Live Nation Entertainment, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Live Nation Entertainment, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,826	9,687	10,788	11,548	1,861	6,268	16,681	22,726	23,156	25,201
Selling, general and administrative	1,548	1,908	1,997	2,145	1,524	1,755	2,956	3,517	4,044	4,092
Operating income	195	91.4	273	325	-1,653	-418	722	1,085	825	1,251
Interest expense	107	108	141	158	227	282	278	350	326	316
Interest income	2.57	5.72	8.96	14.4	11.7	6.63	77.6	238	156	150
Other non-operating income	-10.8	0.12	-12.2	-3.2	18.8	-3.69	-41.2	-35.3	104	-57.5
Pre-tax income	48.3	-9.38	131	185	-1,857	-611	491	913	739	1,031
Income tax	28	-17.2	40.8	66.9	-28.9	-2.48	116	209	-392	340
Net income to minority interests	17.4	13.8	30.1	48.3	-103	42.1	108	147	235	195
Net income	2.94	-6.02	60.2	69.9	-1,725	-651	266	557	896	496
EBITDA	514	464	659	769	-1,168	-1.58	1,172	1,602	1,374	1,890
EPS, basic	-0.19	-0.39	-0.07	-0.02	-6.60	-2.51	0.53	1.35	2.77	-0.24
EPS, diluted	-0.19	-0.39	-0.07	-0.02	-6.60	-2.51	0.52	1.34	2.74	-0.24
Shares, basic (weighted)	249	252	255	259	261	267	225	229	230	232
Shares, diluted (weighted)	249	252	255	259	261	267	232	231	236	232

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,527	1,825	2,372	2,470	2,538	4,885	5,606	6,232	6,095	7,094
Receivables	569	725	829	995	487	1,067	1,465	2,025	1,747	2,009
Inventory	15.1	17.5	12.6	16.1	22	33.8	38.7	45.1	50.1	56.6
Other current assets	49.8	51.9	42.7	57	39.5	74.8	132	122	200	417
Total current assets	2,674	3,153	3,848	4,193	3,650	6,684	8,160	9,533	9,290	10,974
Property, plant and equipment	752	886	947	1,118	1,101	1,092	1,488	2,101	2,442	3,416
Lease right-of-use assets			0	1,402	1,424	1,539	1,571	1,606	1,618	1,870
Goodwill	1,747	1,755	1,823	1,998	2,129	2,591	2,529	2,691	2,621	2,889
Intangible assets	812	729	661	870	856	1,026	1,051	1,162	986	1,078
Other non-current assets	411	253	428	431	391	548	725	935	1,781	1,685
Total assets	6,764	7,504	8,497	10,976	10,589	14,402	16,461	19,030	19,639	22,913
Accounts payable	55	85.7	90.3	100	86.4	111	180	267	243	253
Accrued liabilities	781	1,109	1,245	1,391	894	1,646	2,368	3,031	3,300	3,556
Deferred revenue	805	925	1,200	1,400	1,800	2,800	3,100	3,400	3,721	4,462
Short-term debt	53.3	348	82.1	37.8	53.4	585	620	1,134	261	588
Total current liabilities	2,460	3,577	3,750	4,108	3,797	6,856	8,303	9,984	9,358	11,029
Long-term debt	2,260	1,952	2,733	3,271	4,855	5,145	5,283	5,459	6,177	7,612
Lease liabilities			0	1,374	1,446	1,606	1,655	1,686	1,680	2,037
Other non-current liabilities	150	174	205	131	353	432	456	488	478	416
Total liabilities	5,415	6,086	7,154	9,512	10,723	14,595	16,396	18,478	18,820	22,018
Total debt	2,313	2,300	2,815	3,309	4,909	5,731	5,903	6,593	6,438	8,200
Paid-in capital	2,381	2,374	2,268	2,246	2,387	2,898	2,698	2,368	2,060	1,456
Retained earnings	-1,073	-1,079	-1,019	-949	-2,677	-3,328	-2,971	-2,443	-1,547	-1,042
Treasury stock	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-6.87	-30.4
Other comprehensive income	-177	-109	-145	-146	-177	-153	-90.1	27.5	-335	-115
Shareholders' equity	1,126	1,181	1,099	1,146	-472	-583	-368	-52.3	173	271
Minority interests	224	237	244	318	338	394	461	604	646	623
Total equity	1,350	1,418	1,343	1,464	-134	-193	65	552	819	894
Total liabilities and equity	6,764	7,504	8,497	10,976	10,589	14,402	16,461	19,030	19,639	22,913
Shares outstanding	251	256	259	263	268	277	231	233	234	235

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	20.3	7.77	90.3	118	-1,828	-609	375	704	1,131	691
Depreciation and amortization	319	372	387	444	485	416	450	517	550	639
Stock-based compensation	32.7	42.8	45.6	48.8	117	209	110	116	110	155
Deferred income tax	-7.89	-71.5	-6.25	-0.47	-37.9	-9.64	7.2	-44	-709	-20.5
Change in receivables	-146	-133	-135	-160	491	-485	-445	-526	181	-148
Cash from operations	599	624	942	470	-1,083	1,781	1,835	1,363	1,725	1,395
Capital expenditures	-174	-238	-240	-324	-214	-153	-347	-439	-647	-1,062
Acquisitions	-212	-47.9	-120	-235	-41.1	-384	-257	-17.5	-98.3	-80
Cash from investing	-426	-328	-497	-691	-224	-567	-785	-696	-854	-1,226
Debt repaid	-607	-111	-400	-437	-31	-110	-45.8	-731	-1,960	-2,049
Stock issued	20.3	51.1	22.6	14.1	30.6	30.6	35.8	19.3	26.1	5.08
Share buybacks								0	0	-23.5
Cash from financing	99.2	-127	189	329	1,350	1,171	-143	-87.3	-659	407
Exchange rate effect	-46.8	130	-84.1	-11.6	29.6	-43.6	-175	38.9	-345	426
Net change in cash	223	299	549	96	72.2	2,341	732	619	-133	1,001
Free cash flow	425	385	702	146	-1,297	1,628	1,488	924	1,079	334
Interest paid	96.7	87.1	100	104	166	224	181	57.4	133	119
Income taxes paid	30.3	44.9	60	66.9	26.2	15.9	43.9	175	254	313

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $170.87 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	3.0%	Operating income / revenue.
EBITDA margin	5.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.5%	Pre-tax income / revenue.
Net margin	0.5%	Net income / revenue.
FCF margin	5.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	44.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	163.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.5%	Net income / average total assets.
Return on invested capital (ROIC)	211.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	16.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.7%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	68.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	51.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	37.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-44.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-108.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-19.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-69.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-39.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	56.4%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	16.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.85x	Current assets / current liabilities.
Quick ratio	0.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Debt / equity	112x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.7%	Total debt / total assets.
Liabilities / assets	97.3%	Total liabilities / total assets.
Net debt	$129.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.09x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.28x	Operating income / interest expense.
Working capital	-$2.61B	Current assets - current liabilities.
Goodwill and intangibles / assets	15.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$4.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	6.63x	Revenue / average property, plant and equipment.
Receivables turnover	9.11x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
FCF conversion	1,027.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	47.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$107.66	Revenue / diluted weighted shares.
FCF per share	$5.67	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.69	Cash from operations / diluted weighted shares.
Book value per share	$0.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$17.16	Tangible book value / shares outstanding.
Cash per share	$37.17	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$40.26B	Share price x shares outstanding.
Enterprise value	$40.39B	Market cap + total debt - cash - short-term investments.
P/E	299x	Market cap / net income. Only when net income is positive.
P/S	1.53x	Market cap / revenue.
P/B	489x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	29.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.4x	Market cap / cash from operations, when positive.
EV/Sales	1.54x	Enterprise value / revenue.
EV/EBIT	50.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.4%	Free cash flow / market cap.
Earnings yield	0.3%	Net income / market cap (the inverse of P/E).

What was Live Nation Entertainment, Inc.'s revenue in fiscal 2025?

Live Nation Entertainment, Inc. reported revenue of $25.20B for fiscal 2025, 8.8% higher than the year before.

Was Live Nation Entertainment, Inc. profitable in fiscal 2025?

Yes. Net income was $496.0M, a net margin of 2%.

How much free cash flow did Live Nation Entertainment, Inc. generate in fiscal 2025?

Cash from operations of $1.40B minus capital expenditures of $1.06B left free cash flow of $333.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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