Q2 FY2026
Filed Jul 30, 2026Live Nation Entertainment Reports Second Quarter 2026 Results
Second-quarter revenue, attendance, Ticketing AOI and Sponsorship & Advertising AOI grew strongly, but consolidated AOI rose only 2% as Concerts AOI declined 14% on stadium-show timing, venue pre-opening costs and new international festivals. Six-month reported operating income declined 75%, while the company reiterated expectations for double-digit full-year AOI growth.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $ 7,666.9 million | – | 9 % |
| Revenue at constant currencyother | $ 7,589.6 million | – | 8 % |
| Revenue currency impactsother | $ (77.3) million | – | – |
| Consolidated Operating IncomeGAAP | $ 521.9 million | – | 7 % |
| Consolidated Operating Income at constant currencyGAAP | $ 509.0 million | – | 5 % |
| Consolidated Operating Income currency impactsother | $ (12.9) million | – | – |
| Adjusted Operating Income (Loss)non-GAAP | $ 817.0 million | – | 2 % |
| Adjusted Operating Income (Loss) at constant currencynon-GAAP | $ 800.3 million | – | 0.2 % |
| Adjusted Operating Income (Loss) currency impactsother | $ (16.7) million | – | – |
| Concerts Adjusted Operating Income (Loss)non-GAAP | $ 309.6 million | – | (14) % |
| Ticketing Adjusted Operating Income (Loss)non-GAAP | $ 331.0 million | – | 14 % |
| Sponsorship & Advertising Adjusted Operating Income (Loss)non-GAAP | $ 256.9 million | – | 13 % |
| Other and Eliminations Adjusted Operating Income (Loss)non-GAAP | $ (5.7) million | – | – |
| Corporate Adjusted Operating Income (Loss)non-GAAP | $ (74.8) million | – | (5) % |
| Six Months RevenueGAAP | $ 11,459.9 million | – | 10 % |
| Six Months Consolidated Operating IncomeGAAP | $ 151.4 million | – | (75) % |
| Six Months Adjusted Operating Income (Loss)non-GAAP | $ 1,188.0 million | – | 4 % |
| Six Months Acquisition expensesnon-GAAP | $ 100.3 million | – | – |
| Six Months Amortization of non-recoupable ticketing contract advancesnon-GAAP | $ 48.2 million | – | – |
| Acquisition expensesnon-GAAP | $ 30.9 million | – | – |
| Amortization of non-recoupable ticketing contract advancesnon-GAAP | $ 22.2 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| ConcertsRecord attendance, international growth and strong demand supported revenue. Concerts AOI reflected the timing of stadium shows, venue pre-opening costs, and new international festivals. | $ 6,444.4 million | – | 8 % |
| TicketingConcerts tickets sold increased 11% and accounted for 90% of ticket-volume growth. International markets sold 39 million tickets, up 12%, with GTV up 20%. | $ 852.2 million | – | 15 % |
| Sponsorship & AdvertisingInternational-market strength led revenue growth, while the expanding venue portfolio and global festivals contributed 70% of AOI growth. | $ 383.0 million | – | 12 % |
| Other and EliminationsPercentages are not meaningful. | $ (12.7) million | – | – |
Full year 2026 outlook
- Tax rateIncome tax expense is expected to be 15-20% of AOI, with cash taxes projected to be 80% of that amount.
- NoteFull-year fan attendance is now projected to grow 10%.
- NoteExpected attendance at operated venues up double digits and third-party venues up high single digits.
- NoteConcerts remains on track to deliver double-digit AOI growth, with the majority of the year-over-year improvement occurring in Q4, and continued margin expansion.
- NoteVenue Nation on track to host close to 75 million fans in 2026, up double digits year-over-year.
- Note2026 pre-opening costs for all venues under development expected to be approximately $50 million.
- NoteCurrent projects on track to achieve 20%+ IRRs.
- NoteCurrent pipeline of more than 25 large (over 3,000 seats) venues expected to open through the end of 2027, adding capacity for an incremental 15 million fans on a run rate basis.
- NoteSponsorship AOI expected to grow double digits for the year, with 95% of sponsorship commitments booked for 2026.
- NoteSponsorship margins expected to be similar to last year.
- NoteTicketmaster AOI positioned to grow mid-single digits for the full year.
- NoteTicketmaster margins expected to be similar to last year.
- NoteFull year capital expenditures now projected to be $1.1 billion, toward the lower end of our initial range due to timing of projects.
- Note$800 million of total capital expenditures is for venue expansion and enhancement projects.
- NoteApproximately $200 million from funding by joint-venture partners, sponsorship agreements, and other sources will reduce venue cash requirements.
- NoteFull year AOI to free cash flow—adjusted conversion expected to be in line with or higher than 2025.
- 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.
- NoteNoncontrolling interest expense is expected to be approximately $325 million for the full year.
- NoteAccretion expense is projected to be one-third of last year’s.
- Note2026 share count not expected to change materially from 2025.
- NoteThe company remains on track for double-digit adjusted operating income growth this year.
What drove it
- More than 143 million tickets have sold through mid-July, over 14 million ahead of last year's pace, with mid-teens ticket sales growth across stadiums, arenas, and amphitheaters.
- Concerts attendance reached a record 49 million globally, up 10%, with international markets adding approximately five million fans.
- International markets contributed 70% and 80% of Ticketmaster and Sponsorship AOI growth for the quarter, respectively.
- Ticketmaster sold 90 million fee-bearing tickets, up 8%, and reported fee-bearing GTV up 15% to over $10 billion.
- Year-to-date onsite food and beverage spending increased high single digits year-over-year at large U.S. amphitheaters and across European arenas and theaters.
- At newly opened amphitheaters, Morton and Mystic Lake, enhanced offerings are driving premium revenue nearly 75% higher than comparable amphitheaters.
Concerns
- Concerts AOI of $310 million was down 14% due to the timing of stadium shows, venue pre-opening costs, and new international festivals.
- U.S. stadium attendance declined due to show timing.
- Consolidated AOI increased 2%, while Concerts AOI declined 14%.
- Six-month consolidated operating income was down 75%; the company stated that the first-quarter legal accrual will weigh on reported operating income.
- North America secondary ticket volume was flat as growth in sports GTV offset a decline in concerts activity.
What to watch
- The anticipated acceleration in stadium and amphitheater activity during the second half, indicated by Concerts event-related deferred revenue of $6.4 billion, up 25%.
- The majority of Concerts' expected full-year year-over-year AOI improvement is expected in Q4.
- Ticketmaster's ability to deliver mid-single-digit full-year AOI growth after 14% second-quarter AOI growth.
- Execution on $1.1 billion of projected full-year capital expenditures and the timing of venue-development projects.
- Delivery of expected double-digit full-year Concerts and Sponsorship AOI growth.
Balance sheet and cash flow
- Free cash ended at approximately $2 billion compared to $1.7 billion last quarter.
- Full year capital expenditures now projected to be $1.1 billion, toward the lower end of our initial range due to timing of projects.
- $800 million of total capital expenditures is for venue expansion and enhancement projects.
- Approximately $200 million from funding by joint-venture partners, sponsorship agreements, and other sources will reduce venue cash requirements.
- Full year AOI to free cash flow—adjusted conversion expected to be in line with or higher than 2025.
Analysis
Live Nation delivered broad second-quarter top-line growth, with revenue of $ 7,666.9 million, up 9%, driven by Concerts revenue of $ 6,444.4 million, Ticketing revenue of $ 852.2 million and Sponsorship & Advertising revenue of $ 383.0 million. Global Concerts attendance reached a record 49 million, up 10%, and management said more than 143 million tickets had sold through mid-July, over 14 million ahead of last year's pace. International markets were a central contributor to growth across the business.
Profit growth was less uniform than revenue growth. Consolidated operating income increased 7% to $ 521.9 million and consolidated AOI rose 2% to $ 817.0 million. Concerts AOI declined 14% to $ 309.6 million because of stadium-show timing, venue pre-opening costs and new international festivals. Ticketing AOI increased 14% to $ 331.0 million and Sponsorship & Advertising AOI increased 13% to $ 256.9 million, offsetting much of the Concerts pressure.
The first-half comparison highlights the reported-income impact identified by management. Six-month revenue increased 10% to $ 11,459.9 million and six-month AOI increased 4% to $ 1,188.0 million, but six-month consolidated operating income declined 75% to $ 151.4 million. The company stated that the first-quarter legal accrual will weigh on reported operating income. The filing does not provide the amount of that legal accrual in the available text.
Deferred balances point to activity scheduled later in the year. Concerts event-related deferred revenue ended Q2 at $6.4 billion, up 25%, while Ticketmaster deferred GTV was $5.2 billion, up 16%, and deferred service fee revenue was $390 million, up 23%. Management expects full-year Concerts AOI growth to be double digit, with the majority of year-over-year improvement in Q4, while Ticketmaster AOI is positioned to grow mid-single digits and Sponsorship AOI is expected to grow double digits.
Capital allocation remains focused on venue expansion. Full-year capital expenditures are now projected at $1.1 billion, with $800 million directed to venue expansion and enhancement projects and approximately $200 million of external funding expected to reduce venue cash requirements. Free cash ended at approximately $2 billion compared to $1.7 billion last quarter. The company expects its AOI to free cash flow-adjusted conversion to be in line with or higher than 2025, but operating cash flow and free cash flow figures for the reported quarter were not provided in the available filing text.
Management, verbatim
In a world of endless screens and AI-generated everything, the one thing that can't be copied is being there. More artists are on the road than ever — and fans keep choosing to be in the room with them, driving the strongest concert ticket sales we've ever seen.
Michael Rapino, President and CEO
This was a quarter of milestones: nearly 49 million fans attended our shows, Ticketmaster grew adjusted operating income 14%, and all-time-high deferred revenue points to a strong second half.
Michael Rapino, President and CEO
The first-quarter legal accrual will weigh on reported operating income, but we remain on track for double-digit adjusted operating income growth this year — and to compound at that level for years to come.
Michael Rapino, President and CEO
Not in the filing
stated, not guessed- GAAP net income for Q2 2026 and Q2 2025
- GAAP diluted EPS for Q2 2026 and Q2 2025
- Non-GAAP EPS for Q2 2026 and Q2 2025
- Gross profit and gross margin
- Operating expenses
- Q2 operating cash flow
- Q2 free cash flow
- Total cash and cash equivalents
- Debt balance
- Share repurchases
- Dividends
- Amount of the first-quarter legal accrual
- Q2 2026 and Q2 2025 net income reconciliation details beyond the truncated filing text
- Complete depreciation and amortization reconciliation figures, as the reconciliation table is truncated in the provided filing text
- Prior-quarter values for reported revenue, operating income, AOI and segment metrics
- Prior earnings outlook for comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.