All right, we just hit on it. Record 122 million people traveling. About a 2% jump from the levels that we saw last year.What does that signify. Does that signify consumers that are willing to spend on travel. Does it signify something else.>> This has been a secular trend, Frank, coming out of CO and it continues all the way through and and frankly we're expecting it into 2026 where consumers are spending more on experiences than they are on things. Uh and that has worked well for the stocks you had up the ...

Core Insights - Live Nation Entertainment, Inc. (LYV) experienced a 5.6% decline in stock price following a year-over-year decrease in third-quarter 2025 earnings, which also missed the Zacks Consensus Estimate [1][4] - Despite a slight miss in revenue expectations, revenues grew year over year, driven by strong fan spending trends for live events and amphitheaters [2][4] Financial Performance - Adjusted earnings per share (EPS) for Q3 2025 were reported at 73 cents, falling short of the Zacks Consensus Estimate of $1.21 by 39.7%, compared to an adjusted EPS of $1.66 in the same quarter last year [4][9] - Total revenues reached $8.5 billion, slightly below the consensus estimate of $8.55 billion by 0.6%, but reflecting an 11% increase year over year [4][9] Segment Analysis - Concerts segment revenues amounted to $7.28 billion, up 11% year over year, with adjusted operating income increasing to $514.2 million from $474.1 million in the prior year [5] - Ticketing segment revenues were $797.6 million, a 15% increase from the previous year, with adjusted operating income rising to $285.9 million from $235.7 million [6] - Sponsorship & Advertising segment revenues totaled $442.7 million, up 13% year over year, with adjusted operating income increasing to $313.1 million [6] Cash Flow and Financial Position - As of September 30, 2025, Live Nation's cash and cash equivalents totaled $6.75 billion, an increase from $6.1 billion at the end of 2024 [7] - Net long-term debt was reported at $6.11 billion, slightly down from $6.18 billion at the end of 2024 [7] - For the first nine months of 2025, net cash provided by operating activities was $1.45 billion, up from $680.1 million in the same period last year [8] Future Outlook - For 2026, ticket sales for concerts are projected to reach 26 million, indicating double-digit growth from 2025 [3] - The company faces challenges with elevated direct operating expenses due to increased support for stadium shows and higher selling, general, and administrative expenses [3]