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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Liberty Live reported revenue of $382M in the fiscal year ended Dec 2025, up 12.2% from the year before. Operating income was −$52M, an operating margin of −13.5%, and net income was −$87M. Net debt was $2.8B.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 340 | 382 |
| Cost of revenue | 286 | 308 |
| Gross profit | 54.4 | 73.5 |
| Operating income | −116 | −51.7 |
| Interest expense | 29.1 | 29.5 |
| Pre-tax income | −144 | −100 |
| Income tax | −30.0 | −13.1 |
| Net income | −113 | −87.0 |
| Diluted shares | – | 92.5 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Cash & equivalents | 403 | 545 |
| Receivables | 20.1 | 30.4 |
| Current assets | 472 | 629 |
| Goodwill | 125 | 127 |
| Total assets | 1,585 | 1,889 |
| Payables | 16.3 | 11.5 |
| Deferred revenue | 127 | 155 |
| Current liabilities | 187 | 1,897 |
| Short-term debt | – | 1,667 |
| Long-term debt | 1,556 | 1,667 |
| Total liabilities | 1,762 | 1,916 |
| Shareholders' equity | −199 | −49.1 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Operating cash flow | −25.2 | −29.5 |
| Depreciation & amortisation | 27.4 | 26.1 |
| Stock-based compensation | 11.0 | 5.5 |
| Acquisitions | 205 | – |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue growth (YoY) | – | 12.2% |
| Gross margin | 16.0% | 19.2% |
| Operating margin | −34.1% | −13.5% |
| Net margin | −33.1% | −22.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.3% | 660.9% |
| Cash conversion (CFO ÷ net income) | 0.22x | 0.34x |
| Receivable days | 21 | 29 |
| Payable days | 21 | 14 |
| Interest cover | −3.99x | −1.75x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,154 | 2,788 |
| Current ratio | 2.52x | 0.33x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.