Live Nation Entertainment Reports First Quarter 2026 Results.

May 6, 2026

“2026 is off to a powerful start, with first quarter revenue climbing 12% to $3.8 billion. In an increasingly digital and AI-driven world, the global desire for authentic human connection has never been stronger. We are seeing a fundamental shift as fans prioritize the ‘live’ experience—the chance to be physically present with their favorite artists and share that energy with friends and fellow fans in a way a screen simply cannot replicate.

This cultural demand is driving record-breaking activity across our business. We have already booked over 85% of our large-venue shows for the year, with show counts up year-over-year across stadiums, arenas, and amphitheaters. Our momentum is clear: we have sold over 107 million tickets to date—an 11% increase—and Venue Nation is on track to grow fan attendance at our owned and operated venues by double-digits. As we continue to expand our global footprint to meet this growing demand for physical connection, we are well positioned for long-term compounding double-digit growth.” – Michael Rapino, President and CEO

LIVE NATION PACES FOR DOUBLE-DIGIT GROWTH IN 2026 (1Q26 vs. 1Q25)

Revenue of $3.8 billion, up 12%
Operating loss of $371 million, impacted by a $450 million legal accrual
Adjusted operating income (AOI) of $371 million, up 9% with operating strength across all segments:
- Concerts AOI of $3 million with fan attendance of 24 million, up 7%
- Ticketing AOI of $256 million, driven by 81 million fee-bearing tickets, up 4%
- Sponsorship AOI up 21% to $165 million, driven by brand demand to connect with our global fan base
Q1 deferred revenue for Concerts and Ticketmaster at record levels:
- Event-related deferred revenue of $6.6 billion, up 22%—largest deferred revenue balance in company history
- Ticketing deferred revenue of $368 million, up 29%, accounting for $5.5 billion in deferred ticketing gross transaction value (GTV)
While 2026 operating income will be impacted by a $450 million legal accrual, on pace to grow adjusted operating income by double-digits this year

(Live Nation Concerts) GLOBAL ARTIST AND TOURING MOMENTUM ACCELERATE 2026 CONCERTS PERFORMANCE

Revenue of $2.8 billion, up 12% vs. 1Q25
Q1 AOI of $3 million and $12 million on a constant currency basis
Over 85% of 2026 large venue shows booked (confirmed and offer-in) through the end of April, pacing up high-single digits so far this year, with stadium, arena, and amphitheater show count all up year-on-year
Tickets sold through the end of April for 2026 Live Nation concerts up 11% to over 107 million, with consistent double-digit growth across key venue types—stadiums, arenas, amphitheaters, and festivals
Full year fan attendance projected to grow high-single digits with timing shifts due to venue mix:
- Top driver of Q2 fan growth expected to be third-party arenas
- 70% of amphitheater fan growth expected to occur in Q3, in line with the summer calendar
- All stadium fan growth will occur in the second half
For the full year, Concerts on track to deliver double-digit AOI growth with margins positioned to build on last year’s

VENUE NATION EXPANDS GLOBAL FOOTPRINT AND DELIVERS DEEPER FAN ENGAGEMENT

Venues opened in 2025 on track to reach their run-rate annual AOI across Concerts and Sponsorship by 2028, delivering 20%+ IRRs:
- TD Coliseum in Hamilton, Canada delivered a strong Q1 with show count up double-digits and set to deliver 80 shows for the full year—surpassing initial projections
- At Rogers Stadium in Toronto, projected show count for the full-year is up 40% compared to its inaugural year in 2025
- Ongoing roll out of premium hospitality, Live Nation’s Vinyl Room, delivering strong results so far this year with onsite spending at the Hollywood Palladium over $100 per fan, and up 30% per fan at Ziggo Dome in Amsterdam
Venue Nation on track to grow fans at owned or operated venues by double-digits in 2026:
- Recently completed three acquisitions: Movistar Arena Santiago, Unipol Forum in Milan, and IMPACT Arena in Bangkok, with a cumulative annual fan capacity of approximately four million
- 2026 major projects include two U.S. amphitheaters and one stadium in Guadalajara, Mexico
2026 preopening costs for all venues under development expected to remain at approximately $50 million
Venues opening in 2026 are projected to reach their run-rate annual AOI across Concerts and Sponsorship by 2029, continuing to deliver 20%+ IRRs

(Ticketmaster) CONCERTS DEMAND DRIVES TICKETMASTER STRENGTH IN Q1 (vs. 1Q25 unless otherwise noted)

Revenue of $765 million, up 10%
AOI of $256 million, up 1%
- $30 million in expenses related to legal and operational improvements
Primary GTV grew 14%, with concerts delivering most of the growth
Ticketmaster well positioned for sustained long-term growth:
- Ticketmaster total fee-bearing tickets transacted through April for 2026 up 9% to 138 million, with GTV of $17 billion, up 15%
- Primary fee-bearing ticket volume expected to grow mid-single digits for the full year
- Ongoing efforts to reduce scalper activity expected to impact full-year Ticketmaster AOI by mid-single digits
Full year AOI margin expected to be similar to last year

(Live Nation Sponsorships)THE POWER OF PRESENCE: BRANDS PRIORITIZE AUTHENTIC CONNECTION AS GLOBAL SPONSORSHIP ACTIVITY REACHES NEW HEIGHTS (vs. 1Q25 unless otherwise noted)

Revenue of $259 million, up 20%
AOI of $165 million, up 21%, reflecting the strength of international festivals in South America and our growing venue portfolio
85% of 2026 sponsorship commitments booked as of end of April, up double-digits
AOI expected to grow double-digits for the full year, driven by venue portfolio expansion including naming rights across major arenas and festivals globally
Full year AOI margin expected to be similar to last year

CAPITAL ALLOCATION SUPPORTS VENUE EXPANSION AND LONG-TERM GROWTH

Q1 capital expenditures totaled $249 million; full year spend 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
Full year AOI to free cash flow—adjusted conversion expected to be in line with or higher than 2025

CONTINUED TO BOLSTER OUR BALANCE SHEET IN Q1

Cash and cash equivalents of $9.1 billion, up from $7.2 billion last year and free cash of $1.7 billion, up from $1.1 billion last year
Leverage stands at 3.6x, in line with historical levels, with a weighted average cost of debt of 4.2%
In April, raised approximately €610 million in long-term debt at 5.5% through an investment grade financing vehicle backed by a portfolio of major venues

FULL-YEAR INCOME STATEMENT DETAILS (vs. FY25)

Depreciation and amortization expected to grow 12-15%
Net interest expense is expected to be $280 million
Income tax expense is expected to be 15-20% of AOI, with cash taxes projected to be 80% of that amount
Below the line items:
- A $450 million legal accrual impacted Q1 operating income and earnings per share by $(1.93)
- Noncontrolling interest expense is expected to grow 25% driven by strong performance across our global partnerships
- Accretion expense is expected to be $160-180 million
2026 share count not expected to change materially from 2025