Live Nation Entertainment, Inc 10-Q for FY2025 Q2

Live Nation Entertainment, Inc. (LYV)

10-Q 2025-08-07 For: 2025-06-30

Added on April 08, 2026

About this 10-Q

Live Nation Entertainment, Inc filed this 10-Q on August 7, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $7.01B; up 16.3% from $6.02B a year earlier
Net income: $243.41M; down 18.3% from net income of $297.97M a year earlier
Diluted EPS: $0.41; down 60.2% from $1.03 a year earlier

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Delaware						20-3247759
(State of Incorporation)						(I.R.S. Employer Identification No.)


		Page
PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements	2
	Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024	2
	Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024	3
	Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2025 and 2024	4
	Consolidated Statements of Changes in Equity (Unaudited) for the three and six months ended June 30, 2025 and 2024	5
	Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024	9
	Notes to Consolidated Financial Statements (Unaudited)	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	38
PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 5.	Other Information	39
Item 6.	Exhibits	40


GLOSSARY OF KEY TERMS
AOCI			Accumulated other comprehensive income (loss)
AOI			Adjusted operating income (loss)
CIE			Corporación Interamericana de Entretenimiento, S.A.B. de C.V.
Company			Live Nation Entertainment, Inc. and subsidiaries
FASB			Financial Accounting Standards Board
GAAP			United States Generally Accepted Accounting Principles

GTV			Gross transaction value
LIBOR			London Inter-Bank Offered Rate
Live Nation			Live Nation Entertainment, Inc. and subsidiaries
OCESA			OCESA Entretenimiento, S.A. de C.V. and certain other related subsidiaries of Corporación Interamericana de Entretenimiento, S.A.B. de C.V.
SEC			United States Securities and Exchange Commission
SOFR			Secured Overnight Financing Rate
Ticketmaster			The ticketing business of the Company
VIE			Variable interest entity (as defined under GAAP)


	June 30, 2025		December 31, 2024
ASSETS	(in thousands)
Current assets
Cash and cash equivalents	$	7,056,975	$	6,095,424
Accounts receivable, less allowance of $81,087 and $72,663, respectively	2,464,829		1,747,316
Prepaid expenses	1,911,706		1,247,184
Restricted cash	12,625		10,685
Other current assets	377,016		189,528
Total current assets	11,823,151		9,290,137
Property, plant and equipment, net	2,949,293		2,441,872
Operating lease assets	1,738,218		1,618,033
Intangible assets
Definite-lived intangible assets, net	1,091,697		985,812
Indefinite-lived intangible assets, net	369,073		380,558
Goodwill	2,820,918		2,620,911
Long-term advances	626,920		520,482
Other long-term assets	1,731,063		1,780,966
Total assets	$	23,150,333	$	19,638,771
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, client accounts	$	2,116,846	$	1,859,678
Accounts payable	404,877		242,978
Accrued expenses	3,285,866		3,057,334
Deferred revenue	5,910,068		3,721,092
Current portion of long-term debt, net	1,485,353		260,901
Current portion of operating lease liabilities	158,577		153,406
Other current liabilities	96,985		62,890
Total current liabilities	13,458,572		9,358,279
Long-term debt, net	4,990,995		6,177,168
Long-term operating lease liabilities	1,784,719		1,680,266

Other long-term liabilities	610,465		477,763
Commitments and contingent liabilities (see Note 6)
Redeemable noncontrolling interests	1,377,665		1,126,302
Stockholders' equity
Common stock	2,324		2,313
Additional paid-in capital	1,788,393		2,059,746
Accumulated deficit	(1,271,336)		(1,546,819)
Cost of shares held in treasury	(6,865)		(6,865)
Accumulated other comprehensive loss	(152,446)		(335,112)
Total Live Nation stockholders' equity	360,070		173,263
Noncontrolling interests	567,847		645,730
Total equity	927,917		818,993
Total liabilities and equity	$	23,150,333	$	19,638,771


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands except share and per share data)
Revenue	$	7,006,641	$	6,023,416	$	10,388,758	$	9,822,945
Operating expenses:
Direct operating expenses	5,210,756		4,408,209		7,465,693		7,059,549
Selling, general and administrative expenses	1,003,344		926,222		1,782,266		1,907,781
Depreciation and amortization	159,025		137,729		308,480		270,323
Gain on disposal of operating assets	(856)		(779)		(3,058)		(1,430)
Corporate expenses	147,719		86,216		233,955		162,293
Operating income	486,653		465,819		601,422		424,429
Interest expense	72,048		79,970		152,391		160,661

Interest income	(37,893)		(44,425)		(71,954)		(87,682)
Equity in earnings of nonconsolidated affiliates	(4,268)		(5,376)		(4,747)		(5,460)

Other expense (income), net	36,380		(20,742)		39,333		(97,796)
Income before income taxes	420,386		456,392		486,399		454,706
Income tax expense	117,645		80,164		137,356		121,183
Net income	302,741		376,228		349,043		333,523
Net income attributable to noncontrolling interests	59,330		78,258		82,429		90,028
Net income attributable to common stockholders of Live Nation	$	243,411	$	297,970	$	266,614	$	243,495

Basic net income per common share available to common stockholders of Live Nation	$	0.41	$	1.05	$	0.09	$	0.48
Diluted net income per common share available to common stockholders of Live Nation	$	0.41	$	1.03	$	0.09	$	0.48

Weighted average common shares outstanding:
Basic	231,845,412		229,921,527		231,534,852		229,696,356
Diluted	234,417,428		245,002,995		234,658,608		232,024,314


Reconciliation to net income available to common stockholders of Live Nation:
Net income attributable to common stockholders of Live Nation	$	243,411	$	297,970	$	266,614	$	243,495
Accretion of redeemable noncontrolling interests	(147,801)		(57,325)		(245,895)		(132,435)
Net income available to common stockholders of Live Nation—basic	$	95,610	$	240,645	$	20,719	$	111,060
Convertible debt interest, net of tax	—		10,790		—		—
Net income available to common stockholders of Live Nation—diluted	$	95,610	$	251,435	$	20,719	$	111,060


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Live Nation Stockholders’ Equity
	Common Shares Issued	Common Stock		Additional Paid-In Capital		Accumulated Deficit		Cost of Shares Held in Treasury		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity		Redeemable Noncontrolling Interests
	(in thousands, except share data)															(in thousands)
Balances at March 31, 2025	232,157,838	$	2,322	$	1,906,145	$	(1,514,747)	$	(6,865)	$	(280,860)	$	691,810	$	797,805	$	1,311,555

Non-cash and stock-based compensation	—	—		59,180		—		—		—		—		59,180		—
Common stock issued under stock plans, net of shares withheld for employee taxes	166,614	1		(21,577)		—		—		—		—		(21,576)		—
Exercise of stock options	27,396	1		836		—		—		—		—		837		—

Acquisitions	—	—		—		—		—		—		38,171		38,171		14,470

Purchases of noncontrolling interests	—	—		(5,865)		—		—		—		(146,565)		(152,430)		(48,560)

Redeemable noncontrolling interests fair value adjustments	—	—		(150,326)		—		—		—		—		(150,326)		150,485
Contributions received	—	—		—		—		—		—		6,652		6,652		—
Cash distributions	—	—		—		—		—		—		(71,205)		(71,205)		(59,872)
Other	—	—		—		—		—		—		624		624		(1,383)
Comprehensive income (loss):
Net income	—	—		—		243,411		—		—		48,360		291,771		10,970
Unrealized gain on cash flow hedge	—	—		—		—		—		251		—		251		—
Realized gain on cash flow hedge	—	—		—		—		—		(3,560)		—		(3,560)		—
Foreign currency translation adjustments	—	—		—		—		—		131,723		—		131,723		—
Balances at June 30, 2025	232,351,848	$	2,324	$	1,788,393	$	(1,271,336)	$	(6,865)	$	(152,446)	$	567,847	$	927,917	$	1,377,665


	Revenue- generating contracts		Client / vendor relationships		Venue management		Trademarks and naming rights		Technology and other (1)		Total
	(in thousands)
Balance as of December 31, 2024:
Gross carrying amount	$	819,594	$	567,572	$	231,180	$	162,488	$	26,237	$	1,807,071
Accumulated amortization	(339,298)		(286,381)		(76,945)		(104,968)		(13,667)		(821,259)
Net	480,296		281,191		154,235		57,520		12,570		985,812
Gross carrying amount:
Acquisitions and additions—current year	26,123		150,573		7,729		1,677		657		186,759


Foreign exchange	55,805		19,165		6,287		6,175		669		88,101
Other (2)	(113,722)		(39,152)		(12,760)		(63,794)		10,729		(218,699)
Net change	(31,794)		130,586		1,256		(55,942)		12,055		56,161
Accumulated amortization:
Amortization	(48,830)		(47,094)		(15,629)		(8,210)		(4,913)		(124,676)

Foreign exchange	(21,983)		(8,153)		(2,517)		(2,396)		(261)		(35,310)
Other (2)	94,088		38,950		12,822		63,862		(12)		209,710
Net change	23,275		(16,297)		(5,324)		53,256		(5,186)		49,724
Balance as of June 30, 2025:
Gross carrying amount	787,800		698,158		232,436		106,546		38,292		1,863,232
Accumulated amortization	(316,023)		(302,678)		(82,269)		(51,712)		(18,853)		(771,535)
Net	$	471,777	$	395,480	$	150,167	$	54,834	$	19,439	$	1,091,697


			Weighted-Average Life (years)
Revenue-generating contracts			6
Client/vendor relationships			7
Trademarks and naming rights			5

Venue management			5


All categories			7


	Concerts		Ticketing		Sponsorship & Advertising		Total
	(in thousands)
Balance as of December 31, 2024:
Goodwill	$	1,462,102	$	964,221	$	629,951	$	3,056,274
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	1,026,739		964,221		629,951		2,620,911
Acquisitions—current year	107,977		830		—		108,807
Acquisitions—prior year	(274)		—		—		(274)


Foreign exchange	32,904		30,870		27,700		91,474
Balance as of June 30, 2025:
Goodwill	1,602,709		995,921		657,651		3,256,281
Accumulated impairment losses	(435,363)		—		—		(435,363)
Net	$	1,167,346	$	995,921	$	657,651	$	2,820,918


	Estimated Fair Value
	June 30, 2025						December 31, 2024
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(in thousands)
Assets:
Short-term investments	$	57,553	$	—	$	57,553	$	—	$	—	$	—
Crypto assets (1)	11,380		—		11,380		—		—		—
Interest rate swaps	—		17,481		17,481		—		29,251		29,251

Forward currency contracts	—		3,072		3,072		—		9,462		9,462

Total	$	68,933	$	20,553	$	89,486	$	—	$	38,713	$	38,713
Liabilities:
Forward currency contracts	$	—	$	25,574	$	25,574	$	—	$	380	$	380

Total	$	—	$	25,574	$	25,574	$	—	$	380	$	380


	Estimated Fair Value at
	June 30, 2025		December 31, 2024
	Level 2
	(in thousands)
6.5% Senior Secured Notes due 2027	$	1,219,500	$	1,213,896
3.75% Senior Secured Notes due 2028	$	485,920	$	472,635
5.625% Senior Notes due 2026	$	300,960	$	299,529
4.75% Senior Notes due 2027	$	940,244	$	919,049
2.0% Convertible Senior Notes due 2025 (1)	$	—	$	103,032
3.125% Convertible Senior Notes due 2029	$	1,534,980	$	1,365,560
2.875% Convertible Senior Notes due 2030	$	1,197,603	$	1,105,852


	Cash Flow Hedge		Cumulative Foreign Currency Translation Adjustments		Total
	(in thousands)
Balance at December 31, 2024	$	21,518	$	(356,630)	$	(335,112)
Other comprehensive income (loss) before reclassifications	(1,253)		190,815		189,562
Amount reclassified from AOCI	(6,896)		—		(6,896)
Net other comprehensive income (loss)	(8,149)		190,815		182,666
Balance at June 30, 2025	$	13,369	$	(165,815)	$	(152,446)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
AOI	$	798,423	$	716,231	$	1,139,474	$	1,078,738
Acquisition expenses	79,133		(30,035)		108,890		522
Amortization of non-recoupable ticketing contract advances	20,721		21,161		45,443		45,241
Depreciation and amortization	159,025		137,729		308,480		270,323
Gain on sale of operating assets	(856)		(779)		(3,058)		(1,430)
Astroworld estimated loss contingencies	(7,800)		94,000		(7,800)		279,915
Stock-based compensation expense	61,547		28,336		86,097		59,738
Operating income	$	486,653	$	465,819	$	601,422	$	424,429


	Six Months Ended June 30,
	2025		2024
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	349,043	$	333,523
Reconciling items:
Depreciation	183,804		146,168
Amortization of definite-lived intangibles	124,676		124,155
Amortization of non-recoupable ticketing contract advances	45,443		45,241
Deferred income taxes	25,129		(6,078)
Amortization of debt issuance costs and discounts	8,131		7,881

Stock-based compensation expense	86,097		59,738
Unrealized changes in fair value of contingent consideration	9,304		(28,573)
Equity in losses of nonconsolidated affiliates, net of distributions	8,774		5,671
Provision for uncollectible accounts receivable	13,539		(9,806)
Loss (Gain) on mark-to-market of investments in nonconsolidated affiliates and crypto assets	133		(100,153)
Loss (Gain) on forward currency exchange contracts	31,584		(8,019)
Other, net	(9,730)		(3,953)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable	(622,765)		(465,797)
Increase in prepaid expenses and other assets	(822,523)		(646,147)

Increase in accounts payable, accrued expenses and other liabilities	225,791		430,886
Increase in deferred revenue	1,888,292		1,516,217
Net cash provided by operating activities	1,544,722		1,400,954
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable	(19,156)		(75,973)
Collections of notes receivable	17,784		21,290

Investments made in nonconsolidated affiliates	(14,492)		(30,593)
Purchases of property, plant and equipment	(434,207)		(333,689)
Cash paid for acquisition of right-of-use assets	(20,800)		—
Cash paid for acquisitions, net of cash acquired	(50,090)		(17,579)

Proceeds from sale of intangible assets	20,040		—
Other, net	8,495		2,139
Net cash used in investing activities	(492,426)		(434,405)
CASH FLOWS FROM FINANCING ACTIVITIES


	June 30, 2025		December 31, 2024
	(in thousands)
Land, buildings and improvements	$	2,596,876	$	2,325,929
Computer equipment and capitalized software	986,083		867,294
Furniture and other equipment	840,693		757,803
Construction in progress	634,531		386,880
Property, plant and equipment, gross	5,058,183		4,337,906
Less: accumulated depreciation	2,108,890		1,896,034
Property, plant and equipment, net	$	2,949,293	$	2,441,872


	Concerts		Ticketing		Sponsorship & Advertising		Other & Eliminations		Corporate		Consolidated
	(in thousands)
Three Months Ended June 30, 2025
Revenue	$	5,946,377	$	742,696	$	340,561	$	(22,993)	$	—	$	7,006,641
% of Consolidated Revenue	84.9%		10.6%		4.9%		(0.4)%
Other Segment Items	$	5,587,695	$	452,603	$	112,973	$	(16,285)	$	71,232	$	6,208,218






AOI	$	358,682	$	290,093	$	227,588	$	(6,708)	$	(71,232)	$	798,423
Intersegment revenue	$	17,257	$	5,983	$	(247)	$	(22,993)	$	—	$	—

Three Months Ended June 30, 2024
Revenue	$	4,987,039	$	730,677	$	312,234	$	(6,534)	$	—	$	6,023,416
% of Consolidated Revenue	82.8%		12.1%		5.2%		(0.1)%
Other Segment Items	$	4,716,345	$	438,144	$	89,612	$	1,637	$	61,447	$	5,307,185






AOI	$	270,694	$	292,533	$	222,622	$	(8,171)	$	(61,447)	$	716,231
Intersegment revenue	$	2,278	$	4,124	$	132	$	(6,534)	$	—	$	—

Six Months Ended June 30, 2025
Revenue	$	8,430,453	$	1,437,368	$	556,627	$	(35,690)	$	—	$	10,388,758
% of Consolidated Revenue	81.1%		13.8%		5.4%		(0.3)%







Other Segment Items	$	8,065,200	$	894,216	$	193,075	$	(23,092)	$	119,885	$	9,249,284



**			Constant currency is a non-GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.


	Three Months Ended June 30,								% Change
	2025						2024
	As Reported		Currency Impacts		At Constant Currency**		As Reported		As Reported	At Constant Currency**
	(in thousands)
Revenue	$	7,006,641	$	(58,683)	$	6,947,958	$	6,023,416	16%	15%
Operating expenses:
Direct operating expenses	5,210,756						4,408,209		18%
Selling, general and administrative expenses	1,003,344						926,222		8%
Depreciation and amortization	159,025						137,729		15%
Gain on disposal of operating assets	(856)						(779)		10%
Corporate expenses	147,719						86,216		71%
Operating income	486,653		(4,243)		482,410		465,819		4%	4%
Operating margin	6.9%				6.9%		7.7%
Interest expense	72,048						79,970
Interest income	(37,893)						(44,425)
Equity in earnings of nonconsolidated affiliates	(4,268)						(5,376)

Other expense (income), net	36,380						(20,742)
Income before income taxes	420,386						456,392
Income tax expense	117,645						80,164
Net income	302,741						376,228
Net income attributable to noncontrolling interests	59,330						78,258
Net income attributable to common stockholders of Live Nation	$	243,411					$	297,970


*			Percentages are not meaningful.
**			Constant currency is a non-GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.


	Three Months Ended June 30,						% Change	Six Months Ended June 30,						% Change
	2025			2024				2025			2024
	(in thousands)							(in thousands)
Revenue	$	5,946,377		$	4,987,039		19%	$	8,430,453		$	7,866,414		7%
Direct operating expenses	4,925,497			4,114,715			20%	6,916,984			6,479,089			7%
Selling, general and administrative expenses	708,364			664,853			7%	1,205,742			1,391,693			(13)%
Depreciation and amortization	109,160			92,646			18%	214,469			183,009			17%
Gain on disposal of operating assets	(855)			(780)			10%	(3,053)			(1,492)			*

Operating income (loss)	$	204,211		$	115,605		77%	$	96,311		$	(185,885)		*
Operating margin	3.4		%	2.3		%		1.1		%	(2.4)		%
AOI	$	358,682		$	270,694		33%	$	365,253		$	268,883		36%
AOI margin	6.0		%	5.4		%		4.3		%	3.4		%


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (1)	Total Number of Shares Purchased as Part of Publicly Announced Program (2)	Maximum Fair Value of Shares that May Yet Be Purchased Under the Program (2)
April 2025	34	$120.84
May 2025	6,659	$145.18
June 2025	2,054	$143.16
	8,747

(1) Represents shares of common stock that employees surrendered as part of the default option to satisfy withholding taxes in connection with the vesting of restricted stock awards under our stock incentive plan. Pursuant to the terms of our stock plan, such shares revert to available shares under the plan.
(2) We do not have a publicly announced program to purchase shares of our common stock. Accordingly, there were no shares purchased as part of a publicly announced program.


LIVE NATION ENTERTAINMENT, INC.

By:			/s/ Brian Capo
			Brian Capo
			Senior Vice President—Chief Accounting Officer (Duly Authorized Officer)


Date: August 7, 2025

By:			/s/ Michael Rapino
			Michael Rapino
			President and Chief Executive Officer


Date: August 7, 2025

By:			/s/ Joe Berchtold
			Joe Berchtold
			President and Chief Financial Officer


Date:			August 7, 2025

By:			/s/ Michael Rapino
			Michael Rapino
			President and Chief Executive Officer