Liberty Live Holdings, Inc 10-Q for FY2026 Q3

Liberty Live Holdings, Inc. (LLYVA)

10-Q 2026-11-05 For: 2026-09-30

Added on November 05, 2026

About this 10-Q

Liberty Live Holdings, Inc filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $105.92M; up 71.6% from $61.73M a year earlier
Net income: $333.84M; compared with a net loss of $55.73M a year earlier
Diluted EPS: $3.60; compared with -$0.61 a year earlier

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12300 Liberty Blvd. Englewood, Colorado	80112
(Address of Principal Executive Offices)	(Zip Code)


Title of each class	Trading Symbol	Name of each exchange on which registered
Series A Liberty Live Group Common Stock	LLYVA	The Nasdaq Stock Market LLC
Series C Liberty Live Group Common Stock	LLYVK	The Nasdaq Stock Market LLC


Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☒


	Series A	Series B	Series C
Liberty Live Group common stock	25,573,685	2,530,951	63,900,854

		Page

Part I	Financial Information

Item 1.	Financial Statements
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Balance Sheets (Unaudited)	I-3
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited)	I-4
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Statements of Comprehensive Earnings (Loss) (Unaudited)	I-5
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Statements of Cash Flows (Unaudited)	I-6
	LIBERTY LIVE HOLDINGS, INC. Condensed Consolidated Statements of Equity (Unaudited)	I-7
	LIBERTY LIVE HOLDINGS, INC. Notes to Condensed Consolidated Financial Statements (Unaudited)	I-9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	I-24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	I-33
Item 4.	Controls and Procedures	I-34

Part II	Other Information	II-1

Item 1.	Legal Proceedings	II-1
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	II-1
Item 5.	Other Information	II-1
Item 6.	Exhibits	II-2

Signatures		II-3


	* *	September 30,		* *	December 31,
		2026			2025

Assets		amounts in thousands
Current assets:
Cash and cash equivalents		$	492,914		545,494
Trade and other receivables, net of allowance for credit losses of $1,054 and $1,056, respectively			38,518		30,372
Prepaid assets			64,787		44,163
Related party assets			31,283		—
Other current assets			14,298		9,435
Total current assets			641,800		629,464

Investments in equity securities			162,199		162,066
Investments in affiliates, accounted for using the equity method (note 4)			689,213		624,278
Goodwill (note 5)			133,400		127,367
Intangible assets subject to amortization, net (note 5)			117,234		118,605
Deferred tax assets			251,892		183,944
Tax sharing asset with Liberty Media			39,981		35,845
Other assets, at cost, net of accumulated amortization			9,150		7,324
Total assets			2,044,869		1,888,893
Liabilities and Equity
Current liabilities:
Accounts payable			13,132		11,521
Accrued liabilities			56,153		36,436
Deferred revenue			186,485		154,997
Related party liabilities			—		2,722
Current portion of long-term debt, measured at fair value (note 6)			1,957,023		1,666,546
Financial instrument liabilities (notes 3 and 6)			67,584		20,265
Other current liabilities			11,833		4,234
Total current liabilities			2,292,210		1,896,721
Other liabilities			25,085		19,307
Total liabilities			2,317,295		1,916,028
Equity:
Series A Liberty Live Group common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 25,573,685 at September 30, 2026 and December 31, 2025			256		256
Series B Liberty Live Group common stock, $.01 par value. Authorized 19,552,500 shares; issued and outstanding 2,530,951 at September 30, 2026 and December 31, 2025			25		25
Series C Liberty Live Group common stock, $.01 par value. Authorized 521,400,000 shares; issued and outstanding 63,900,854 and 63,826,864 at September 30, 2026 and December 31, 2025, respectively			639		638
Additional paid-in capital			401,898		403,647
Retained earnings (deficit)			(666,046)		(437,086)
Accumulated other comprehensive earnings (loss), net of taxes			(31,144)		(16,561)
Total stockholders' equity (deficit)			(294,372)		(49,081)
Noncontrolling interests in equity of subsidiaries			21,946		21,946
Total equity (deficit)			(272,426)		(27,135)
Commitments and contingencies (note 8)
Total liabilities and equity		$	2,044,869		1,888,893


	Three months ended			Nine months ended
	September 30,			September 30,
	2026		2025	2026	2025

	amounts in thousands,
	except per share amounts
Revenue, net	$	103,082	60,746	313,227	245,953
Related party revenue, net		2,841	983	3,375	1,438
Total revenue, net		105,923	61,729	316,602	247,391
Operating costs and expenses:
Cost of revenue		50,884	32,876	189,894	159,501
Related party cost of revenue		34,923	16,159	64,377	41,496
Selling, general and administrative expenses, including stock-based compensation		25,156	22,954	72,006	63,530
Depreciation and amortization		6,566	6,531	19,565	19,588
		117,529	78,520	345,842	284,115
Operating income (loss)		(11,606)	(16,791)	(29,240)	(36,724)
Other income (expense):
Interest expense		(7,599)	(7,388)	(22,626)	(22,147)
Dividend and interest income		4,435	4,042	14,354	12,526
Share of earnings (loss) of affiliates, net (note 4)		130,188	125,156	88,391	198,052
Realized and unrealized gains (losses), net (note 3)		309,200	(175,735)	(344,079)	(481,559)
Other, net		1,590	(618)	1,015	(1,405)
		437,814	(54,543)	(262,945)	(294,533)
Earnings (loss) before income taxes		426,208	(71,334)	(292,185)	(331,257)
Income tax (expense) benefit		(92,367)	15,600	63,225	65,724
Net earnings (loss)		333,841	(55,734)	(228,960)	(265,533)
Less net earnings attributable to noncontrolling interests		—	—	—	—
Net earnings (loss) attributable to Liberty Live Group	$	333,841	(55,734)	(228,960)	(265,533)

Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Live Group shareholders per common share (note 2)	$	3.63	(0.61)	(2.49)	(2.89)
Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Live Group shareholders per common share (note 2)	$	3.60	(0.61)	(2.49)	(2.89)



						Accumulated
						other		Noncontrolling
	Liberty Live Group				Additional	comprehensive	Retained	interest in	Total
	Common Stock				paid-in	earnings (loss),	Earnings	equity of	equity
		Series A	Series B	Series C	capital	net of taxes	(Deficit)	subsidiaries	(deficit)

	amounts in thousands
Balance at January 1, 2026	$	256	25	638	403,647	(16,561)	(437,086)	21,946	(27,135)
Net earnings (loss)		—	—	—	—	—	(228,960)	—	(228,960)
Other comprehensive earnings (loss)		—	—	—	—	(14,583)	—	—	(14,583)
Withholding taxes on net settlements of stock-based compensation		—	—	—	(4,545)	—	—	—	(4,545)
Stock-based compensation		—	—	—	7,396	—	—	—	7,396
Other		—	—	1	(4,600)	—	—	—	(4,599)
Balance at September 30, 2026	$	256	25	639	401,898	(31,144)	(666,046)	21,946	(272,426)


	Total Former Parent's Investment
			Accumulated
			other		Noncontrolling
		Former	comprehensive	Retained	interest in	Total
		Parent's	earnings (loss),	Earnings	equity of	equity
		Investment	net of taxes	(Deficit)	subsidiaries	(deficit)

	amounts in thousands
Balance at January 1, 2025	$	256,874	(86,139)	(369,970)	22,113	(177,122)
Net earnings (loss)		—	—	(265,533)	—	(265,533)
Other comprehensive earnings (loss)		—	50,135	—	—	50,135
Former Parent contribution (distribution)		2,151	—	—	—	2,151
Stock-based compensation		3,668	—	—	—	3,668
Share of Live Nation change in accounting policies		(4,088)	—	2,092	—	(1,996)
Issuance of common stock upon exercise of stock options		2,282	—	—	—	2,282
Other		(631)	—	—	—	(631)
Balance at September 30, 2025	$	260,256	(36,004)	(633,411)	22,113	(387,046)


	September 30, 2026				December 31, 2025
			Quoted prices			Quoted prices
			in active	Significant		in active	Significant
			markets	other		markets	other
			for identical	observable		for identical	observable
			assets	inputs		assets	inputs
Description	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)

	amounts in thousands
Cash equivalents	$	351,766	318,928	32,838	507,389	507,389	—
Financial instrument liabilities	$	67,584	—	67,584	20,265	—	20,265
Debt	$	1,957,023	—	1,957,023	1,666,546	—	1,666,546


		September 30, 2026					December 31, 2025
		Percentage			Carrying		Carrying
		Ownership			amount		amount

				amounts in thousands
Live Nation		30%		$	669,775		604,654
Other		various			19,438		19,624
Total				$	689,213		624,278


Balance at January 1, 2026	$	127,367
Foreign currency translation adjustments		391
Acquisitions (1)		5,642
Balance at September 30, 2026	$	133,400


	September 30, 2026				December 31, 2025
	Gross			Net	Gross		Net
	carrying		Accumulated	carrying	carrying	Accumulated	carrying
	amount		amortization	amount	amount	amortization	amount

	amounts in thousands
Rightsholder relationships	$	184,738	(72,973)	111,765	170,081	(51,787)	118,294
Capitalized software		2,736	(2,408)	328	2,645	(2,334)	311
Customer relationships		4,300	(27)	4,273	—	—	—
Other		900	(32)	868	—	—	—
Total	$	192,674	(75,440)	117,234	172,726	(54,121)	118,605


	Outstanding
	principal			Carrying value
	September 30,			September 30,		December 31,
	2026			2026		2025

	amounts in thousands
Old 2.375% Exchangeable Debentures due 2053	$	33,685			57,055	1,666,546
New 2.375% Exchangeable Debentures due 2053		1,116,315			1,899,968	—
Live Nation Margin Loan		—			—	—
Total debt	$	1,150,000			1,957,023	1,666,546
Debt classified as current					(1,957,023)	(1,666,546)
Total long-term debt				$	—	—


	Series C
				Weighted			Aggregate
				average			intrinsic
	Options			remaining			value
	(thousands)	WAEP		life			(thousands)
Options outstanding at January 1, 2026	1,248	$	46.45
Granted	—	$	—
Exercised	(150)	$	41.76
Forfeited/Cancelled	—	$	—
Options outstanding at September 30, 2026	1,098	$	47.09		2.1	years	$	55,041
Options exercisable at September 30, 2026	955	$	43.22		1.6	years	$	51,606


	Nine months ended
	September 30,
	2026		2025

	amounts in thousands
Cash flows from operating activities:
Net earnings (loss)	$	(228,960)	(265,533)
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation and amortization		19,565	19,588
Stock-based compensation		7,396	3,668
Share of (earnings) losses of affiliates, net		(88,391)	(198,052)
Realized and unrealized (gains) losses on financial instruments, net		344,079	481,559
Deferred income tax expense (benefit)		(64,325)	(66,776)
Minimum guaranteed rightsholder relationships expense		8,647	7,008
Other noncash charges (credits), net		(2,945)	1,205
Changes in operating assets and liabilities
Decrease (increase) in accounts receivable		(7,281)	(11,963)
Decrease (increase) in prepaid expenses		(16,699)	(18,614)
Decrease (increase) in related party balances		(34,005)	(17,199)
Decrease (increase) in other assets		(4,004)	(5,742)
(Decrease) increase in trade accounts payable and accrued liabilities		19,349	709
(Decrease) increase in deferred revenue		26,960	41,467
(Decrease) increase in other liabilities		(2,140)	(228)
Net cash provided (used) by operating activities		(22,754)	(28,903)
Cash flows from investing activities:
Cash paid for acquisitions		(8,526)	—
Investments in equity securities		—	(3,331)
Other investing activities, net		156	(215)
Net cash provided (used) by investing activities		(8,370)	(3,546)
Cash flows from financing activities:
Bank fees on debt transactions		(8,264)	—
Withholding taxes on net settlements of stock-based compensation		(4,545)	—
Former Parent contribution (distribution)		—	2,151
Minimum guaranteed payments on rightsholder relationships		(8,998)	(6,047)
Other financing activities, net		478	1,646
Net cash provided (used) by financing activities		(21,329)	(2,250)
Effect of foreign currency exchange rates on cash and cash equivalents		(127)	1,036
Net increase (decrease) in cash and cash equivalents		(52,580)	(33,663)
Cash and cash equivalents at beginning of period		545,494	409,506


	Three months ended				Nine months ended
	September 30,				September 30,
	2026		2025		2026	2025

	amounts in millions
Revenue	$	10,105	8,499		21,565	18,888
Operating expenses:
Direct operating expenses		(7,747)	(6,438)		(15,950)	(13,903)
Selling, general and administrative expenses		(1,161)	(1,008)		(3,258)	(2,790)
Depreciation and amortization		(183)	(166)		(541)	(474)
Other operating expenses		(122)	(95)		(773)	(327)
Operating income (loss)		892	792		1,043	1,394
Interest expense		(102)	(80)		(290)	(233)
Interest income		40	37		123	109
Other income (expense), net		(4)	(19)		56	(54)
Earnings (loss) before income taxes		826	730		932	1,216
Income tax (expense) benefit		(259)	(252)		(342)	(389)
Net earnings (loss)		567	478		590	827
Less net earnings (loss) attributable to noncontrolling interests		119	47		237	129
Net earnings (loss) attributable to Live Nation stockholders	$	448	431		353	698


	Series C
	RSUs (thousands)		Weighted average GDFV
Outstanding at January 1, 2026	279	$	79.53
Granted	3	$	94.99
Vested	(29)	$	76.19
Forfeited/Cancelled	—	$	—
Outstanding at September 30, 2026	253	$	80.11


	Three months ended
	September 30, 2026
			Corporate and
	Quint		Other	Total

	amounts in thousands
Revenue	$	105,923	—	105,923
Cost of revenue		(85,807)	—	(85,807)
Selling, general and administrative expenses (excluding stock-based compensation)		(18,615)	(4,096)	(22,711)
Adjusted OIBDA	$	1,501	(4,096)	(2,595)


	Three months ended
	September 30, 2025
			Corporate and
	Quint		Other	Total

	amounts in thousands
Revenue	$	61,729	—	61,729
Cost of revenue		(49,035)	—	(49,035)
Selling, general and administrative expenses (excluding stock-based compensation)		(14,051)	(7,178)	(21,229)
Adjusted OIBDA	$	(1,357)	(7,178)	(8,535)


	September 30, 2026
			Investments
	Total		in
	assets		affiliates

	amounts in thousands
Quint	$	498,246	—
Corporate and other		1,546,623	689,213
Consolidated Liberty Live	$	2,044,869	689,213


	Cash and cash
	equivalents
	amounts in thousands
Quint	$	85,507
Corporate and other		407,407
Total Liberty Live	$	492,914


Exhibit No.		Description
31.1		Rule 13a-14(a)/15d-14(a) Certification*
31.2		Rule 13a-14(a)/15d-14(a) Certification*
32		Section 1350 Certification**
101.INS		XBRL Instance Document * – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		XBRL Taxonomy Extension Schema Document*
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document*
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)*


	LIBERTY LIVE HOLDINGS, INC.

Date: November 5, 2026	By:	/s/ Chad R. Hollingsworth
		Chad R. Hollingsworth
		President and Chief Executive Officer


Date: November 5, 2026	By:	/s/ Brian J. Wendling
		Brian J. Wendling
		Chief Accounting Officer and Principal Financial Officer


/s/ Chad R. Hollingsworth
Chad R. Hollingsworth President and Chief Executive Officer