Live Nation Entertainment Reports First Quarter 2026 Results.

“2026 is off to a powerful start, with first quarter revenue climbing 12% to $3.8 billion. In an increasingly digital and AI-driven world, the global desire for authentic human connection has never been stronger. We are seeing a fundamental shift as fans prioritize the ‘live’ experience—the chance to be physically present with their favorite artists and share that energy with friends and fellow fans in a way a screen simply cannot replicate.

This cultural demand is driving record-breaking activity across our business. We have already booked over 85% of our large-venue shows for the year, with show counts up year-over-year across stadiums, arenas, and amphitheaters. Our momentum is clear: we have sold over 107 million tickets to date—an 11% increase—and Venue Nation is on track to grow fan attendance at our owned and operated venues by double-digits. As we continue to expand our global footprint to meet this growing demand for physical connection, we are well positioned for long-term compounding double-digit growth.” – Michael Rapino, President and CEO

 

LIVE NATION PACES FOR DOUBLE-DIGIT GROWTH IN 2026 (1Q26 vs. 1Q25)

• Revenue of $3.8 billion, up 12%
• Operating loss of $371 million, impacted by a $450 million legal accrual
• Adjusted operating income (AOI) of $371 million, up 9% with operating strength across all segments:
  • Concerts AOI of $3 million with fan attendance of 24 million, up 7%
  • Ticketing AOI of $256 million, driven by 81 million fee-bearing tickets, up 4%
  • Sponsorship AOI up 21% to $165 million, driven by brand demand to connect with our global fan base
• Q1 deferred revenue for Concerts and Ticketmaster at record levels:
  • Event-related deferred revenue of $6.6 billion, up 22%—largest deferred revenue balance in company history
  • Ticketing deferred revenue of $368 million, up 29%, accounting for $5.5 billion in deferred ticketing gross transaction value (GTV)
• While 2026 operating income will be impacted by a $450 million legal accrual, on pace to grow adjusted operating income by double-digits this year

(Live Nation Concerts) GLOBAL ARTIST AND TOURING MOMENTUM ACCELERATE 2026 CONCERTS PERFORMANCE

• Revenue of $2.8 billion, up 12% vs. 1Q25
• Q1 AOI of $3 million and $12 million on a constant currency basis
• Over 85% of 2026 large venue shows booked (confirmed and offer-in) through the end of April, pacing up high-single digits so far this year, with stadium, arena, and amphitheater show count all up year-on-year
• Tickets sold through the end of April for 2026 Live Nation concerts up 11% to over 107 million, with consistent double-digit growth across key venue types—stadiums, arenas, amphitheaters, and festivals
• Full year fan attendance projected to grow high-single digits with timing shifts due to venue mix:
  • Top driver of Q2 fan growth expected to be third-party arenas
  • 70% of amphitheater fan growth expected to occur in Q3, in line with the summer calendar
  • All stadium fan growth will occur in the second half
• For the full year, Concerts on track to deliver double-digit AOI growth with margins positioned to build on last year’s

VENUE NATION EXPANDS GLOBAL FOOTPRINT AND DELIVERS DEEPER FAN ENGAGEMENT

• Venues opened in 2025 on track to reach their run-rate annual AOI across Concerts and Sponsorship by 2028, delivering 20%+ IRRs:
  • TD Coliseum in Hamilton, Canada delivered a strong Q1 with show count up double-digits and set to deliver 80 shows for the full year—surpassing initial projections
  • At Rogers Stadium in Toronto, projected show count for the full-year is up 40% compared to its inaugural year in 2025
  • Ongoing roll out of premium hospitality, Live Nation’s Vinyl Room, delivering strong results so far this year with onsite spending at the Hollywood Palladium over $100 per fan, and up 30% per fan at Ziggo Dome in Amsterdam
• Venue Nation on track to grow fans at owned or operated venues by double-digits in 2026:
  • Recently completed three acquisitions: Movistar Arena Santiago, Unipol Forum in Milan, and IMPACT Arena in Bangkok, with a cumulative annual fan capacity of approximately four million
  • 2026 major projects include two U.S. amphitheaters and one stadium in Guadalajara, Mexico
• 2026 preopening costs for all venues under development expected to remain at approximately $50 million
• Venues opening in 2026 are projected to reach their run-rate annual AOI across Concerts and Sponsorship by 2029, continuing to deliver 20%+ IRRs

(Ticketmaster) CONCERTS DEMAND DRIVES TICKETMASTER STRENGTH IN Q1 (vs. 1Q25 unless otherwise noted)

• Revenue of $765 million, up 10%
• AOI of $256 million, up 1%
  • $30 million in expenses related to legal and operational improvements
• Primary GTV grew 14%, with concerts delivering most of the growth
• Ticketmaster well positioned for sustained long-term growth:
  • Ticketmaster total fee-bearing tickets transacted through April for 2026 up 9% to 138 million, with GTV of $17 billion, up 15%
  • Primary fee-bearing ticket volume expected to grow mid-single digits for the full year
  • Ongoing efforts to reduce scalper activity expected to impact full-year Ticketmaster AOI by mid-single digits
• Full year AOI margin expected to be similar to last year

(Live Nation Sponsorships)THE POWER OF PRESENCE: BRANDS PRIORITIZE AUTHENTIC CONNECTION AS GLOBAL SPONSORSHIP ACTIVITY REACHES NEW HEIGHTS (vs. 1Q25 unless otherwise noted)

• Revenue of $259 million, up 20%
• AOI of $165 million, up 21%, reflecting the strength of international festivals in South America and our growing venue portfolio
• 85% of 2026 sponsorship commitments booked as of end of April, up double-digits
• AOI expected to grow double-digits for the full year, driven by venue portfolio expansion including naming rights across major arenas and festivals globally
• Full year AOI margin expected to be similar to last year

CAPITAL ALLOCATION SUPPORTS VENUE EXPANSION AND LONG-TERM GROWTH 

• Q1 capital expenditures totaled $249 million; full year spend expected to be $1.1 to $1.2 billion:
  • Approximately $800 to $850 million of total capex is for venue expansion and enhancement projects
  • Venue investment cash requirements expected to be reduced by approximately $250 million from funding by joint-venture partners, sponsorship agreements, and other sources
  • Additional capex allocated to our ticketing and sponsorship growth initiatives, as well as ongoing maintenance at our venues
• Full year AOI to free cash flow—adjusted conversion expected to be in line with or higher than 2025

CONTINUED TO BOLSTER OUR BALANCE SHEET IN Q1

• Cash and cash equivalents of $9.1 billion, up from $7.2 billion last year and free cash of $1.7 billion, up from $1.1 billion last year
• Leverage stands at 3.6x, in line with historical levels, with a weighted average cost of debt of 4.2%
• In April, raised approximately €610 million in long-term debt at 5.5% through an investment grade financing vehicle backed by a portfolio of major venues

FULL-YEAR INCOME STATEMENT DETAILS (vs. FY25)

• Depreciation and amortization expected to grow 12-15%
• Net interest expense is expected to be $280 million
• Income tax expense is expected to be 15-20% of AOI, with cash taxes projected to be 80% of that amount
• Below the line items:
  • A $450 million legal accrual impacted Q1 operating income and earnings per share by $(1.93)
  • Noncontrolling interest expense is expected to grow 25% driven by strong performance across our global partnerships
  • Accretion expense is expected to be $160-180 million
• 2026 share count not expected to change materially from 2025