Live Nation Revenue Tops $25 Billion.

February 20, 2026

“In 2025, the bond between artists and their global fan bases reached new heights, fueling another year of double-digit growth. As artists continue to unlock untapped markets and headline the world’s most iconic stadiums, we’ve built momentum that carries us into a record-breaking 2026.

We’re not just building venues; we’re crafting world-class stages designed to elevate the artist’s vision and their connection to fans. By strategically expanding our global footprint and investing in premium, upgraded infrastructure, we provide the canvas for career-defining performances. This investment doesn’t just drive ticket sales—it revitalizes local economies and cements our venues as cultural anchors.

With a deep pipeline of large-scale shows and ticket demand continuing its ascent, we are positioned for another year of double-digit operating income and AOI growth in 2026. Our commitment to being the ultimate partner for artists ensures we are set to compound this double-digit growth for years to come.” – Michael Rapino, President and CEO

ARTIST MOMENTUM AND GLOBAL FAN PASSION FUELED RECORD-SETTING 2025 (vs FY24)

Revenue of $25.2 billion, up 9%
Operating income of $1.3 billion, up 52%
Adjusted operating income (AOI) of $2.4 billion, up 10%
Concerts delivered record results with AOI of $687 million, up 30% with best-ever margin of 3.3%
Fan attendance increased 5% to 159 million, driven by growth in activity at stadiums and across international markets
Invested nearly $15 billion in artists and shows, reinforcing Live Nation as the leading financial supporter of artists
Ticketing fee-bearing gross transaction value (GTV) for concerts grew 9% to $26 billion
Sponsorship AOI grew 11% to $845 million driven by strength across both online and onsite brand activity

ARTISTS REACH NEW HEIGHTS: EARLY DEMAND SETS THE STAGE FOR GROWTH IN 2026 (through early February vs same period last year)

Year-end 2025 event-related deferred revenue of $4 billion, up 21%
Over 80% of 2026 large venue shows booked (confirmed and offer-in), pacing up high-single digits globally and up double-digits in North America
- U.S. owned or operated large amphitheater shows (confirmed and offer-in) pacing higher than 2025 and a record 2024
Ticket sales for Live Nation concerts this year up double-digits to approximately 67 million fans, pointing to an acceleration in fan growth globally
- Fan demand shattered records with Bruno Mars delivering largest single-day ticket sales in Live Nation history, Harry Styles hitting 11.5 million pre-sale registrations, and BTS selling out a 41-date stadium tour
- Early indicators point to strong festival demand, with Electric Daisy Carnival sold out and ticket sales for Austin City Limits, Reading, and Leeds up double-digits
Ticketmaster delivered a record January with concert ticket GTV up over 50% led by North America on-sales
Venue Nation expected to host over 70 million fans in 2026, growing high-single to low-double digits
Over 70% of 2026 sponsorship commitments booked, up double-digits

GLOBAL ARTIST REACH FUELED BEST-EVER FINANCIAL PERFORMANCE IN 2025 (vs FY24)

Revenue of $20.9 billion, up 10%
AOI of $687 million, up 30%
Margins expanded to 3.3%, one-half percent higher than last year
Hosted 159 million fans, up 5%, across 55 thousand shows globally:
- International markets delivered record fan count, exceeding the U.S. for the first time and with double-digit fan growth across all major venue types
- North American stadium fan count more than doubled
- 20% of fans attending our top 50 tours were for international acts, reflecting broad-based demand for all genres of music
Delivered higher value to artists with average U.S. stadium grosses growing double-digits to help offset rising production costs
Prioritized fan affordability with get-in prices across all U.S. venue types holding flat to 2024 levels and pacing below inflation, with 75% of all U.S. tickets available for under $100

EARLY FAN DEMAND SIGNALS A RECORD 2026 FOR ARTISTS WORLDWIDE

Concerts expected to deliver double-digit AOI growth for the full year

EXPANDING THE ARTIST’S GLOBAL STAGE IN 2025: VENUE NATION UNLOCKS NEW MARKETS FOR TALENT (vs FY24)

Hosted 65 million fans at our operated venues, up 8%
Amphitheaters delivered 6% growth in onsite spending, driven by a double-digit increase in non-alcoholic beverages and liquor sales
Expanded portfolio of large venues (>3k in capacity) in 2025 by six million fans on a run-rate basis:
- All newly opened U.S. amphitheaters delivered strong performance with food and beverage spending higher by double-digits than the rest of our amphitheaters
- Both Rogers Stadium and Estadio Vive Claro exceeded expectations for onsite spending
- Successfully reopened TD Coliseum following an extensive renovation, driving double-digit growth in premium revenue per show compared to pre-renovation levels
2025 preopening costs for all venues under development were approximately $25 million
Venues opened in 2025 are on track to reach their projected run-rate annual AOI across concerts and sponsorship by 2028, delivering 20%+ IRRs

VENUE NATION CONTINUES TO PROVIDE THE WORLD’S PREMIER ARTISTS WITH NEW PATHWAYS TO FANS

Venue Nation expected to host over 70 million fans in 2026, up high-single to low-double digits compared to last year
Large venues opening through new builds and acquisitions planned for 2026 expected to add five to seven million fans on a run-rate basis, with over half in international markets:
- Includes two U.S. amphitheaters and an additional stadium in Mexico
- Expanding our global arena portfolio through several acquisitions across Latin America and Europe, including La Défense in Paris
2026 preopening costs for all venues under development are expected to be approximately $50 million
Venues opening in 2026 are projected to reach their run-rate annual AOI across concerts and sponsorship by 2029, delivering 20%+ IRRs

CONCERTS ACTIVITY LED TICKETMASTER GROWTH IN 2025 (vs FY24)

Revenue of $3.1 billion, up 3%
AOI of $1.1 billion, up 1%
Margin of 37%, continuing in the high 30s
Concerts outperformed all other categories:
- Fee-bearing tickets increased 2% to 346 million, driven by concerts up 4% offsetting a 2% decline in sports and other third-party activity
- Total fee-bearing GTV increased 6%, driven by a 9% increase in concerts offsetting a 1% decline in sports and other third-party activity
Ticketmaster achieved strong client-win momentum, adding 27 million net new enterprise tickets, led by our international markets

BOTH NORTH AMERICA AND INTERNATIONAL MARKETS DRIVING GROWTH IN 2026 (through early February vs same period last year)

Primary fee-bearing GTV expected to grow mid to high-single digits, with concerts contributing majority of this growth:
- Year-end 2025 Ticketmaster deferred revenue of $226 million, up 7%
- Signed four million net new enterprise tickets in the month of January, with two-thirds coming from international markets
Ongoing initiatives to combat scalpers and bots expected to limit secondary activity, which we expect will impact ticketing AOI by mid-single digits for the full year
Nearly all new features under development are leveraging artificial intelligence with a focus on value-added services for venues and improving the customer experience

GLOBAL REACH UNLOCKS NEW BRAND PARTNERSHIPS FOR ARTISTS AND FANS IN 2025 (vs FY24)

Revenue of $1.3 billion, up 11%
AOI of $845 million, up 11%
Margin of 64%, consistent with last year
Broad-based strength across both online and onsite advertising and across several major categories, as brand partners increasingly recognize the power of our global platform:
- Sponsorship spending at our global venue portfolio grew mid-teens, with strong ongoing momentum
- Travel and entertainment, beverages, and financial services categories grew double-digits, with multiple additions and expansions to our portfolio including Bang & Olufsen, Anheuser-Busch InBev, and Santander Bank

STRONG 2026 OUTLOOK: EARLY FAN COMMITMENT SIGNALS A LANDMARK YEAR FOR ARTISTS

Sponsorship AOI growth expected to be heavily driven by our venue portfolio expansion and global festivals

STRONG FREE CASH FLOW PROFILE

2025 generated operating cash flow of $1.4 billion and free cash flow—adjusted of $1.3 billion, up double-digits and with higher AOI to free cash flow—adjusted conversion than 2024
2026 full-year AOI to free cash flow—adjusted conversion is expected to be higher than 2025

CAPITAL DEPLOYMENT TO SUPPORT VENUE OPPORTUNITIES

2026 capital expenditures expected to be $1.1 to $1.2 billion
- Approximately $800 to $850 million of total capex is for venue expansion and enhancement projects
- Venue investment cash requirements expected to be reduced by approximately $250 million from funding by joint-venture partners, sponsorship agreements, and other sources
- Additional capex allocated to our ticketing and sponsorship growth initiatives, as well as ongoing maintenance at our venues

ADDITIONAL INCOME STATEMENT DETAILS FOR FULL YEAR 2026 (vs FY25)

Depreciation and amortization expense expected to grow by 10%
Interest expense, net of interest income, is expected to be $280 million
Tax expense expected to be 15-20% of AOI, with cash taxes estimated at approximately 80% of that amount due to various tax benefits and timing differences across our global markets
Below the line items:
- Accretion expense is expected to be $160-180 million
- Noncontrolling interest expense is expected to increase by 20%
2026 share count not expected to change materially from 2025