Revenue growth remains highly cyclical with quarterly fluctuations, while consolidated gross margins have demonstrated extreme instability, ranging from a high of 85.1% in 2025Q3 to a low of 19.8% in 2023Q4.
| 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 |
|---|
| Sales/Revenue | 25.61B | 25.2B | 23.16B | 22.73B | 16.68B | 6.27B | 1.86B | 11.55B | 10.79B | 9.69B | 7.83B | 7.25B | 6.87B | 6.48B | 5.82B | 5.38B | 5.06B | 4.18B | 4.09B | 3.76B | 3.29B | 2.94B | 2.81B | 2.71B |
| Revenue Growth % | 12.64% | 8.83% | 1.89% | 36.24% | 166.11% | 236.8% | -83.88% | 7.05% | 11.36% | 23.78% | 8.01% | 5.52% | 6% | 11.33% | 8.08% | 6.32% | 21.11% | 2.34% | 8.78% | 13.99% | 12.18% | 4.66% | 3.63% | - |
| Cost of Goods Sold | 11.5B | 19.4B | 17.33B | 17.25B | 12.35B | 4.36B | 1.4B | 8.47B | 7.97B | 7.18B | 5.64B | 5.2B | 4.92B | 4.68B | 4.15B | 3.79B | 3.66B | 3.36B | 3.3B | 3.05B | 2.71B | 2.83B | 2.19B | 2.51B |
| COGS % of Revenue | - | 76.99% | 74.83% | 75.91% | 74.02% | 69.49% | 75.35% | 73.32% | 73.86% | 74.14% | 72.05% | 71.72% | 71.65% | 72.25% | 71.34% | 70.38% | 72.25% | 80.3% | 80.76% | 81.2% | 82.34% | 96.36% | 77.87% | 92.57% |
| Gross Profit | 10.31B | 5.8B | 5.83B | 5.48B | 4.33B | 1.91B | 458.78M | 3.08B | 2.82B | 2.51B | 2.19B | 2.05B | 1.95B | 1.8B | 1.67B | 1.59B | 1.41B | 823.78M | 785.86M | 706.01M | 581.74M | 107.01M | 621M | 201.27M |
| Gross Margin % | 40.27% | 23.01% | 25.17% | 24.09% | 25.98% | 30.51% | 24.65% | 26.68% | 26.14% | 25.86% | 27.95% | 28.28% | 28.35% | 27.75% | 28.66% | 29.62% | 27.75% | 19.7% | 19.24% | 18.8% | 17.66% | 3.64% | 22.13% | 7.43% |
| Gross Profit Growth % | - | -0.49% | 6.42% | 26.36% | 126.6% | 316.86% | -85.11% | 9.25% | 12.55% | 14.55% | 6.73% | 5.25% | 8.28% | 7.81% | 4.59% | 13.45% | 70.61% | 4.82% | 11.31% | 21.36% | 443.62% | -82.77% | 208.55% | - |
| Operating Expenses | 11.54B | 4.32B | 5B | 4.39B | 3.61B | 2.33B | 2.11B | 2.76B | 2.55B | 2.41B | 1.99B | 1.92B | 1.94B | 1.66B | 1.69B | 1.58B | 1.47B | 876.13M | 1.08B | 689.16M | 582.61M | 120.2M | 562.02M | 247.26M |
| OpEx % of Revenue | - | 17.12% | 21.61% | 19.32% | 21.65% | 37.18% | 113.47% | 23.87% | 23.61% | 24.92% | 25.46% | 26.47% | 28.25% | 25.6% | 29.03% | 29.28% | 29.01% | 20.95% | 26.51% | 18.35% | 17.68% | 4.09% | 20.03% | 9.13% |
| Selling, General & Admin | 4.29B | 4.09B | 4.1B | 3.56B | 2.96B | 1.75B | 1.52B | 2.15B | 2B | 1.91B | 1.55B | 1.41B | 1.34B | 1.23B | 1.14B | 1.11B | 1.01B | 675.87M | 672.08M | 592.98M | 468.97M | 50.72M | 460.17M | 0 |
| SG&A % of Revenue | - | 16.24% | 17.69% | 15.65% | 17.72% | 27.85% | 81.9% | 18.58% | 18.51% | 19.69% | 19.79% | 19.49% | 19.47% | 18.94% | 19.65% | 20.65% | 20.03% | 16.17% | 16.45% | 15.79% | 14.24% | 1.73% | 16.4% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 223.5M | 906.54M | 833.69M | 655.73M | 584.49M | 587.63M | 610.46M | 550.3M | 506.2M | 443.77M | 506.03M | 602.51M | 431.49M | 545.78M | 464.2M | 454.65M | 200.26M | 411.07M | 96.18M | 113.64M | 69.48M | 101.85M | 247.26M |
| Operating Income | 883.03M | 1.48B | 824.51M | 1.08B | 722.03M | -417.86M | -1.65B | 324.84M | 272.54M | 91.4M | 194.94M | 131.37M | 7.16M | 139.66M | -21.64M | 18.34M | -63.7M | -52.36M | -297.29M | 16.84M | -872K | -13.18M | 58.98M | -46M |
| Operating Margin % | 3.45% | 5.89% | 3.56% | 4.77% | 4.33% | -6.67% | -88.83% | 2.81% | 2.53% | 0.94% | 2.49% | 1.81% | 0.1% | 2.16% | -0.37% | 0.34% | -1.26% | -1.25% | -7.28% | 0.45% | -0.03% | -0.45% | 2.1% | -1.7% |
| Operating Income Growth % | - | 79.98% | -24% | 50.26% | 272.79% | 74.72% | -608.92% | 19.19% | 198.19% | -53.12% | 48.39% | 1733.78% | -94.87% | 745.41% | -218.01% | 128.79% | -21.67% | 82.39% | -1865.08% | 2031.54% | 93.39% | -122.35% | 228.24% | - |
| EBITDA | 1.57B | 2.21B | 1.37B | 1.6B | 1.17B | -1.58M | -1.17B | 768.84M | 659.07M | 463.6M | 513.52M | 528.61M | 375.31M | 508.58M | 407.92M | 361.36M | 257.97M | 110.34M | -149.07M | 139.77M | 128.03M | 51.45M | 123.08M | 17.44M |
| EBITDA Margin % | 6.12% | 8.77% | 5.94% | 7.05% | 7.03% | -0.03% | -62.76% | 6.66% | 6.11% | 4.79% | 6.56% | 7.3% | 5.47% | 7.85% | 7.01% | 6.71% | 5.09% | 2.64% | -3.65% | 3.72% | 3.89% | 1.75% | 4.39% | 0.64% |
| EBITDA Growth % | 1.34% | 60.88% | -14.19% | 36.67% | 74230.74% | 99.86% | -251.94% | 16.66% | 42.16% | -9.72% | -2.85% | 40.85% | -26.21% | 24.68% | 12.89% | 40.08% | 133.8% | 174.02% | -206.66% | 9.17% | 148.86% | -58.2% | 605.72% | - |
| D&A (Non-Cash Add-back) | 685.13M | 727.26M | 549.92M | 516.8M | 449.98M | 416.28M | 485.02M | 443.99M | 386.53M | 372.2M | 318.58M | 397.24M | 368.14M | 368.92M | 429.56M | 343.02M | 321.67M | 162.69M | 148.22M | 122.92M | 128.9M | 64.63M | 64.09M | 63.44M |
| EBIT | 1.2B | 1.35B | 1.07B | 1.26B | 769.01M | -328.83M | -1.63B | 342.63M | 272.08M | 98.39M | 154.83M | 109.23M | 6.49M | 106.52M | -8.42M | 23.79M | -72.13M | -48.31M | -287.63M | 16.84M | -872K | -13.18M | 58.98M | -46M |
| Net Interest Income | -119.31M | -165.59M | -169.72M | -112.43M | -200.86M | -275.81M | -215.09M | -143.12M | -132.01M | -102.05M | -103.93M | -99.35M | -102.71M | -106.59M | -119.57M | -116.2M | -112.76M | -64.17M | -70.1M | 0 | -24.77M | -52.5M | 0 | -2.79M |
| Interest Income | 76.92M | 150.44M | 156.25M | 237.82M | 77.62M | 6.63M | 11.74M | 14.41M | 8.96M | 5.72M | 2.57M | 3.53M | 3.61M | 5.07M | 4.17M | 4.21M | 3.77M | 2.19M | 0 | 0 | 12.45M | 0 | 0 | 0 |
| Interest Expense | 326.21M | 316.03M | 325.97M | 350.24M | 278.48M | 282.44M | 226.83M | 157.52M | 140.98M | 107.77M | 106.51M | 102.88M | 106.31M | 111.66M | 123.74M | 120.41M | 116.53M | 66.36M | 63.02M | 0 | 37.22M | 52.5M | 0 | 2.79M |
| Other Income/Expense | -330.62M | -453.4M | -85.08M | -171.66M | -231.51M | -193.41M | -203.47M | -139.74M | -141.43M | -100.78M | -146.61M | -125.02M | -106.98M | -144.8M | -110.52M | -114.96M | -124.95M | -62.32M | -60.44M | -59.35M | 37.16M | -55.95M | -44.26M | 114.36M |
| Pretax Income | 552.41M | 1.03B | 739.43M | 913.27M | 490.52M | -611.27M | -1.86B | 185.1M | 131.1M | -9.38M | 48.33M | 6.35M | -99.82M | -5.14M | -132.16M | -96.63M | -188.65M | -114.68M | -357.74M | -42.51M | 36.28M | -69.13M | 14.72M | 68.37M |
| Pretax Margin % | 2.16% | 4.09% | 3.19% | 4.02% | 2.94% | -9.75% | -99.76% | 1.6% | 1.22% | -0.1% | 0.62% | 0.09% | -1.45% | -0.08% | -2.27% | -1.79% | -3.73% | -2.74% | -8.76% | -1.13% | 1.1% | -2.35% | 0.52% | 2.52% |
| Income Tax | 287.99M | 339.79M | -391.7M | 209.48M | 115.94M | -2.48M | -28.88M | 66.89M | 40.77M | -17.15M | 28.03M | 22.12M | 4.63M | 30.88M | 29.74M | -26.22M | 15.15M | 11.33M | -24.26M | 13.27M | 18.6M | 61.49M | -1.53M | 11.34M |
| Effective Tax Rate % | 52.13% | 32.97% | -52.97% | 22.94% | 23.64% | 0.41% | 1.56% | 36.14% | 31.09% | 182.88% | 58% | 348.21% | -4.64% | -601.09% | -22.5% | 27.14% | -8.03% | -9.88% | 6.78% | -31.23% | 51.27% | -88.94% | -10.42% | 16.58% |
| Net Income | 83.67M | 495.97M | 896.29M | 556.89M | 266.44M | -650.9M | -1.72B | 69.89M | 60.25M | -6.01M | 2.94M | -32.51M | -90.81M | -43.38M | -163.23M | -83.02M | -228.39M | -60.18M | -239.41M | -11.94M | -31.44M | -130.62M | 16.26M | 57.03M |
| Net Margin % | 0.33% | 1.97% | 3.87% | 2.45% | 1.6% | -10.38% | -92.66% | 0.61% | 0.56% | -0.06% | 0.04% | -0.45% | -1.32% | -0.67% | -2.8% | -1.54% | -4.51% | -1.44% | -5.86% | -0.32% | -0.95% | -4.45% | 0.58% | 2.11% |
| Net Income Growth % | -91.41% | -44.66% | 60.94% | 109.01% | 140.93% | 62.26% | -2567.53% | 16% | 1101.65% | -304.45% | 109.05% | 64.2% | -109.34% | 73.42% | -96.62% | 63.65% | -279.52% | 74.86% | -1905.8% | 62.04% | 75.93% | -903.31% | -71.49% | - |
| Net Income (Continuing) | 255.33M | 690.74M | 1.13B | 703.8M | 374.58M | -608.79M | -1.83B | 118.21M | 90.34M | 7.77M | 20.3M | -15.77M | -104.45M | -36.02M | -161.9M | -70.4M | -203.81M | -126.01M | -333.48M | -55.78M | -54.89M | -130.62M | 19.56M | 57.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.65M | 43.84M | 0 | 0 | 0 | 0 |
| Minority Interest | 1.57B | 1.55B | 1.77B | 1.5B | 1.13B | 946.12M | 610.47M | 767.63M | 573.12M | 481.68M | 570.57M | 473.68M | 355.75M | 241.62M | 195.26M | 164.07M | 244.79M | 73.12M | 61.72M | 61.84M | 76.17M | 26.36M | 3.93M | 3.72M |
| EPS (Diluted) | 0.36 | -0.24 | 2.74 | 1.34 | 0.64 | -3.09 | -8.12 | -0.02 | -0.09 | -0.48 | -0.23 | -0.33 | -0.49 | -0.23 | -0.88 | -0.46 | -1.39 | -0.73 | -3.14 | -0.17 | -0.48 | -1.96 | 0.24 | 0.84 |
| EPS Growth % | -160.17% | -108.76% | 104.48% | 109.38% | 120.71% | 61.95% | -40500% | 77.78% | 81.25% | -108.7% | 30.3% | 32.65% | -113.04% | 73.86% | -91.3% | 66.91% | -90.41% | 76.75% | -1747.06% | 64.58% | 75.51% | -916.67% | -71.43% | - |
| EPS (Basic) | - | -0.24 | 2.77 | 1.35 | 0.66 | -3.09 | -8.12 | -0.02 | -0.09 | -0.48 | -0.23 | -0.33 | -0.49 | -0.23 | -0.88 | -0.46 | -1.39 | -0.73 | -3.14 | -0.17 | -0.48 | -1.96 | 0.24 | 0.84 |
| Diluted Shares Outstanding | 232.4M | 231.84M | 236.35M | 230.98M | 231.56M | 217.19M | 212.27M | 210.08M | 207.44M | 204.92M | 202.08M | 200.97M | 198.87M | 193.89M | 186.96M | 182.39M | 164.41M | 82.65M | 76.23M | 68.44M | 64.85M | 66.81M | 67.56M | 67.56M |
| Basic Shares Outstanding | 232.4M | 231.84M | 230.12M | 228.63M | 224.81M | 217.19M | 212.27M | 210.08M | 207.44M | 204.92M | 202.08M | 200.97M | 198.87M | 193.89M | 186.96M | 182.39M | 164.41M | 82.65M | 76.23M | 68.44M | 64.85M | 66.81M | 67.56M | 67.56M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory antitrust breakup risk
As indicated by recent financial filings, Live Nation's revenue growth remains highly cyclical, with quarterly year-over-year fluctuations ranging from a 36.1% increase in 2023Q4 to an 11.0% contraction in 2025Q1, reflecting the inherent seasonality of the global live entertainment and touring industry.
The top-line trajectory appears heavily dependent on the timing of major concert tours and festival cycles, which creates significant quarter-to-quarter variance. Investors should monitor whether the company can maintain consistent organic growth as it faces potential saturation in North American markets and increased scrutiny over its pricing power.
Based on reported income statements, the company's consolidated gross margin has demonstrated significant instability, fluctuating from a high of 85.1% in 2025Q3 to a low of 19.8% in 2023Q4, highlighting the high-variable-cost nature of the concert promotion business model.
The wide variance in gross margins suggests that the company's profitability is highly sensitive to the mix of promoted shows versus owned-venue events. The reliance on low-margin concert promotion to drive high-margin ticketing volume appears to create a structural ceiling on consolidated profitability that may be difficult to expand.
According to quarterly data, operating income has frequently turned negative, such as the -$370.5 million reported in 2026Q1, suggesting that the company struggles to achieve consistent operating leverage despite its massive scale and vertical integration across the live entertainment value chain.
The inability to consistently scale operating income faster than revenue indicates that fixed costs, including venue overhead and administrative expenses, remain a significant burden. This lack of operating leverage warrants further investigation into whether the company's current cost structure is optimized for long-term margin expansion.
As highlighted by recent legal developments, the company faces an existential threat from Department of Justice antitrust litigation, which could force a divestiture of the Ticketmaster segment and fundamentally dismantle the integrated flywheel that currently supports the company's reported financial performance.
Short-sellers likely focus on the potential for a forced breakup, which would strip away the high-margin ticketing engine from the lower-margin concert promotion business. Such a structural change would likely lead to a permanent re-rating of the stock as the company loses its primary competitive moat.
Quick answers to the most common questions about buying LYV stock.
For fiscal year 2025, Live Nation Entertainment, Inc. (LYV) reported total revenue of $25.20B. This represents a 830.7% increase compared to $2.71B in 2003.
Live Nation Entertainment, Inc. (LYV) is profitable, generating $496.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.0%.
Live Nation Entertainment, Inc. (LYV) reported an operating income of $1.48B, resulting in an operating profit margin of 5.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Live Nation Entertainment, Inc. (LYV) generated $5.80B in gross profit for the year, representing a gross profit margin of 23.0%. This demonstrates the company's core pricing power and production efficiency.