PART I—FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for H1 2025 reflect significant asset growth, strong revenue increases, and improved operating income, driven by Concerts segment performance [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $23.15 billion by June 30, 2025, driven by higher cash and deferred revenue, while total liabilities also grew Consolidated Balance Sheet Highlights (as of June 30, 2025 vs. December 31, 2024) | Account | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $11,823,151 | $9,290,137 | | Cash and cash equivalents | $7,056,975 | $6,095,424 | | **Total Assets** | **$23,150,333** | **$19,638,771** | | **Total Current Liabilities** | $13,458,572 | $9,358,279 | | Deferred revenue | $5,910,068 | $3,721,092 | | **Total Liabilities** | $21,844,751 | $18,465,476 | | **Total Equity** | $927,917 | $818,993 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 revenue grew 16% to $7.01 billion with operating income up 4%, while H1 2025 revenue increased 6% to $10.39 billion with operating income up 42% Key Performance Indicators - Statement of Operations (Unaudited) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $7,006,641 | $6,023,416 | $10,388,758 | $9,822,945 | | **Operating Income** | $486,653 | $465,819 | $601,422 | $424,429 | | **Net Income** | $302,741 | $376,228 | $349,043 | $333,523 | | **Net Income Attributable to Common Stockholders** | $243,411 | $297,970 | $266,614 | $243,495 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased to $1.54 billion in H1 2025, while investing activities used $492.4 million and financing activities used $498.5 million Cash Flow Summary (Six Months Ended June 30) | Activity (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,544,722 | $1,400,954 | | Net cash used in investing activities | $(492,426) | $(434,405) | | Net cash used in financing activities | $(498,452) | $(642,976) | | **Net increase in cash** | **$963,491** | **$170,584** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail business seasonality, new crypto asset accounting, a significant DOJ antitrust lawsuit seeking Ticketmaster divestiture, and the definition of Adjusted Operating Income (AOI) - The Concerts and Sponsorship & Advertising segments experience higher revenue and operating income in the **second and third quarters** due to outdoor concerts and festivals[31](index=31&type=chunk) - In May 2024, the U.S. Department of Justice and 29 states filed a civil antitrust complaint seeking **Ticketmaster divestiture**, which the company plans to vigorously defend[69](index=69&type=chunk) - **Adjusted Operating Income (AOI)** is defined as the key performance metric for segment evaluation, excluding specific non-operating items[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a record Q2 2025 with 16% revenue growth and 11% AOI increase, driven by Concerts, strong deferred revenue, and robust liquidity, despite ongoing legal challenges [Executive Overview](index=25&type=section&id=Executive%20Overview) Q2 2025 was a record quarter with 16% revenue growth to $7.0 billion and 11% AOI increase, driven by Concerts segment performance and strong deferred revenue Q2 2025 Financial Highlights | Metric | Q2 2025 | YoY Change (Reported) | YoY Change (Constant Currency) | | :--- | :--- | :--- | :--- | | Revenue | $7.0 billion | +16% | +15% | | Operating Income | $486.7 million | +4% | +4% | | AOI | - | +11% | - | - Deferred revenue reached **$5.9 billion** by June 30, 2025, a **23% increase** year-over-year, signaling strong future demand[92](index=92&type=chunk) - The Concerts segment fan count grew by **14%** in Q2 2025 to **44.1 million**, driven by record stadium content and strong international markets[97](index=97&type=chunk) [Consolidated Results of Operations](index=27&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2025 revenue increased 16% to $983.2 million with operating income up 4%, while H1 revenue grew 6% with operating income up 42%, driven by Concerts performance Consolidated AOI Reconciliation (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Operating income** | $486,653 | $465,819 | $601,422 | $424,429 | | **Consolidated AOI** | $798,423 | $716,231 | $1,139,474 | $1,078,738 | [Segment Operating Results](index=30&type=section&id=Segment%20Operating%20Results) Concerts segment drove growth with 19% Q2 revenue increase, while Ticketing saw flat AOI due to investments, and Sponsorship & Advertising grew 9% in revenue Concerts Segment Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $5,946.4M | $4,987.0M | +19% | | Operating Income | $204.2M | $115.6M | +77% | | AOI | $358.7M | $270.7M | +33% | Ticketing Segment Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $742.7M | $730.7M | +2% | | Operating Income | $229.3M | $240.8M | -5% | | AOI | $290.1M | $292.5M | -1% | Sponsorship & Advertising Segment Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $340.6M | $312.2M | +9% | | Operating Income | $209.2M | $203.0M | +3% | | AOI | $227.6M | $222.6M | +2% | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with $7.1 billion cash and $6.5 billion net debt, projecting $900M-$1.0B in 2025 capital expenditures, and acquired additional OCESA interest - As of June 30, 2025, the company held **$7.1 billion** in cash and cash equivalents and **$6.5 billion** in total net debt[155](index=155&type=chunk)[156](index=156&type=chunk) - Full-year 2025 capital expenditures are projected between **$900 million and $1.0 billion**, with **85%** for revenue-generating venue projects[173](index=173&type=chunk) - Subsequent to quarter-end, the company agreed to acquire an additional **24% interest in OCESA** for approximately **$646 million** on July 29, 2025[174](index=174&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency and interest rates, with mitigation strategies including forward contracts and interest rate swaps - A **10% change in USD value** would impact H1 2025 operating income by an estimated **$28.4 million**[181](index=181&type=chunk) - With **$6.5 billion total debt** and **$559.7 million floating-rate debt**, a **25-basis point** interest rate change would alter annual interest expense by approximately **$1.4 million**[183](index=183&type=chunk)[184](index=184&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of June 30, 2025[194](index=194&type=chunk) - No material changes were made to internal control over financial reporting during the quarter[196](index=196&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company faces a significant civil antitrust complaint from the U.S. Department of Justice seeking Ticketmaster divestiture, along with three consumer class actions - The company faces a significant civil antitrust complaint from the U.S. Department of Justice and states, alleging anticompetitive practices and seeking **Ticketmaster divestiture**[69](index=69&type=chunk)[199](index=199&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K were reported - No material changes to the risk factors disclosed in the **2024 Form 10-K** were reported[200](index=200&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased **8,747 shares** of common stock from employees to satisfy tax withholding obligations on vested restricted stock awards - A total of **8,747 shares** were repurchased in Q2 2025, representing shares surrendered by employees to cover taxes on vested stock awards[201](index=201&type=chunk) [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[202](index=202&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated any Rule 10b5-1 trading plan or other non-Rule 10b5-1 trading arrangement during Q2 2025 - No director or officer adopted or terminated a **Rule 10b5-1 trading plan** in Q2 2025[203](index=203&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files

[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Q2%202025%20Highlights) Live Nation achieved record Q2 2025 results, driven by global expansion and strong fan demand, with the CEO projecting sustained double-digit growth in operating income and AOI [CEO Commentary & Strategic Outlook](index=1&type=section&id=1.1.%20CEO%20Commentary%20%26%20Strategic%20Outlook) Live Nation Entertainment's CEO, Michael Rapino, highlighted strong global expansion driving touring growth, record fan attendance, and robust ticket sales across all price points. The company is expanding its global venue portfolio and investing in artists, projecting double-digit growth in operating income and Adjusted Operating Income (AOI) for the current year and beyond - Global expansion is driving touring growth, with fan attendance reaching new highs and strong ticket buying across all price points[3](index=3&type=chunk) - Live Nation is expanding its global venue portfolio and investing in artists to meet momentum[3](index=3&type=chunk) - The company expects to grow operating income and AOI by **double-digits** this year and for years to come, driven by investments in high-growth markets and fan experiences[3](index=3&type=chunk) [Overall Q2 2025 Performance Metrics](index=1&type=section&id=1.2.%20Overall%20Q2%202025%20Performance%20Metrics) Live Nation reported record Q2 2025 results driven by global fan demand, with significant increases in revenue, operating income, and adjusted operating income. Concerts profitability saw a substantial rise, global attendance grew, and Ticketmaster's Gross Transaction Value (GTV) increased, indicating a strong trajectory for another record year Q2 2025 Key Financial & Operational Metrics (YoY) | Metric | Q2 2025 Value | Change (YoY) | | :-------------------------------- | :------------ | :----------- | | Revenue | $7 billion | Up 16% | | Operating Income | $487 million | Up 4% | | Adjusted Operating Income (AOI) | $798 million | Up 11% | | Concerts Profitability (AOI) | $359 million | Up 33% | | Global Attendance | 44 million fans | Up 14% | | Stadium Attendance | - | Tripled | | Ticketmaster GTV | $9 billion | Up 7% | | Live Nation Concert Tickets Sold | Over 130 million | Up 6% | | Concerts Event-Related Deferred Revenue | $5.1 billion | Up 25% | | Ticketmaster Deferred Revenue | $317 million | Up 22% | | Venue Nation Expected Fans (Full Year) | Approx. 70 million | Up double-digits | | 2025 Sponsorship Committed | 95% | Up double-digits | - Strong international growth was observed across Concert fans, Ticketmaster GTV, and Sponsorship sales, all showing **double-digit increases**[7](index=7&type=chunk) - Ticket sales were strong at every price point, with over **40% of global stadium shows selling out 95% of tickets** in the first week, and onsite spending increasing across all venue types[7](index=7&type=chunk) [Segment Performance Review](index=2&type=section&id=2.%20Segment%20Performance%20Review) All segments demonstrated solid Q2 2025 performance, with Concerts achieving record financials, Ticketing showing record GTV, and Sponsorship & Advertising reporting strong growth and committed revenue [Concerts Segment Performance](index=2&type=section&id=2.1.%20Concerts%20Segment%20Performance) The Concerts segment achieved record Q2 financial results and attendance, driven by global growth. Revenue and AOI saw significant increases, with global attendance up 14% and stadium attendance tripling. Live Nation is heavily investing in artist events and expanding its venue portfolio, with strong returns on capital investments Concerts Segment Q2 2025 Financials (YoY) | Metric | Q2 2025 Value | Change (YoY) | | :---------------- | :------------ | :----------- | | Revenue | $6 billion | Up 19% | | Adjusted Operating Income (AOI) | $359 million | Up 33% | | AOI Margin | 6% | Up 60 basis points | | Global Attendance | 44 million fans | Up 14% | | International Arena Fan Count | - | Up 20% | | Overall International Fan Count | - | Up 30% | - The company is investing **$15 billion in artist events globally in 2025**, positioning Live Nation as the largest financial supporter of the artist community[10](index=10&type=chunk) - Venue portfolio expanded with four new amphitheaters in the U.S. and one stadium in Canada year-to-date, with ten new large venues expected to open next year, adding capacity for **six million fans**[10](index=10&type=chunk) [Ticketing Segment (Ticketmaster) Performance](index=3&type=section&id=2.2.%20Ticketing%20Segment%20(Ticketmaster)%20Performance) Ticketmaster's Q2 2025 performance showed modest revenue growth and consistent AOI, with record GTV driven by concerts and international activity. Deferred revenue reached an all-time high, and net new enterprise tickets signed increased significantly, particularly from international markets, positioning the segment for growth in the second half of 2025 Ticketing Segment Q2 2025 Financials (YoY) | Metric | Q2 2025 Value | Change (YoY) | | :-------------------------------- | :------------ | :----------- | | Revenue | $743 million | Up 2% | | Adjusted Operating Income (AOI) | $290 million | Consistent | | Record Q2 Total Reported GTV | $9 billion | Up 7% | | Fee-Bearing Tickets Sold | Over 83 million | Up 4% | | International Ticket Volume | - | Up double-digits | | Concerts Ticket Volume | - | Up high-single digits | | Q2 Record Deferred Revenue | $317 million | Up 22% | | Net New Enterprise Tickets Signed | 17 million | Up 10% | - Secondary GTV was down mid-single digits due to increased market-based pricing in concerts and sports, alongside lower-performing sporting events[13](index=13&type=chunk) - Approximately **70% of the growth in net new enterprise tickets signed** came from international markets[13](index=13&type=chunk) [Sponsorship & Advertising Segment Performance](index=3&type=section&id=2.3.%20Sponsorship%20%26%20Advertising%20Segment%20Performance) The Sponsorship & Advertising segment reported solid revenue and AOI growth in Q2 2025, driven by expanding brand partnerships and name-in-title sponsorships. A high percentage of 2025 revenue is already committed, indicating strong demand and a positive outlook for double-digit AOI growth for the full year Sponsorship & Advertising Segment Q2 2025 Financials (YoY) | Metric | Q2 2025 Value | Change (YoY) | | :---------------- | :------------ | :----------- | | Revenue | $341 million | Up 9% | | Adjusted Operating Income (AOI) | $228 million | Up 2% | | 2025 Revenue Committed | 95% | Up double-digits | - Expanded portfolio of brand partners through new agreements with major consumer brands including Kraft Heinz, Airbnb, Samsung, and United Airlines[13](index=13&type=chunk) - Global venue portfolio is expanding its name-in-title sponsorships, including TD Arena at Hamilton and Veikkaus Arena at Helsinki[13](index=13&type=chunk) [Financial Position & Future Outlook](index=4&type=section&id=3.%20Financial%20Position%20%26%20Future%20Outlook) Live Nation maintains a strong financial position with growing cash flow and strategic venue expansion, anticipating significant accretion from the OCESA acquisition and consistent full-year AOI margins [Balance Sheet & Cash Flow Highlights](index=4&type=section&id=3.1.%20Balance%20Sheet%20%26%20Cash%20Flow%20Highlights) Live Nation maintains a strong balance sheet, with year-to-date net cash provided by operating activities and free cash flow—adjusted showing growth. The company is on track for double-digit growth in both metrics for the full year, supported by strategic venue expansion plans and a largely fixed-rate debt structure Year-to-Date Cash Flow Metrics (YoY) | Metric | YTD 2025 Value | Change (YoY) | | :-------------------------------- | :------------- | :----------- | | Net Cash Provided by Operating Activities | $1,544 million | - | | Free Cash Flow—Adjusted | $654 million | Up 5% | - Full-year capital expenditures are estimated to be **$900 million to $1 billion**, with **$700 to $800 million** allocated to venue expansion and enhancement plans, partially funded by joint-venture partners and sponsorship agreements[16](index=16&type=chunk) - Over **90% of the company's debt is at fixed rates** with a weighted average cost of debt of approximately **4.4%**, and no remaining debt maturities for the current year[16](index=16&type=chunk) [OCESA Acquisition & Other Financial Details](index=4&type=section&id=3.2.%20OCESA%20Acquisition%20%26%20Other%20Financial%20Details) Live Nation's additional 24% purchase of OCESA is expected to close in August, increasing ownership to 75%. This acquisition, coupled with OCESA's growth, is projected to significantly impact Q3 accretion, with a smaller impact in Q4. Other financial considerations include an expected increase in non-controlling interest expense and a minimal impact from foreign exchange rates in 2H - The additional **24% purchase of OCESA** will increase Live Nation's ownership to **75%** and is expected to close in August[16](index=16&type=chunk) OCESA Acquisition Expected Accretion | Period | Expected Accretion | | :----- | :----------------- | | Q3 2025 | $250 million | | Q4 2025 | $35 million | - The cumulative effect on Q2 net income of accretion, higher taxes, and foreign exchange was **$185 million higher cost** compared to last year, impacting EPS[16](index=16&type=chunk) [Full-Year 2025 Financial Projections](index=4&type=section&id=3.3.%20Full-Year%202025%20Financial%20Projections) Live Nation anticipates full-year AOI margins to be consistent with last year across segments. Depreciation and amortization are expected to increase, while P&L tax expense is projected at 15-20% of AOI, with global cash tax payments being lower due to carryforward operating losses. Share count is not expected to materially change from 2024 - Full-year AOI margins for Concerts, Ticketing, and Sponsorship & Advertising segments are expected to be consistent with prior years[10](index=10&type=chunk)[13](index=13&type=chunk) - Full-year depreciation and amortization are expected to increase by approximately **$75 million** compared to last year[16](index=16&type=chunk) - P&L tax expense is expected to be **15-20% of AOI**, with global cash tax payments projected to be **20-25% lower** than P&L expense due to carryforward operating losses[16](index=16&type=chunk) [Detailed Financial Statements & Reconciliations](index=6&type=section&id=4.%20Detailed%20Financial%20Statements%20%26%20Reconciliations) This section provides detailed financial statements, including segment-specific performance, reconciliations of non-GAAP measures, and consolidated balance sheets, statements of operations, and cash flows [Q2 & Six Months Financial Highlights by Segment](index=6&type=section&id=4.1.%20Q2%20%26%20Six%20Months%20Financial%20Highlights%20by%20Segment) This section provides a detailed breakdown of Live Nation's revenue and Adjusted Operating Income (AOI) for the second quarter and six months ended June 30, 2025, compared to the prior year. It highlights segment-specific performance, including the impact of currency fluctuations Q2 2025 Financial Highlights (Unaudited; $ in millions) | Segment | Q2 2025 Reported Revenue | Q2 2024 Reported Revenue | Change | Q2 2025 Reported AOI | Q2 2024 Reported AOI | Change | | :------------------------ | :----------------------- | :----------------------- | :----- | :------------------- | :------------------- | :----- | | Concerts | $5,946.4 | $4,987.0 | 19% | $358.7 | $270.7 | 33% | | Ticketing | $742.7 | $730.7 | 2% | $290.1 | $292.5 | (1)% | | Sponsorship & Advertising | $340.6 | $312.2 | 9% | $227.6 | $222.6 | 2% | | Consolidated Operating Income | $486.7 | $465.8 | 4% | - | - | - | | Total Adjusted Operating Income | $798.4 | $716.2 | 11% | - | - | - | Six Months 2025 Financial Highlights (Unaudited; $ in millions) | Segment | 6 Months 2025 Reported Revenue | 6 Months 2024 Reported Revenue | Change | 6 Months 2025 Reported AOI | 6 Months 2024 Reported AOI | Change | | :------------------------ | :----------------------------- | :----------------------------- | :----- | :------------------------- | :------------------------- | :----- | | Concerts | $8,430.5 | $7,866.4 | 7% | $365.3 | $268.9 | 36% | | Ticketing | $1,437.4 | $1,453.9 | (1)% | $543.2 | $576.6 | (6)% | | Sponsorship & Advertising | $556.6 | $523.5 | 6% | $363.6 | $352.6 | 3% | | Consolidated Operating Income | $601.4 | $424.4 | 42% | - | - | - | | Total Adjusted Operating Income | $1,139.5 | $1,078.7 | 6% | - | - | - | [Reconciliation of Non-GAAP Measures](index=7&type=section&id=4.2.%20Reconciliation%20of%20Non-GAAP%20Measures) This section provides reconciliations of non-GAAP financial measures, including Adjusted Operating Income (AOI), Free Cash Flow—Adjusted, and Free Cash, to their most directly comparable GAAP measures. These reconciliations offer insights into operational performance by adjusting for certain non-operational factors Reconciliation of Operating Income to Adjusted Operating Income (Unaudited; $ in millions) | Item | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :------------------------------------------ | :------ | :------ | :------------ | :------------ | | Operating Income | $486.7 | $465.8 | $601.4 | $424.4 | | Acquisition expenses | $79.2 | $(30.0) | $109.0 | $0.6 | | Amortization of non-recoupable ticketing contract advances | $20.7 | $21.2 | $45.4 | $45.2 | | Depreciation and amortization | $159.0 | $137.7 | $308.5 | $270.3 | | Gain on sale of operating assets | $(0.9) | $(0.8) | $(3.1) | $(1.4) | | Astroworld estimated loss contingencies | $(7.8) | $94.0 | $(7.8) | $279.9 | | Stock-based compensation expense | $61.5 | $28.3 | $86.1 | $59.7 | | **Adjusted Operating Income** | **$798.4** | **$716.2** | **$1,139.5** | **$1,078.7** | Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities (Unaudited; $ in millions) | Item | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :---------------------------------------------------- | :------ | :------ | :------------ | :------------ | | Net cash provided by operating activities | $223.4 | $412.1 | $1,544.7 | $1,401.0 | | Changes in operating assets and liabilities (working capital) | $387.8 | $92.7 | $(668.8) | $(835.2) | | Changes in accrued liabilities for Astroworld estimated loss contingencies | $(7.8) | $94.0 | $(7.8) | $279.9 | | Free cash flow from earnings | $603.4 | $598.8 | $868.1 | $845.7 | | Less: Maintenance capital expenditures | $(34.2) | $(27.1) | $(49.1) | $(49.6) | | Distributions to noncontrolling interests | $(131.1) | $(115.7) | $(164.8) | $(171.9) | | **Free cash flow — adjusted** | **$438.1** | **$456.0** | **$654.2** | **$624.2** | Reconciliation of Free Cash to Cash and Cash Equivalents (Unaudited; $ in millions) | Item | June 30, 2025 | | :------------------------------------ | :------------ | | Cash and cash equivalents | $7,057.0 | | Short-term investments | $57.6 | | Client cash | $(1,703.2) | | Deferred revenue — event-related | $(5,140.3) | | Accrued artist fees | $(339.0) | | Collections on behalf of others | $(123.0) | | Prepaid expenses — event-related | $1,290.5 | | **Free cash** | **$1,099.6** | [Consolidated Balance Sheets](index=11&type=section&id=4.3.%20Consolidated%20Balance%20Sheets) The consolidated balance sheets present Live Nation's financial position as of June 30, 2025, and December 31, 2024. Key changes include increases in cash and cash equivalents, accounts receivable, and deferred revenue, alongside a decrease in long-term debt Consolidated Balance Sheet Highlights (Unaudited; in thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $7,056,975 | $6,095,424 | | Total current assets | $11,823,151 | $9,290,137 | | Total assets | $23,150,333 | $19,638,771 | | **LIABILITIES AND EQUITY** | | | | Deferred revenue | $5,910,068 | $3,721,092 | | Current portion of long-term debt, net | $1,485,353 | $260,901 | | Total current liabilities | $13,458,572 | $9,358,279 | | Long-term debt, net | $4,990,995 | $6,177,168 | | Total equity | $927,917 | $818,993 | | Total liabilities and equity | $23,150,333 | $19,638,771 | [Consolidated Statements of Operations](index=12&type=section&id=4.4.%20Consolidated%20Statements%20of%20Operations) The consolidated statements of operations provide a summary of Live Nation's financial performance for the three and six months ended June 30, 2025, compared to the prior year. It details revenue, operating expenses, income before taxes, net income, and earnings per share Consolidated Statements of Operations Highlights (Unaudited; in thousands except per share data) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $7,006,641 | $6,023,416 | $10,388,758 | $9,822,945 | | Operating income | $486,653 | $465,819 | $601,422 | $424,429 | | Income before income taxes | $420,386 | $456,392 | $486,399 | $454,706 | | Net income | $302,741 | $376,228 | $349,043 | $333,523 | | Net income attributable to common stockholders of Live Nation | $243,411 | $297,970 | $266,614 | $243,495 | | Basic net income per common share | $0.41 | $1.05 | $0.09 | $0.48 | | Diluted net income per common share | $0.41 | $1.03 | $0.09 | $0.48 | [Consolidated Statements of Cash Flows](index=13&type=section&id=4.5.%20Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows detail the cash generated and used by Live Nation's operating, investing, and financing activities for the six months ended June 30, 2025, and 2024. It shows a significant increase in net cash provided by operating activities and a net increase in cash, cash equivalents, and restricted cash Consolidated Statements of Cash Flows Highlights (Unaudited; in thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $1,544,722 | $1,400,954 | | Net cash used in investing activities | $(492,426) | $(434,405) | | Net cash used in financing activities | $(498,452) | $(642,976) | | Effect of exchange rate changes on cash, cash equivalents and restricted cash | $409,647 | $(152,989) | | Net increase in cash, cash equivalents and restricted cash | $963,491 | $170,584 | | Cash, cash equivalents and restricted cash at end of period | $7,069,600 | $6,409,540 | [Corporate Information & Disclosures](index=5&type=section&id=5.%20Corporate%20Information%20%26%20Disclosures) This section provides an overview of Live Nation Entertainment as the world's leading live entertainment company and includes disclosures on forward-looking statements and non-GAAP financial measures [About Live Nation Entertainment](index=5&type=section&id=5.1.%20About%20Live%20Nation%20Entertainment) Live Nation Entertainment, Inc. (NYSE: LYV) is recognized as the world's leading live entertainment company, comprising global market leaders such as Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship - Live Nation Entertainment, Inc. (NYSE: LYV) is the **world's leading live entertainment company**[19](index=19&type=chunk) - The company is comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship[19](index=19&type=chunk) [Forward-Looking Statements & Non-GAAP Definitions](index=9&type=section&id=5.2.%20Forward-Looking%20Statements%20%26%20Non-GAAP%20Definitions) This section outlines the company's forward-looking statements, cautioning investors about inherent risks and uncertainties that could cause actual results to differ materially from projections. It also provides definitions and reconciliations for various non-GAAP financial measures, including Adjusted Operating Income (AOI), Constant Currency, Free Cash Flow—Adjusted, and Free Cash, explaining their utility and limitations - The press release contains forward-looking statements regarding future performance, including expected growth in operating income and AOI, venue expansion, and financial projections for 2025[31](index=31&type=chunk) - Investors are cautioned that actual results may differ materially due to known and unknown factors, including operational challenges, market evolution, economic slowdowns, and risks detailed in SEC filings[32](index=32&type=chunk)[33](index=33&type=chunk) - Definitions are provided for non-GAAP financial measures such as Adjusted Operating Income (AOI), AOI margin, Constant Currency, Free Cash Flow—Adjusted (FCF), and Free Cash, along with explanations of why management uses them and their limitations[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)

Core Insights - The company is experiencing significant growth in global touring, with record fan attendance and strong ticket sales across all price points, indicating a robust demand for live events [1][2][4] - Investments are being made in expanding the global venue portfolio and supporting artists, positioning the company for continued double-digit growth in operating income and adjusted operating income [1][4] Financial Performance - Revenue reached $7 billion, a 16% increase year-over-year, with operating income of $487 million, up 4%, and adjusted operating income of $798 million, up 11% [4][8] - Concerts segment achieved record profitability with adjusted operating income of $359 million, reflecting a 33% increase [4][8] - Global attendance for concerts increased by 14% to 44 million fans, with stadium attendance tripling [4][8] Ticket Sales and Market Trends - Ticketmaster's gross transaction value rose 7% to $9 billion, with over 130 million tickets sold for Live Nation concerts, a 6% increase [4][8] - Strong international growth was noted, with concert fans, Ticketmaster gross transaction value, and sponsorship sales all up by double digits [4][8] - The company sold 1.5 million $30 lawn seats during the "Ticket to Summer" promotion, consistent with historical levels [4] Venue Expansion and Investments - The company plans to invest $15 billion in artist events globally in 2025, making it the largest financial supporter of the artist community [4][9] - Four new amphitheaters have been opened in the U.S., with additional venues expected to come online in the second half of 2025 [4][9] - The venue development pipeline is expanding, with ten new large venues anticipated to open next year, each with a capacity of 3,000 or more [4][9] Deferred Revenue and Future Outlook - Concert-related deferred revenue reached $5.1 billion, up 25%, while Ticketmaster's deferred revenue hit an all-time high of $317 million, up 22% [4][9] - The company expects to host approximately 70 million fans this year, with double-digit growth anticipated in the second half of 2025 [4][9] - Full-year adjusted operating income margins are projected to be consistent with previous years, indicating stable profitability [4][9]

Key Takeaways Live Nation Entertainment, Inc. (LYV) is scheduled to report second-quarter 2025 results on Aug. 7, after market close. In the last reported quarter, the company delivered an earnings surprise of 5.9%. Q2 Estimates of LYV The Zacks Consensus Estimate for the second-quarter earnings per share is pegged at $1.01, down 1.9% year over year. The consensus mark for revenues is pegged at $6.8 billion, indicating a 12.8% year-over-year increase. Factors to Note Ahead of LYV's Q2 Results The company's ...

Core Insights - Live Nation (LYV) is expected to report quarterly earnings of $1.03 per share, indicating no change from the previous year, with revenues forecasted at $6.81 billion, representing a 13% year-over-year increase [1] - The consensus EPS estimate has been revised upward by 0.4% in the past 30 days, reflecting analysts' reassessment of their initial estimates [1][2] Revenue Estimates - Analysts predict 'Revenue- Concerts' will reach $5.74 billion, a 15.2% increase year over year [4] - 'Revenue- Sponsorship & Advertising' is expected to be $344.66 million, indicating a 10.4% increase from the previous year [4] - The consensus estimate for 'Revenue- Ticketing' stands at $734.90 million, showing a slight increase of 0.6% from the prior year [4] Attendance and Ticket Sales - Estimated total attendance for concerts is projected at 43.62 million, up from 38.89 million in the same quarter last year [5] - The total fee-bearing number of tickets sold is expected to be 82.26 million, compared to 78.47 million in the previous year [5] - Estimated total events for concerts is projected at 14.36 million, slightly down from 14.68 million reported last year [6] Regional Insights - Estimated attendance in North America is expected to reach 25.08 million, up from 23.19 million year over year [6] - Estimated events in North America are projected at 9.55 million, down from 9.99 million in the same quarter last year [7] - Estimated attendance for international concerts is expected to be 18.45 million, compared to 15.71 million last year [8] Ticketing Metrics - Total non-fee-bearing number of tickets sold is projected at 77.09 million, up from 75.13 million year over year [8] - Total global number of tickets sold is expected to reach 159.55 million, compared to 153.60 million in the previous year [9] Stock Performance - Over the past month, Live Nation shares have recorded a return of -2.1%, while the Zacks S&P 500 composite has changed by +0.6% [10] - Based on its Zacks Rank 3 (Hold), Live Nation is expected to perform in line with the overall market in the upcoming period [10]

SAN DIEGO, July 31, 2025 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP, a leading stockholder rights law firm, has initiated an investigation into the board members and executive officers of Live Nation Entertainment, Inc. (NYSE: LYV) for potential breaches of fiduciary duties and violations of the federal securities laws. What is Johnson Fistel Investigating? Previously, a class action complaint was filed against the company alleging that throughout the Class Period, Defendants made materially false and/or misl ...

Group 1 - Wall Street anticipates a year-over-year increase in Live Nation's earnings, with expected quarterly earnings of $1.05 per share, reflecting a +1.9% change, and revenues projected at $6.82 billion, up 13.2% from the previous year [3][12] - The consensus EPS estimate has been revised 1.27% higher in the last 30 days, indicating a collective reassessment by analysts [4] - Live Nation's Earnings ESP is -4.36%, suggesting a bearish outlook from analysts regarding the company's earnings prospects [12] Group 2 - Live Nation has a history of beating consensus EPS estimates, having done so in the last four quarters [14] - Despite the potential for an earnings beat, other factors may influence stock movement, as stocks can decline even after an earnings beat due to investor disappointment [15][17] - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, particularly when combined with a favorable Zacks Rank [10]

Core Insights - Live Nation Entertainment, Inc. (LYV) is experiencing strong global demand for live music, with high-profile tours selling out and robust consumer interest across markets, which supports its flywheel business model [1][7] - Rising costs related to artist production, logistics, labor, and infrastructure are challenging the company's scalability, as evolving cost structures could pressure profitability if not managed carefully [2][4] - The company is leveraging its vertical integration strategy by owning and operating more venues, which enhances control over margins through high-margin ancillary revenue streams [3][7] Financial Performance - LYV's shares have increased by 16.8% over the past three months, outperforming the industry average rise of 12.6% [5] - Despite recent gains, LYV is trading at a forward 12-month price-to-sales ratio of 1.27, significantly lower than the industry average, with Warner Music and IMAX at 2.41 and 3.66, respectively [9] - The Zacks Consensus Estimate for LYV's 2025 earnings per share has risen to $2.35, although a decline of 14.2% is anticipated for the year [12]

Group 1 - The article emphasizes the importance of in-depth research in the casino and gaming sector, highlighting the availability of resources for subscribers [1] - Howard Jay Klein, with 30 years of experience in major casino operations, leads an investing group focused on actionable research in the casino, online betting, and entertainment industries [2] - Klein's investment strategy is centered around value investing, utilizing management quality as a key factor in decision-making [2] Group 2 - The article does not provide any specific financial data or performance metrics related to the companies in the casino and gaming sector [3][4]

Group 1: Core Insights - The investment bank Bernstein emphasizes the importance of "super fans" in driving growth and profitability in the entertainment industry, with effective engagement and monetization of these fans being a key differentiator [1] - The demand for live events and experiences has been fueled by "FOMO" (fear of missing out) and "YOLO" (you only live once) mindsets since the end of the pandemic, benefiting hotel groups and travel agencies [2] - Super fans are typically high-income individuals with low price sensitivity, maintaining stable consumption habits even during economic downturns, which may slow the growth of regular fans but significantly enhance profitability for leading companies [2] Group 2: Company Ratings and Targets - Live Nation Entertainment is highlighted as a top pick, with a target price of $185, the highest among analysts tracked by Bloomberg, due to its ticket sales, sponsorship revenue, and concert profit margins having room for growth [3] - Spotify is also rated positively, with a target price of $825, attributed to its underestimated pricing power and the anticipated launch of a super fan subscription service, which is expected to drive significant user adoption and boost gross margins [6] Group 3: Market Dynamics - Bernstein analysts believe that recent criticisms of Live Nation and Ticketmaster are temporary, and the likelihood of adverse rulings from the U.S. Department of Justice is low, with regulatory focus shifting from primary to secondary ticket markets [3] - The shift to "total price display" practices and the withdrawal of monopoly claims against artists indicate a changing regulatory landscape that may favor Live Nation [3]