HighGravityDataLive Nation Entertainment — Nov 4, 2025 release
Fiscal 2025 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001335258-25-000150
Showing in the filing
Margins
“similar to last year”
Period
FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 43
AOI growth for FY2025
“double-digit”
Operating income and AOI growth for FY2025
“double-digit”
Ticket sales for Live Nation concerts for FY2025
“tracking towards approximately 160 million fans”
Fan count / ticket sales (concerts) for FY2025
“approximately 160 million fans”
Fan growth (indoor venues) for Q4 FY2025
“an acceleration in fan growth”
International fan count vs. U.S. for FY2025
“on track to surpass the U.S. for the first time”
International markets fan count relative to …
“on track to surpass the U.S. for the first time”
Show count committed or with offer submitted for FY2026
“almost three-quarters”
Ticket sales growth for FY2026
“up double-digits overall and for each of stadiums, arenas, and festivals”
Concerts AOI growth for FY2025
“double-digit”
Average grosses at large venues for FY2026
“up double-digits”
Large venue show pipeline growth for FY2026
“up double-digits”
Sponsorship commitments growth for FY2026
“up double-digits”
Sponsorship growth
“double-digit”
Sponsorship commitments booked for FY2026
“approximately 65%”
Concerts margin for FY2025
“consistent with last year”
Annual fan capacity added by large venues op… for FY2025
“approximately five million fans”
Incremental annual fan capacity from large v… for FY2025
“approximately five million fans”
Fan contribution from recently opened venues… for FY2025
“1.5 million fans”
Fan contribution from Rogers Stadium and Viv… for FY2025
“1.5 million fans”
Margins for FY2025
“similar to last year”
Sponsorship & Advertising full year margins for FY2025
“similar to last year”
Sponsorship & Advertising AOI growth acceler… for Q4 FY2025
“expected to accelerate”
AOI growth
“expected to accelerate in Q4, delivering another year of double-digit AOI growth”
Operating cash flow and free cash flow - adj… for FY2025
“double-digits”
Capital expenditures for FY2025
“approximately $1 billion”
Capex for venue expansion and enhancement pr… for FY2025
“$750 million”
Capex focused on venue expansion and enhance…
“$750 million”
Reduction in capex cash needs from JV/sponso… for FY2025
“approximately $200 million”
Cash needs reduction from funding by joint-v…
“approximately $200 million”
Maintenance capex spend for FY2025
“consistent with historical levels”
Annual interest expense for FY2025
“approximately $350 million per annum”
Weighted average cost of debt
“4.2%, down 30 basis points due to our refinancing”
Accretion expense for Q4 FY2025
“approximately $40 million”
Non-controlling interest expense as a percen… for FY2025
“in line with last year”
Tax expense (% of AOI) for FY2025
“15-20%”
Tax expense
“15-20% of AOI”
Cash taxes
“estimated at approximately 80% of tax expense”
Cash taxes (% of tax expense) for FY2025
“approximately 80%”
Depreciation and amortization
“increase by approximately $100 million compared to last year”
Depreciation and amortization increase for FY2025
“approximately $100 million”
Share count for FY2025
“not expected to change materially from 2024”
Operating income and AOI growth (multi-year) for the long term
“compounding at this growth level”
Exhibit 99.1 · the passage around this item
… earlier in the release
amphitheaters, Rogers Stadium, and Vive Claro, which are expected to contribute 1.5 million fans this year ◦ Coca-Cola and Allianz amphitheaters are already delivering strong returns with food and beverage per fan spending up double-digits compared to the existing portfolio, and with premium seat inventory sold out under multi-year commitments 2 CONCERTS DEMAND FUELS RECORD 3Q FOR TICKETMASTER (vs 3Q24) • Revenue of $798 million, up 15% • AOI of $286 million, up 21% • Margin of 36% • 89 million fee-bearing tickets, up 4% • Fee-bearing GTV up 12%, driven by continued demand and market pricing for the best seats CONTINUED TAILWINDS FROM INTERNATIONAL MARKETS (through October vs same period last year) • Total fee-bearing GTV up 7%, fueled by international markets up 16% ◦ Primary fee-bearing GTV grew 8%, led by growth at Live Nation concerts where GTV increased 16% ◦ Secondary GTV declined 1%, with lower activity in sports • Enterprise client wins total 26.5 million net new tickets, with 70% coming from international markets • Ticketmaster Deferred Revenue grew 30% to $231 million, with international markets accounting for 75% of this growth • Full year margins expected to be similar to last year GLOBAL SCALE DRIVES RECORD SPONSORSHIP RESULTS (vs 3Q24) • Revenue of $443 million, up 13% • AOI of $313 million, up 14% • Margin of 71% CONTINUING TO CONNECT BRANDS WITH OUR GLOBAL FAN BASE (through October vs same period last year) • Number of strategic partners increased 14%, driven by our venue portfolio and ticket access deals • Added several major new agreements including: ◦ Leading consumer brands Hollister, Kraft Heinz, and Patrón ◦ A new multi-year deal with Trip.com across our Asian markets ◦ An expansion of our partnership with Mastercard to additional markets including Hong Kong, Middle East, and South Africa • Venue portfolio continues to drive sponsorship growth, including a multi-year naming rights agreement for our Toronto Amphitheater with RBC, the Royal Bank of Canada • Full year margins expected to be similar to last year • AOI growth expected to accelerate in Q4, delivering another year of double-digit AOI growth 3 DRIVING LONG TERM GROWTH THROUGH VENUE INVESTMENTS • On track to grow operating cash flow and free cash flow-adjusted by double-digits for the full year • Year-to-date capital expenditures totaled approximately $680 million, on track for full year sp
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.