HighGravityDataLive Nation Entertainment — Feb 19, 2026 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001335258-26-000007
Showing in the filing
Fan additions from large venues opening in 2026
“five to seven million fans”
Period
FY2026
Measure
Company-defined measure
Source
Prose
All guidance in this release · 31
AOI growth for FY2025
“double-digit”
Adjusted operating income (AOI) growth for FY2026
“double-digit”
Concerts global fan attendance growth for FY2026
“high-single digits”
Concerts AOI growth for FY2026
“double-digit”
Venue Nation fan count for FY2026
“over 70 million fans”
Sponsorship commitments booked for FY2026
“Over 70%”
Venues opened in 2025 - run-rate annual AOI … for FY2028
“by 2028”
Run-rate annual AOI achievement for venues o… for FY2025
“by 2028”
IRRs for venues opening in 2026 for FY2026
“20%+”
Large venue new fan additions (run-rate basi… for FY2026
“five to seven million fans”
Preopening costs for venues under development for FY2026
“approximately $50 million”
Venues opening in 2026 - run-rate annual AOI… for FY2029
“by 2029”
Run-rate annual AOI achievement for venues o… for FY2026
“by 2029”
Venues opened in 2025 - IRR for the long term
“20%+ IRRs”
Venues opening in 2026 - IRR for the long term
“20%+ IRRs”
Primary fee-bearing GTV growth for FY2026
“mid to high-single digits”
Impact to ticketing AOI from anti-scalping/b… for FY2026
“mid-single digits”
Impact on ticketing AOI from initiatives to … for FY2025
“mid-single digits”
Full-year AOI to free cash flow—adjusted con… for FY2026
“expected to be higher than 2025”
Capital expenditures for FY2026
“$1.1 to $1.2 billion”
Capex for venue expansion and enhancement pr…
“Approximately $800 to $850 million”
Reduction in venue investment cash requireme… for FY2026
“approximately $250 million”
Venue investment cash requirements reduction…
“approximately $250 million”
Depreciation and amortization expense growth for FY2026
“10%”
Interest expense, net of interest income for FY2026
“$280 million”
Tax expense (% of AOI) for FY2026
“15-20% of AOI”
Cash taxes (% of tax expense) for FY2026
“approximately 80% of that amount”
Accretion expense for FY2026
“$160-180 million”
Share count for FY2026
“not expected to change materially from 2025”
Compounded operating income and AOI growth for the long term
“double-digit growth”
Fan additions from large venues opening in 2… for FY2026
“five to seven million fans”
Exhibit 99.1 · the passage around this item
… earlier in the release
Such forward-looking statements include, but are not limited to statements regarding record fan demand driving artist reach in 2026; momentum carrying the company into a record-breaking 2026; the depth of the company’s pipeline of large-scale shows and ticketing demand continuing its ascent, positioning the company for another year of double-digit operating income and adjusted operating income growth in 2026, and the company’s expectation that it will compound this double-digit growth for years to come; early indicators pointing to strong festival demand in 2026; expectations for Venue Nation fan growth in 2026; early fan demand signaling a record 2026 for artists worldwide; expectations that 2026 will be a record year for the company’s concerts business, with global fan attendance projected to grow high-single digits; expectations for adjusted operating income growth for the company’s concerts business in 2026; projected run-rate achievement and IRR for venues opened in 2025; the expectation that large venues opening through new builds and acquisitions planned for 2026 will add five to seven million fans on a run-rate basis, with over half in international markets; anticipated 2026 preopening costs for all venues under development and their projected date for annual run-rate achievement and resulting IRRs; the expectation that both North American and international markets will drive ticketing growth in 2026, with primary fee-bearing GTV anticipated to grow mid to high-single digits with concerts contributing the majority of this growth; the anticipated impact to ticketing adjusted operating income from ongoing initiatives to combat scalpers and bots; upward momentum in 2026 for the company’s sponsorship and advertising business, with adjusted operating income growth expected to be heavily driven by venue portfolio expansion and global festivals; expected full-year 2026 adjusted operating income to free cash flow—adjusted conversion rates; expectations for full-year 2026 capital expenditures and details of anticipated projects; and full-year 2026 expectations for depreciation and amortization expense, interest expense net of interest income, tax expense and cash taxes, accretion expense, noncontrolling interest expense, and share count. Live Nation wishes to caution you that there
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.