Liberty Live Holdings, Inc 10-Q for FY2026 Q2

Liberty Live Holdings, Inc. (LLYVA)

10-Q 2026-08-06 For: 2026-06-30

Added on August 06, 2026

About this 10-Q

Liberty Live Holdings, Inc filed this 10-Q on August 6, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

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

Revenue: $147.06M; up 6.1% from $138.6M a year earlier
Net loss: $268.66M; compared with a net loss of $180.32M a year earlier
Diluted EPS: -$2.92; compared with -$1.96 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	63,900,740

		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


	* *	June 30,		* *	December 31,
		2026			2025

Assets		amounts in thousands
Current assets:
Cash and cash equivalents		$	523,349		545,494
Trade and other receivables, net of allowance for credit losses of $1,057 and $1,056, respectively			36,257		30,372
Prepaid assets			63,567		44,163
Related party assets			12,353		—
Other current assets			16,989		9,435
Total current assets			652,515		629,464

Investments in equity securities			163,794		162,066
Investments in affiliates, accounted for using the equity method (note 4)			569,528		624,278
Goodwill (note 5)			127,575		127,367
Intangible assets subject to amortization, net (note 5)			110,035		118,605
Deferred tax assets			344,376		183,944
Tax sharing asset with Liberty Media			37,570		35,845
Other assets, at cost, net of accumulated amortization			7,128		7,324
Total assets			2,012,521		1,888,893
Liabilities and Equity
Current liabilities:
Accounts payable			12,545		11,521
Accrued liabilities			45,438		36,436
Deferred revenue			192,083		154,997
Related party liabilities			—		2,722
Current portion of long-term debt, measured at fair value (note 6)			2,126,021		1,666,546
Financial instrument liabilities (notes 3 and 6)			213,916		20,265
Other current liabilities			5,082		4,234
Total current liabilities			2,595,085		1,896,721
Other liabilities			21,147		19,307
Total liabilities			2,616,232		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 June 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 June 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 63,900,740 and 63,826,864 at June 30, 2026 and December 31, 2025, respectively			639		638
Additional paid-in capital			401,066		403,647
Retained earnings (deficit)			(999,887)		(437,086)
Accumulated other comprehensive earnings (loss), net of taxes			(27,756)		(16,561)
Total stockholders' equity (deficit)			(625,657)		(49,081)
Noncontrolling interests in equity of subsidiaries			21,946		21,946
Total equity (deficit)			(603,711)		(27,135)
Commitments and contingencies (note 8)
Total liabilities and equity		$	2,012,521		1,888,893


	Three months ended			Six months ended
	June 30,			June 30,
	2026		2025	2026	2025

	amounts in thousands,
	except per share amounts
Revenue, net	$	146,999	138,350	210,145	185,207
Related party revenue, net		60	253	534	455
Total revenue, net		147,059	138,603	210,679	185,662
Operating costs and expenses:
Cost of revenue		97,391	87,191	139,010	126,625
Related party cost of revenue		19,407	23,222	29,454	25,337
Selling, general and administrative expenses, including stock-based compensation		24,723	24,308	46,850	40,576
Depreciation and amortization		6,482	6,533	12,999	13,057
		148,003	141,254	228,313	205,595
Operating income (loss)		(944)	(2,651)	(17,634)	(19,933)
Other income (expense):
Interest expense		(7,466)	(7,425)	(15,027)	(14,759)
Dividend and interest income		5,292	4,387	9,919	8,484
Share of earnings (loss) of affiliates, net (note 4)		82,529	71,445	(41,797)	72,896
Realized and unrealized gains (losses), net (note 3)		(423,647)	(288,725)	(653,279)	(305,824)
Other, net		1,452	233	(575)	(787)
		(341,840)	(220,085)	(700,759)	(239,990)
Earnings (loss) before income taxes		(342,784)	(222,736)	(718,393)	(259,923)
Income tax (expense) benefit		74,121	42,413	155,592	50,124
Net earnings (loss)		(268,663)	(180,323)	(562,801)	(209,799)
Less net earnings attributable to noncontrolling interests		—	—	—	—
Net earnings (loss) attributable to Liberty Live Group	$	(268,663)	(180,323)	(562,801)	(209,799)

Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Live Group shareholders per common share (note 2)	$	(2.92)	(1.96)	(6.12)	(2.28)
Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Live Group shareholders per common share (note 2)	$	(2.92)	(1.96)	(6.12)	(2.28)



						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)		—	—	—	—	—	(562,801)	—	(562,801)
Other comprehensive earnings (loss)		—	—	—	—	(11,195)	—	—	(11,195)
Withholding taxes on net settlements of stock-based compensation		—	—	—	(4,539)	—	—	—	(4,539)
Stock-based compensation		—	—	—	4,951	—	—	—	4,951
Other		—	—	1	(2,993)	—	—	—	(2,992)
Balance at June 30, 2026	$	256	25	639	401,066	(27,756)	(999,887)	21,946	(603,711)


	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)		—	—	(209,799)	—	(209,799)
Other comprehensive earnings (loss)		—	42,700	—	—	42,700
Former Parent contribution (distribution)		2,136	—	—	—	2,136
Stock-based compensation		1,943	—	—	—	1,943
Share of Live Nation change in accounting policies		—	—	2,092	—	2,092
Other		(691)	—	—	—	(691)
Balance at June 30, 2025	$	260,262	(43,439)	(577,677)	22,113	(338,741)


	Total Parent's Investment
			Accumulated
			other		Noncontrolling
			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 March 31, 2025	$	255,392	(84,629)	(397,354)	22,113	(204,478)
Net earnings (loss)		—	—	(180,323)	—	(180,323)
Other comprehensive earnings (loss)		—	41,190	—	—	41,190
Former Parent contribution (distribution)		3,146	—	—	—	3,146
Stock-based compensation		1,943	—	—	—	1,943
Other		(219)	—	—	—	(219)
Balance at June 30, 2025	$	260,262	(43,439)	(577,677)	22,113	(338,741)


	June 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	$	482,433	482,433	—	507,389	507,389	—
Financial instrument liabilities	$	213,916	—	213,916	20,265	—	20,265
Debt	$	2,126,021	—	2,126,021	1,666,546	—	1,666,546


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

				amounts in thousands
Live Nation		30%		$	551,718		604,654
Other		various			17,810		19,624
Total				$	569,528		624,278


Balance at January 1, 2026	$	127,367
Foreign currency translation adjustments		208
Balance at June 30, 2026	$	127,575


	June 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	$	175,780	(66,064)	109,716	170,081	(51,787)	118,294
Capitalized software		2,701	(2,382)	319	2,645	(2,334)	311
Total	$	178,481	(68,446)	110,035	172,726	(54,121)	118,605


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

	amounts in thousands
Old 2.375% Exchangeable Debentures due 2053	$	33,685			61,050	1,666,546
New 2.375% Exchangeable Debentures due 2053		1,116,315			2,064,971	—
Live Nation Margin Loan		—			—	—
Total debt	$	1,150,000			2,126,021	1,666,546
Debt classified as current					(2,126,021)	(1,666,546)
Total long-term debt				$	—	—


	Six months ended
	June 30,
	2026		2025

	amounts in thousands
Cash flows from operating activities:
Net earnings (loss)	$	(562,801)	(209,799)
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation and amortization		12,999	13,057
Stock-based compensation		4,951	1,943
Share of (earnings) losses of affiliate, net		41,797	(72,896)
Realized and unrealized (gains) losses on financial instruments, net		653,279	305,824
Deferred income tax expense (benefit)		(156,314)	(50,813)
Minimum guaranteed rightsholder relationships expense		4,496	4,940
Other noncash charges (credits), net		(718)	1,132
Changes in operating assets and liabilities
Decrease (increase) in accounts receivable		(5,885)	(15,477)
Decrease (increase) in prepaid expenses		(19,404)	(5,919)
Decrease (increase) in related party balances		(15,075)	(10,013)
Decrease (increase) in other assets		(7,239)	(6,501)
(Decrease) increase in trade accounts payable and accrued liabilities		10,129	8,399
(Decrease) increase in deferred revenue		36,688	7,227
(Decrease) increase in other liabilities		(1,613)	2,061
Net cash provided (used) by operating activities		(4,710)	(26,835)
Cash flows from investing activities:
Investments in equity securities		—	(3,331)
Other investing activities, net		155	(194)
Net cash provided (used) by investing activities		155	(3,525)
Cash flows from financing activities:
Bank fees on debt transactions		(8,264)	—
Withholding taxes on net settlements of stock-based compensation		(4,539)	—
Former Parent contribution (distribution)		—	2,136
Minimum guaranteed payments on rightsholder relationships		(4,908)	(4,162)
Other financing activities, net		478	173
Net cash provided (used) by financing activities		(17,233)	(1,853)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash		(357)	1,155
Net increase (decrease) in cash, cash equivalents and restricted cash		(22,145)	(31,058)
Cash, cash equivalents and restricted cash at beginning of period		545,494	409,506
Cash, cash equivalents and restricted cash at end of period	$	523,349	378,448


	Three months ended		Six months ended
	June 30,		June 30
	2026		2026

	number of shares in thousands
Basic WASO		92,005	91,979
Potentially dilutive shares (1)		599	571
Diluted WASO		92,604	92,550


	Series C
				Weighted			Aggregate
				average			intrinsic
	Options			remaining			value
	(thousands)	WAEP		life			(in thousands)
Options outstanding at January 1, 2026	1,248	$	46.45
Granted	—	$	—
Exercised	(150)	$	41.76
Forfeited/Cancelled	—	$	—
Options outstanding at June 30, 2026	1,098	$	47.09		2.4	years	$	64,248
Options exercisable at June 30, 2026	955	$	43.22		1.8	years	$	59,591


	Series C
	RSUs (thousands)		Weighted Average GDFV
Outstanding at January 1, 2026	279	$	79.53
Granted	3	$	94.99
Vested	(29)	$	76.42
Forfeited/Cancelled	—	$	—
Outstanding at June 30, 2026	253	$	80.08


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

	amounts in thousands
Revenue	$	147,059	—	147,059
Cost of revenue		(116,798)	—	(116,798)
Selling, general and administrative expenses (excluding stock-based compensation)		(18,767)	(3,511)	(22,278)
Adjusted OIBDA	$	11,494	(3,511)	7,983


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

	amounts in thousands
Revenue	$	138,603	—	138,603
Cost of revenue		(110,413)	—	(110,413)
Selling, general and administrative expenses (excluding stock-based compensation)		(16,896)	(5,930)	(22,826)
Adjusted OIBDA	$	11,294	(5,930)	5,364


	June 30, 2026
			Investments
	Total		in
	assets		affiliates

	amounts in thousands
Quint	$	483,769	—
Corporate and other		1,528,752	569,528
Consolidated Liberty Live	$	2,012,521	569,528


	Cash and cash
	equivalents
	amounts in thousands
Quint	$	107,411
Corporate and other		415,938
Total Liberty Live	$	523,349


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: August 6, 2026	By:	/s/ Chad R. Hollingsworth
		Chad R. Hollingsworth
		President and Chief Executive Officer


Date: August 6, 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