Live Nation Entertainment

Live Nation Entertainment, Inc. (Live Nation) is a live events company based in Beverly Hills, California. It has three segments. Concerts promotes shows and runs venues, with 61 million fans in Q3 2026. Ticketing runs Ticketmaster and sold 98 million fee-bearing tickets in Q3 2026.

Sponsorship & Advertising sells brand access to fans. Concerts is by far the largest segment by revenue. Live Nation had revenue of $10.1 billion and adjusted operating income (AOI) of $1.18 billion in Q3 2026. It expects nearly 180 million fans in 2026 and plans to open or buy 10 large venues this year.

Michael Rapino is President and Chief Executive Officer, and in September 2026 he signed a new employment agreement that runs to the end of 2031. The shares trade on the New York Stock Exchange in US dollars.

Live Nation trades above its intrinsic value because investors pay for strong demand for live music and look past the antitrust cases and the venue spending that pull the other way. Demand for live music is strong: Q3 attendance rose 19%, AOI rose 14% and ticket sales for 2027 are up. But the company faces antitrust cases. In April 2026, a jury found for the litigating states on all remaining claims.

The company has accrued $450 million, says that the verdict is legally wrong and plans to appeal. A remedies phase is still to come, and it may change how Ticketmaster works. The company also carries $9.8 billion of debt, and it spends nearly $1.1 billion a year on venues. For the price to hold, three things must be true.

AOI must keep growing at double digits in Concerts and Sponsorship. The court must not order remedies that cut Ticketing profit much. Venues that open in 2026 must reach their planned AOI by 2029. The next tests are the post-trial motions and remedies phase, and the Q4 2026 report in February 2027.

1. Nov 5, 2026Passed

   Q3 2026 results: attendance and AOIDouble-digit growth in fan attendance and in AOI passes; slower growth fails.Outcome: Fan attendance rose 19% and AOI rose 14%, and the company expects nearly 180 million fans in 2026.
2. Feb 18, 2027 · est.Pending

   Q4 2026 results: 2026 AOI and 2027 outlookFull-year AOI above $2.5 billion and a 2027 outlook of double-digit AOI growth passes; weaker AOI or outlook fails.
3. Mar 2027 · est.Pending

   Antitrust case: post-trial motions and remediesA ruling that keeps Ticketmaster together and sets limited remedies passes; a ruling that orders changes that cut Ticketing profit much fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Live Nation reported Q3 2026 results. Revenue was $10.1 billion, up 19%, and AOI was $1.18 billion, up 14%. Fan attendance was 61 million, up 19%. The company said that it expects another record year with nearly 180 million fans.
• October 15, 2026Live Nation closed a sale of $730.0 million of 7.125% senior notes and EUR 600.0 million of 6.125% senior notes, both due in 2032. It plans to use the money to redeem its 6.500% senior secured notes due 2027.
• September 30, 2026Live Nation signed a new employment agreement with Michael Rapino. He remains President and Chief Executive Officer until December 31, 2031.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 18, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · lyv-20260930
• 8-KEarnings releaseFiled November 5, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled October 16, 2026 · lyv-20261015
• 8-KOther company newsFiled October 9, 2026 · lyv-20261007
• 8-KChange of directors or officersFiled October 2, 2026 · lyv-20260930
• 8-KChange of directors or officers and Other company newsFiled September 25, 2026 · lyv-20260925
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · lyv-20260630
• 8-KEarnings releaseFiled July 30, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled June 12, 2026 · lyv-20260611
• 8-KNew material agreement and New debt or financial obligationFiled May 8, 2026 · lyv-20260508

Every filing on SEC EDGAR (CIK 1335258)

• The antitrust case may end with remedies that change how Ticketmaster works. The court will hold a remedies phase for the litigating states, and the company's motions to overturn the verdict are still pending. The accrued $450 million may be too low.
• Debt is high. Total debt was $9.8 billion at September 30, 2026, and the 3.125% convertible senior notes due 2029 are current because holders may surrender them from October 1 to December 31, 2026. The company can pay in shares or cash.
• Growth needs heavy spending. Capital spending is nearly $1.1 billion in 2026, mostly on venues, and new venues must reach their planned profit. A venue that opens late or sells less would lower the return.
• Fans may spend less. Concerts depend on ticket demand and on what fans pay for tickets, food and upgrades. A weaker economy would cut these amounts. Secondary ticket value was flat in Q3 because of efforts to limit scalpers.
• Noncontrolling interests take part of the profit. Net income attributable to noncontrolling interests was $236.6 million in nine months, and the company expects about $325 million for the year.

Live Nation held cash and cash equivalents of $8,257.5 million at September 30, 2026. Much of it is held for others or for events, such as ticketing client funds and event deposits. Read more

Live Nation Entertainment does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.