Live Nation Entertainment, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 30 July 2026: press release. Guidance figures: 1 raised, 3 lowered, 2 new, 10 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue up 9%, AOI up 2%: Revenue was $7.7 billion, up 9%, or 8% at constant currency. Operating income was $522 million, up 7%. AOI was $817 million, up 2%, or 0.2% at constant currency. Source
• Six-month operating income down 75%: Six-month operating income was $151.4 million, against $601.4 million a year earlier, after a $450 million Governmental Investigations and Litigation accrual in the first quarter. Six-month AOI rose 4% to $1,188.0 million. Source
• Concerts AOI down 14% on timing: Concerts revenue was $6.4 billion, up 8%. Concerts AOI was $310 million, down 14%, or 15% at constant currency, reflecting show timing, venue pre-opening costs and new international festivals. Source
• Deferred revenue reached $6.4 billion: Event-related deferred revenue ended the quarter at $6.4 billion, up 25%, which management said points to accelerating stadium and amphitheater activity in the second half. Source
• Ticketing AOI up 14%: Ticketing revenue was $852.2 million, up 15%, and AOI was $331.0 million, up 14%, or 11% at constant currency. Reported fee-bearing GTV rose 15% to over $10 billion. Source
• Free cash near $2 billion: Free cash was $1.93 billion at June 30, against $1.71 billion at March 31 and $1.10 billion a year earlier. Cash and cash equivalents were $9.07 billion. Source

“In a world of endless screens and AI-generated everything, the one thing that can't be copied is being there.”

Michael Rapino, President and CEO

Guidance

What changed from last quarter

• Guidance raised: Full-year fan attendance projection raised to 10% growth, from high-single-digit growth previously. Source
• Guidance lowered: Full-year capex now $1.1 billion, toward the lower end of the initial $1.1 to $1.2 billion range. Source
• Guidance lowered: Partner and other funding expected to reduce venue cash requirements by about $200 million, down from about $250 million. Source
• New guidance: Ticketmaster AOI growth given for the full year as mid-single digits. Source
• New guidance: Corporate / Other and Eliminations expense now guided to rise in line with AOI growth. Source
• New guidance: Venue pipeline of more than 25 large venues through the end of 2027 given as a figure. Source
• New: New ticket access partnership with Spotify’s Reserved, using Ticketmaster’s platform. Source

Results and profit drivers

• Revenue up 9%, AOI up 2%: Revenue was $7.7 billion, up 9%, or 8% at constant currency. Operating income was $522 million, up 7%. AOI was $817 million, up 2%, or 0.2% at constant currency. Source
• Six-month operating income down 75%: Six-month operating income was $151.4 million, against $601.4 million a year earlier, after a $450 million Governmental Investigations and Litigation accrual in the first quarter. Six-month AOI rose 4% to $1,188.0 million. Source
• Diluted EPS rose to $1.05: Diluted EPS was $1.05 for the quarter against $0.41 a year earlier. Net income attributable to common stockholders of Live Nation was $294.4 million, compared with $243.4 million. Source

Concerts attendance and demand

• Concerts AOI down 14% on timing: Concerts revenue was $6.4 billion, up 8%. Concerts AOI was $310 million, down 14%, or 15% at constant currency, reflecting show timing, venue pre-opening costs and new international festivals. Source
• International attendance up over 20%: International markets added about five million fans, taking the global total to 49 million. Attendance was up 10% overall. Source
• Deferred revenue reached $6.4 billion: Event-related deferred revenue ended the quarter at $6.4 billion, up 25%, which management said points to accelerating stadium and amphitheater activity in the second half. Source
• Sell-through and cancellations steady: Sell-through rates across all U.S. large venue types stayed at or above prior-year levels for shows through the end of the quarter. Cancellation rates stayed at historical levels. Source

“The first-quarter legal accrual will weigh on reported operating income, but we remain on track for double-digit adjusted operating income growth this year - and to compound at that level for years to come.”

Michael Rapino, President and CEO

Ticketmaster volumes and fees

• Ticketing AOI up 14%: Ticketing revenue was $852.2 million, up 15%, and AOI was $331.0 million, up 14%, or 11% at constant currency. Reported fee-bearing GTV rose 15% to over $10 billion. Source
• Concerts drove ticket volume growth: Concerts tickets sold rose 11% and accounted for 90% of ticket volume growth. International markets sold 39 million tickets, up 12%, with GTV up 20%, led by South America. Source
• 16 million net new tickets added: Year-to-date net new tickets added to Ticketmaster totaled 16 million, with 85% from international markets, as venues continue to choose the platform globally. Source

Sponsorship and brand partnerships

• Sponsorship AOI up 13%: Sponsorship and advertising revenue was $383.0 million, up 12%, and AOI was $256.9 million, up 13%. International markets contributed 80% of Sponsorship AOI growth. Source
• Strategic partner count up over 20%: Strategic partners, defined as those with over $1 million in revenue a year, increased over 20%, with associated revenue up double digits. Global festivals contributed 70% of brand growth. Source

“More than 143 million tickets have sold through mid-July, over 14 million ahead of last year's pace”

Michael Rapino, President and CEO

Venue Nation expansion

• Premium spending at new amphitheaters: Management said enhanced offerings at the newly opened Morton and Mystic Lake amphitheaters are driving premium revenue nearly 75% above comparable amphitheaters. Source
• Food and beverage spending up: Year-to-date onsite food and beverage spending rose high single digits at large U.S. amphitheaters and across European arenas and theaters. Source

Costs and reported operating income

• Acquisition expenses fell year on year: Acquisition expenses were $30.9 million in the quarter, against $79.2 million a year earlier, and are excluded from AOI. Six-month acquisition expenses were $100.3 million. Source
• Corporate AOI expense up 5%: Corporate AOI expense was $74.8 million in the quarter, against $71.2 million a year earlier, and $122.7 million for six months. Source

Capital spending and investing

• Six-month capex rose: Six-month purchases of property, plant and equipment were $598.5 million, against $434.2 million a year earlier. Net cash used in investing activities was $459.5 million in the quarter. Source
• Acquisition cash outlay rose: Cash paid for acquisitions, net of cash acquired, was $242.6 million for six months, against $50.1 million. Investments in nonconsolidated affiliates were $42.2 million. Source
• Maintenance capex and partner distributions: Maintenance capital expenditures were $34.1 million in the quarter. Distributions to noncontrolling interests were $150.7 million, against $131.1 million a year earlier. Source

Cash, free cash and debt

• Free cash near $2 billion: Free cash was $1.93 billion at June 30, against $1.71 billion at March 31 and $1.10 billion a year earlier. Cash and cash equivalents were $9.07 billion. Source
• Free cash flow adjusted $515.9 million: Free cash flow - adjusted was $515.9 million in the quarter, against $438.1 million a year earlier, and $690.6 million for six months, against $654.2 million. Source

Coming up, as management said on 30 July 2026

• Form 10-Q filed the same day: The company said its Form 10-Q for the quarter ended June 30, 2026 would be filed with the SEC on July 30. Source
• Stadium and amphitheater activity to accelerate: Management pointed to accelerating stadium and amphitheater activity in the second half of 2026. Source
• Concerts gains weighted to Q4: Most of the year-over-year Concerts AOI improvement is expected in the fourth quarter, along with continued margin expansion. Source
• Venue pipeline opens through 2027: More than 25 large venues are in the pipeline to open through the end of 2027, adding run-rate capacity for 15 million more fans. Source

Figures management reported

Risks management discussed

• Regulatory: Management said the first-quarter legal accrual will weigh on reported operating income. Source
• Operational: U.S. stadium attendance declined because of show timing, while amphitheater and arena attendance rose double digits. Source
• Demand: North America secondary ticket volume was flat, with sports growth offsetting lower concerts activity, as efforts to reduce scalper and bot activity continue. Source
• Demand: Management said affordability remains a key priority, with price increases kept in the low to mid single digits. Source

Earlier plans management reported on

• On track: Management said it remains on track for double-digit adjusted operating income growth this year. Source
• On track: Management said Concerts remains on track for double-digit AOI growth for the full year. Source
• On track: Venue Nation is on track to host close to 75 million fans in 2026, up double digits. Source
• On track: Current venue projects are described as on track to achieve 20%+ IRRs. Source
• Ahead: Management said Ticketmaster results surpassed expectations, with AOI up 14% for the quarter. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.