LYV US S&P 500Russell 1000 Earnings call
Live Nation Entertainment (LYV) · Q2 2026 results and valuation
Share price: $180.16 · 2026-11-11
Live Nation Entertainment is a live entertainment company that produces concerts, manages artists, and operates a global network of music venues. The company provides ticketing services, marketing, and advertising for various events, including music, sports, and performing arts, across multiple countries. Source: 10-K annual report (2026-02-19)
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 5 May 2026
Net income turned to a profit from a loss last quarter. Management sounded cautious, though noticeably more positive answering analysts.
1 · Numbers
Turned profit
Net income vs Q1 2026
Outlook given
Net income 294.4M vs -389.1M
Revenue +102.1%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: upbeat, and more positive than the script.
Similar to last call.
3 · What stood out
Live Nation Entertainment expects to build or buy capacity for approximately 15 million fans between 2026 and 2027 by adding four or five more locations.
Valuation
Is Live Nation Entertainment undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 14.7% growth a year (3-year revenue growth), the model's fair value is $59.56 a share — the stock trades 203% above it. Today's price assumes 32.4% growth a year.
Current price
$180.16
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+32.4% for 10 yrs
Fair value / share
$59.56
Buy below
$44.67
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
The company expects to build or buy capacity for approximately 15 million fans between 2026 and 2027 by adding four or five more locations before the end of 2027.
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Guidance
The company increased its full-year AOI growth expectation to mid-single digits.
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Guidance
The company expects double-digit year-on-year fan growth in the U.S. for both Q3 and Q4, as all U.S. fan growth will occur in the second half.
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Key theme
Consumers are buying at record levels.
Source quote
“We're seeing consumers buy at record levels.”
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Key theme
Food and beverage sales increased year-over-year across all owned and operated locations.
Source quote
“Our food and beverage is up this year-over-year, across all of our owned and operated.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“We expect double-digit fan growth for the full year to drive double-digit revenue and AOI growth, and then ultimately margin expansion.”
“Please refer to Live Nation's SEC filings, including the risk factors and cautionary statements included in the company's most recent filings on forms 10-K, 10-Q and 8-K, for a description...”
“I think we continue to make good progress in terms of how we use the data and lay the opportunities out in front of the fan, and that's in part...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 7.67B | 3.79B | +102.1% | 7.01B | +9.4% |
| Operating income | 521.9M | -370.5M | Turned profit | 486.7M | +7.2% |
| Net income | 294.4M | -389.1M | Turned profit | 243.4M | +21.0% |
| EPS | 1.05 | -1.85 | Turned profit | 0.41 | +156.1% |
| P/E | 12-mo loss | 12-mo loss | — | 64.4 | — |
Topics
Most discussed now
- In terms of the growth algorithm Live Nation Entertainment has talked about in the past, it does think that the first piece that...
- At the same time, Live Nation Entertainment is using AI to help power its coding and development at Ticketmaster, and then it is also...
- Borne out by continued very strong ticket sales
Faded since Q1 2026
- Dropped It's a lower cost entry point to come in.
- Fading Live Nation Entertainment has seen no pullback, broad strong demand across the board on all genres and all theater sizes.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
Live Nation Entertainment closed a private offering of $730.0 million in 7.125% senior notes and €600.0 million in 6.125% senior notes due 2032 to redeem 6.500% notes due 2027.
- Other events · SEC 8-K
Live Nation Entertainment priced a private offering of $730,000,000 in 7.125% senior notes and €600,000,000 in 6.125% senior notes due 2032.
- Director or officer change · SEC 8-K
Live Nation Entertainment entered into an amended employment agreement with Michael Rapino as CEO, maintaining his annual base salary of $3,000,000 and target cash performance bonus of $17,000,000.
- Director or officer change; Other events · SEC 8-K
Live Nation Entertainment extended Michael G. Rowles' employment agreement until December 31, 2029, with a new annual base salary of $500,000 starting January 1, 2028, and appointed Da-Wai Hu as Executive Vice President.
- Results of operations · SEC 8-K
Live Nation Entertainment reported revenue of $7.7 billion, up 9% year-over-year, and adjusted operating income of $817 million, up 2% compared to the same period last year.
- Shareholder vote results · SEC 8-K · routine
- Material agreement; New financial obligation · SEC 8-K
Live Nation VenueCo, LLC closed an issuance of €610 million in fixed-rate senior secured notes on May 8, 2026, which are non-recourse to the parent company.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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2026
record year
Source quote
“We think 2026 is going to be an absolute record year.”
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Q3 and Q4
strong touring year
Source quote
“We're going to see a strong Q3 and Q4 in terms of finishing off the great touring year we're going to have.”
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second half
all the fan growth in the U.S.
Source quote
“For the U.S., really all the fan growth in the U.S. will be in the second half, we expect double-digit fan growth year-on-year in each of Q3 and Q4 for the U.S.”
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third and fourth quarters
double-digit growth in fan count internationally
Source quote
“International has had a very strong first half, we expect that to continue again with double-digit growth in fan count for each of the third and fourth quarters internationally.”
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Q3
70% of the fan growth in amphitheaters
Source quote
“We continue to expect it, yes, to be mainly back half, 70% focused in terms of the growth for the year.”