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Guidance history, every release

Live Nation Entertainment (LYV) · 8 releases, Nov 12, 2024 to Jul 30, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Nov 12, 2024 FY24 Q3	Feb 20, 2025 FY24 Q4	May 1, 2025 FY25 Q1	Aug 7, 2025 FY25 Q2	Nov 4, 2025 FY25 Q3	Feb 19, 2026 FY25 Q4	May 5, 2026 FY26 Q1	Jul 30, 2026 FY26 Q2
For FY2029
Venues opening in 2026 - run-rate annual AOI achievement	—	—	—	—	—	New“by 2029”	—	—
Venues opening in 2026 - timing to reach run-rate annual AOI across Concerts and Sponsorship	—	—	—	—	—	—	New“by 2029”	—
For FY2028
Venues opened in 2025 - run-rate annual AOI achievement	—	—	—	—	—	New“by 2028”	—	—
Venues opened in 2025 - timing to reach run-rate annual AOI across Concerts and Sponsorship	—	—	—	—	—	—	New“by 2028”	—
For FY2027
Incremental fan capacity from venue pipeline (run rate)	—	—	—	—	—	—	—	New“an incremental 15 million fans”
Large venues in pipeline expected to open	—	—	—	—	—	—	—	New“more than 25”
Venue pipeline openings	—	—	—	—	—	—	—	New“more than 25 large (over 3,000 seats) venues”
For FY2026
Adjusted operating income (AOI) growth	—	—	—	—	—	New“double-digit”	Reiterated“double-digits”	—
Adjusted operating income growth	—	—	—	—	—	—	—	New“double-digit”
AOI margin	—	—	—	—	—	—	New“similar to last year”	—
Concerts margin	—	—	—	—	—	—	—	New“continued margin expansion”
Sponsorship & Advertising full year AOI margin	—	—	—	—	—	—	New“similar to last year”	—
Sponsorship & Advertising margins	—	—	—	—	—	—	—	New“similar to last year”
Ticketmaster margins	—	—	—	—	—	—	—	New“similar to last year”
Accretion expense	—	—	—	—	—	New“$160-180 million”	Reiterated“$160-180 million”	—
Amphitheater fan growth occurring in Q3	—	—	—	—	—	—	New“70%”	—
AOI to free cash flow—adjusted conversion	—	—	—	—	—	—	New“expected to be in line with or higher than 2025”	Reiterated“in line with or higher than 2025”
AOI to free cash flow—adjusted conversion	—	—	—	—	—	—	—	New“in line with or higher than 2025”
Attendance growth at third-party venues	—	—	—	—	—	—	—	New“up high single digits”
Average grosses at large venues	—	—	—	—	New“up double-digits”	—	—	—
Average investment returns on venue expansion	—	—	New“20%+”	—	—	—	—	—
Capex for venue expansion and enhancement projects	—	—	—	—	—	—	New“Approximately $800 to $850 million”	—
Capital expenditures	—	—	—	—	—	—	New“$1.1 to $1.2 billion”	—
Capital expenditures	—	—	—	—	—	New“$1.1 to $1.2 billion”	—	—
Capital expenditures for venue expansion and enhancement projects	—	—	—	—	—	—	—	New“$800 million”
Cash taxes (% of tax expense)	—	—	—	—	—	New“approximately 80% of that amount”	—	—
Cash taxes as a percent of income tax expense	—	—	—	—	—	—	—	New“80% of that amount”
Cash taxes as a percentage of income tax expense	—	—	—	—	—	—	New“80% of that amount”	—
Concerts AOI growth	—	—	—	—	—	New“double-digit”	Reiterated“double-digit”	—
Concerts full year fan attendance growth	—	—	—	—	—	—	New“high-single digits”	—
Concerts global fan attendance growth	—	—	—	—	—	New“high-single digits”	—	—
Corporate / Other and Eliminations expense	—	—	—	—	—	—	—	New“expected to increase in line with AOI growth”
Depreciation and amortization expense growth	—	—	—	—	—	New“10%”	—	—
Depreciation and amortization growth	—	—	—	—	—	—	New“12-15%”	Reiterated“12-15%”
Fan additions from large venues opening in 2026	—	—	—	—	—	New“five to seven million fans”	—	—
Fan attendance	—	—	—	—	—	—	—	New“projected to grow 10%”
Fan attendance growth (Concerts)	—	—	—	—	—	—	—	New“10%”
Full-year AOI to free cash flow—adjusted conversion	—	—	—	—	—	New“expected to be higher than 2025”	—	—
Funding by joint-venture partners, sponsorship agreements, and other sources reducing venue cash requirements	—	—	—	—	—	—	—	New“Approximately $200 million”
Impact on full-year Ticketmaster AOI from efforts to reduce scalper activity	—	—	—	—	—	—	New“mid-single digits”	—
Impact to full-year Ticketmaster AOI from efforts to reduce scalper activity	—	—	—	—	—	—	New“mid-single digits”	—
Impact to ticketing AOI from anti-scalping/bot initiatives	—	—	—	—	—	New“mid-single digits”	—	—
Income tax expense as a percent of AOI	—	—	—	—	—	—	—	New“15-20%”
Income tax expense as a percentage of AOI	—	—	—	—	—	—	New“15-20%”	—
Incremental fan capacity from venue expansion	—	—	New“approximately seven million incremental fans on a run-rate basis”	—	—	—	—	—
Interest expense, net of interest income	—	—	—	—	—	New“$280 million”	—	—
IRRs for venues opening in 2026	—	—	—	—	—	New“20%+”	Reiterated“20%+”	—
Large venue new fan additions (run-rate basis) from 2026 openings/acquisitions	—	—	—	—	—	New“five to seven million fans”	—	—
Large venue show pipeline growth	—	—	—	—	New“up double-digits”	—	—	—
Large venues to open globally	—	—	New“at least 20”	—	—	—	—	—
Major Venue Nation projects	—	—	—	—	—	—	New“two U.S. amphitheaters and one stadium in Guadalajara, Mexico”	—
Net interest expense	—	—	—	—	—	—	New“$280 million”	Reiterated“approximately $280 million”
New large venue openings	—	—	New“at least 20 large venues”	—	—	—	—	—
New large venues opening next year	—	—	—	New“ten new large venues to open next year – each with fan capacity of 3,000 and above”	—	—	—	—
New large venues to open next year	—	—	—	New“ten”	—	—	—	—
Noncontrolling interest expense	—	—	—	—	—	—	—	New“approximately $325 million”
Pre-opening costs for all venues under development	—	—	—	—	—	—	—	New“approximately $50 million”
Preopening costs for all venues under development	—	—	—	—	—	—	New“approximately $50 million”	—
Preopening costs for venues under development	—	—	—	—	—	New“approximately $50 million”	—	—
Primary fee-bearing GTV growth	—	—	—	—	—	New“mid to high-single digits”	—	—
Primary fee-bearing ticket volume growth	—	—	—	—	—	—	New“mid-single digits”	—
Reduction in venue investment cash requirements from JV partners, sponsorship agreements and other sources	—	—	—	—	—	—	New“approximately $250 million”	—
Reduction in venue investment cash requirements from JV/sponsorship/other funding	—	—	—	—	—	New“approximately $250 million”	—	—
Rogers Stadium (Toronto) projected full-year show count growth	—	—	—	—	—	—	New“up 40%”	—
Rogers Stadium show count	—	—	—	—	—	—	New“up 40% compared to its inaugural year in 2025”	—
Run-rate annual AOI achievement for venues opening in 2026	—	—	—	—	—	New“by 2029”	Reiterated“by 2029”	—
Share count	—	—	—	—	—	New“not expected to change materially from 2025”	Reiterated“not expected to change materially from 2025”	Reiterated“not expected to change materially from 2025”
Share count change vs. 2025	—	—	—	—	—	—	New“not expected to change materially from 2025”	—
Show count committed or with offer submitted	—	—	—	—	New“almost three-quarters”	—	—	—
Sponsorship & Advertising AOI growth	—	—	—	—	—	—	New“double-digits”	—
Sponsorship commitments booked	—	—	—	—	—	—	—	New“95%”
Sponsorship commitments booked	—	—	—	—	New“approximately 65%”	Raised“Over 70%”	—	—
Sponsorship commitments growth	—	—	—	—	New“up double-digits”	—	—	—
Tax expense (% of AOI)	—	—	—	—	—	New“15-20% of AOI”	—	—
TD Coliseum (Hamilton) full-year show count	—	—	—	—	—	—	New“80 shows”	—
TD Coliseum shows	—	—	—	—	—	—	New“80”	—
Ticket sales growth	—	—	—	—	New“up double-digits overall and for each of stadiums, arenas, and festivals”	—	—	—
Ticketmaster AOI growth	—	—	—	—	—	—	—	New“mid-single digits”
Ticketmaster primary fee-bearing ticket volume growth	—	—	—	—	—	—	New“mid-single digits”	—
Venue Nation fan count	—	—	—	—	—	New“over 70 million fans”	—	—
Venue Nation fan hosting	—	—	—	—	—	—	—	New“close to 75 million fans”
Venue Nation fans at owned or operated venues growth	—	—	—	—	—	—	New“double-digits”	—
Venue Nation fans hosted	—	—	—	—	—	—	—	New“close to 75 million fans”
For FY2025
Foreign exchange impact on revenue, operating income, and AOI	—	—	New“low-single digits”	—	—	—	—	—
Impact of foreign exchange to revenue, operating income, and AOI	—	—	New“low-single digits”	—	—	—	—	—
Sponsorship & Advertising revenue committed	—	—	—	New“95% of revenue committed for 2025, up double-digits”	—	—	—	—
Adjusted operating income (AOI) growth	—	—	New“double-digit growth”	—	—	—	—	—
AOI margin	—	—	New“in the high 30s, consistent with prior years”	—	—	—	—	—
Concerts margin	—	—	—	—	New“consistent with last year”	—	—	—
Concerts segment full-year AOI margin	—	—	New“consistent with last year”	—	—	—	—	—
Margins	—	—	—	—	New“similar to last year”	—	—	—
Operating income and AOI growth	—	—	—	New“double-digits”	Reiterated“double-digit”	—	—	—
Sponsorship & Advertising full year margins	—	—	—	—	New“similar to last year”	—	—	—
Sponsorship & Advertising full-year AOI margin	—	—	—	New“Full-year AOI margin expected to be consistent with prior years”	—	—	—	—
Sponsorship & Advertising segment full-year AOI margin	—	—	New“in the low 60s, consistent with prior years”	—	—	—	—	—
Ticketing segment full-year AOI margin	—	—	New“in the high 30s, consistent with prior years”	—	—	—	—	—
Accretion	—	—	New“$125 million higher than last year”	—	—	—	—	—
Accretion expense	—	—	—	—	New“approximately $40 million”	—	—	—
Accretion increase	—	—	New“$125 million higher than last year”	—	—	—	—	—
Annual fan capacity added by large venues opening in 2025 through end of 2026	—	—	—	—	New“approximately five million fans”	—	—	—
Annual interest expense	—	—	—	—	New“approximately $350 million per annum”	—	—	—
AOI growth	—	—	—	—	New“double-digit”	Reiterated“double-digit”	—	—
AOI to free cash flow—adjusted conversion rate	—	—	New“consistent with historical levels”	—	—	—	—	—
Capex cash outlay reduction from JV partners, sponsorship agreements, and other sources	—	—	—	New“approximately $200 million”	—	—	—	—
Capex for venue expansion and enhancement projects	—	—	—	—	New“$750 million”	—	—	—
Capex related to venue expansion and enhancement plans	—	—	—	New“$700 to $800 million”	—	—	—	—
Capital expenditures	—	—	—	—	New“approximately $1 billion”	—	—	—
Capital expenditures	—	—	New“$900 million to $1 billion”	—	—	—	—	—
Cash taxes (% of tax expense)	—	—	—	—	New“approximately 80%”	—	—	—
Concerts AOI growth	—	—	—	—	New“double-digit”	—	—	—
Depreciation and amortization	—	—	New“increase by approximately $75 million compared to last year”	Reiterated“expected to increase by approximately $75 million compared to last year”	—	—	—	—
Depreciation and amortization increase	—	—	New“approximately $75 million”	—	Raised“approximately $100 million”	—	—	—
Double-digit international fan growth (Concerts)	—	—	—	New“Double-digit international fan growth expected in 2H”	—	—	—	—
Fan contribution from recently opened venues (Rogers Stadium, Vive Claro, etc.)	—	—	—	—	New“1.5 million fans”	—	—	—
Fan contribution from Rogers Stadium and Vive Claro	—	—	—	—	New“1.5 million fans”	—	—	—
Fan count / ticket sales (concerts)	—	—	—	—	New“approximately 160 million fans”	—	—	—
Fan growth (indoor venues)	—	—	—	—	New“an acceleration in fan growth”	—	—	—
Fans attending shows in operated venues	—	—	New“up double-digits”	—	—	—	—	—
Fans attending shows in our operated venues	—	—	New“up double-digits”	—	—	—	—	—
Foreign exchange impact on financials	—	—	—	New“not expected to materially impact 2H financials”	—	—	—	—
Full year capital expenditures	—	—	—	New“$900 million to $1 billion”	—	—	—	—
Funding from joint-venture partners, sponsorship agreements, and other sources	—	—	New“Approximately $200 to $250 million”	—	—	—	—	—
Global cash tax payments	—	—	—	New“projected to be 20-25% lower than our P&L expense”	—	—	—	—
Impact on ticketing AOI from initiatives to combat scalpers and bots	—	—	—	—	—	New“mid-single digits”	—	—
Incremental annual fan capacity from large venue openings	—	—	—	—	New“approximately five million fans”	—	—	—
Incremental fan capacity from venue additions	New“an incremental eight million fans”	—	—	—	—	—	—	—
International fan count vs. U.S.	—	—	—	—	New“on track to surpass the U.S. for the first time”	—	—	—
Investment in artist events globally	—	—	—	New“$15 billion”	—	—	—	—
IRRs on venue expansion and enhancement plans	—	—	New“20%+”	—	—	—	—	—
Maintenance capex spend	—	—	New“remains consistent with historical levels”	Reiterated“remains consistent with historical levels”	Revised“consistent with historical levels”	—	—	—
Net cash provided by operating activities and free cash flow—adjusted growth	—	—	—	New“double-digits”	—	—	—	—
Non-controlling interest and taxes	—	—	New“expected to increase in line with our AOI growth”	—	—	—	—	—
Non-controlling interest expense	—	—	—	New“expected to increase in line with our AOI growth”	—	—	—	—
Non-controlling interest expense as a percentage of AOI	—	—	—	—	New“in line with last year”	—	—	—
OCESA total accretion	—	—	—	New“$250 million”	—	—	—	—
OCESA total accretion	—	—	—	New“$35 million”	—	—	—	—
Operating cash flow and free cash flow - adjusted growth	—	—	—	—	New“double-digits”	—	—	—
P&L tax expense	—	—	—	New“expected to be 15-20% of our AOI”	—	—	—	—
Reduction in capex cash needs from JV/sponsorship funding	—	—	—	—	New“approximately $200 million”	—	—	—
Run-rate annual AOI achievement for venues opened in 2025	—	—	—	—	—	New“by 2028”	Reiterated“by 2028”	—
Share count	—	—	New“not expected to change materially from 2024”	Reiterated“not expected to change materially from 2024”	Reiterated“not expected to change materially from 2024”	—	—	—
Sponsorship & Advertising AOI growth	—	—	—	New“On track to deliver double-digit increase in AOI for the full year, with notable strength in Q4”	—	—	—	—
Sponsorship & Advertising AOI growth acceleration	—	—	—	—	New“expected to accelerate”	—	—	—
Sponsorship committed	—	—	—	New“95%”	—	—	—	—
Tariff impact on supply chain and touring logistics	—	—	New“minimal impact”	—	—	—	—	—
Tariff impact on venue investment costs, festival supply chain, and other costs	—	—	—	New“minimal impact”	—	—	—	—
Tax expense (% of AOI)	—	—	—	—	New“15-20%”	—	—	—
Ticket sales for Live Nation concerts	—	—	—	—	New“tracking towards approximately 160 million fans”	—	—	—
Ticketing segment AOI growth	—	—	New“AOI growth accelerating into 2H”	—	—	—	—	—
Ticketmaster AOI growth	—	—	—	New“On track to grow AOI double-digits in 2H”	—	—	—	—
Total accretion	—	—	—	New“$250 million”	—	—	—	—
Total accretion	—	—	—	New“$35 million”	—	—	—	—
Venue expansion and enhancement capital expenditures	—	—	New“$700 to $800 million”	—	—	—	—	—
Venue Nation fans hosted	—	—	—	New“approximately 70 million”	—	—	—	—
Venues added or refurbished	New“an additional 14 venues”	—	—	—	—	—	—	—
For FY2024
Adjusted operating income growth	New“pacing toward double-digit AOI growth”	—	—	—	—	—	—	—
AOI margin	New“similar to last year”	—	—	—	—	—	—	—
Concerts AOI margin	New“on track to deliver 2024 margins toward pre-pandemic levels”	—	—	—	—	—	—	—
Foreign exchange impact on operating income	New“could impact operating income by over 30%”	—	—	—	—	—	—	—
Sponsorship & Advertising full-year AOI margin	New“Full-year AOI margin expected to be similar to last year”	—	—	—	—	—	—	—
AOI to free cash flow—adjusted conversion	New“consistent with historical levels”	—	—	—	—	—	—	—
AOI to free cash flow—adjusted conversion	New“expected to be consistent with historical levels”	—	—	—	—	—	—	—
Capital committed by third parties	New“$130 million”	—	—	—	—	—	—	—
Capital expenditures	New“$700 million”	—	—	—	—	—	—	—
Foreign exchange impact on AOI	New“AOI by mid-teens percentage for the quarter”	—	—	—	—	—	—	—
Share count	New“not expected to change materially from 2023”	—	—	—	—	—	—	—
Share of total capex driven by Venue Nation	New“Three-quarters”	—	—	—	—	—	—	—
Share of total venue spend from five venues	New“approximately 45%”	—	—	—	—	—	—	—
No period stated
Adjusted operating income growth (compounding)	—	—	—	—	—	—	—	New“double-digit”
Compounded operating income and AOI growth	—	—	—	—	—	New“double-digit growth”	—	—
Margins	—	—	—	—	—	—	—	New“similar to last year”
Operating income and AOI growth (multi-year)	—	—	—	—	New“compounding at this growth level”	—	—	—
Operating income impact from foreign exchange	New“over 30%”	—	—	—	—	—	—	—
AOI growth	—	—	—	—	New“expected to accelerate in Q4, delivering another year of double-digit AOI growth”	—	—	—
AOI impact from foreign exchange	New“mid-teens percentage”	—	—	—	—	—	—	—
Attendance at third-party venues	—	—	—	—	—	—	—	New“up high single digits”
Capex focused on venue expansion and enhancement projects	—	—	—	—	New“$750 million”	—	—	—
Capex for venue expansion and enhancement projects	—	—	—	—	—	New“Approximately $800 to $850 million”	—	—
Cash needs reduction from funding by joint-venture partners, sponsorship agreements and other sources	—	—	—	—	New“approximately $200 million”	—	—	—
Cash outlay reduction from funding by joint-venture partners, sponsorship agreements, and other sources	—	—	—	New“approximately $200 million”	—	—	—	—
Cash taxes	—	—	—	—	New“estimated at approximately 80% of tax expense”	—	Reiterated“projected to be 80% of that amount”	Reiterated“projected to be 80% of that amount”
Depreciation and amortization	—	—	—	—	New“increase by approximately $100 million compared to last year”	—	—	—
Fan capacity per new venue	—	—	—	New“3,000 and above”	—	—	—	—
Impact from tariffs to supply chain or touring logistics	—	—	New“minimal”	—	—	—	—	—
Impact of foreign exchange on 2H financials	—	—	—	New“not expected to materially impact”	—	—	—	—
Impact of tariffs on venue investment costs, festival supply chain, and other costs	—	—	—	New“minimal”	—	—	—	—
Income tax expense	—	—	—	—	—	—	New“15-20% of AOI”	Reiterated“15-20% of AOI”
Incremental fan capacity from new venue pipeline	—	—	—	New“six million fans on a run-rate basis”	—	—	—	—
Incremental fan capacity from new venues	—	—	—	New“six million fans”	—	—	—	—
Incremental fan capacity from pipeline	—	—	—	—	—	—	—	New“15 million fans”
International markets fan count relative to U.S.	—	—	—	—	New“on track to surpass the U.S. for the first time”	—	—	—
IRRs for current projects	—	—	—	—	—	—	—	New“20%+”
IRRs on current venue projects	—	—	—	—	—	—	—	New“20%+”
IRRs on venue expansion and enhancement plans	—	—	New“averaging 20%+”	—	—	—	—	—
Long-term growth	—	—	New“double-digits”	—	—	—	—	—
Maintenance capex spend	—	—	New“consistent with historical levels”	Reiterated“consistent with historical levels”	—	—	—	—
Noncontrolling interest expense	—	—	—	—	—	—	New“expected to grow 25%”	—
OCESA transaction closing	—	—	—	New“expected to close in August”	—	—	—	—
Ownership in OCESA following transaction	—	—	—	New“75%”	—	—	—	—
Reduction of venue cash requirements from funding by joint-venture partners, sponsorship agreements, and other sources	—	—	—	—	—	—	—	New“Approximately $200 million”
Returns on venue capital investments for new builds and refurbishments	—	—	—	New“20%+”	—	—	—	—
Sponsorship AOI growth	—	—	—	—	—	—	—	New“double digits”
Sponsorship growth	—	—	—	—	New“double-digit”	—	—	—
Stadium fan growth timing	—	—	—	—	—	—	New“will occur in the second half”	—
Tax expense	—	—	—	—	New“15-20% of AOI”	—	—	—
Ticketmaster AOI growth	—	—	—	New“double-digits”	—	—	—	—
Total capital expenditures for venue expansion and enhancement projects	—	—	—	—	—	—	—	New“$800 million”
Venue capital investment returns	—	—	—	New“20%+ returns”	—	—	—	—
Venue investment cash requirements reduction from funding by joint-venture partners, sponsorship agreements, and other sources	—	—	—	—	—	New“approximately $250 million”	Reiterated“approximately $250 million”	—
Venues opened in 2025 - IRR	—	—	—	—	—	New“20%+ IRRs”	Reiterated“20%+ IRRs”	—
Venues opening in 2026 - IRR	—	—	—	—	—	New“20%+ IRRs”	Reiterated“20%+ IRRs”	—
Weighted average cost of debt	—	—	—	—	New“4.2%, down 30 basis points due to our refinancing”	—	—	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.