# Live Nation Entertainment Inc. (LYV) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LYV/thesis · /stocks/LYV/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LYV/fundamental

## Navigation

- Overview: /stocks/LYV
- Financials (this page): /stocks/LYV/financials
- Thesis: /stocks/LYV/thesis
- Investment Memo: /stocks/LYV/memo
- Coverage universe: /stocks