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Live Nation Entertainment vs Reservoir Media: revenue, profit, margins and growth compared

Live Nation Entertainment brought in $25.2B of revenue in fiscal 2025, Reservoir Media $175.7M in fiscal 2026. Revenue changed by +8.8% at Live Nation Entertainment and +10.7% at Reservoir Media on the year before, so Reservoir Media grew faster. Live Nation Entertainment kept 2.0% of its revenue as net profit, Reservoir Media 4.7%. Free cash flow was $333.6M at Live Nation Entertainment and $49.7M at Reservoir Media.

Side by side, latest fiscal year

LYVRSVR
Fiscal year endedFY2025 (December 31, 2025)FY2026 (March 31, 2026)
Revenue$25.2B$175.7M
Revenue growth+8.8%+10.7%
Net income$496M$8.3M
Net margin2.0%4.7%
Free cash flow$333.6M$49.7M
Free cash flow margin1.3%28.3%
Earnings per share (diluted)-$0.24$0.13
Cash$7.1B$25.9M
Debt$8.2B$455.7M
Price to earningsn/a73.0
Market value$40.3B$625.7M
Dividend yieldn/an/a
Rank by revenue in sector#45 of 778 · Consumer discretionary#663 of 778 · Consumer discretionary

Over the years

Revenue
LYV FY2018: $10.8BLYV FY2019: $11.5BLYV FY2020: $1.9BLYV FY2021: $6.3BLYV FY2022: $16.7BLYV FY2023: $22.7BLYV FY2024: $23.2BLYV FY2025: $25.2BRSVR FY2020: $62.5MRSVR FY2022: $80.2MRSVR FY2022: $107.8MRSVR FY2023: $122.3MRSVR FY2024: $144.9MRSVR FY2025: $158.7MRSVR FY2026: $175.7MFY18FY19FY20FY21FY22FY23FY24FY25FY26
LYV $25.2BRSVR $175.7M
Net income
LYV FY2018: $60.2MLYV FY2019: $69.9MLYV FY2020: -$1.7BLYV FY2021: -$650.9MLYV FY2022: $266.4MLYV FY2023: $556.9MLYV FY2024: $896.3MLYV FY2025: $496MRSVR FY2020: $9.5MRSVR FY2022: $9.3MRSVR FY2022: $13.1MRSVR FY2023: $2.5MRSVR FY2024: $644.9KRSVR FY2025: $7.7MRSVR FY2026: $8.3MFY18FY19FY20FY21FY22FY23FY24FY25FY26
LYV $496MRSVR $8.3M
Net margin
LYV FY2018: 0.6%LYV FY2019: 0.6%LYV FY2020: -92.7%LYV FY2021: -10.4%LYV FY2022: 1.6%LYV FY2023: 2.5%LYV FY2024: 3.9%LYV FY2025: 2.0%RSVR FY2020: 15.2%RSVR FY2022: 11.5%RSVR FY2022: 12.1%RSVR FY2023: 2.1%RSVR FY2024: 0.4%RSVR FY2025: 4.9%RSVR FY2026: 4.7%FY18FY19FY20FY21FY22FY23FY24FY25FY26
LYV 2.0%RSVR 4.7%
Revenue growth
LYV FY2019: +7.0%LYV FY2020: -83.9%LYV FY2021: +236.8%LYV FY2022: +166.1%LYV FY2023: +36.2%LYV FY2024: +1.9%LYV FY2025: +8.8%RSVR FY2022: +28.5%RSVR FY2022: +34.4%RSVR FY2023: +13.4%RSVR FY2024: +18.5%RSVR FY2025: +9.6%RSVR FY2026: +10.7%FY19FY20FY21FY22FY23FY24FY25FY26
LYV +8.8%RSVR +10.7%
Free cash flow
LYV FY2018: $701.8MLYV FY2019: $146.2MLYV FY2020: -$1.3BLYV FY2021: $1.6BLYV FY2022: $1.5BLYV FY2023: $924.4MLYV FY2024: $1.1BLYV FY2025: $333.6MRSVR FY2022: $14.6MRSVR FY2022: $12.3MRSVR FY2023: $30.8MRSVR FY2024: $36MRSVR FY2025: $45.2MRSVR FY2026: $49.7MFY18FY19FY20FY21FY22FY23FY24FY25FY26
LYV $333.6MRSVR $49.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about Live Nation Entertainment and Reservoir Media

Which is bigger by revenue, Live Nation Entertainment or Reservoir Media?

Live Nation Entertainment is bigger by revenue: $25.2B in fiscal 2025, against $175.7M for Reservoir Media in fiscal 2026.

Which keeps more of its revenue as profit, Live Nation Entertainment or Reservoir Media?

Live Nation Entertainment had a net margin of 2.0% in fiscal 2025; Reservoir Media had 4.7% in fiscal 2026.

Which grew revenue faster, Live Nation Entertainment or Reservoir Media?

In their latest fiscal years revenue changed by +8.8% at Live Nation Entertainment and +10.7% at Reservoir Media.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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