Live Nation Entertainment Inc.

LYV
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$3.8B
Q1 2026 · +12% YoY
TTM ROIC
9.9%
TTM 2026-Q1 · Gurufocus / StockAnalysis (trailing twelve months) · WACC ~9% · Moat spread +3pp

Financial Snapshot

ticker: LYV step: 04 generated: 2026-05-13 source: quick-research

Live Nation Entertainment, Inc. (LYV) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $16.67B $22.73B $23.16B +1.9%
Operating Margin ~2% ~3% ~3.6%
Net Income -$0.5B ~$0.5B ~$0.3B
Adj. EPS ~$0.40 ~$1.25 ~$0.90

FY2025: Revenue $25.2B (+8.8%); adj. EPS negative (-$0.24) due to antitrust litigation costs and Venue Nation pre-opening drag. FY2025 adj. operating income (AOI) held up well despite reported losses.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.8B
Free Cash Flow $1.06B
Capital Expenditures ~$0.9B
Cash & Equivalents ~$4.5B
Total Debt ~$7.0B

FCF is suppressed by heavy venue capex ($900M–$1B in 2025). FCF yield is low relative to revenue, reflecting the capital-intensive venue expansion program.

Key Ratios (approximate)

  • P/E: NM (reported losses) | EV/EBITDA: ~12x (AOI basis) | FCF Yield: ~5%
  • Revenue Growth (TTM): ~9% | AOI Margin: ~9% (on total revenue)

Growth Profile

Live Nation's revenue has compounded rapidly since post-COVID reopening (FY2022: $16.7B → FY2025: $25.2B), driven by record concert attendance, Ticketmaster fee growth, and sponsorship. The business is capital-intensive at the venue level but generates strong cash from ticketing and sponsorship. Growth visibility is high: 80% of 2026 shows already booked, arena show pipeline running double-digits above prior year. The primary overhang is the antitrust verdict (April 2026) and pending remedy phase that could include Ticketmaster divestiture.

Forward Estimates

  • FY2026 revenue: ~$27–28B (9% growth); EPS recovery to ~$1.50 as litigation costs normalize
  • FY2027/2028: EPS projected to reach $3.03 as Venue Nation matures and AOI scales
  • Analyst mean PT: ~$183 (17 of 22 analysts Buy/Outperform) — implies ~+130% upside from ~$80
  • Key antitrust risk: Remedy phase could impose structural remedies; Ticketmaster divestiture would reduce earnings power

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $LYV.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Live Nation Entertainment Inc. (LYV) — Financial Analysis | Margin of Insight