Live Nation Reports Second Quarter 2026 Results.

“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. 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 all large venue types: stadiums, arenas, and amphitheaters.

None of this happens without the artists — they make these moments, and we’re grateful to every artist and crew who trust us with their tours. 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. 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

GLOBAL DEMAND FOR LIVE EVENTS DRIVES RECORD FAN GROWTH (2Q26 vs. 2Q25)

• Revenue of $7.7 billion, up 9%
• Operating income of $522 million, up 7%
• Adjusted operating income (AOI) of $817 million, up 2%
• Concerts revenue grew 8%, while AOI reflected the timing of shows and continued investments in venues and festivals
• Ticketmaster results surpassed expectations, with AOI up 14% and 90 million fee-bearing tickets sold, up 8%
• Sponsorship AOI increased 13%, fueled by the international expansion of venues and festivals
• International markets powered growth across all segments:
  • Drove attendance growth of 10%, adding approximately five million fans to a record 49 million globally
  • Contributed 70% and 80% of Ticketmaster and Sponsorship AOI growth for the quarter, respectively

ARTIST ACTIVITY GLOBALLY DRIVES HIGHEST 2Q CONCERTS ATTENDANCE (2Q26 vs. 2Q25 unless otherwise noted)

• Revenue of $6.4 billion, up 8%
• Fan count of 49 million, up 10%
  • International attendance at stadiums, arenas, and festivals all up over 20%
  • U.S. attendance at amphitheaters and arenas up double digits, while stadium attendance declined due to show timing
• Underlying demand trends remain robust:
  • Sell through rates across all U.S. large venue types remain at or above prior-year levels for shows through the end of 2Q
  • Cancellation rates remain at historical levels
  • Affordability remains a key priority, with low- to mid-single-digit price increases across stadiums, arenas, and amphitheaters, and U.S. get-in ticket price increases continuing to trail inflation over the past five years
• AOI of $310 million was down 14% due to the timing of stadium shows, venue pre-opening costs, and new international festivals
• Q2 ended with record event-related deferred revenue of $6.4 billion, up 25%, pointing to accelerating stadium and amphitheater activity in the second half
• Full-year fan attendance is now projected to grow 10%, with expected attendance at operated venues up double digits and third-party venues up high single digits
• For the full year, Concerts 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

VENUE NATION DELIVERING MORE SHOWS AND ENHANCED HOSPITALITY FOR FANS GLOBALLY

• 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
• Investments in premium experiences are driving strong returns: at newly opened amphitheaters, Morton and Mystic Lake, enhanced offerings are driving premium revenue nearly 75% higher than comparable amphitheaters
• Venue Nation on track to host close to 75 million fans in 2026, up double digits year-over-year, driven by an increase in show count from higher utilization of our existing venues and adding new venues
• 2026 pre-opening costs for all venues under development expected to be approximately $50 million, with current projects on track to achieve 20%+ IRRs
• Current 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

LIVE EVENTS CONTINUE TO ATTRACT GROWING BRAND INVESTMENTS (2Q26 vs. 2Q25 unless otherwise noted)

• Revenue of $383 million, up 12%, led by the strength of our international markets, up 17%
• AOI of $257 million, up 13%
• Brand demand remains broad-based, driven by our expanding venue portfolio and global festivals, which contributed 70% of the growth
  • Number of strategic partners (over $1 million in revenue per year) increased over 20%, with associated revenue up double digits
  • New ticket access partnership with Spotify’s Reserved leverages Ticketmaster’s platform to help more fans access tickets
• Sponsorship AOI expected to grow double digits for the year, with 95% of sponsorship commitments booked for 2026
• Margins expected to be similar to last year

DEMAND FOR CONCERTS FUELS HIGHEST 2Q FOR TICKETMASTER (2Q26 vs. 2Q25 unless otherwise noted)

• Revenue of $852 million, up 15%
• AOI of $331 million, up 14%
• 90 million fee-bearing tickets sold, up 8%
  • Concerts remained the primary growth driver with tickets sold up 11%, accounting for 90% of the ticket volume growth
  • International markets sold 39 million tickets, up 12% with Gross Transaction Value (GTV) up 20% led by strong growth in South America
  • North America secondary ticket volume was flat as growth in sports GTV offset a decline in concerts activity; this business now accounts for low double-digit portion of GTV, reflecting ongoing efforts to reduce scalper and bot activity
• Reported fee-bearing GTV up 15% to over $10 billion, led by concerts accounting for 90% of the growth
• 16 million net new tickets added year-to-date, with 85% from international markets as venues continue to choose Ticketmaster globally
• Q2 ended with deferred GTV of $5.2 billion, up 16%, and deferred service fee revenue of $390 million, up 23%
• Ticketmaster AOI positioned to grow mid-single digits for the full year, led by strong concert activity and expanding global client base
• Margins expected to be similar to last year

CAPITAL ALLOCATION SUPPORTS VENUE EXPANSION AND LONG-TERM GROWTH 

• 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
  • Additional capital expenditures focused on 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
• Free cash ended at approximately $2 billion compared to $1.7 billion last quarter, providing ample liquidity to invest in high-return projects

FULL-YEAR INCOME STATEMENT DETAILS (vs. 2025)

• Depreciation and amortization expected to grow 12-15%
• Net interest expense is expected to be approximately $280 million
• Corporate / Other and Eliminations expense expected to increase in line with AOI growth
• 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:
  • Noncontrolling interest expense is expected to be approximately $325 million for the full year and its growth will follow the timing of AOI growth. This projection may be further impacted by mark-to-market revaluations of investments with no impact to earnings per share, as any impact will be offset in other income and expenses
  • Accretion expense is projected to be one-third of last year’s, with continued strong performance at OCESA and other acquisitions
• 2026 share count not expected to change materially from 2025