Live Nation Entertainment, Inc. (LYV) Earnings
Live Nation Entertainment, Inc. is expected to report next earnings on November 3, 2026 (in NaN days), with a consensus EPS estimate of $1.57. LYV has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -104.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.66 | $1.05 | +58.9% | $7.7B | +1.5% |
| May 5, 2026 | $-0.35 | $-1.85 | -427.2% | $3.8B | +6.2% |
| Feb 19, 2026 | $-1.02 | $-1.06 | -3.9% | $6.3B | +3.4% |
| Nov 4, 2025 | $1.31 | $0.73 | -44.3% | $8.5B | -0.7% |
| Aug 7, 2025 | $1.03 | $0.41 | -60.2% | $7.0B | +2.3% |
| May 1, 2025 | $-0.41 | $-0.32 | +21.3% | $3.4B | -2.7% |
| Feb 20, 2025 | $-0.93 | $0.56 | +160.2% | $5.7B | +1.5% |
| May 2, 2024 | $-0.18 | $-0.53 | -188.5% | $3.8B | +14.8% |
| Feb 22, 2024 | $-1.13 | $-1.22 | -8.0% | $5.8B | +20.8% |
| Nov 2, 2023 | $1.27 | $1.78 | +40.2% | $8.2B | +14.9% |
| Jul 27, 2023 | $0.63 | $1.02 | +61.9% | $5.6B | -15.9% |
| May 4, 2023 | $-0.45 | $-0.25 | +44.4% | $3.1B | +29.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Global Live Music Demand * No consumer pullback observed in live music spending across all venue sizes, genres, and geographies * Cancellations are at a historic low of 1.1% (vs. 1.6% historical average), with record deferred revenue for future shows * Consumers view concert attendance as a priority
Guidance
- Full year 2026: Management expects double-digit fan growth to drive double-digit revenue and AOI growth, alongside full-year margin expansion - Ticketing AOI growth guidance for full year 2026 was raised to mid-single digits, confirming the business has turned a corner after prior underperformance - Back half 2026 (Q3 and Q4): Double-digit year-over-year fan growth is expected in both the U.S. (delayed from Q2/Q3 due to stadium availability issues) and international markets, with confirmed bookings and high deferred revenue supporting this outlook - 70% of full-year amphitheater fan growth is still expected to be realized in the second half of 2026 - Capital expenditure projects initiated in 2024-2025 will not see full revenue contribution until 2028, with acquired venues contributing growth as early as 2027 - 2027 touring pipeline is off to a strong start, with a large percentage of bookings already completed and another year of global growth across all venue types expected
Segment performance
No segment-specific absolute revenue or percentage contribution figures were explicitly provided in the call transcript. Management referenced broad directional performance across core business lines: 1) Concerts: Global fan count is up over 10% year-to-date, with double-digit fan growth expected for the full year. On-site per-capita spending (including food, beverage, and liquor) is up year-over-year across owned and operated venues, with amphitheater attendance up double digits through the first half of 2026. 2) Ticketing (Ticketmaster): Fee-bearing ticket count is growing by high single digits year-to-date, and management confirmed the business has turned a corner in performance. Secondary ticketing now represents only 5% of global GTV, down from prior higher levels. 3) Venue Operations (VenuNation): Operated venues are outpacing third-party venues in fan growth, with 15 million incremental total fan capacity targeted between 2026 and 2027 from newly built and acquired venues. Three arena acquisitions were completed in 2026 to date.
Risks & headwinds
No specific material risks, operational failures, or headwinds were discussed during the call. Management repeatedly noted that they see no evidence of consumer demand weakness, and emphasized that high-profile tour cancellations represent only 1% of the total schedule, not a broad systemic issue.
Analyst Q&A
Q: What is the current state of global consumer demand for live music, and how does it match the record 2026 supply of concert inventory? /
A: Management reports that demand is at record levels, with global fan count up more than 10% year-over-year across all geographies, venue types and genres. Cancellations are at an all-time low of 1.1%, well below the historical average, and on-site per capita spending on food, beverage and liquor is up year-over-year, with no consumer pullback observed. Management expects 2026 will be another absolute record year for the business.
Q: How should we think about Ticketmaster's growth trajectory going forward, beyond just the tailwind from overall concert growth? /
A: In addition to growth from higher global concert activity, Ticketmaster is gaining share in fast-growing emerging markets in Latin America and Asia, where its platform is recognized as best-in-class as Live Nation adds new venues in these markets. Secondary ticketing is now just 5% of global GTV, down from prior levels as the company prioritizes getting tickets to fans directly in primary sales, and does not represent a headwind to future growth.
Q: How should we view the strategic and financial tradeoffs of the new Spotify Reserve ticketing partnership, and could it help Spotify become a ticketing competitor? /
A: Management frames the deal as a standard presale partnership, identical to longstanding arrangements with other large partners like Citi and Verizon. Spotify compensates Live Nation for access to a small global allocation of presale tickets, expanding distribution to reach more super fans and help sell unsold inventory for the 90% of shows that do not sell out immediately. Management does not see Spotify as a ticketing competitor in this arrangement, and the partnership will scale only if Spotify chooses to pay for additional access to inventory, aligned with Live Nation's core goal of selling all tickets.
Q: What is the size of Live Nation's growth opportunity in Japan over the next five years? /
A: Japan is a billion-dollar-plus live music market, and Live Nation currently holds a very small share there. 90% of the market is local Japanese business, and the company has now secured the right local partner to expand its presence, building out local venue, touring and ticketing operations alongside existing global tour business. Management confirmed it is a large untapped opportunity, but did not specify a precise five-year AOI target.