$LYV

Live Nation Entertainment, Inc.

CIK:0001335258|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 7,666,858	$ 7,006,641	$ 11,459,887	$ 10,388,758
Operating expenses:
Direct operating expenses	5,724,216	5,210,756	8,202,674	7,465,693
Selling, general and administrative expenses	1,134,965	1,003,344	2,096,484	1,782,266
Depreciation and amortization	188,459	159,025	357,755	308,480
Gain (Loss) on Disposition of Other Assets	8,516	856	14,538	3,058
Corporate expenses	105,817	147,719	666,111	233,955
Operating income	521,917	486,653	151,401	601,422
Interest expense	97,230	72,048	187,752	152,391
Interest income	(42,709)	(37,893)	(82,176)	(71,954)
Equity in losses (earnings) of nonconsolidated affiliates	4,459	(4,268)	7,342	(4,747)
Other expense (income), net	(55,664)	36,380	(68,015)	39,333
Income before income taxes	518,601	420,386	106,498	486,399
Income tax expense	115,717	117,645	83,632	137,356
Net income	402,884	302,741	22,866	349,043
Net income attributable to noncontrolling interests	108,438	59,330	117,524	82,429
Net income (loss) attributable to common stockholders of Live Nation	$ 294,446	$ 243,411	$ (94,658)	$ 266,614
Earnings Per Share, Basic	$ 1.06	$ 0.41	$ (0.78)	$ 0.09
Earnings Per Share, Diluted	$ 1.05	$ 0.41	$ (0.78)	$ 0.09
Weighted average common shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	232,838,912	231,845,412	232,621,161	231,534,852
Weighted Average Number of Shares Outstanding, Diluted	244,036,331	234,417,428	232,621,161	234,658,608
Reconciliation to net income (loss) available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation	$ 294,446	$ 243,411	$ (94,658)	$ 266,614
Accretion of redeemable noncontrolling interests	(46,544)	(147,801)	(87,823)	(245,895)
Net income (loss) available to common stockholders of Live Nation—basic	247,902	95,610	(182,481)	20,719
Interest on Convertible Debt, Net of Tax	8,467	0	0	0
Net income (loss) available to common stockholders of Live Nation—basic	$ 256,369	$ 95,610	$ (182,481)	$ 20,719

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 22,866	$ 349,043
Reconciling items:
Depreciation	221,063	183,804
Amortization of definite-lived intangibles	136,692	124,676
Amortization of non-recoupable ticketing contract advances	48,240	45,443
Deferred income taxes	7,537	25,129
Amortization of debt issuance costs and discounts	11,291	8,131
Stock-based compensation expense	94,808	86,097
Unrealized changes in fair value of contingent consideration	14,238	9,304
Equity in losses of nonconsolidated affiliates, net of distributions	14,167	8,774
Provision for uncollectible accounts receivable	18,974	13,539
Loss (gain) on mark-to-market of investments in nonconsolidated affiliates and crypto assets	(66,465)	133
Loss (gain) on forward currency exchange contracts	(15,167)	31,584
Other, net	(14,866)	(9,730)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable	(855,217)	(622,765)
Increase in prepaid expenses and other assets	(1,215,956)	(822,523)
Increase in accrued expenses, accounts payable and other liabilities	1,507,529	225,791
Increase in deferred revenue	2,828,374	1,888,292
Net cash provided by operating activities	2,758,108	1,544,722
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable	(8,602)	(19,156)
Collections of notes receivable	8,085	17,784
Investments made in nonconsolidated affiliates	(42,223)	(14,492)
Purchases of property, plant and equipment	(598,502)	(434,207)
Cash paid for acquisition of right-of-use assets	0	(20,800)
Cash paid for acquisitions, net of cash acquired	(242,567)	(50,090)
Proceeds from sale of intangible assets	0	20,040
Other, net	6,600	8,495
Net cash used in investing activities	(877,209)	(492,426)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt, net of debt issuance costs	1,021,866	62,764
Payments on debt including extinguishment costs	(237,478)	(103,625)
Contributions from noncontrolling interests	27,829	11,264
Distributions to noncontrolling interests	(188,735)	(164,819)
Purchases of noncontrolling interests, net	(236,759)	(206,112)
Proceeds from exercise of stock options	5,057	3,443
Taxes paid for net share settlement of equity awards	(64,111)	(86,585)
Payments for deferred and contingent consideration	(18,552)	(14,399)
Other, net	(1,014)	(383)
Net cash provided by (used in) financing activities	308,103	(498,452)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(124,361)	409,647
Net increase in cash, cash equivalents and restricted cash	2,064,641	963,491
Cash, cash equivalents and restricted cash at beginning of period	7,106,986	6,106,109
Cash, cash equivalents and restricted cash at end of period	$ 9,171,627	$ 7,069,600

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 9,071,949

$ 7,094,200

Accounts Receivable, after Allowance for Credit Loss, Current

2,885,249

2,009,055

Prepaid expenses

2,534,952

1,453,732

Other current assets

463,499

417,405

Total current assets

14,955,649

10,974,392

Property, plant and equipment, net

3,963,993

3,415,771

Operating lease assets

1,866,814

1,869,753

Intangible assets

Definite-lived intangible assets, net

1,205,988

1,078,453

Indefinite-lived intangible assets, net

368,967

369,015

Goodwill

3,063,726

2,889,178

Long-term advances

743,830

631,071

Other long-term assets

2,011,859

1,684,900

Total assets

28,180,826

22,912,533

Current liabilities

Accounts payable, client accounts

2,254,652

1,941,389

Accrued expenses and accounts payable

4,728,351

3,555,811

Deferred revenue

7,334,511

4,461,959

Current portion of long-term debt, net

2,968,381

^[1]

587,630

Other current liabilities

277,360

482,061

Total current liabilities

17,563,255

11,028,850

Long-term debt, net

6,233,084

7,612,018

Long-term operating lease liabilities

2,081,247

2,036,974

Other long-term liabilities

484,075

415,844

Commitments and contingent liabilities (see Note 6)

Redeemable noncontrolling interests

1,063,602

924,472

Stockholders' equity

Common stock

2,335

2,328

Additional paid-in capital

1,389,093

1,455,925

Accumulated deficit

(1,136,636)

(1,041,978)

Cost of shares held in treasury

(30,396)

Accumulated other comprehensive loss

(142,066)

(114,872)

Total Live Nation stockholders' equity

82,330

271,007

Noncontrolling interests

673,233

623,368

Total equity

755,563

894,375

Total liabilities and equity

$ 28,180,826

$ 22,912,533

[1]

As of June 30, 2026, the current portion includes the full principal amount of the 3.125% convertible senior notes due 2029 (the “2029 Notes”) as, in accordance with the 2029 Notes indenture, the closing price of our common stock achieved specified targets during the three months ended June 30, 2026, which gives the holders of the 2029 Notes the option to surrender all or any portion of the 2029 Notes. The Company can elect to settle any surrendered 2029 Notes with common stock and/or cash. The surrender window is currently from July 1, 2026 through September 30, 2026 and may be extended at each quarter end thereafter depending on our future stock price.

The current portion also includes the full principal amount of the 6.5% Senior Secured Notes as the notes will mature on May 15, 2027.