Live Nation Entertainment
LYV · NYSEServices-Amusement & Recreation Services · Fiscal year ends Dec 31
Live Nation Entertainment reported revenue of $25.2B in the fiscal year ended Dec 2025, up 8.8% from the year before. Operating income was $1.3B, an operating margin of 5.0%, and net income was $496M. Operating cash flow of $1.4B less capital expenditure of $1.1B left free cash flow of $334M. Net debt was $518M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.3B | $16.7B | $22.7B | $23.2B | $25.2B |
| Selling, general & admin | $1.8B | $3B | $3.5B | $4B | $4.1B |
| Operating income | −$418M | $722M | $1.1B | $825M | $1.3B |
| Interest expense | $282M | $278M | $350M | $326M | $316M |
| Pre-tax income | −$611M | $491M | $913M | $739M | $1B |
| Income tax | −$2M | $116M | $209M | −$392M | $340M |
| Net income | −$651M | $266M | $557M | $896M | $496M |
| Diluted EPS | −3.09 | 0.52 | 1.34 | 2.74 | −0.24 |
| Diluted shares | 217M | 232M | 231M | 236M | 232M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.9B | $5.6B | $6.2B | $6.1B | $7.1B |
| Receivables | $1.1B | $1.5B | $2B | $1.7B | $2B |
| Inventory | $34M | $39M | $45M | $50M | $57M |
| Current assets | $6.7B | $8.2B | $9.5B | $9.3B | $11B |
| Net PP&E | $1.1B | $1.5B | $2.1B | $2.4B | $3.4B |
| Goodwill | $2.6B | $2.5B | $2.7B | $2.6B | $2.9B |
| Total assets | $14.4B | $16.5B | $19B | $19.6B | $22.9B |
| Payables | $111M | $180M | $267M | $243M | $253M |
| Deferred revenue | $2.8B | $3.1B | $3.4B | $3.7B | $4.5B |
| Current liabilities | $6.9B | $8.3B | $10B | $9.4B | $11B |
| Long-term debt | $5.1B | $5.3B | $5.5B | $6.2B | $7.6B |
| Shareholders' equity | −$583M | −$368M | −$52M | $173M | $271M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $1.8B | $1.4B | $1.7B | $1.4B |
| Capital expenditure | $153M | $347M | $439M | $647M | $1.1B |
| Free cash flow | $1.6B | $1.5B | $924M | $1.1B | $334M |
| Depreciation & amortisation | $416M | $450M | $517M | $550M | $639M |
| Stock-based compensation | $209M | $110M | $116M | $110M | $155M |
| Acquisitions | $384M | $257M | $18M | $98M | $80M |
| Share buybacks | – | – | $0 | $0 | $24M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 166.1% | 36.2% | 1.9% | 8.8% |
| Operating income growth (YoY) | – | – | 50.3% | −24.0% | 51.8% |
| EPS growth (YoY) | – | – | 157.7% | 104.5% | −108.8% |
| Operating margin | −6.7% | 4.3% | 4.8% | 3.6% | 5.0% |
| Net margin | −10.4% | 1.6% | 2.5% | 3.9% | 2.0% |
| Return on equityBlank when equity is negative | – | – | – | 517.3% | 183.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −5.5% | 8.9% | 12.0% | 8.0% | 10.5% |
| Free cash flow margin | 26.0% | 8.9% | 4.1% | 4.7% | 1.3% |
| Cash conversion (CFO ÷ net income) | −2.74x | 6.89x | 2.45x | 1.92x | 2.81x |
| Receivable days | 62 | 32 | 33 | 28 | 29 |
| Interest cover | −1.48x | 2.59x | 3.10x | 2.53x | 3.96x |
| Debt ÷ equity | – | – | – | 35.7x | 28.1x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $261M | −$323M | −$773M | $82M | $518M |
| Current ratio | 0.97x | 0.98x | 0.95x | 0.99x | 1.00x |
Recent filings
More in Services-Amusement & Recreation Services
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.