LIVE NATION ENTERTAINMENT FULL YEAR AND FOURTH QUARTER 2025 RESULTS

Core Insights - Live Nation Entertainment experienced significant growth in 2025, with a strong bond between artists and fans leading to double-digit growth across various metrics [1] - The company is positioned for continued growth in 2026, with expectations of record-breaking performance driven by increased ticket sales and venue expansions [2] Financial Performance - Revenue for 2025 reached $25.2 billion, up 9% from 2024, with adjusted operating income (AOI) of $2.4 billion, reflecting a 10% increase [1][2] - Operating income surged by 52% to $1.3 billion, while concert AOI rose 30% to $687 million, achieving a record margin of 3.3% [1][2] - Sponsorship AOI grew 11% to $845 million, driven by strong brand activity both online and onsite [1] Ticketing and Attendance - Ticketing fee-bearing gross transaction value (GTV) for concerts increased by 9% to $26 billion, with fan attendance rising 5% to 159 million [1] - Early indicators for 2026 show ticket sales for Live Nation concerts are up double-digits, with approximately 67 million fans expected to attend [1][2] Venue Expansion and Infrastructure - The company invested nearly $15 billion in artists and shows, reinforcing its position as a leading financial supporter of artists [1] - Venue Nation expanded its portfolio, adding six million fans on a run-rate basis in 2025, with plans for further expansion expected to add five to seven million fans in 2026 [1][2] Sponsorship and Brand Partnerships - Sponsorship spending across Live Nation's global venue portfolio grew mid-teens, with notable partnerships in travel, entertainment, beverages, and financial services [1] - The company anticipates that sponsorship AOI growth will be heavily driven by venue portfolio expansion and global festivals in 2026 [2] Cash Flow and Capital Expenditures - Live Nation generated operating cash flow of $1.4 billion in 2025, with free cash flow adjusted at $1.3 billion, both up double-digits from the previous year [2] - Capital expenditures for 2026 are expected to be between $1.1 billion and $1.2 billion, with a focus on venue expansion and enhancement projects [2]