Free cash flow remains erratic and highly dependent on working capital swings, with a $7.4 billion deferred revenue liability representing a significant future performance obligation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | 2.41B | 1.4B | 1.73B | 1.36B | 1.84B | 1.78B | -1.08B | 469.78M | 941.59M | 623.52M | 598.74M | 307.85M | 292.17M | 431.36M | 367.1M | 135.71M | 158.52M | 57.27M | -62.63M | 49.81M | 16.72M | 13.91M | 119.9M | 138.71M |
| Operating CF Margin % | - | 5.54% | 7.45% | 6% | 11% | 28.41% | -58.21% | 4.07% | 8.73% | 6.44% | 7.65% | 4.25% | 4.25% | 6.66% | 6.31% | 2.52% | 3.13% | 1.37% | -1.53% | 1.33% | 0.51% | 0.47% | 4.27% | 5.12% |
| Operating CF Growth % | 12.83% | -19.12% | 26.57% | -25.73% | 3.06% | 264.35% | -330.61% | -50.11% | 51.01% | 4.14% | 94.49% | 5.37% | -32.27% | 17.51% | 170.51% | -14.39% | 176.77% | 191.45% | -225.74% | 197.91% | 20.18% | -88.4% | -13.56% | - |
| Net Income | 83.67M | 690.74M | 1.13B | 703.8M | 409.19M | -608.79M | -1.83B | 118.21M | 90.34M | 7.77M | 20.3M | -15.77M | -104.45M | -36.02M | -161.9M | -70.4M | -208.04M | -49.73M | -231.76M | -11.94M | -31.44M | -130.62M | 16.26M | 57.03M |
| Depreciation & Amortization | 701.66M | 638.87M | 549.92M | 516.8M | 449.98M | 416.28M | 485.02M | 443.99M | 386.53M | 455.53M | 403.65M | 397.24M | 368.14M | 368.92M | 429.56M | 343.02M | 321.67M | 162.69M | 152.19M | 122.92M | 128.9M | 64.63M | 64.09M | 63.44M |
| Stock-Based Compensation | 135.14M | 155.22M | 110.35M | 115.96M | 110.05M | 209.34M | 116.89M | 48.78M | 45.58M | 42.76M | 32.72M | 33.36M | 39.03M | 28.41M | 37.06M | 50.05M | 52.4M | 16.68M | 34.56M | 0 | 3.43M | 1.26M | 0 | 0 |
| Deferred Taxes | -69.47M | -20.5M | -708.57M | -44.02M | 7.2M | -9.64M | -37.88M | -465K | -6.25M | -71.54M | -7.89M | -9.61M | -17.66M | -15.89M | -10.96M | -45.6M | -25.02M | -8.7M | 8.13M | 7.65M | 10.33M | 114.51M | 54.41M | 79.61M |
| Other Non-Cash Items | 2.88B | 218.73M | -8.76M | 207.72M | 217.79M | -614K | 101.66M | 147.17M | 159.05M | 59.49M | 66.52M | 36.31M | 133.76M | 34.84M | 15.34M | 6.36M | 42.53M | -45.23M | 134.39M | 29.19M | -9.04M | -66.45M | -52.36M | -90.57M |
| Working Capital Changes | -1.34B | -287.75M | 651.11M | -137.29M | 637.85M | 1.77B | 79.46M | -287.91M | 266.33M | 128.99M | 82.19M | -133.68M | -126.65M | 51.48M | 58M | -147.71M | -25.02M | -18.43M | -150.34M | -49.79M | -85.47M | 30.59M | 37.49M | 29.21M |
| Change in Receivables | -78.58M | -147.89M | 181.43M | -525.74M | -463.98M | -485.21M | 490.59M | -159.79M | -135.43M | -133.02M | -146.13M | -67.23M | -14.36M | 11.54M | -20.32M | -79.81M | -4.58M | 34.48M | 2.13M | 0 | -53.55M | -15.91M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -170.49M | -266.24M | -239.06M | -129.75M | 0 | 0 | -111.11M | -110.88M | 9.21M | 20.86M | -13.96M | -25.6M | 0 | -34.06M | -49.52M | 0 | 0 |
| Change in Payables | 688.58M | -138.41M | 13.78M | 450.37M | 1B | 1.32B | -1.38B | -45.92M | 323.46M | 474.3M | 193.78M | 3.48M | 45.54M | 114.25M | 64.44M | 6.82M | 386K | -4.59M | -48.47M | 0 | 3.9M | 41.95M | 0 | 0 |
| Cash from Investing | -1.44B | -1.23B | -854.28M | -695.8M | -784.69M | -566.96M | -224.06M | -691M | -496.91M | -327.59M | -426.48M | -290.99M | -384.29M | -143.66M | -203.79M | -152.02M | 452.99M | 70.09M | -67.6M | -141.06M | -375.16M | -106.05M | -84.08M | -51.96M |
| Capital Expenditures | -1.19B | -1.06B | -666.63M | -438.6M | -347.21M | -152.73M | -213.75M | -323.57M | -239.83M | -238.44M | -173.83M | -142.49M | -139.59M | -134.87M | -123.81M | -107.5M | -75.58M | -64.27M | -186.22M | -164.42M | -417.56M | -92.52M | -73.44M | -69.94M |
| CapEx % of Revenue | 4.63% | 4.21% | 2.88% | 1.93% | 2.08% | 2.44% | 11.48% | 2.8% | 2.22% | 2.46% | 2.22% | 1.97% | 2.03% | 2.08% | 2.13% | 2% | 1.49% | 1.54% | 4.56% | 4.38% | 12.67% | 3.15% | 2.62% | 2.58% |
| Acquisitions | -169.55M | -80.01M | -124.4M | -70.93M | -344.51M | -404.41M | -33.32M | -290.9M | -166.72M | -73.12M | -240.55M | -111.78M | -229.84M | -103.17M | -79.43M | -55.23M | 488.07M | -9.71M | -12.64M | -124.28M | 0 | -8.47M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -71.08M | -83.38M | -63.25M | -186.27M | -92.97M | -9.82M | 23.01M | -76.54M | -90.35M | -16.04M | -12.1M | -36.72M | -22.73M | 90.11M | -551K | 26.49M | 40.49M | 151.31M | 131.88M | 149.29M | 54.63M | -5.06M | -10.64M | 17.98M |
| Cash from Financing | 709.05M | 406.51M | -658.55M | -87.28M | -143.34M | 1.17B | 1.35B | 328.89M | 188.78M | -127.08M | 99.21M | -36.47M | 240.86M | 32.98M | -19.89M | -44.38M | 49.09M | -116.96M | 33.98M | 110.19M | 268.29M | 345.44M | 23.25M | -56.89M |
| Debt Issued (Net) | 1.74B | 1.67B | -287.88M | 330.38M | 76.46M | 794.12M | 1.58B | 500.13M | 458.27M | -49.94M | 237.62M | -6.29M | 261.61M | 16.58M | 13.06M | -32.01M | 119.84M | -103.05M | 50.72M | 114.15M | 261.24M | 343.94M | 24.08M | -56.89M |
| Equity Issued (Net) | -21.06M | -18.45M | 26.05M | 0 | 0 | 449.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76.49M | -41.57M | 1.55M | -23.17M | 466K | -24.72M | 1.5M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -76.7M | 0 | 0 |
| Share Repurchases | -23.53M | -23.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.57M | 0 | -28.63M | 0 | -24.72M | -18M | 0 | 0 |
| Other Financing | -1.01B | -1.24B | -396.72M | -417.66M | -219.8M | -72.42M | -226.3M | -171.24M | -269.49M | -77.14M | -138.41M | -37.83M | -35.64M | 16.4M | -32.95M | -88.86M | -29.18M | -22.86M | 6.44M | -4.42M | 31.77M | 0 | -825K | 0 |
| Net Change in Cash | 1.92B | 1B | -132.85M | 618.76M | 732.4M | 2.34B | 72.2M | 96.04M | 549.38M | 298.73M | 223.47M | -78.9M | 82.84M | 298.13M | 156.8M | -48.51M | 655.8M | 37.3M | -139.33M | 25.11M | -89.84M | 224.58M | 62.78M | 11.46M |
| Free Cash Flow | 1.23B | 333.61M | 1.05B | 887.72M | 1.48B | 1.62B | -1.31B | 103.96M | 666.12M | 374.11M | 418.68M | 153.1M | 149.23M | 296.49M | 228.72M | 25.61M | 81.15M | -34.85M | -314.31M | -114.61M | -400.84M | -78.61M | 46.46M | 68.78M |
| FCF Margin % | 4.82% | 1.32% | 4.53% | 3.91% | 8.88% | 25.86% | -70.17% | 0.9% | 6.17% | 3.86% | 5.35% | 2.11% | 2.17% | 4.58% | 3.93% | 0.48% | 1.6% | -0.83% | -7.69% | -3.05% | -12.17% | -2.68% | 1.66% | 2.54% |
| FCF Growth % | -7.69% | -68.23% | 18.28% | -40.09% | -8.57% | 224.1% | -1356.3% | -84.39% | 78.06% | -10.64% | 173.47% | 2.59% | -49.67% | 29.63% | 792.97% | -68.44% | 332.82% | 88.91% | -174.25% | 71.41% | -409.93% | -269.18% | -32.44% | - |
| FCF per Share | 5.31 | 1.44 | 4.44 | 3.84 | 6.40 | 7.46 | -6.15 | 0.49 | 3.21 | 1.83 | 2.07 | 0.76 | 0.75 | 1.53 | 1.22 | 0.14 | 0.49 | -0.42 | -4.12 | -1.67 | -6.18 | -1.18 | 0.69 | 1.02 |
| FCF Conversion (FCF/Net Income) | 14.75x | 2.81x | 1.92x | 2.45x | 6.89x | -2.74x | 0.63x | 6.72x | 15.63x | -103.66x | 203.51x | -9.47x | -3.22x | -9.94x | -2.25x | -1.63x | -0.69x | -0.95x | 0.26x | -4.17x | -0.53x | -0.11x | 7.37x | 2.43x |
| Interest Paid | 0 | 0 | 131.23M | 57.37M | 180.88M | 224.4M | 166.4M | 103.92M | 100.28M | 87.11M | 96.68M | 92.62M | 89.34M | 86.67M | 0 | 101.73M | 89.88M | 51.73M | 59.27M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 253.65M | 175.15M | 43.86M | 15.91M | 26.15M | 66.94M | 60.02M | 44.87M | 30.31M | 44.29M | 41.47M | 45.57M | 0 | 37.75M | 50.58M | 34.75M | 23.25M | 0 | 0 | 0 | 0 | 0 |
Regulatory antitrust breakup risk
As reported in financial statements, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from -18.15 in 2024Q1 to 56.94 in 2025Q1, illustrating that GAAP earnings provide a poor proxy for the company's actual cash-generating capacity.
The extreme divergence between net income and operating cash flow suggests that accrual-based accounting fails to capture the timing of ticket sales and event settlements. Investors should monitor these fluctuations closely, as the reliance on deferred revenue makes traditional earnings metrics unreliable for assessing short-term liquidity.
Based on recent SEC filings, Live Nation's free cash flow trajectory remains erratic, oscillating between a peak of $2.0 billion in 2026Q1 and a trough of -$887.4 million in 2024Q3, reflecting the inherent seasonality and capital-intensive nature of the global live entertainment business model.
The inability to maintain consistent positive free cash flow suggests that the company's operational model is highly sensitive to the timing of event cycles. This volatility may indicate that the business requires significant working capital buffers to manage periods of negative cash generation during off-peak quarters.
According to quarterly data, working capital changes are the primary determinant of cash flow health, with shifts ranging from a $1.3 billion inflow in 2024Q4 to an $824.7 million outflow in 2024Q3, highlighting the company's dependence on ticket float to fund ongoing operations.
The massive swings in working capital appear to be driven by the timing of ticket sales for future events, which effectively acts as an interest-free loan from fans. This reliance on customer deposits warrants further investigation, as any disruption in ticket demand could rapidly constrain the company's available liquidity.
As indicated by reported figures, capital expenditures have remained a consistent drag on cash flow, with CapEx/Revenue ratios reaching as high as 8.1% in 2026Q1, suggesting that maintaining the company's global venue footprint requires significant and ongoing reinvestment of generated cash.
The persistent level of capital spending appears necessary to support the company's physical infrastructure and competitive moat. However, this high capital intensity limits the amount of free cash flow available for debt reduction or shareholder returns, particularly during periods of operational margin compression.
Quick answers to the most common questions about buying LYV stock.
Live Nation Entertainment, Inc. (LYV) generated $1.40B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Live Nation Entertainment, Inc. (LYV) generated $333.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Live Nation Entertainment, Inc. (LYV) spent $1.06B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Live Nation Entertainment, Inc. (LYV) spent $23.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.