Third Quarter 2026
Filed Nov 5, 2026Live Nation reported record third-quarter revenue, attendance and fee-bearing ticket volume, with consolidated revenue up 19% and adjusted operating income up 14%.
Third-quarter revenue, operating income, AOI, attendance, fee-bearing tickets and segment AOI each increased year over year, while management raised its full-year attendance expectation to nearly 180 million fans and described double-digit AOI growth across all three segments.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 consolidated revenue ($ in millions)GAAP | $10.11B | – | 19 % |
| Q3 2026 consolidated revenue at constant currency ($ in millions)non-GAAP | $10.10B | – | 19 % |
| Q3 2026 consolidated operating income ($ in millions)GAAP | $892M | – | 13 % |
| Q3 2026 adjusted operating income ($ in millions)non-GAAP | $1.18B | – | 14 % |
| Q3 2026 net income ($ in thousands)GAAP | $566.9M | – | – |
| Q3 2026 net income attributable to common stockholders of Live Nation ($ in thousands)GAAP | $447.8M | – | – |
| Q3 2026 basic net income per common share available to common stockholders of Live NationGAAP | $ 1.74 | – | – |
| Q3 2026 diluted net income per common share available to common stockholders of Live NationGAAP | $ 1.69 | – | – |
| Q3 2026 net cash used in operating activities ($ in millions)GAAP | −$657.7M | – | – |
| Q3 2026 free cash flow—adjusted ($ in millions)non-GAAP | $934.4M | – | – |
| Q3 2026 net cash used in investing activities ($ in millions)GAAP | −$621.2M | – | – |
| Q3 2026 net cash provided by financing activities ($ in millions)GAAP | $472.1M | – | – |
| Q3 2026 fan attendanceother | 61M | – | 19% |
| Q3 2026 fee-bearing ticketsother | 98M | – | 10% |
| Q3 2026 fee-bearing Gross Transaction Value (GTV)other | $11.2B | – | 13% |
| Q3 2026 event-related deferred revenueother | $3.8B | – | 8% |
| Nine Months 2026 consolidated revenue ($ in millions)GAAP | $21.56B | – | 14 % |
| Nine Months 2026 consolidated operating income ($ in millions)GAAP | $1.04B | – | (25) % |
| Nine Months 2026 adjusted operating income ($ in millions)non-GAAP | $2.37B | – | 9 % |
| Nine Months 2026 net income ($ in thousands)GAAP | $589.7M | – | – |
| Nine Months 2026 diluted net income per common share available to common stockholders of Live NationGAAP | $ 0.95 | – | – |
| Nine Months 2026 net cash provided by operating activities ($ in millions)GAAP | $2.10B | – | 45% |
| Nine Months 2026 free cash flow—adjusted ($ in millions)non-GAAP | $1.63B | – | 25% |
| Nine Months 2026 AOI to free cash flow—adjusted conversionnon-GAAP | 69% | – | – |
| Nine Months 2026 capital expendituresother | $722M | – | – |
| September 30, 2026 cash and cash equivalents ($ in thousands)GAAP | $8.26B | – | – |
| September 30, 2026 free cash ($ in millions)non-GAAP | $2.31B | – | – |
| September 30, 2026 current portion of long-term debt, net ($ in thousands)GAAP | $1.86B | – | – |
| September 30, 2026 long-term debt, net ($ in thousands)GAAP | $7.89B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Concerts, Q3 2026Global fan attendance of 61 million was up 19%, with international attendance up 29% and fan attendance at third-party stadiums up over 40%. | $ 8,746.4 | – | 20 % |
| Ticketing, Q3 2026Record fee-bearing ticket volume of 98 million was up 10%; concerts accounted for 95% of fee-bearing ticket growth and international markets contributed 75%. | $870.3M | – | 9 % |
| Sponsorship & Advertising, Q3 2026International markets, led by ticket access, venues, and festivals, contributed 65% of sponsorship revenue growth for the quarter. | $505.7M | – | 14 % |
| Concerts, Nine Months 2026Nine-month adjusted operating income was $ 915.3, up 4 %. | $ 17,966.3 | – | 14 % |
| Ticketing, Nine Months 2026Nine-month adjusted operating income was $ 902.4, up 9 %. | $ 2,487.5 | – | 11 % |
| Sponsorship & Advertising, Nine Months 2026Nine-month adjusted operating income was $ 771.6, up 14 %. | $ 1,147.2 | – | 15 % |
Full-year 2026 outlook
- Tax rate15–20% of AOI
- NoteThe company now expects to welcome nearly 180 million fans in 2026.
- NoteVenue Nation attendance for the year now expected to exceed 75 million, up more than 15% year-over-year.
- NoteConcerts on track to deliver double-digit AOI growth for the full year.
- NoteSponsorship AOI on track to grow double-digits for the full year.
- NoteTicketing full-year AOI growth is now expected to be up high single-digits.
- NoteFull-year AOI to free cash flow—adjusted conversion expected to exceed last year.
- NoteFull-year capital expenditures are expected to be nearly $1.1 billion.
- Note$800 million is directed toward expanding and improving venues.
- NoteApproximately $200 million from funding by joint-venture partners, sponsorship agreements, and other sources reduce venue cash requirements.
- NoteThe company is on track to open or acquire 10 large (over 3,000 capacity) venues through the end of the year, expected to deliver over 5 million fans this year with a run-rate of nearly 8 million.
- NoteDepreciation and amortization expected to grow 12–15%.
- NoteNet interest expense is expected to be approximately $280 million.
- NoteCorporate / Other and Eliminations expense expected to increase in line with AOI growth.
- NoteSince mid-year, full-year foreign exchange benefit reduced by approximately $20 million.
- NoteNoncontrolling interest expense is expected to be approximately $325 million.
- NoteAccretion expense is projected to be one-third of last year’s.
- Note2026 share count not expected to change materially from 2025.
Capital returns
- Nine Months 2026 distributions to noncontrolling interests were $ 206.9 million, compared with $ 196.8 million in Nine Months 2025.
- Nine Months 2026 purchases of noncontrolling interests, net of sales, were $ (251,935) (in thousands), compared with $ (851,183) (in thousands) in Nine Months 2025.
- No common-share repurchase or dividend was reported in the filing text.
What drove it
- Ticket sales for 2026 shows were up 13% to approximately 170 million through late October, already exceeding full-year 2025.
- International attendance was up 29%, accounting for 60% of total fan growth.
- International fee-bearing tickets were up 20%, contributing 75% of total fee-bearing ticket growth.
- Stadiums and amphitheaters drove 90% of North American Concerts attendance growth.
- September marked an all-time monthly high for amphitheater attendance and number of shows.
- Upgrade purchases and VIP revenue per ticket at large U.S. amphitheaters were up double-digits, while value menu unit sales more than doubled.
- Net new ticketing agreements added 23 million tickets, with over 70% from international markets.
Concerns
- Nine Months 2026 consolidated operating income declined (25) % to $ 1,043.4 million, while Governmental Investigations and Litigation was $ 450.0 million in the AOI reconciliation.
- Corporate expenses were $ 779,997 (in thousands) in Nine Months 2026, compared with $ 344,160 (in thousands) in Nine Months 2025.
- Q3 2026 net cash used in operating activities was $ (657.7) million.
- Secondary ticket GTV was flat, as growth in sports offset lower concert resale activity.
- Since mid-year, full-year foreign exchange benefit reduced by approximately $20 million.
- The filing cites operational challenges in achieving strategic objectives and executing plans, market evolution risk, a potential economic slowdown, and operational challenges associated with selling tickets and staging events.
What to watch
- Delivery against the expectation to welcome nearly 180 million fans in 2026.
- Concerts, Sponsorship and Ticketing full-year AOI growth targets.
- Venue Nation attendance expected to exceed 75 million and the planned opening or acquisition of 10 large venues through year-end.
- Full-year capital expenditures expected to be nearly $1.1 billion and the expected funding contribution of approximately $200 million from joint-venture partners, sponsorship agreements, and other sources.
- The trajectory of primary ticket GTV for 2027 shows, which was up double-digits through Q3 compared to the same point last year.
- The expected approximately $280 million of net interest expense and approximately $325 million of noncontrolling interest expense.
Balance sheet and cash flow
- Cash and cash equivalents were $ 8,257,468 (in thousands) at September 30, 2026, compared with $ 7,094,200 (in thousands) at December 31, 2025.
- Free cash was $ 2,306.6 million at September 30, 2026, compared with $ 1,510.4 million at September 30, 2025.
- Current portion of long-term debt, net was $ 1,860,111 (in thousands) at September 30, 2026, compared with $ 587,630 (in thousands) at December 31, 2025.
- Long-term debt, net was $ 7,889,481 (in thousands) at September 30, 2026, compared with $ 7,612,018 (in thousands) at December 31, 2025.
- 80% of debt is fixed-rate with a weighted average cost of debt of 4.3%.
- Nine Months 2026 net cash provided by operating activities was $ 2,100.4 million, compared with $ 1,449.0 million in Nine Months 2025.
- Nine Months 2026 net cash used in investing activities was $ (1,498.4) million, compared with $ (832.8) million in Nine Months 2025.
- Nine Months 2026 net cash provided by financing activities was $ 780.2 million, compared with net cash used in financing activities of $ (322.8) million in Nine Months 2025.
- Nine Months 2026 purchases of property, plant and equipment were $ (801,790) (in thousands), compared with $ (709,797) (in thousands) in Nine Months 2025.
Analysis
Live Nation delivered a strong third quarter, with consolidated revenue of $ 10,105.0 million, up 19 %, and consolidated operating income of $ 892.0 million, up 13 %. Adjusted operating income increased 14 % to $ 1,179.3 million. Demand indicators were also notably strong: fan attendance reached 61 million, up 19 %, fee-bearing tickets reached 98 million, up 10 %, and fee-bearing GTV reached $11.2 billion, up 13%. Ticket sales for 2026 shows were up 13% to approximately 170 million through late October and had already exceeded full-year 2025.
Concerts drove the reported scale, with Q3 revenue of $ 8,746.4 million, up 20 %, and AOI of $ 602.9 million, up 17 %. International activity was central to the period: international attendance increased 29%, contributed 60% of total fan growth, and all international regions were up at least 15%. Ticketing revenue increased 9 % to $ 870.3 million and AOI increased 10 % to $ 315.7 million, supported by early 2027 on-sales and international growth. Sponsorship & Advertising revenue rose 14 % to $ 505.7 million and AOI rose 12 % to $ 350.2 million, with international markets contributing 65% of sponsorship revenue growth.
Cash generation was strong on a year-to-date basis. Nine Months 2026 operating cash flow was $ 2,100.4 million, up 45%, and free cash flow—adjusted was $ 1,625.0 million, up 25%; AOI to free cash flow—adjusted conversion was 69%, versus 60% last year. The company reported $722 million of year-to-date capital expenditures and expects nearly $1.1 billion for the full year, including $800 million directed toward venue expansion and improvements. At September 30, 2026, cash and cash equivalents were $ 8,257,468 (in thousands), while long-term debt, net was $ 7,889,481 (in thousands). Management also stated that 80% of debt is fixed-rate with a weighted average cost of debt of 4.3%.
The nine-month income statement presents an important contrast with the Q3 operating momentum. Nine-month consolidated operating income declined (25) % to $ 1,043.4 million, even as nine-month revenue increased 14 % and AOI increased 9 % to $ 2,367.3 million. The reconciliation includes $ 450.0 million of Governmental Investigations and Litigation in Nine Months 2026, while corporate expenses were $ 779,997 (in thousands), compared with $ 344,160 (in thousands) in the prior-year period. Q3 net cash used in operating activities was $ (657.7) million, despite year-to-date operating cash flow growth.
Guidance remains constructive. Management expects nearly 180 million fans for 2026, Venue Nation attendance to exceed 75 million, double-digit full-year AOI growth for Concerts and Sponsorship, and high-single-digit Ticketing AOI growth. The company expects full-year AOI to free cash flow—adjusted conversion to exceed last year. Items requiring attention include the full-year capital deployment program, net interest expense expected to be approximately $280 million, the reduction of approximately $20 million in the full-year foreign exchange benefit since mid-year, and noncontrolling interest expense expected to be approximately $325 million.
Management, verbatim
Through October, we've sold 170 million tickets, up 13% and already ahead of all of last year.
Michael Rapino, President and CEO
We now expect to welcome nearly 180 million fans in 2026.
Michael Rapino, President and CEO
With double-digit adjusted operating income (AOI) growth across all three segments this quarter, we're on track to deliver another record year and sustain double-digit growth for years to come.
Michael Rapino, President and CEO
Not in the filing
stated, not guessed- Prior-quarter comparisons for revenue, operating income, AOI, net income, EPS, segment revenue and segment AOI were not reported.
- GAAP and non-GAAP gross margin were not reported.
- Non-GAAP EPS was not reported.
- A full-year 2026 revenue guidance figure was not reported.
- A full-year 2026 gross-margin guidance figure was not reported.
- A full-year 2026 operating-expense guidance figure was not reported.
- Common-share repurchases were not reported.
- Common-stock dividends were not reported.
- Previous-release outlook was not provided; therefore, comparisons of reported results with prior guidance were not available.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.