Structural margin volatility remains elevated, with gross margins oscillating between 19.2% and 41.9% as the company struggles to scale overhead against lumpy event-driven revenue.
| Sales/Revenue | 2.18B | 381.95M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 1.35B | 331.31M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 86.74% | - | - | - | - |
| Gross Profit | 825.52M | 50.65M | 0 | 0 | 0 | 0 |
| Gross Margin % | 37.9% | 13.26% | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 748.94M | 99.13M | 11M | 11M | 0 | 0 |
| OpEx % of Revenue | - | 25.95% | - | - | - | - |
| Selling, General & Admin | 583.94M | 35M | 11M | 11M | 0 | 0 |
| SG&A % of Revenue | - | 9.16% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 64.13M | 0 | 0 | 0 | 0 |
| Operating Income | 19.51M | -48.49M | -11M | -11M | 0 | 0 |
| Operating Margin % | 0.9% | -12.7% | - | - | - | - |
| Operating Income Growth % | - | -340.81% | 0% | - | - | - |
| EBITDA | 259.04M | -22.37M | -12M | -170M | 0 | 0 |
| EBITDA Margin % | 11.89% | -5.86% | - | - | - | - |
| EBITDA Growth % | 66.05% | -86.41% | 92.94% | - | - | - |
| D&A (Non-Cash Add-back) | 451.53M | 26.12M | 0 | 0 | 0 | 0 |
| EBIT | 116M | -72.23M | -12M | -170M | 0 | 0 |
| Net Interest Income | -143M | -28M | -29M | -10M | -8K | -15K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 75M | 28M | 29M | 10M | 8K | 15K |
| Other Income/Expense | -39.74M | -51.74M | -30M | -169M | 483K | -458K |
| Pretax Income | -20.23M | -100.23M | -41M | -180M | 483K | -458K |
| Pretax Margin % | -0.93% | -26.24% | - | - | - | - |
| Income Tax | -13.09M | -13.09M | -8M | -38M | 101K | -100K |
| Effective Tax Rate % | 64.73% | 13.06% | 19.51% | 21.11% | 20.91% | 21.83% |
| Net Income | -12.97M | -86.97M | -31M | -142M | 1.29M | -358K |
| Net Margin % | -0.6% | -22.77% | - | - | - | - |
| Net Income Growth % | -151.87% | -180.54% | 78.17% | -11090.71% | 460.89% | - |
| Net Income (Continuing) | -70.13M | -87.13M | -33M | -142M | 382K | -358K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 1.12M | 0 |
| Minority Interest | 674M | 21.95M | 22M | 23M | 25M | 25M |
| EPS (Diluted) | - | -0.95 | -0.34 | -1.55 | 0.00 | -0.00 |
| EPS Growth % | -757.69% | -179.41% | 78.06% | - | - | - |
| EPS (Basic) | - | -0.95 | -0.34 | -1.55 | 0.00 | -0.00 |
| Diluted Shares Outstanding | 0 | 91.85M | 91.83M | 91.84M | 91.68M | 91.68M |
| Basic Shares Outstanding | 0 | 91.85M | 91.83M | 91.84M | 91.68M | 91.68M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Regulatory Antitrust Litigation Exposure
As indicated by the quarterly income statement data, LLYVK's revenue trajectory remains highly irregular, with significant fluctuations between periods of zero reported revenue and peaks reaching $1.1 billion, reflecting the inherent seasonality of the underlying live entertainment and hospitality event calendar managed by the group's subsidiaries.
The absence of consistent revenue generation in several quarters suggests that the company's consolidated operations are heavily dependent on the timing of specific, high-profile global events. Investors should interpret these lumpy results as a function of project-based revenue recognition rather than a fundamental decline in the underlying demand for live entertainment experiences.
Based on reported financial filings, the company's gross margin has oscillated between 19.2% and 41.9% over the most recent periods, highlighting the sensitivity of the cost structure to the specific mix of hospitality and ticketing services delivered during any given reporting quarter.
The wide variance in gross margins suggests that the company lacks a stable, high-margin recurring revenue base, instead relying on event-specific procurement that is susceptible to inflationary pressures. This volatility warrants further investigation into whether the company can achieve sustainable margin expansion as it integrates recent acquisitions like Quint.
According to the provided income statement data, operating income has frequently turned negative, with a notable -$186.5 million loss in 2025Q4, indicating that current overhead and administrative expenses are not yet scaling efficiently against the gross profit generated by the group's consolidated operating subsidiaries.
The persistent gap between gross profit and operating income suggests that the corporate structure imposes a significant 'complexity tax' that weighs on bottom-line performance. Analysts should monitor whether management can streamline these administrative costs as the tracking stock matures and the operating business reaches a more consistent scale.
As reported in financial statements, LLYVK's net income figures show extreme volatility, ranging from a $134 million profit to a $178 million loss, which appears largely disconnected from the company's core operating performance and likely reflects non-operating adjustments or equity stake revaluations.
The disconnect between operating losses and net income fluctuations suggests that investors should focus on the underlying asset value rather than reported EPS, which is heavily influenced by non-cash items. This pattern implies that the income statement is an unreliable indicator of the company's true economic value creation.
While the market may focus on the potential for consolidation, the most significant challenge to the income statement narrative is the ongoing DOJ antitrust scrutiny of Live Nation, which, as noted in recent filings, serves as the primary asset underpinning the value of the LLYVK tracking stock.
A negative regulatory outcome could fundamentally impair the value of the company's primary equity interest, rendering the current income statement analysis secondary to the potential for forced divestitures. Investors should remain cautious, as the 'Liberty discount' may widen significantly if the regulatory environment for its core asset continues to deteriorate.
Quick answers to the most common questions about buying LLYVK stock.
For fiscal year 2025, Liberty Live Group (LLYVK) reported total revenue of $382.0M.
Liberty Live Group (LLYVK) reported a net loss of $87.0M for the fiscal year ending 2025.
Liberty Live Group (LLYVK) reported an operating income of $-48.5M, resulting in an operating profit margin of -12.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Liberty Live Group (LLYVK) generated $50.6M in gross profit for the year, representing a gross profit margin of 13.3%. This demonstrates the company's core pricing power and production efficiency.