareholders.
Total liabilities remain high at $24.63 billion in Q1 2026, including $1.80 billion of short-term debt and $6.71 billion of long-term debt.
Operating cash flow can be volatile: Q4 2025 was negative at $53.7 million, and Q3 2025 was also negative at $95.7 million.
The balance sheet has been under pressure historically, with common equity negative in Q2 2025 and only recently recovering to slightly positive territory.
Interest expense remains a meaningful burden, with Q1 2026 interest expense of $90.5 million against a pre-tax loss of $412 million.

Overall, LYV looks like a company in recovery mode. The recent quarters show better revenue, stronger operating income, and a much healthier cash position, but investors should still watch leverage, working-capital volatility, and whether the company can sustain positive earnings and operating cash flow without leaning on debt.

08/15/26 02:37 PM ETAI Generated. May Contain Errors.

Live Nation Entertainment Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Live Nation Entertainment's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Live Nation Entertainment's net income appears to be on an upward trend, with a most recent value of $690.74 million in 2025, falling from -$15.77 million in 2015. The previous period was $1.13 billion in 2024. See Live Nation Entertainment's forecast for analyst expectations on what's next for the company.

Live Nation Entertainment's total operating income in 2025 was $1.25 billion, based on the following breakdown:

Total Gross Profit: $6.44 billion
Total Operating Expenses: $5.19 billion

Over the last 10 years, Live Nation Entertainment's total revenue changed from $7.25 billion in 2015 to $25.20 billion in 2025, a change of 247.8%.

Live Nation Entertainment's total liabilities were at $21.09 billion at the end of 2025, a 19.2% increase from 2024, and a 374.5% increase since 2015.

In the past 10 years, Live Nation Entertainment's cash and equivalents has ranged from $1.30 billion in 2015 to $7.09 billion in 2025, and is currently $7.09 billion as of their latest financial filing in 2025.

Over the last 10 years, Live Nation Entertainment's book value per share changed from 6.11 in 2015 to 1.15 in 2025, a change of -81.1%.

Related Companies

Financial statements for NYSE:LYV last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Live Nation Entertainment (LYV) Financials

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Live Nation Entertainment (LYV) Financials

Annual Income Statements for Live Nation Entertainment

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Financials Breakdown Chart

Key Financial Trends

Live Nation Entertainment Financials - Frequently Asked Questions

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How has Live Nation Entertainment's net income changed over the last 10 years?

What is Live Nation Entertainment's operating income?

How has Live Nation Entertainment's revenue changed over the last 10 years?

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How has Live Nation Entertainment's book value per share changed over the last 10 years?

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