Revenue growth accelerated to 9.4% YoY in 2026Q2, but gross margin volatility persists, swinging from 85.1% in 2025Q3 to 20.4% in 2025Q4, with operating margin at 6.8% in 2026Q2.
Live Nation Entertainment, Inc. (LYV) annual income statement — 23-year revenue, gross profit & net income history
| 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 | 26.27B | 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 % | 10.75% | 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 | 8.94B | 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 | 9.66B | 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 % | 36.78% | 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 | 14.48B | 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 | 4.42B | 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 | 1.43B | 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 % | 5.45% | 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 | 2.17B | 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 % | 8.27% | 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 % | 36.66% | 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) | 740.58M | 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 | 386.19M | 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 | -136.21M | -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 | 75.25M | 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 | 351.39M | 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 | -781.07M | -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 | 650.63M | 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 % | 2.48% | 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 | 286.06M | 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 % | 43.97% | 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 | 134.7M | 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 % | 0.51% | 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 % | -85.35% | -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) | 256.13M | 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 | 1.06B | 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) | 0.55 | -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 % | -148.59% | -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 | 244.04M | 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 | 232.84M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Seasonal losses and margin volatility
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates
Revenue grew 9.4% year-over-year in 2026Q2, accelerating from 7.0% in 2025Q2, according to reported figures, suggesting sustained demand for live events.
The 9.4% growth in 2026Q2 marks an acceleration from the prior year's 7.0% and is supported by a 12.1% increase in 2026Q1, indicating a strengthening trend. This growth appears organic, driven by concert attendance and ancillary revenues, as no acquisitions are disclosed. The durability of this momentum may depend on consumer discretionary spending and event pricing power.
Gross Margin Volatility Persists
Gross margin swung from 85.1% in 2025Q3 to 20.4% in 2025Q4, as per financial statements, highlighting significant quarterly volatility tied to event mix.
The extreme variation in gross margin, from 85.1% to 20.4% within two quarters, suggests that revenue recognition and cost allocation differ markedly between peak and off-peak seasons. This volatility may indicate that the company's reported gross profit is not a stable indicator of underlying profitability. Investors should monitor whether this pattern reflects structural seasonality or potential accounting adjustments.
Operating Leverage Shows Mixed Signals
Operating income grew 7.2% in 2026Q2 despite a 9.4% revenue increase, as reported, implying operating leverage is not consistently scaling with revenue.
In 2026Q2, operating income rose to $521.9M from $486.7M in 2025Q2, a 7.2% increase, which is less than the revenue growth of 9.4%. This suggests that SG&A expenses are growing at a similar pace, limiting operating leverage. However, in 2025Q3, operating income grew 24% on 11% revenue growth, indicating that leverage can be achieved in peak quarters. The inconsistency may reflect fixed cost structures and variable event-related expenses.
Earnings Quality Clouded by Tax and Seasonal Items
Net income swung from -$389.1M in 2026Q1 to $294.4M in 2026Q2, with EPS growth of 156.1%, based on reported data, suggesting significant non-operating influences.
The dramatic swing in net income, from a loss of $389.1M to a profit of $294.4M, cannot be explained solely by revenue changes, implying tax benefits or one-time items may be at play. In 2024Q4, net income was positive despite an operating loss, further indicating that non-operating items, such as tax credits or gains, are material. Stock-based compensation of $62M in 2026Q2 adds to the divergence between reported earnings and cash-based profitability.
SG&A Efficiency Improves in Peak Quarters
SG&A as a percentage of revenue fell to 14.3% in 2026Q2 from 15.7% in 2025Q2, as per financial statements, indicating improved cost discipline.
The reduction in SG&A intensity, from 15.7% to 14.3% year-over-year, suggests that the company is managing overhead costs effectively during periods of revenue growth. However, in 2026Q1, SG&A was 25.3% of revenue, reflecting the fixed nature of these costs during off-peak periods. This pattern implies that cost control is more challenging in low-revenue quarters, which may pressure full-year margins.
2025Q3 Marks a Profitability Peak
2025Q3 delivered the highest gross margin (85.1%) and operating income ($792.5M) in the reported period, as per data, representing a clear operational inflection.
The third quarter of 2025 stands out as a peak, with gross margin of 85.1% and operating margin of 9.3%, far exceeding other quarters. This likely reflects the summer concert season's high-margin event mix and strong pricing power. The lasting impact is that investors should expect significant seasonality, with Q3 being the primary profit driver, while other quarters may show losses or minimal profitability.
What Could Invalidate the Base Case
Despite revenue acceleration, the extreme quarterly swings in margins and net income, as reported, raise questions about the sustainability of profitability.
The data reveals that in 2025Q4, the company reported an operating loss of $25.6M and a net loss of $202.1M, while in 2026Q1, net income was -$389.1M, indicating that losses are not confined to off-peak quarters. The reliance on Q3 for the majority of profits, with gross margin of 85.1% versus 20-30% in other quarters, suggests that the business model may be highly dependent on a short peak season. If consumer spending weakens or event costs rise, the company could face margin compression and wider losses, challenging the narrative of sustained growth.