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
International fan count vs. U.S.
“on track to surpass the U.S. for the first time”
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
At the same time, we’re continuing to invest in new venues to grow the market, create jobs, and give artists even more ways to reach fans, positioning Live Nation on a clear path for double-digit operating income and AOI growth this year and compounding at this growth level over the next several years.” –Michael Rapino, President and CEO GLOBAL FAN DEMAND POWERS RECORD QUARTER WITH STRENGTH ACROSS ALL SEGMENTS (vs 3Q24) • Revenue of $8.5 billion, up 11% • Operating income of $793 million, up 24% • Adjusted operating income (AOI) of $1.03 billion, up 14% • Record stadium show count, up 60% globally • Fan spending onsite remains strong with continued growth across our amphitheaters up 8%, and major festivals (>100k fans) up 6%, year-to-date • Ticketing AOI gained significant momentum, up 21% driven by a 12% increase in fee-bearing gross transaction value (GTV) • Sponsorship AOI up 14%, fueled by the addition of several new strategic partnerships • Record Q3 deferred revenue, reflecting robust consumer demand for upcoming 2025 and 2026 shows ◦ Event-Related Deferred Revenue of $3.5 billion, up 37% ◦ Ticketmaster Deferred Revenue of $231 million, up 30% CLOSING OUT OUR STRONGEST YEAR YET (through October vs same period last year) • Ticket sales for Live Nation concerts in 2025 up 4% to 150 million fans, tracking towards approximately 160 million fans for the full year ◦ October continued to show strong demand with ticket sales pacing ahead of last year, driving an acceleration in fan growth in Q4 across indoor venues (arenas, theaters, and clubs) ◦ Growth continues to be led by our international markets, where fan count is on track to surpass the U.S. for the first time • Ticketmaster added 26.5 million net new clients, already ahead of full year 2024 net new tickets • Sponsorship on track to deliver double-digit growth, with commitments for the year largely booked LEADING INDICATORS POINT TO CONTINUED GROWTH IN 2026 (through October vs same period last year) • Large venue show pipeline for 2026 up double-digits, with almost three-quarters of expected show count either committed or with an offer submitted • Ticket sales for Live Nation concerts in 2026 have reached 26 million, up double-digits overall and for each of stadiums, arenas, and festivals, reflecting broad-based demand • Average grosses for 2026 shows at large venues are up double-digits as sell-through levels are up for these shows • 2026 sponsorship commitments up double-digits, with approximately 65% booked 1 GLOBAL STADIUM ACTIVITY DRIVES RECORD CONCERTS RESULTS (vs 3Q24) • Revenue of $7.3 billion, up 11% • AOI of $514 million, up 8% • Margin of 7.1%, consistent with last year, with high growth in fans at third-party venues • Hosted over 51 million fans, led by stadiums where fan count was up double-digits in all major markets • Fan growth across our international markets led by Eur
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.