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
Operating income and AOI growth (multi-year)
“compounding at this growth level”
Period
The long term
Measure
GAAP-tied
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
Investor Contact: Media Contact: Amy Yong Emily Wofford IR@livenation.com Media@livenation.com (310) 867-7143 5 FINANCIAL HIGHLIGHTS – THIRD QUARTER (unaudited; $ in millions) Q3 2025 Reported Q3 2024 Reported Change Q3 2025 Currency Impacts Q3 2025 at Constant Currency Change at Constant Currency Revenue Concerts $ 7,282.5 $ 6,580.6 11 % $ (124.5) $ 7,158.0 9 % Ticketing 797.6 693.7 15 % (7.7) 789.9 14 % Sponsorship & Advertising 442.7 390.3 13 % (8.1) 434.6 11 % Other and Eliminations (23.7) (13.5) * 0.0 (23.7) * $ 8,499.1 $ 7,651.1 11 % $ (140.3) $ 8,358.8 9 % Consolidated Operating Income $ 792.5 $ 639.5 24 % $ (12.8) $ 779.7 22 % Adjusted Operating Income (Loss) Concerts $ 514.2 $ 474.1 8 % $ (6.5) $ 507.7 7 % Ticketing 285.9 235.7 21 % (3.7) 282.2 20 % Sponsorship & Advertising 313.1 275.3 14 % (6.6) 306.5 11 % Other and Eliminations (6.2) (7.1) * 0.1 (6.1) * Corporate (74.0) (68.2) (9) % 0.0 (74.0) (9) % $ 1,033.0 $ 909.8 14 % $ (16.7) $ 1,016.3 12 % * Percentages are not meaningful FINANCIAL HIGHLIGHTS – NINE MONTHS (unaudited; $ in millions) 9 Months 2025 Reported 9 Months 2024 Reported Change 9 Months 2025 Currency Impacts 9 Months 2025 Constant Currency Change at Constant Currency Revenue Concerts $ 15,712.9 $ 14,447.0 9 % $ (106.8) $ 15,606.1 8 % Ticketing 2,234.9 2,147.6 4 % 15.0 2,249.9 5 % Sponsorship & Advertising 999.3 913.9 9 % 10.7 1,010.0 11 % Other and Eliminations (59.2) (34.5) * (0.1) (59.3) * $ 18,887.9 $ 17,474.0 8 % $ (81.2) $ 18,806.7 8 % Consolidated Operating Income $ 1,393.9 $ 1,064.0 31 % $ (2.3) $ 1,391.6 31 % Adjusted Operating Income (Loss) Concerts $ 879.4 $ 742.9 18 % $ (16.0) $ 863.4 16 % Ticketing 829.1 812.4 2 % 12.0 841.1 4 % Sponsorship & Advertising 676.6 627.9 8 % 3.5 680.1 8 % Other and Eliminations (18.8) (22.4) * 0.0 (18.8) * Corporate (193.9) (172.2) (13) % 0.0 (193.9) (13) % $ 2,172.4 $ 1,988.6 9 % $ (0.5) $ 2,171.9 9 % * Percentages are not meaningful 6 Reconciliation of Operating Income to Adjusted Operating Income (unaudited; $ in millions) Q3 2025 Q3 2024 9 Months 2025 9 Months 2024 Operating Income $ 792.5 $ 639.5 $ 1,393.9 $ 1,064.0 Acquisition expenses 33.1 94.6 141.8 95.1 Amortization of non-recoupable ticketing contract advances 16.5 17.0 62.0 62.2 Depreciation and amortization 165.6 137.0 474.1 407.3 Gain on sale of operating assets (14.9) (4.0) (17.9) (5.4) Astroworld estimated loss contingencies (0.6) — (8.4) 279.9 Stock-based compensation expense 40.8 25.7 126.9 85.5 Adjusted Operating Income $ 1,033.0 $ 909.8 $ 2,172.4 $ 1,988.6 Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (unaudited; $ in millions) Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities ($ in millions) Q3 2025 Q3 2024 Net cash used in operating activities $ (95.7) $ (720.9) Changes in operating assets and liabilities (working capital) 808.3 1,443.8 Changes in accrued liabilities for Astroworld estimated loss contingencies (0.6) — Free cash flow from earnings $ 712.0 $ 722.9 Less: Maintenance capital expenditures (30.7) (31.9) Distributions to noncontrolling interests (32.0) (27.9) Free cash flow — adjusted $ 649.3 $ 663.1 Net cash used in investing activities $ (340.4) $ (208.4) Net cash provided by (used in) financing activities $ 175.7 $ (49.5) Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities ($ in millions) 9 Months 2025 9 Months 2024 Net cash provided by operating activities $ 1,449.0 $ 680.1 Changes in operating assets and liabilities (working capital) 139.5 608.6 Changes in accrued liabilities for Astroworld estimated loss contingencies (8.4) 279.9 Free cash flow from earnings $ 1,580.1 $ 1,568.6 Less: Maintenance capital expenditures (79.8) (81.5) Distributions to noncontrolling interests (196.8) (199.8) Free cash flow — adjusted $ 1,303.5 $ 1,287.3 Net cash used in investing activities $ (832.8) $ (642.8) Net cash used in financing activities $ (322.8) $ (692.5) 7 Reconciliation of Free Cash to Cash and Cash Equivalents ($ in millions) September 30, 2025 Cash and cash equivalents $ 6,750.5 Short-term investments 67.6 Client cash (2,058.9) Deferred revenue — event-related (3,545.5) Accrued artist fees (441.4) Collections on behalf of others (153.4) Prepaid expenses — event-related 891.5 Free cash $ 1,510.4 8 Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations: Certain statements in this press release, including the Supplemental Information that follows, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to statements regarding the company’s positioning for double-digit operating income and adjusted operating income growth in 2025, compounding at this growth level over the next several years; consumer demand for upcoming 2025 and 2026 shows; expectations that 2025 will be the company’s strongest year yet; expectations for full-year fan attendance at the company’s concerts as well as anticipated fan growth acceleration in the fourth quarter and full-year fan count in international markets; pacing for growth in sponsorship commitments in 2025; leading indicators pointing to continued strong consumer demand in 2026; expectations that 2025 will be a record year for the company’s Concerts business, with margins expected to be consistent with 2024 and anticipated double-digit adjusted operating income growth for the full year; expectations for the roll out of planned premium experiences for the company’s Venue Nation business; expectations for incremental fans added annually due to large venue openings in 2025 through the end of 2026, as well as the expected fan contribution level from recently-opened U.S. amphitheaters; full-year margin expectations for the company’s Ticketmaster business; full-year margin expectations for the company’s Sponsorship and Advertising business as well as expected adjusted operating income growth acceleration in the
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.