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

Live Nation Entertainment brought in $25.2B of revenue in fiscal 2025, Warner Music $6.7B in fiscal 2025. Revenue changed by +8.8% at Live Nation Entertainment and +4.4% at Warner Music on the year before, so Live Nation Entertainment grew faster. Live Nation Entertainment kept 2.0% of its revenue as net profit, Warner Music 5.4%. Free cash flow was $333.6M at Live Nation Entertainment and $539M at Warner Music.

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Side by side, latest fiscal year

LYVWMG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$25.2B$6.7B
Revenue growth+8.8%+4.4%
Net income$496M$365M
Net margin2.0%5.4%
Free cash flow$333.6M$539M
Free cash flow margin1.3%8.0%
Earnings per share (diluted)-$0.24n/a
Cash$7.1B$532M
Debt$8.2B$4.4B
Price to earningsn/an/a
Market value$40.3B$14.2B
Dividend yieldn/a2.69%
Rank by revenue in sector#45 of 778 · Consumer discretionary#161 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: $25.2BWMG FY2018: $4BWMG FY2019: $4.5BWMG FY2020: $4.5BWMG FY2021: $5.3BWMG FY2022: $5.9BWMG FY2023: $6BWMG FY2024: $6.4BWMG FY2025: $6.7BFY18FY19FY20FY21FY22FY23FY24FY25
LYV $25.2BWMG $6.7B
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: $496MWMG FY2018: $307MWMG FY2019: $256MWMG FY2020: -$475MWMG FY2021: $304MWMG FY2022: $551MWMG FY2023: $430MWMG FY2024: $435MWMG FY2025: $365MFY18FY19FY20FY21FY22FY23FY24FY25
LYV $496MWMG $365M
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%WMG FY2018: 7.7%WMG FY2019: 5.7%WMG FY2020: -10.6%WMG FY2021: 5.7%WMG FY2022: 9.3%WMG FY2023: 7.1%WMG FY2024: 6.8%WMG FY2025: 5.4%FY18FY19FY20FY21FY22FY23FY24FY25
LYV 2.0%WMG 5.4%
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%WMG FY2019: +11.7%WMG FY2020: -0.3%WMG FY2021: +18.8%WMG FY2022: +11.7%WMG FY2023: +2.0%WMG FY2024: +6.4%WMG FY2025: +4.4%FY19FY20FY21FY22FY23FY24FY25
LYV +8.8%WMG +4.4%
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: $333.6MWMG FY2018: $351MWMG FY2019: $296MWMG FY2020: $378MWMG FY2021: $545MWMG FY2022: $607MWMG FY2023: $560MWMG FY2024: $638MWMG FY2025: $539MFY18FY19FY20FY21FY22FY23FY24FY25
LYV $333.6MWMG $539M

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

Questions about Live Nation Entertainment and Warner Music

Which is bigger by revenue, Live Nation Entertainment or Warner Music?

Live Nation Entertainment is bigger by revenue: $25.2B in fiscal 2025, against $6.7B for Warner Music in fiscal 2025.

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

Live Nation Entertainment had a net margin of 2.0% in fiscal 2025; Warner Music had 5.4% in fiscal 2025.

Which grew revenue faster, Live Nation Entertainment or Warner Music?

In their latest fiscal years revenue changed by +8.8% at Live Nation Entertainment and +4.4% at Warner Music.

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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