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

Live Nation Entertainment brought in $25.2B of revenue in fiscal 2025, Sphere Entertainment $1.2B in fiscal 2025. Live Nation Entertainment kept 2.0% of its revenue as net profit, Sphere Entertainment 2.7%.

Side by side, latest fiscal year

LYVSPHR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$25.2B$1.2B
Revenue growth+8.8%n/a
Net income$496M$33.4M
Net margin2.0%2.7%
Free cash flow$333.6Mn/a
Free cash flow margin1.3%n/a
Earnings per share (diluted)-$0.24$0.74
Cash$7.1B$507.8M
Debt$8.2B$692.7M
Price to earningsn/a190.7
Market value$40.3B$5.1B
Dividend yieldn/an/a
Rank by revenue in sector#45 of 778 · Consumer discretionary#433 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: $25.2BSPHR FY2018: $989MSPHR FY2020: $1BSPHR FY2020: $1.4BSPHR FY2021: $789.9MSPHR FY2022: $610.1MSPHR FY2023: $573.8MSPHR FY2024: $1BSPHR FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
LYV $25.2BSPHR $1.2B
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: $496MSPHR FY2018: $6.9MSPHR FY2020: -$8.2MSPHR FY2020: $181.7MSPHR FY2021: -$148.2MSPHR FY2022: -$194.4MSPHR FY2023: $502.8MSPHR FY2024: -$200.6MSPHR FY2025: $33.4MFY18FY19FY20FY21FY22FY23FY24FY25
LYV $496MSPHR $33.4M
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%SPHR FY2018: 0.7%SPHR FY2020: -0.8%SPHR FY2020: 12.7%SPHR FY2021: -18.8%SPHR FY2022: -31.9%SPHR FY2023: 87.6%SPHR FY2024: -19.5%SPHR FY2025: 2.7%FY18FY19FY20FY21FY22FY23FY24FY25
LYV 2.0%SPHR 2.7%
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%SPHR FY2020: +6.1%SPHR FY2020: +36.9%SPHR FY2021: -45.0%SPHR FY2022: -22.8%SPHR FY2023: -5.9%SPHR FY2024: +79.0%FY19FY20FY21FY22FY23FY24FY25
LYV +8.8%SPHR +79.0%
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: $333.6MSPHR FY2018: -$43MSPHR FY2020: -$82.6MSPHR FY2020: -$147.1MSPHR FY2021: -$514.7MSPHR FY2022: -$615.4MFY18FY19FY20FY21FY22FY23FY24FY25
LYV $333.6MSPHR -$615.4M

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

Questions about Live Nation Entertainment and Sphere Entertainment

Which is bigger by revenue, Live Nation Entertainment or Sphere Entertainment?

Live Nation Entertainment is bigger by revenue: $25.2B in fiscal 2025, against $1.2B for Sphere Entertainment in fiscal 2025.

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

Live Nation Entertainment had a net margin of 2.0% in fiscal 2025; Sphere Entertainment had 2.7% in fiscal 2025.

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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